mHealth researchers can now collect a wealth of data using "life tracking apps" (LTAs), which are smartphone applications that use mobile sensing to capture and summarise a multitude of data channels (e.g., location, movement, keyword use, sleep, exercise, and so on). The combined wealth of information can create digital signatures of individuals, which hold immense promise for mental health research and interventions by allowing new insights into moment-to-moment changes in behaviour and mental states. However, little is known about what a common research demographic (university students) thinks about these apps and what might factor into their decisions to participate in research using a LTA. This qualitative study ran five focus group sessions (21 students in total) to explore students' experiences, beliefs, and opinions about LTAs to generate insights into what would make them more or less likely to participate in research involving LTAs. Transcripts were coded and examined for categories using qualitative content analysis. Important categories that emerged were privacy (although this varied based on the individual and data being collected), data security, inconvenience, intrusiveness, financial compensation, and the perceived nature of the research team responsible. On the basis of these categories, we derived seven key insights to increase student participation in research using LTAs: strengthen and communicate privacy and data security, design the app to be as convenient as possible to users, maximise passive data collection, think cautiously before tracking data perceived as "creepy" such as messages, offer suitable financial compensation, be transparent about goals and justification for data being collection to build trust, and attract participants by highlighting how the app can help them achieve their goals. With these insights, mHealth researchers can maximise their participant pool and improve this nascent and promising field.