- Cryptocurrency trading can be incredibly challenging, with 24-hour markets and extreme volatility.
- Traders often use multiple apps and platforms to make sense of what is happening in the market.
- We spoke to 10 crypto experts to understand what apps they use for trading, price monitoring, and news.
- See more stories on Insider’s business page.
Cryptocurrency trading can be incredibly volatile, with prices capable of surging and falling 50% in a matter of weeks.
Then, of course, there’s the matter of the 24-hour trading environment and lenient leverage requirements on most crypto exchanges. Those mean traders must always be switched on to the markets and crypto news environment for any potential moves.
This volatility was on full display as recently as last week, when crypto-industry elite banded together to discuss bitcoin, which sparked the latest torrid rally in the asset. The headlining event was a panel featuring Cathie Wood, Elon Musk, and Jack Dorsey that saw each individual express support for crypto in one way or another.
Combined with a report that Amazon is considering accepting bitcoin as payment, as well as data suggesting a massive short squeeze, bitcoin has been on a rocket ship. It spiked to nearly $40,000 in mere days after sitting rangebound in the $30,000 support region for weeks.
But as any bitcoin holder will tell you, these types highs are usually followed by sharp sell-offs. One recent negative catalyst has been the prospect of crypto-industry regulation.
Just last week, the New York Times did an investigation into the risky trades and leverage offered by crypto exchanges, such as FTX and Binance. This report resulted in FTX and Binance reducing leverage offered from 100 times to 20 times. More exchanges are expected to follow their lead.
The ever-changing narrative in the crypto space demonstrates is indicative of just how challenging it can be to play the market, where one piece of news or an overleveraged position can have massive consequences.
Insider asked 10 crypto traders to break down the phone apps they use to stay on top of it all.
The roster includes both retail and institutional traders, as well as crypto-industry experts who trade their own personal accounts. Each contributor shares the apps they use to trade crypto, track prices, and read news.