Published by FrankNez Team.
Today, the global market capitalization of all types of cryptocurrencies is 2.6 trillion dollars, this amount is equal to the 6th largest economy of GDP — France.
Cryptocurrency is at the peak of popularity, so many companies are creating applications and products for operations with it.
Cryptocurrency applications are smartphone software that provides up-to-date data on virtual coins, allowing them to solve various tasks.
With their help, users can invest, get information about courses, earn money on purchases and sales, and so on.
The most popular apps at the moment are TabTrader and Finance.
Why Are Cryptocurrency Apps So Popular among Users?
Cryptocurrency trading applications allow users to track and control the flow of cryptocurrency funds, and exchange tokens for fiat money or vice versa.
Here are the main reasons for the popularity of trading apps:
- decentralization — blockchain frees cryptocurrency from strict control, which means that the authorities don’t dictate the rules to its owners;
- fast and unlimited operations — clients don’t have to wait several days for the money to be available on the account, and there are no restrictions on the number of transactions;
- low commission worldwide — the commission is significantly lower than for other financial transactions;
- anonymity, — if the crypto address isn’t openly confirmed, no one will know the data of the sender and recipient.
The main thing that any trader needs is for the application to be convenient, work quickly, and without errors.
On an exchange where the price can change several times in a second, a “slowing down” app is a complete failure: in the process, clients may lose money and time.
Related: How to Invest in Bitcoin Cryptocurrency for Beginners
The Main Types of Crypto Applications
All cryptocurrency apps are divided into three large groups: a crypto wallet, a cryptographic data aggregator, or a cryptocurrency trading application.
Crypto wallet. It can safely store cryptocurrency, as well as related transaction records. Mobile crypto wallets simplify and speed up transactions — this is a cheap way to transfer, and decentralization provides anonymity and protection.
Cryptographic data aggregator. This option is more suitable for experienced traders. Aggregators provide users with up-to-date information about cryptocurrencies. Prices, market capitalization indices, indicators of trading volumes are regularly updated there, and data on markets and ratings of exchanges are published. Investors use this tool for in-depth study of the crypto market.
Cryptocurrency trading applications. Apps for trading and exchanging cryptocurrencies are intermediaries between sellers and buyers. Most often, through these platforms, people simply buy, sell or exchange virtual money for fiat money.
Indicators of a High-quality Application
Since trading affects the user’s personal assets to one degree or another, the application for selling and buying crypto should be chosen carefully. Below are the main indicators characteristic of high-quality programs:
- high liquidity — at first, you’re unlikely to have sufficient trading turnover, so connect the service to an external liquidity pool;
- a large number of currency pairs — follow the principle of “the more, the better,” but don’t forget to check the reliability of tokens;
- reliability and safety — consider the security of the service so that it can process hundreds of thousands of transactions.
In conditions of the high volatility of the cryptocurrency market, its participants should have quick and easy access to the most up-to-date data.
Therefore, various services related to cryptocurrency launch mobile applications that repeat the functionality of the main site or are independent products.
Related: List of 4 Best Crypto Exchanges for Beginners
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