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Cryptocurrency Trading on Mobile

TABLE OF CONTENTS

Cryptocurrency Trading on Mobile

Cryptocurrency Trading on Mobile

Vantage Updated Updated Thu, May 16 08:31

Cryptocurrency trading can be defined as the act of speculating on the price movements of cryptocurrency via a CFD trading account or buying and selling the underlying coins via an exchange. A quality trading app can also give you access to a large variety of other financial products besides crypto, such as forex pairs to trade, as well as commodities, indices and share CFDs.

When it comes to trading cryptocurrency, one of the most efficient ways to trade is on your mobile phone. You can get the speed and convenience of trading global markets via an all-in-one trading app on your mobile. 

The advantage of a cryptocurrency trading app is the ability to trade on the go, whenever you want, at fast transaction speeds with a few taps of your finger. The immediacy of mobile trading means that you do not need to wait longer for your computer or desktop to load before placing an order. This means you have access to markets from any location, and whenever the crypto market is open, allowing you to make trades with less time restrictions.

The speed of cryptocurrency trading on an app can give you an edge over other traders who may not be able to trade as fast and frequently as you do due to time constraints or location limitations.

Key Points

  • Mobile cryptocurrency trading allows for convenient, on-the-go transactions and access to diverse financial products via apps like Vantage and TradingView.
  • TradingView provides advanced tools for market analysis and strategy testing, including real-time data and comprehensive charting features.
  • Effective cryptocurrency trading strategies and risk management, such as using technical indicators and setting stop-loss orders, are essential for success.

Exploration of TradingView & Vantage Mobile App Features

Let’s dive into the popular trading platform used by thousands of traders — TradingView, as well as the Vantage mobile app. 

TradingView is a charting platform and social network used by over 50 million traders and investors worldwide. It gives you the ability to identify trading opportunities across different global markets. While primarily used for financial market analysis, TradingView is also a way to test trading strategies based on previous market performance with powerful and customisable features. 

It offers advanced charting tools and comes with hundreds of built-in indicators and strategies, intelligent drawing tools and tools for in-depth market analysis covering the most popular trading concepts.

TradingView allows users to access real-time and historical price data for various financial instruments, including stocks, cryptocurrencies, forex, and commodities. Almost all financial assets are available on the platform and you can simulate real trading right on your chart. It is a convenient way to test ready-made or self-written strategies in real-time based on historical data using:

  • Detailed strategy performance reports
  • Flexible strategy creation and customisation
  • On-chart tracking of executed orders
  • Forward testing
  • Sharable performance reports

The array of technical indicators, and social networking features help traders and investors make informed decisions across various asset classes such as stocks, forex, commodities, and more.

The award-winning, all-in-one Vantage App offers traders seamless mobile access to a wide variety of CFD products for trading. You can get the power of advanced trading tools integrated into an intuitive, user-friendly charting interface directly to your mobile.

The account setup process is seamless and there is the added advantage of an integrated funds management system that supports secure deposits and withdrawals. There is easy access to daily market commentary, global financial news, and in-depth market analysis for Vantage app users.

You can now get two-fold the advantage in crypto trading by combining Vantage’s vast and competitive offerings with TradingView trading and social features by trading directly from the TradingView charts.

Specific Cryptocurrency Trading Strategies

What cryptocurrency trading strategies are there?

As a general rule, it is considered best to start trading in a lower-risk environment by choosing larger-cap coins with high levels of volume. A good starting point to consider is the list of top 30 cryptocurrencies (based on market cap). From this list, you can then narrow down the choices to the ones that are most likely to meet your needs and your strategy.

Crypto trading is speculating on crypto price movements through products such as derivatives like CFDs with a CFD trading account. These enable you to speculate on price movements (both rising and falling) without owning the underlying asset. Due to the crypto market volatility, it is important to have a cryptocurrency trading strategy in place before attempting to trade the market.

The different trading strategies in cryptocurrency include:

Moving Average Crossovers are one of the most widely used and easy-to-understand indicators. They can be displayed on top of your charts and mechanics are easy to understand: a moving average or MA – is quite simply the average price over a given period.

A moving average is a technical indicator that combines the price points of a financial instrument over a specific timeline, divided by the number of data points to give you a single trend line. This line allows you to work out the direction of that current trend and see the levels of support and resistance by analysing previous price movements. 

One key way to utilise the moving average is called ‘crossovers’. A price crossover is when the price of the asset crosses above or below an MA to signal a potential change in trend. To trade a moving average crossover in cryptocurrency means waiting for the price crossover before you go long or short on the specific cryptocurrency – by using a financial instrument like CFD.

Relative Strength Index (or RSI) is used to identify momentum, overbought and oversold market conditions. This type of trading is also known as trend trading. The RSI is a calculation of the profitable price closes relative to unprofitable price closes and then is reflected as a percentage. This can be used for trading both long or short signals depending on your trading style and risk appetite.

News coverage of current events influences the price of markets. An event-driven strategy is an attempt to take advantage of temporary stock mispricing, which can occur before or after a corporate event takes place such as company restructurings, mergers/acquisitions, bankruptcy, takeovers, and others. 

When there is media activity about a specific coin or crypto exchange, the impact can be seen on cryptocurrency markets. This cryptocurrency trading strategy is popular for those who are new to trading and its sole focus is on taking advantage of these ‘events’. Read our article on ‘News Trading’, to help traders dissect the concept of this trading strategy.

As with all trading, it is essential to manage your risk carefully.

Key Indicators for Crypto Trading

Apart from Moving Averages and the Relative Strength Index (RSI) indicators, there are other well-known and trusted indicators that you can use and combine to give you more certainty in the price movement of an asset when they all suggest the same outcome. 

The Moving Average Convergence Divergence (or MACD) is a trend-following momentum indicator that uses the difference between two moving averages to identify buying and selling opportunities. 

The Stochastic Oscillator is a momentum indicator that uses the closing price of an asset to identify overbought and oversold conditions. It is often used in conjunction with the moving average to filter out the noise and improve the accuracy of the signal.

Bollinger Bands are one of the most trusted trading indicators which uses two lines: a moving average and a standard deviation band. The moving average line acts as a trend indicator. The standard deviation band acts as a volatility indicator.

There are a number of volume-based indicators including the On-Balance-Volume (or OBV) indicator that reflects the relationship between price and volume. It can be used to identify buying and selling pressure, as well as potential trend changes. 

The Ichimoku Cloud is a comprehensive technical analysis tool that includes several indicators, such as the kumo (cloud), senkou span (leading span), and kijun sen (baseline). The trend direction, strength, and potential areas of support and resistance in the market are more identifiable with this tool. 

Fibonacci Retracement is based on the work of the 12th Century Italian mathematician, Leonardo Fibonacci. This tool is used to identify potential support and resistance levels by plotting horizontal lines at key Fibonacci levels. It is often used in conjunction with trend lines and other technical indicators to confirm trade signals.

The Aroon indicator is another trend-following tool that uses the time between the highest high and the lowest low to identify the trend direction and strength. It is often used in conjunction with other technical indicators to confirm trade signals.

On-chain metrics are considered one of the essentials in analysing and understanding the behaviour and trends within cryptocurrency networks. The data points provide insights into the underlying health and activity of a cryptocurrency or token [1].

Dive deeper into the different technical indicator types with our article.

Understanding Popular Crypto Pairs

Crypto pairs consist of two assets that can be traded with each other on an exchange and are also used to quote one crypto against the other.

Crypto trading pairs are essential for trading on crypto exchanges and they allow users to trade one cryptocurrency for another without exchanging either for fiat currency first.

Choosing the right crypto trading pairs is crucial for successful trading where you need to consider important factors of the pairing such as popularity, liquidity, and how each pairing fits within your own trading goals. 

The demand for a cryptocurrency has a major effect on its liquidity. This is why Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Ripple (XRP), Tether (USDT), Bitcoin Cash (BCH), Polygon (MTC) and other top cryptocurrencies are the leading choices for the best cryptocurrency pairs.

These pairs are successful because there’s a global demand for Bitcoin, Ethereum, Litecoin and other similar cryptocurrencies. The main point is that traders can easily find buyers at the right moment. It is worth checking the trading volume of different cryptocurrencies and then looking for their connection with other assets. 

It is crucial that you keep your own trading goals in mind before you make a choice on the crypto trading pairs you invest in.

Risk Management and Security Tips

As with any type of investing, you need to take into consideration the amount of risk you are able to manage and how best to keep your investment safe and secure.

This is particularly important when it comes to online trading and more specifically cryptocurrency trading. 

Implementing a robust risk management framework allows for informed decision-making and enhances the overall stability and resilience of cryptocurrency portfolios. Four fundamental steps are:

  • Setting stop-loss orders to limit potential losses
  • Diversifying your crypto portfolio to spread risk
  • Employing thorough analysis to make the most informed decisions
  • Establishing a set risk-reward ratio for each trade

Diversifying your cryptocurrency holdings reduces the risk associated with a single asset, especially if an asset encounters future problems. This strategy prevents a potential loss in one investment from sinking your entire portfolio.

The most important point to always have in mind is that you should never risk more than you’re willing to lose.

For security purposes, there are a number of precautions you can take to protect your investment, account information and financial outlay. These include:

  1. Choosing a legitimate and trustworthy cryptocurrency exchange
  2. Use two-factor authentication (2FA) on your wallets and exchange
  3. Withdraw your crypto from your exchange to a wallet
  4. Write down the seed words for your wallet on a piece of paper & store it safely
  5. Don’t enter your seed words on any website
  6. Use and check that you have strong passwords
  7. Use a unique password for your wallet; something completely different to other passwords you use
  8. Store your crypto in a hardware wallet if possible
  9. Avoid phishing and fake software or websites. Be wary of crypto-related emails.
  10.  Avoid using public Wi-Fi

With the right risk management plan in place and by following the best practice security measures, you can better enjoy your trading journey.

Choose Vantage’s mobile app for crypto trading

Vantage aims to give you the best of crypto trading using CFDs, offering competitive fees and a variety of crypto pairs to choose from. 

Opening an account at Vantage is quick and easy (takes less than 5 minutes) and is fully digital. There are a variety of deposit and withdrawal options, most being free of charge.
With the combination of the award-winning mobile trading app and the cryptocurrency market analysis of TradingView, you have one of the best mobile crypto trading apps in the world at your fingertips.

References

  1. “10 Best Indicators for Crypto Trading and Analysis in 2024 – Token Metrics”. https://www.tokenmetrics.com/blog/best-indicators-for-crypto-trading-and-analysis#10-on-chain-metrics. Accessed 16 April 2024.

Disclaimer: The material provided here has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Whilst it is not subject to any prohibition on dealing ahead of the dissemination of investment research we will not seek to take any advantage before providing it to our client. No representation or warranty is given as to the accuracy or completeness of this information and therefore it shouldn’t be relied upon as such. Any research provided does not have regard to specific financial situations, needs or investment objectives. Vantage accepts no responsibility for any use that may be made of these comments and for any consequences that result. Consequently, any person acting on it does so entirely at their own risk. We advise any readers of this material to seek professional advice where necessary. Without the approval of Vantage, reproduction or redistribution of this information isn’t permitted.

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