The cryptocurrency market is known for its tendency to constant change. The stability of it is an expensive thing. Almost every active trader in the market knows this and takes this into account when making decisions regarding trades on crypto exchanges.
But what about those who are just starting their journey in the world of cryptocurrency? There is an enormous number of various cryptocurrency coins and tokens available on the market, while trading terminals often scare away the inexperienced user. Which is better: go for the famous Bitcoin (BTC) and Ethereum (ETH) or the newly released token with great potential for growth? Remember, the cryptocurrency market holds many dangerous pitfalls for beginners.
Plutus Wallet – the very first cryptocurrency portfolio simulator, is solving this problem by lowering the bar. So, let’s take a closer look!
What is Plutus Wallet?
Plutus Wallet is basically a unique hybrid of a trading terminal and a clicker game. Its authors describe the product as “the smart and casual crypto portfolio simulator”. The essence is simple: the user creates virtual cryptocurrency portfolios and strives to achieve better results. All currencies and their rates are completely real and are taken from two exchanges, namely HitBTC and Binance. When creating a virtual portfolio, the user chooses which exchange to associate it with.
The keyword there is “virtual”. This is because all activities in Plutus Wallet can be performed without any deposit at all since the trading is simulated by the application.
Here is how it works: Let’s say a user got a portfolio growth of +78% within one week. Such trading simulation scenario helps to realize which currencies he or she should have invested in seven days ago. With this in mind, Plutus Wallet is a great tool to practice your trading strategy without any risks. Let’s admit that this is a good way of learning and understanding how the cryptocurrency market works.
Top 10 Portfolio Leaderboard
The leaderboard also contributes to this understanding. Each user can participate in a competition for the best portfolios. They are held constantly and are split into three types: the best portfolios of the last 24 hours, one week and one month.
The reward for the best results is the in-app currency, called Plutus Coins, which users can transfer to the HitBTC exchange by converting it to Ethereum (ETH), as well as the recognition of the Plutus Wallet community. So, to some extent, Plutus Wallet even gives you the opportunity to earn ETH.
However, the main benefit of the top 10 leaderboards is the ability to explore the most profitable portfolios at that moment. Moreover, not only can you get acquainted with them, but even copy them to your collection!
This is probably the biggest advantage for crypto beginners. Basically, Plutus Wallet allows you to engage in real crypto social trading and improve your skills through mistakes and triumphs of other traders.
Casual and Convenient
Developers emphasize the overall casual nature and accessibility of the product for a broad audience. This is evident from many accents that are highlighted. For instance, the developers deliberately abandoned the display of candlesticks and other traditional exchange interfaces in favor of more user-friendly designs.
All portfolios are presented as diagrams and show the proportions of cryptocurrencies in the portfolio in a very clear way. Ironically, due to this way of displaying, the portfolios in Plutus Wallet are called Pies.
There are still charts available in the application, but they give a rather general view of the growth or decline of your portfolio. Of course, this is not entirely relevant for the most experienced traders, but for beginners, it may well be a great first step in understanding how cryptocurrencies behave.
It’s not just the visual style that makes Plutus Wallet so casual. There is a reason we mentioned the clicker game earlier. At the start, the user is given a set amount of virtual funds, called Credits, which can be used to create virtual portfolios. Additional Credits can be earned on the already created, profitable ones. All in all, we can see that the wallet creators were strongly inspired by the experience of casual games.
But it should be noted that the decision to implement Credits makes you treat your portfolios much more thoughtfully. This truly prepares people mentally for real crypto trading.
Real Trading on Plutus Wallet
Even real trading is possible with Plutus Wallet. In just a few steps, you can connect the application to one of the crypto exchanges, create a Real Pie, add funds to your account and start trading cryptocurrencies as easily as with a virtual portfolio. The already familiar interface remains unchanged.
It is important to note that Plutus Wallet does not charge any trading fees of its own for the use of this functionality (only the commission of the crypto exchange). All funds added to your balance are immediately available on your exchange account.
Think of it as a convenient and intuitive trading terminal that you can use to manage your crypto portfolio anywhere at any time.
Wallet Functionality and Cryptocurrency Storage
It is also possible to store and send currency from accounts within the application, though there are a few nuances. The main one is that Plutus Wallet does not store the cryptocurrency on its own. The entire deposit is stored on the exchange, that you have connected to. Therefore, the application acts only as a terminal for the more convenient management of the crypto assets on the exchange.
In the context of the main features of the application, this is not an essential element. On the other hand, you can withdraw your profit from the app itself, without opening your crypto exchange account. Consider it a little extra bonus to the overall functionality.
Plutus Wallet Summary
Summarizing the product, we would like to say that it is unlikely to be the perfect product for experienced traders. It lacks detailed candlestick charts, clear trading volumes and even the ability to place orders. However, for beginners, it is one of the best ways to start to understand the cryptocurrency market and feel confident in it.
Plutus Wallet is free and available for Android and iOS. The Android version is currently considered as a priority, so it has the most features available. Plutus Wallet is also available as a desktop version.
Simply register your account on plutus.ai and take the first steps in trading cryptocurrencies!