Coincap is a leading cryptocurrency site that deals with trading of cryptocurrencies. It is an international market where, in addition to buying, users can track and anticipate market prices to sell later and make some profits.
You can trade more than 500 cryptocurrencies on this site and you do not need to invest a lot of money to start trading on this site. You can try spreading the risks in order to avoid big losses.
It is easy to join and start trading cryptocurrencies on this market. All that is needed is some knowledge and if possible, experience on how to trade cryptocurrencies.
How Coincap works?
The app works on iPhone and Android.
The home screen defaults to coins listed as per their market cap. When you tap the ‘Price by Market Cap’ button, it reveals a drop-down menu which has the following data that you can sort: by available supply, coin name, market cap and %change in the last 24 hours, percentage change by market cap, price, price by market cap, and volume trading in 24 hours.
Clicking on individual tokens offers details on the specific coin’s price, the percentage change in the last month, and the Buy and Sell buttons. The Buy button for Bitcoin, for instance, directs you to the app store and to ‘Shapeshift’ app.
The app allows you to see the price on specific data and time by simply moving your finger on the graph after accessing the page for a specific crypto. Remember you can always sort the graph in the last one month or 24 hours.
You can add the coin to the portfolio of the coins you track by clicking the “Add to Altfolio” button.
The Menu item is on the upper right side. In this case, you are able to access the “Search/View Coins,” “My Altfolios,” “Alert Manager” and “Settings.” The “My Altfolio” feature allows you to have 3 different Crypto portfolios and it is possible to choose the time frame of the Altfolio from one day to “All.”
The ‘Alert Manager’ feature helps you to create an alert for any coin when it reaches a certain level, high or low.
From the “Settings” button, you can set your default use currency to USD etc and edit your passcode, activate live price updates, activate flash price updates, set Alfolio custom names
Benefits and other information of Coincap
First, apart from Bitcoin, Litecoin, Ethereum, Zcash, Dash, Ripple, and Monero are some of the popular cryptocurrencies available to trade in this market.
The site also provides high leverage compared to Forex. You can turn that opportunity to an advantage. However, you need to approach such high margins with caution in order to avoid making huge losses.
Another advantage of using Coincap is that there are no transaction costs required when everything is being recorded digitally. Again, there are no deposit or withdrawal fees and therefore advantageous when compared to trading on Forex.
We already talked about the fact that you do not need a lot of money to start trading on Coincap. Besides, you do not need to reveal your bank account or card details to others. This might turn very helpful especially when dealing with foreign brokers.
Risks and downsides of Coincap
Apart from the benefits we talked about, Coincap is, like many other exchanges, prone to crypto volatility. There is also high leverage costs as well as the fact that Bitcoin can lead to varying rates.