These days, you can do everything with your smartphone. You can watch movies, turn the lights on in your house, or even set a timer on your coffee pot. Naturally, you can also trade cryptocurrency. Like any other financial transaction from PayPal or Venmo to your bank account, you’ll want to ensure that your money and information are as safe as possible. That’s why it is essential to follow these pivotal tips for trading cryptocurrency on your smartphone.
What you'll learn 👉
1) Two-Factor Authentication
This should be a default for transaction online, especially cryptocurrency. Two-factor authentification gives you an added layer of security. Just like traditional thieves, most crypto hackers prey on those with easy passwords and light security measures. By setting up a text message or email to follow your password login, you can prevent cyber attacks at an early stage.
2) Use a VPN
This is also an important step to take while trading on your smartphone. A VPN or virtual private network allows you to create a private network while sending data across a public one. Think of it like a shield that prevents any personal information on your computer from being visible while you are connected to a network. It is particularly important if you are connected to a public or an unfamiliar Wi-Fi network where you may not be sure how your data is handled or stored.
There are many great VPN options that accept crypto available in the market. When choosing one, pay attention to the security protocols it uses, the number and location of servers, and whether or not a VPN provider keeps any logs. Just make sure to choose a paid option, as the free ones come with their own security risks.
3) Find the Right Exchange Apps
Smartphone trading is extremely popular, so, fortunately, there are many great apps for that. Do some research and see which one fits your needs best. Most will require some initial setup on your desktop. However, after this, you’ll be able to manage all your accounts from your phone. The most popular choice is Binance. People love it because of its low fees and discounts on select coins.
However, do note that it was recently removed (for no clear reason) from the App Store on iOS and is currently only available on Android. Many iPhone users have thus switched to KuCoin. Although it isn’t as popular, it calls itself “the people’s crypto exchange” because of its user-friendliness and very low fees.
4) Choose a Safe Mobile App Wallet
If you choose to exchange crypto via a smartphone, you’ll need the right wallet. Keep in mind that there’s a significant trade-off here. When using your desktop to trade crypto, you have many more options. You can use hardware, physical, and even cold wallets. With smartphone trading, you do gain immensely in your level of convenience, but your safety options are much more limited.
With that said, many great mobile app wallets can still offer you significant protection. Apps like Mycelium, BreadWallet, and Cryptonator combine various features to ensure your transactions are safe. The important thing to remember is that a mobile app wallet is like your physical wallet. The best advice is only to carry the amounts of money or crypto you are comfortable losing. Never keep large amounts of crypto on your mobile platform!
5) Ensure Your Phone is Healthy
Most people don’t realize it, but smartphones are just as vulnerable to malware, phishing attacks, hacks, and everything else that computer are. It’s possible you may have visited an infected site without realizing it.
To begin with, your phone OS and apps should always be up-to-date. Updates are usually the necessary security patches your phone needs to keep your private data safe. You should also consider malware and virus protection apps. Finally, reinstall the operating system every few months. This ensures a clean sweep of any malware or viruses that may have been missed. Both iOS and Android feature cloud services that will keep important things like your photo and video libraries intact.
Making Sure Your Smartphone Cryptocurrency Transaction Are Safe
There’s nothing better than having the convenience of crypto trading right at your fingertips. It gives you the freedom and flexibility to react to quick changes in the market and act as a dynamic trader. Follow these key tips, and you can be confident that your cryptocurrency and other personal data will stay safe from any threat.
