So, you are now strong-willed to take part in the most trending activity – “Cryptocurrency Trading”. It is apparent that you will be resorting to an exchange for executing your wish. However, are you aware of the fact that exchanges based on three different platforms are available in the market? They are:
- Web-based online exchanges – Connected to the internet and accessed by entering the URL in the browser.
- Desktop application exchanges – A software downloadable on your Windows, MAC or Linux system.
- Mobile application exchanges – A mobile application for Android or iOS, which helps to trade cryptocurrencies on the go.
Now, each one of the above will have its own perks and detriments. It causes anarchy in choosing the best fit for oneself.
To see which one is the most popular, an upcoming cryptocurrency exchange “Encrybit” queried the traders in a survey. In response to the question, 48% of the traders opted for web-based cryptocurrency exchanges.
Let us see why the traders prefer websites more than desktop or mobile applications.
What is the reason?
Observing the survey results, nearly half of the traders pick web-based cryptocurrency exchanges. Based on the survey results, the second in line is mobile application as 38% opted for it. The desktop application stands at the last position with only 14% votes.
Considering the reasons, when you search for a cryptocurrency exchange, the maximum results obtained would be of web-based exchanges. Hence, the first reason would be their presence in abundance.
Moving on to the features. The web-based version will provide the maximum number of features. This is because of its online presence where updates can be easily available to all its users. Moreover, you can access the platform from any device (provided you remember your username, password and have the 2FA code accessible!) Hence, the second reason is overall accessibility.
Now, if we compare the web-based exchanges with its counterparts, it scores more than them. The desktop and mobile applications take up a lot of space on your device. Although known as light versions because they only have the block headers instead of the entire blockchain. Still, their sizes go high as much as 50GB.
As the desktop and mobile applications only store the block headers, they are unable to access the complete blockchain. Hence, they can only verify the transactions concerned with them. This is a drawback where the web-based exchanges can verify any given transaction.
The desktop and mobile applications are accessible from the installed device only. Hence, they lack the overall accessibility aspect of websites. Next, concerning the security aspect, all the three of them have loopholes. In case of desktop application, there are chances of the hard disk being attacked by a virus and thus destroying the application. In case of mobile application, there are chances of being stolen or attacked by a virus too. In the case of websites, it is easily accessible to the hackers.
Nowadays the trend has changed. The website exchange providers also develop a mobile app for its users so that they can trade on the go. For example, popular exchanges like Binance, Bitfinex and KuCoin have released mobile applications as well. Therefore, you can access your account from both website and mobile.
The bottom line
You now have the pros and cons of each platform type. It will now be easy for you to choose from website, desktop or mobile based cryptocurrency exchanges. You can either go with the much-preferred websites or go with the trend of website and its mobile application.