Cryptocurrency trading is quite a significant risk due to volatility and regulatory issues. This is why the point of using particular applications that simplify the interaction with coins and tokens is crucial. The most important aspect of interacting with cryptocurrency is getting complete anonymity, but the problem is that not every currency can give it in full. If you are used to paying with bitcoin in some stores, there is a high probability that your data can quickly get to third parties. That is why it is crucial to use a mixer utility in addition to other applications, and https://yomix.io will help you with this. This service assists with hiding the exact amount of money in your wallet from prying eyes and doing it with the lowest possible fee. Before we start analyzing the applications that make every crypto-enthusiasts life much easier, you should first understand which utilities you shouldn’t use.
Blacklist of applications
Get this straight: any software not published in the Google Play and App Store, or at least on the official sites of the developers. Downloading cryptocurrency trading utilities elsewhere means almost a hundred percent chance of losing your funds. It is also highly discouraged to use utilities that give direct instructions to buy or sell this or that cryptocurrency. There is unlikely an expert behind all these analyses, so you can quickly lose your money by investing it in the wrong place.
As much as possible, stay away from downloading programs whose authors promise to earn money by mining on your smartphone. This is usually a scam because doing such a complicated computing procedure on smartphones or tablets is nearly always impossible. It would be nice if you had a powerful rig or an entire mining farm to do this. With the blocklist done, let’s move on to what applications you should get your hands on.
Safelist of applications
Before you start working with any coin, you must study the information. You can use an aggregator to find a suitable cryptocurrency to work with. One of the most convenient is CoinMarketCap, where you can find the quotes of almost 10 thousand different altcoins, and here you can compare them by studying price charts for specific periods. Information is the most potent weapon, and you should use it to get all the benefits in the world of cryptocurrencies.
Next, you must decide on a stock exchange and take the choice as seriously as possible. They come in two varieties:
- CEX – centralized one. Convenient and practical, but there is virtually no anonymity. Your wallet will not belong to you. Also, these exchanges usually have high commissions.
- DEX – decentralized one. Less convenient but relatively safe and anonymous. The main disadvantage is that these exchanges are specialized only for cryptocurrency. You can’t do things here with fiat money.
Binance – one of the best-centralized exchanges. It has already become a kind of classic, as well as its mobile utility. This stock is famous for its huge trading volume. As for the decentralized, you can download the exchange utility of Uniswap V3, but it’s only available for devices based on Android OC. For iOS, dYdX will do. If you are a newcomer, starting with centralized rather than decentralized exchanges is better.
You will also necessarily need your cryptocurrency wallet. If the value of your chosen altcoin is relatively tiny, you can try hot wallets like Trust Wallet, Metamask, and Exodus. If the cryptocurrency you are working with is expensive and you are worried about it, then look at cold wallets like Ledger or Trezor. Some of their models can work in conjunction with hot wallet utilities, thereby seriously increasing the level of protection.