The rise of Bitcoin in the last year brought the entire cryptocurrency market into the limelight. It has become a popular investment vehicle for many and more and more people are expressing interest in it. However, since they are still relatively new, cryptocurrency markets are a minefield of pump and dump trading schemes, misinformation, and lack of suitable information about various projects and also include some cryptocurrency projects that offer absolutely no value. Therefore, it is not surprising to know that a number of people become victims of scams and hacking activities.
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If you want to do any serious trading, it is essential that you have access to factual, adequate and relevant information, whether you are talking about the price movements, predictions about crypto trends or general events and movements in the market. This information can prove to be immensely useful in determining when, what, where and how to buy and sell cryptocurrency. Luckily, there are a wide array of tools that can help you with this purpose. With the use of these tools, not only can you stay organized in terms of cryptocurrency investments, but also be able to maximize your profits. Outlined below are the top 5 cryptocurrency trading tools that every investor, beginner or experience, should use:
Tool 1: Trading accounts on the best exchanges
The exchange you choose for trading your cryptocurrency can have an impact on how secure your funds are and also influence your profitability as well. In addition, you should also bear in mind that some cryptocurrency exchanges are more suitable for specific cryptocurrencies. For instance, Coinbase is regarded as a great exchange for buying Bitcoin. Other than this one, there are other exchanges as well, which include:
- Binance: This exchange is useful for beginners and experienced users alike as it has a friendly user-interface. There are no liquidity issues as it is one of the best exchanges in terms of volume. Binance also offers a trading discount when their native BNB tokens are traded. To top it off, they also offer excellent mobile apps that can be used for trading cryptocurrencies with ease.
- BitMEX: This is one of the busiest exchanges in the cryptocurrency realm as it is run by professional traders, economists and developers. It also gives users access to a wide range of techniques and tools needed for trading cryptocurrencies. Various cryptocurrencies such as Litecoin, Ripple, Ethereum etc. can be traded here.
- io: Another reputed exchange that’s deemed great for beginners is this one due to its easy-to-use user interface. Just like Coinbase, Cex.io allows you to deposit fiat currencies and then buy or sell cryptocurrencies like Bitcoin, Ethereum, Ripple, Stellar ad Bitcoin Cash. It is also stable in terms of liquidity and it also allows users to buy cryptocurrencies via credit or debit card.
- Bitfinex: One of the oldest players in the cryptocurrency market and is also a good choice for beginners as it deals in fiat currencies like EUR, GPB and USD. Since it also has enormous volume, there are no worries of liquidity when you want to buy or sell on Bitfinex. Moreover, the exchange has a clean user interface and has proper instructions that can be followed easily. Apps are also available and the registration process is quite straightforward.
- Bitstamp: It is one of the most renowned exchanges for Bitcoin and allows you purchase this cryptocurrency with international bank wire, SEPA transfer, bank transfer and also credit cards. You can also use it for trading other cryptocurrencies such as Litecoin, Ripple, Ethereum and Bitcoin Cash.
- Kraken: Founded in 2013, this cryptocurrency exchange is the largest Euro-dominated Bitcoin exchange in the world according to its average daily trading volume. It serves customers from a number of countries including Canadian, European, British and Japanese investors.
Tool 2: Charting Tools and Algorithms
Charting tools and order execution tools are used by cryptocurrency traders for analyzing trades. There are a variety of these tools that are available nowadays and they are not only helpful in placing orders and tracking trades from a single location, but can also be used for predicting future prices. With this information, traders can decide whether to buy, sell or hold. There are some free crypto charting and technical analysis tools such as Cryptowatch and Cryptotrader. The former was founded in 2014 and is owned by the Kraken exchange. It provides users with a comprehensive chart of currencies, which is incredibly detailed.
As far as Cryptotrader is concerned, it is a cloud-based automated trading solution that provides support for various cryptocurrencies including Bitcoin. They help in the marketplace through strategies, have automated trading bots and also offer SMS and email notifications. Another common TA and charting tool is Tradingview. A free account gives you three indicators for every chart whereas paid plans give access to additional indicators and faster data flow. Moreover, it provides support for numerous cryptocurrency exchanges so you are able to get real-time data and information from a number of sources.
Novice users will also find Coinigy quite handy when they are looking for a crypto trading tool. The subscription provides you with global access to the digital economy over 45 exchanges to ensure you get valuable insights regarding the market. Not only can you get nearly 75 technical indicators, but also get alerts via email and SMS. Coinmarketcap.com and Blockchain.info are some other options where you can get market data, a plethora of tools as well as statistics that can be used for trading. These include blockchain size, market capitalization of different digital currencies, mining revenues, number of currencies in circulation, price graphs, trading volume and daily, weekly, monthly and yearly charts. If that’s not all, you can also get social media feeds, website widgets and API tickers that can be used for tracking prices and other data.
Founded in 2007, Investing.com is also an excellent tool for streaming charts and real-time price quotes, technical analysis, up-to-date financial news, calculators and tools. Coinmarketcal is also an option through which you can get road-maps, cryptocurrency updates and other information. Apart from these, mobile alerts and charts can also be incredibly useful because you will be able to watch info and data on the go. This means that you can get access to data while in a meeting, during a flight, in a hotel or on the beach.
With that said, there are a horde of mobile apps such as ZeroBlock that can be used for keeping track of price charts and trends and also set alerts about cryptocurrencies. Cryptonator is good for all cryptos whereas Blockfolio is useful for all cryptocurrencies. There are also Crypto Tracker and zTrader as they provide support for about 2000 cryptocurrencies through a single app.
Using these tools is important because technical analysis is no piece of cake. You have to understand and familiarize yourself with concepts such as the Dow Theory, moving averages, the role of volume, resistance and support levels and how to identify trends. It is also vital to be aware of the key considerations that should be made for gauging market sentiments. With these charting and technical analysis tools, this becomes a whole lot easier.
Tool 3: Trading Communities and Forums
A large number of people have suffered huge losses in the cryptocurrency market because of lack of adequate information, misinformation as well as lack of education and training about the cryptocurrency world. The problem is that new entrants have absolutely no idea about how the markets work while experienced and skilled traders are always looking for ways to make a profit. With training, you can learn about the basics i.e. when to enter and exit a trade, how to successfully manage it and implement a good trading strategy.
However, you need to join cryptocurrency trading communities and forums because this is where you can get access to a number of resources pertaining to the market. Some of these communities host experts who provide specific cryptocurrency charts, draft in-depth crypto market reports, perform a live market analysis and also do real-time trading alerts. These can prove to be quite useful in a trader’s journey in the cryptocurrency market. Through these trading communities and forums, you can also learn about websites and other platforms that offer crypto-related courses and information to enhance your skills.
Some of the communities that can be joined and followed include Reddit Bitcoin, Bitcoin.org, Voat, Bitpay blog, Ethreum blog. Along with these, you can also find numerous groups on different social media platforms such as Facebook. Also, it is recommended that traders follow cryptocurrency experts and influencers on Twitter and other networks as they provide useful insights into the market.
Tool 4: Websites
One notable feature of cryptocurrencies is that they are quite volatile in nature. Their rising demand has also had an impact on their movements, which means that you need to have plenty of knowledge before you decide to foray in the market. Other than joining different trading communities and forums, there are a world of websites that are also an encyclopedia of information when it comes to cryptocurrencies. Novices, especially, will find them extremely useful when they venture into this new world. Some of the top websites are mentioned here:
- CoinDesk: This is one of the top sources for all Bitcoin enthusiasts out there as it is packed with tools and reports that break down the patterns and trends in cryptocurrency.
- CoinTelegraph: On this website, you will get plenty of access to expert opinions and daily news about the cryptocurrency market. Its long-form feature makes it different from the various other websites out there.
- Bitcoin News: If you are looking for the best resource that can tell you about all things Bitcoin, this site is the answer. In the news section, you will come across the latest insights from the best writers in this sector. In addition to that, the website is also filled with a host of tools that can aid investors in making informed decisions. The best part is that you can find everything on a single platform.
- CryptoClarified: This website might be a bit newer as opposed to the others, but it is a growing one and can provide you with excellent content. What makes it stand out is the fact that this website offers you unbiased coverage of different cryptocurrencies and are not promoting a specific one. It is more focused on trading strategies, investing and undervalued coins.
- CryptocoinsNews: On this website, you can find the latest news in the Bitcoin world. You can find new product offerings, the latest stories and everything about the recent mergers, if any. Furthermore, there is also daily Bitcoin analysis as well as useful human stories.
- NewsBTC: This is the ideal site for those who are avid news consumers. You will find a huge volume of useful information here, which is published on a daily basis and on every conceivable topic. The most notable thing about this website is that it covers forecast and technical analysis for altcoins, events, news, charts and also educational resources.
Tool 5: Offline and Cold Storages
An offline or cold storage is the safest place where you can store your digital assets such as cryptocurrencies. There are different hardware wallets that can be used for this purpose to ensure your investment remains safe and is not stolen through hacking and other cyber-criminal activities. Some of the best options in hardware wallets are:
- The Ledger Nano S: This is the cheapest multi-currency option that you can find as it provides support for Bitcoin, Ethereum, Litecoin and some other currencies. Receiving and sending payments, running companion apps and authenticating for online services are some of its features.
- Trezor: The most secure hardware wallet for Bitcoin, this is a bit pricey, but is very secure and cannot be compromised easily. Thus, you can rest assured that it keeps your cryptocurrency safe.
- KeepKey: This hardware wallet comes with a ton of features and works with various cryptocurrencies such as Dogecoin, Litecoin, DASH, Namecoin and others. It also offers various security options for your peace of mind.
Using these 5 types of tools will make trading easier, simpler, more profitable and also your trading experience will be fun! Use these tools and you will become an expert trader in no time!
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