Crypto trading can generate substantial returns if you have the right tools for the job. Traders need to have access and a good overview of market data. And even though cryptocurrencies are still relatively new to traders, there are many tools available to improve and optimize their trading strategies.
Of course, the first thing you need to start crypto trading is good data analytics tools. Because being able to take a closer look at the market through different charts and metrics is key to understanding where the price is heading. Let’s see available tools that focus on everything from trading bots, terminals, market indicators, to charts and analytics programs:
TradingView is a tool used by many traders in a variety of markets. The TradingView chart features over 50 charts and 100 indicators. A key selling point is the intuitive and user-friendly interface of this service. TIE is a market analysis tool that offers a broad view of activity in the crypto markets. It shows trading volume, the current market cap, and provides a weighted sentiment index of the top 20 coins. Also, it displays live news feed of the crypto markets.
A trading terminal is the most important type of software that is used by traders. It provides access to various exchanges and all their functionality. Within you can place orders on one or several exchanges, specify stop-loss and take-profit. MetaTrader 4 or MetaTrader 5 is a trading terminal developed even before the cryptocurrency market, and its capabilities are continually expanding. The main advantage of MetaTrader is its openness. Members of the community add new scripts almost every day to help other users. There are thousands of freely available scripts and other tools that enhance the already powerful trading terminal.
Robinhood is probably the best mobile app to trade cryptocurrency. Its advanced functionality, combined with a simple interface, has made Robinhood a leader in the mobile market. Robinhood is a trading terminal for beginners. It mostly aims at novice traders with small accounts.
Blockfolio is a portfolio-management app that is used by millions of crypto investors. You can track your trades and how much money you earned overall or by individual currency. The app is integrated with the major exchanges, so you can enter your login and password to track your activity automatically. The app supports 8K cryptocurrencies and blockchain assets over hundreds of exchanges.
Plark is a mobile crypto wallet available on iOS and Android devices. It’s a non-custodial solution, meaning it stores your private key right in the wallet. With a bunch of most popular currencies, a function allowing to trade crypto for fiat, sleek interface, low fees, and good prices, this is a perfect way to get started.
CoinStats is a mobile portfolio manager that helps keep track of the trades through different exchanges and wallets. The app supports 100 exchanges and around 3K cryptocurrencies. It also allows chatting directly with project developers. The app is available on the Google Play and App Store.
CoinTracker is a tool designed to help with calculating the tax on crypto trades. It allows users to connect all exchanges and wallets; all balances and transactions are then automatically synchronized for record-keeping. CoinTracker supports 2,500 cryptocurrencies and 300 exchanges, also margin trading, fee tracking, and other features. This app can be integrated with accounting software and can automatically generate tax reports.
Trading bots are so widespread that about 90% of transactions are carried out by them. Bots perform almost all of the work for the traders. Some of the most common are RevenueBOT, 3commas, and Cryptorg. There are, of course, bots that only advise, and they are called advisers).
Blox is an accounting software that helps to manage your portfolio through a variety of tools. It provides daily updates of account balance and activity. You can also export CSV files for accounting purposes.
Cryptocurrency trading can be a hard task for traders who are just getting into the game. But even though it can be a risky venture, it can also be profitable. It is a good thing that many of the cryptocurrency exchanges offer a demo trading account, where you can train yourself and your trading strategies before spending any money.