The smartphone, which is always with you, can become a tool for making money, if you know what applications and services to use. The choice is quite wide – almost all service providers duplicate their functions for mobile devices to expand the range of potential audience.
digiitallife.com editors will tell you how to earn cryptocurrency on your phone. We will consider different areas, from trading and investing to passive income, blockchain games, and cranes.
Earning cryptocurrency on your phone
Earnings from trading and investing
Almost all cryptocurrency exchanges are presented not only on web platforms, but also in mobile applications. You can use them to trade on the cryptocurrency market – for example, the simplest one: buy cheaper and sell more expensive. Or a more professional option: making money on the fall using leverage.
Don’t forget about the high trading risks of the crypto market. Working with it requires caution, moderate investments, and careful risk control.
Examples of crypto exchanges with mobile applications:
Besides trading, exchanges can also be used for investing, i.e., buying cryptocurrencies for a long term in order to sell them when the exchange rate goes up substantially. But storing digital coins on exchanges for a long time is not recommended, it is better to withdraw them to an offline wallet for safety.
Investment products on cryptocurrency exchanges for passive income
Let’s look at cryptocurrency exchanges from the other side – in addition to trading opportunities, most of them offer passive income options. The main options are as follows: stacking pools, liquidity mining, flexible or fixed deposits, IEO-platform, Ethereum 2.0 stacking.
Most of these tools are accessible from mobile devices, but there are exceptions.
Exchanges and their investment products:
- Binance Earn. In addition to the options listed above, it also offers high-risk bicurrency investments, BNB Vault, and the Polkadot slot auction. Launchpad’s IEO marketplace, which can be used to buy promising new tokens.
- OKX Earn. Deposits, staking, flash deals, and other tools. IEO marketplace
- Huobi Earn. There are many investment plans available in the Huobi mobile app with varying degrees of return – up to 500% per year. But you need to understand that the higher the yield, the higher the risk.
- Gate.io. HODL & Earn investment products are available in the app, allowing you to earn income from your unused crypto assets.
- Bybit Earn. Also offers a large selection of passive income tools, as well as its own Launchpad platform.
Earnings on DeFi
Decentralized financial protocols allow you to earn in a variety of ways, the most popular of which are:
Delivering liquidity to trading protocols (Yield Farming).
Both are similar in that they use a pooling system in the process. An investor puts their funds into a pool, then they are used by other participants to trade or lend, and the owner of the funds receives income from each transaction and can withdraw the assets at any time.
DeFi protocols can be interacted with through decentralized wallets such as Metamask, Trust Wallet, Coin98, which have apps for mobile devices as well.
You can earn cryptocurrency on your phone with steaking – this method of creating new coins is much less energy-intensive than mining. Basically, you just need to keep blocked tokens in your wallet that work on the Proof-of-Stake algorithm, and depending on the amount of tokens held and the duration of the process, a regular passive income will be accrued.
As an example, the following cryptocurrencies can be stacked in the Trust Wallet:
The yield at the same time is from 5 to 80% per annum.
Cryptocurrency cranes are sites that offer small, simple tasks that earn fractions of digital coins.
These sites can be used in any browser, either from a PC or cell phone.
Examples of proven cryptocurrency cranes:
Modern blockchain games are the next evolutionary step after bitcoin earning apps. They are part of the GameFi trend, that is, a combination of gaming and financial elements. They allow you to earn by playing – participate in battles with other players, raise and breed pets, develop their territories, and much more, which is limited only by the imagination of the developers and technical implementation.
Examples of GameFi-Projects in which you can earn from a mobile device:
- Axie Infinity
- You need a web3 wallet such as Metamask or Trust Wallet to connect to the game.
Tips and tricks
Some useful tips about earning cryptocurrency from your phone:
- Initially, get a secure wallet, secure it with a password and two-factor authentication (2FA). You should not store coins on exchanges, crane sites, etc. for a long time. Decentralized wallet transfers the responsibility for storing the cryptographic keys to the user himself, without the participation of third parties.
- Protect also the phone itself – the password, the graphic key or biometric data. Completely eliminate the possibility of an unauthorized person gaining access to the phone.
- Enable 2FA not only in your wallet, but also on the exchange, and in any other services where it is possible. Just one step will significantly raise the level of protection of funds and confidential data.
- We do not recommend mining on a smartphone. The income will be minuscule, and the wear and tear of the device will increase dozens of times. As an alternative, you can consider cloud mining services.
- Otherwise, the earnings via phone are not too different from those on a computer or laptop.
How can I earn cryptocurrency on my phone?
Basically the same as on a computer: you can trade, invest, play Play-to-Earn games, get cryptocurrency on cranes and use passive income tools.
Which exchanges are suitable for trading?
Optimal options are popular trading platforms like Binance or OKX.
What is DeFi?
Decentralized finance is similar to banking, but on blockchain. Lending, asset exchanges, deposits, etc. Everything happens based on a smart contract and needs no intermediaries. Therefore, working with DeFi protocols is faster and more profitable than with banks, and in addition, it is anonymous.
What is stacking?
Supports a blockchain network based on the Proof-of-Stake mechanism. In order to validate transactions and receive a reward, a stacker must hold a certain minimum amount in his account.
How to earn on cranes?
Cryptocurrency cranes and busses usually ask to solve captcha or follow links and pay some cryptocurrency in return. The earnings are not big, but they are good to occupy your free time and make a small profit.
How do blockchain games work?
Users get paid for performing certain game actions, they can also pay for improvements themselves, and they can also sell and buy important NFT tokens for the game. All of this happens in a decentralized way using smart contracts.
Earning cryptocurrency on a smartphone is quite realistic and there are many ways to do it. Choose the one that seems most suitable for you, but do not forget about security. All the accounts of exchanges, wallets and other applications must be protected. Hacks of such services are, unfortunately, not uncommon, and it is always unpleasant to lose your money. Also, you should understand that chasing unrealistically high yields almost always leads to the collapse. It is necessary to allocate assets wisely between higher and lower risk instruments.