July 09, 2020 |
James Messi
Introductions
It’s never been easier to take part in the digital asset space than it is now. More and more platforms offer mobile apps to their users so that they can have more choices. Some apps are focused on traders, offering more information and utilities. Other apps aim to be sleek and simplistic but have the relevant details if requested. Some other apps aim to give traditional banking users exposure to cryptocurrencies.
We’ll explore the major platforms available and dive into where they lead and where they lack.
Trading on the Binance app
Binance’s app has a well-layered out and functional design that is extremely visually appealing. From the homepage you can access a multitude of different options such as news, live prices, derivatives, and more, making it a fairly comprehensive mobile home for all things crypto. With Binance’s app, it’s hard to see what can be done on a desktop that can’t be done on mobile. One of the beauties is that to access further information you don’t need to sign up or sign in.
The news presented seems to be up to date and from different sources independent of Binance themselves. For example, Coindesk, NewsBTC and other features. The prices are updated live and there are handy tables which show the biggest gainers and losers in terms of trading pairs.
As was mentioned briefly, the user experience is high end. The screen gives the user all the needed stats and data on things like; Chart depth, closest bid and asks to the latest price etc. It also allows those who wish to margin trade, trade with Fiat or peer-to-peer, to transition easily.
Beaxy Exchange Mobile Trading
Beaxy’s app has a slick load up screen and a solid visual component. Its focus is not to overwhelm the user and so users aren’t immediately saturated with information but that information is available if requested. For example, on the markets page the trading pair, it’s volume, the mid-price and the 24hr change can all be seen. Compared to Binance’s app, which has a plethora of information, Beaxy goes with a simpler approach. Once a trading pair is clicked on, a world of information is available with charts, depth, recent deals, and the trading book itself as well as a basic synopsis of the asset. This can be quite helpful for those researching new digital assets.
Users are required to log in upon arrival, so the app aims to aide existing and new users. The functionality is slick and quick, orders can be placed at no disadvantage to desktop users. There also appears to be no service available on desktop that there isn’t on mobile making Beaxy’s app a continuation of the desktop rather than a partial alternative.
The Gemini Mobile App
Gemini’s app has a modern feeling to it. It’s designed as well as it’s functionalities favor simplicity over complexity. The app only has three tabs, the market, the portfolio and a settings page. To access most parts of the app, an account is needed which takes away some of the benefits to non-users.
There’s something quite attractive about the layout despite its lack of advanced functions. The app only has 9 trading pairs available which to some will be easier to manage and to others will be severely restricting their ability to trade their favorite altcoins.
Coinbase’s iOS and Android platforms
Without an account, users are first met with a somewhat boring and visually unappealing home page, when first opening. It shows all the trading pairs available and their charts at different times. Only two colors are present, not even the logos of the tokens are shown. For those who prefer aesthetics, this app leaves a lot to be desired at first.
Logging in seems clunky and I was met with a blue screen for a long period of time. Coinbase’s user experience on their app is quite poor and is not comparable to their desktop experience.
Trading on Cash App
A disadvantage of Cash App is that you need to sign up with an account in order to view anything the app has to offer so if you were just visiting and wanted to see what the bid-ask spread was like or the latest news in the market, cash app wouldn’t be the place to do it.
Once an account is created and your bank details are connected you can buy and sell crypto on the app. It also has the ability to deposit and withdraw Bitcoin which other banking hybrids don’t have. You can also do recurring buys of Bitcoin on a daily, weekly, or bi-weekly basis. Something that few other platforms have facilitated. Unfortunately, this is designed for market buyers and not traders. Limit orders, stop losses, etc aren’t available and so unless you were planning to just hold your crypto or sell it quickly, then Cash app might not be the best place for you.
Kraken Pro Mobile Trading
Kraken strikes me as a cleaner, smarter, and just generally better version of the Gemini app. Like Gemini, it favors simplicity and that’s clear as it only offers three tabs; Markets, Trade, and Balances. Whilst scrolling down a user can see the chart directions for the asset which shows whether they’ve been increasing or decreasing in value. When you click on an asset, the trading pairs available pop down. There are plenty of trading pairs to choose from, enough to satisfy a mid-range altcoin trader.
For most pairs, there is some sort of fiat support, mostly EUR or USD. In total there are 168 markets and they can be traversed through using the handy filter option which allows you to filter by volume, currencies, and even time periods. For a simplistic app, it offers a lot of options to traders.
Revolut Application for Trading On-the-Go
Revolut is a new and emerging bank that is based in the UK. It requires new users to create accounts before properly surfing the platform. Its design is superb and offers unique pictures, cartoons, and drawings which generally give the app a professional sense. Revolut offers banking services as well as stocks, commodities, and savings vaults more recently they’ve also offered their clients the ability to buy and sell cryptocurrencies. This is a positive move and has certainly attracted users.
Their crypto support leaves a lot to be desired however, at the moment their spread on USD/BTC is over $400, something that would worry most crypto exchanges. In addition, you can’t add or remove cryptocurrencies from your wallet meaning that you can only buy and sell crypto you’ve bought from the app itself. These obstacles severely undermine Revolut as a crypto exchange mobile app.
