16th January 2022 – Android platforms facilitate the seamless buying and selling of Bitcoin. Find out how to trade Bitcoin on an Android device.
Many institutional investors and individuals currently use Android devices to buy and sell Bitcoin. Unlike other platforms, Android-based applications simplify crypto trading and offer greater convenience since users can access them anywhere and at any time. Besides, Android devices are increasingly becoming famous worldwide, further promoting crypto trading.
Today, there are several Android-based crypto trading applications that you can easily download online. Some decentralised apps allow users to buy and sell Bitcoin on various crypto exchanges. However, other mobile applications are centralised, supporting Bitcoin trading on bitcoin profit of their respective providers.
How Android-based Bitcoin Trading Works
Trading Bitcoin on your Android device is not entirely different from crypto exchange platforms. However, it is crucial that you know the typical features of Android crypto trading apps and how they work. The main element that distinguishes Android trading apps from the others is that their usage is limited to mobile devices with Android OS.
The features usually vary from one app to another, but all Android-based trading apps have standard provisions. For instance, many mobile trading apps support a wide range of cryptocurrencies, allowing users to trade Bitcoin and other digital currencies.
Besides, an ideal app will also allow you to buy and sell crypto on local and international crypto exchange platforms. However, some apps are limited in scope, supporting trading in specific countries or regions only. Thus, you should also ensure that the chosen Android app works in your state, country, or region.
Trading Bitcoin on Android usually attracts minimal transaction fees, based on the volume and frequency of trades. That is why those who plan to trade Bitcoin on their Android devices regularly should also consider apps with low and feasible transaction fees.
Some Android-based crypto trading apps also have in-built bots or robots that users can program to execute trades on their behalf. Most apps also offer consistent charts and analytical tools to help investors time the market for maximum profits. Such features provide more options for traders, significantly boosting trading experience and profitability.
Trading Bitcoin on Android
The market is awash with Android-based Bitcoin trading apps. Some are available free of charge, while others cost a small fee to download. Nevertheless, the following are the most popular crypto trading apps for Android devices.
eToro is one of the most common Android crypto trading apps that supports a handful of popular cryptocurrencies. Unlike most platforms, it bears meager transaction fees. Users usually pay a 0.5% currency conversion fee for non-USD deposits and a standard $5 per withdrawal to a bank account. However, it does not allow withdrawing funds to a private wallet.
Binance is one of the world’s most prominent crypto trading platforms, supporting more than 200 cryptocurrencies. Its platform is user-friendly and offers tutorials to help beginner traders to get started. It supports multiple deposit options, including bank, credit cards, debit cards, and P2P trading. Deposits are free of charge but, the platform adjusts withdrawal fees based on market conditions.
Coinbase is the most popular Android crypto trading platform, although it supports fewer altcoins than Binance. It also offers tutorials that can help beginners understand Bitcoin trading basics. Coinbase also has an easy-to-use and intuitive interface that shows overall market gainers and losers on the go. However, its most significant setback is the extremely high transaction fees levied on users.
Trading Bitcoin on Android is more convenient than other web applications and desktop apps. However, crypto trading also carries some risks that you should understand before investing.