People have witnessed bitcoin bringing a new wave in the financial segment. An individual may discover thousands of platforms offering services subjected to bitcoin and cryptocurrency trading. Platforms like bitqh helps beginner bitcoin traders in getting maximum profits. A primary reason why bitcoin did not succeed in its initial days is that only people with computers had access to bitcoin.
Later, android phones started to support trading platforms allowing you to initiate bitcoin trading. People usually have doubts about trading, storing, buying, and selling bitcoins. Technology has been providing us with multiple tools. Hence, individuals using android phones can easily trade bitcoin using the android phone app. People are required to have android version 4.1 or above for this purpose. Let’s find out how to trade BTC utilizing an android phone.
Before trading in bitcoin from the android phone!
Mobile devices are protected with security software developed to secure your device from possible viruses and malware. Android is one of the popular operating systems in use by millions of users worldwide which is compiled from open source code.
There are many stores by which you can purchase bitcoin using an Android phone, but the most secure is the Play store. Bitcoin wallets generally come pre-installed on android devices; however, when you purchase some bitcoins, they get added to your account with private keys, passwords, and email addresses associated with your account.
(i) Choose a cryptocurrency trading application from the play store:
The first step is to choose a platform that deals in cryptocurrency trading. It is better to do your research work and choose the correct application. You can choose between multiple platforms which are available in the play store. Since the Play store has different applications for various countries, you need to do your homework and select the cryptocurrency trading application dealing with your country.
(ii) Register on the application:
Once you have chosen the bitcoin trading application, go to the settings option. In settings, you can verify your email address and country of origin and confirm your phone number. You will be required to confirm your email address and password before you can see any notification about new deposits or buy/sell orders placed. After you log in for the first time, it will generate a security code known as 2FA secret code required to log into your bitcoin account from android.
(iii) Account verification:
When you slide your screen to the left, you will find a menu, and if you tap on that menu option, you will see the options like deposit, withdrawal security code, and settings. The most important part here is the 2fa secret code. It is your 2fa secret code required for login into your account from android. This 2fa can only have a use case for one device; hence, it is recommended to sign in from another device that does not have your primary email address or phone number. When you enter the 2fa secret code, if required, it will generate a seed recovery phrase.
(iv) Install a bitcoin wallet:
Install a bitcoin wallet on your android phone. You can also choose different devices to install the wallets and log in from two devices using two 2fa secret codes. Keep in mind that only android devices with 2fa enabled can have a use case signing in for a bitcoin wallet.
(v) Login into the bitcoin wallet app:
After installing the bitcoin wallets, go to the settings option from which you will see the option of bitcoin wallet. In settings, you will find a section where you can enter your Bitcoin address and click on save. Now, if your account is already verified and your verified email and password are known, you can proceed with login into your account.
(vi) Buy and sell bitcoins through your android device:
Enter the trade page in that application, and enter your currency pair, such as XBT/USD. The bitcoin wallet on your android device will show you the balance for each cryptocurrency coin currently available for trading. Go to the buy tab and enter the price, amount, and currency you want to trade.
Similarly, you can also sell bitcoins, so go to the sell tab and enter the amount you wish to sell along with your currency pairs, also known as selling order. Remember that whenever a selling order is placed, someone wants to buy it at a cheaper rate than your initial price. So when you place a selling order, people will bid on it at a lower price than yours; thus, you will get a profit when you buy bitcoins from someone else’s selling order.