Once you've decided to become a cryptocurrency investor, it's not uncommon to feel overwhelmed.
After all, cryptocurrencies are relatively new, and any kind of investing requires understanding markets, trends and more.
1. Bitcoin Hero
One of the tricky things about investing is that, like many other things, it can be difficult to do well when you lack experience. However, testing the waters too much as an investor could drain your resources and force you to stop before you get the hang of things.
Bitcoin Hero solves that problem by giving you a simulated environment to help you understand how to trade Bitcoin and Ethereum, plus Litecoin and Dash. It makes learning to trade into a game, thereby eliminating the possibility of having to practice by trading in the real markets.
You can alter your possible simulated profits by changing the amount you invest, and the leverage too. This free app also uses actual cryptocurrency prices to make your learning experiences maximally accurate.
2. Bitcoin Flip
Here is another free simulator to consider. When you start, it provides $10,000 worth of game money to play with. Bitcoin Flip shows a graph representing cryptocurrency prices changing over time.
You can start interacting with this game right away without registering an account, but taking time to sign up lets you save your progress and choose various other cryptocurrencies besides the four offered to non-registered users.
Knowing the status of your portfolio as market conditions change is an essential capability for any cryptocurrency investor — beginner or expert. Blockfolio brings all the crucial information to your smartphone screen, including detailed profit/loss metrics for each type of cryptocurrency you own.
Also, because there's support for thousands of cryptocurrencies, you don't need to worry excessively about investing in one not mentioned in the app. There's information from dozens of cryptocurrency exchanges around the world, as well.
A news feed feature allows accessing the latest headlines from sources like Coin Telegraph and CoinDesk. Plus, you can convert cryptocurrency earnings to flat currencies such as euros or American dollars.
Both of the simulators covered above function in browsers. However, Blockfolio is a standalone offering for both iOS and Android platforms. It's free to download.
Perhaps, in addition to investing in cryptocurrencies, you'd like a resource for learning some of the basics about them. In that case, give Ben a try. It's a chatbot app that has an educational component providing overviews of some of the most common cryptocurrency topics.
Plus, Ben assists by getting you set up with a digital wallet you use to buy and sell cryptocurrency directly through the app. Verify your identity and link a bank account first, then you're good to go. The free-to-use chatbot also gives ongoing feedback during cryptocurrency transactions.
For example, it asks you to confirm an amount to buy or sell before going through with it. Then, the funds get added to or taken from your digital wallet.
Has your participation in cryptocurrency investing made friends or family members curious about potentially doing it, too? In the early stages, you may not feel well-equipped to explain things to them on your own, and that's OK.
You can provide people's names and emails. Then, they get a message from Ben prompting them to use the app, too.
Download this new complimentary app from Investing.com on your Android or iOS smartphone and appreciate up-to-the-minute information about market performance.
It also has an alert notification feature, ensuring you don't miss out on prime investment opportunities when they arise. Convert your flat currencies to cryptocurrencies before investing, too, and know precisely how Bitcoin or another popular cryptocurrency your flat currencies could buy.
Something to keep in mind as you begin investing in cryptocurrencies is that many trading platforms charge commissions for each transaction. That's a downside when the goal is to maintain your financial resources for hassle-free investing.
However, as of early 2018, Robinhood started offering commission-free trading. According to the business' co-founder, the venture aims to break even, and there are no plans to charge users for the foreseeable future.
The Robinhood Crypto app lets you take advantage of this benefit via an early-access version available to download now. It's an all-in-one solution that tracks cryptocurrencies and facilitates buying and selling them. It also goes beyond cryptocurrencies and lets you manage other investments such as stocks, options and exchange-traded funds with no minimum account balance necessary.
When you deposit or sell stocks to purchase cryptocurrencies, Robinhood Crypto gives instant access to the associated funds, too.
Let apps ease beginners' intimidation
Being a beginning investor isn't easy, especially concerning cryptocurrencies, which aren't as established as other investment opportunities. However, these apps reduce uncertainties, whether by letting you use a simulator to trade without risks or keep track of your assets and their fluctuations in real-time.
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