Investors and traders are now using mobile apps to invest in cryptocurrencies. However, most people make some mistakes while trading from an android app. And they have to pay a hefty price for those mistakes. They think that if somebody had told them earlier, they might have saved their capital.
Therefore, it is better to know about those mistakes in advance and avoid them during android apps. In this article, I will be sharing the five common mistakes that people make while trading bitcoins on android apps.
Avoid These Mistakes When Trading Bitcoins on Android Apps
Mistakes are a part of the learning process, but you can avoid them by learning beforehand. Here are some common mistakes that traders do while trading on android apps.
- Choosing an Android App Without Checking its Legitimacy
Many people make this common mistake of not checking the legitimacy of the app. There are different types of apps, such as crypto exchange apps, crypto wallet apps, and crypto mining apps. You might be a victim of cybercriminals if you do not check the safety of the apps. So it is essential to check and analyze different data before you choose a platform for investing in bitcoins.
Steps to avoid this mistake: First, you need to check the number of downloads on the google play store and date of release of the apps on the play store. If you get any suspicious data regarding these data, you can drop the idea of downloading the app.
Second, check the ratings, reviews of the users, and a number of reports of the app. If you get any negative comments on safety or find any suspicious comments, then dig dip unless you build your trust on them. If you find anything wrong, then do not use that app.
Finally, you need to check the reviews on Google, make background research of the people behind the app. If you suspect something is wrong with the platform, then drop the idea of downloading that app.
- Investing Large- Amounts Through Android Apps
No doubt, android apps are powerful, and they can provide you a better performance. Still, it is not advisable to invest large amounts of money through android apps. Sometimes you may get a call from somebody while trading large amounts in the crypto exchange app, so it may get interrupted. Another reason for not investing large amounts via android apps is people get casual while trading from android apps.
Steps to Avoid This Mistake: Invest small amounts via android apps, because they can be easily managed.
- Leaving Money on the Crypto Exchange App for a Long Time
Another common mistake many investors do is they leave their digital money in the app for a long time. In the past, some exchanges have gone offline after suddenly, and people who had left their money have lost their money. Apart from this, crypto exchanges are vulnerable to cyber-attacks, so leaving your money in crypto exchange apps can be dangerous.
So never, leave a large amount of money on your crypto exchange app for a long time. You can withdraw them to your wallet, preferably use a hardware wallet for better safety if you are investing large amounts.
- Not Taking Backups
In an unfortunate event, if your phone got lost or stolen, you might lose access to your crypto app. So, keeping back up of your important keys and information can help you block the ID and get the ID from a separate device or app.
To avoid this, always take backup and make sure you keep your device always password protected.
Wrapping it up
Follow the above steps when you trade bitcoins using on android apps. If you want to learn investment strategies, visit Bitcoin Compass. It is a great platform where you can learn many investment tips and strategies for successful crypto investment.
Always keep your android device password protected and use two-factor authentication platforms in case you are trading from your smartphone. Never share your private keys, or write them somewhere that can be easily found. Lastly, share your views on this post in the comment section.