Sunday, May 19, 2024

    How to check if you android crypto trading app is safe or not

    Do you want to trade cryptocurrencies form your android smartphone? Today, there are thousands of crypto apps available in the play store. Different crypto apps have different purposes. Some are meant for storing digital coins, some apps provide price tracking features, and many of them provide news updates, and so on.

    Anyway, if you want to invest or trade in digital currencies, then you might need a crypto exchange app. Before you download a crypto trading application, you need to ensure its safety and security features.

    However, many people neglect by saying it is not necessary to check the safety. They assume that the Google play store verifies everything, so there is no need. Here is why you should check it before you download it.

    Why Should You Check its Safety?

    Well, the answer is obvious that you will never want to risk your money on the hands of scammers. In the past, many people have lost their money in many crypto scams. Mt. Gox was the biggest scam in the digital currency industry, which had deceived around 460 million dollars from the public.

    Although there was no android app for crypto trading at that time, today, there are many apps available on the play store. So why should you check the safety of your android apps? Here are some possible reasons:

    • There are many fake apps available in the play store on the name of some reputed crypto exchanges.
    • Some genuine apps are providing crypto exchange services, but their platforms are not secure.
    • These apps contain malware and advertisements which can damage your device.
    • Some apps also try to steal your private keys and take personal information without your permission.

    These are some potential risks associated with android crypto trading apps. To protect yourself from such vulnerabilities, you need to check the app’s safety before installing it on your mobile.

    Steps to Check the Safety of Your Android Apps

    Now you have clearly understood why you need to check the safety features of a crypto trading app. Follow the below steps to check whether or not the app is safe.

    1. Check Reviews and Ratings on Play Store

    The first and foremost task is to check the ratings and reviews of the app on the play store. If you find many negative reviews or poor ratings of the app, then drop the choice. Some fake apps are also very smart who post fake reviews by paying others. Check as many reviews as possible until you feel satisfied with the reviews.

    In addition to that, you can also read how they respond to negative reviews and whether they are trying to fix the issues complained by the users or not.

    1. Check for Duplicity

    Some fake individuals and organizations try to provide a duplicate app of reputed crypto platforms in the play store. So you need to be careful and check whether the app you are downloading is not a duplicate one. One of the best examples is the Poloneix crypto exchange app. It is a popular crypto exchange app, but some cybercriminals have developed a fake app showing the same design of the app. So stay away from such duplicate apps.

    1. Read Reviews on Google

    Make sure you check the reviews of the app before you download it. Type the name of the app, followed by the scam, to check whether the app has any complaints or reports related to safety.

    1. Find the People Behind the Crypto Exchange

    Another way to ensure the safety of your app is to check the people behind the app. If you find some reputed names in the crypto community have contributed to the development of the app, you can trust itbecause they will never want to hamper their names by entering into such bad work.

    Closing Thoughts

    Now consider the above factors into account before you choose an android crypto trading app. If you want to do algorithmic trading, then you can use online trading platform crypto engine, read crypto engine trading bot review

    Remember one thing; never leave your digital money in exchange for a long time. Lastly, do not forget to share your opinion on this, and if you have any queries, ask below.

    IMAGE: Austin Distel/Unsplash

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