Must-have Tools for Cryptocurrency Traders

Knowledge and skills are necessary to become a successful cryptocurrency trader. But, in an overwhelmingly complex and changing environment like cryptocurrency, it is even more important to be able to acquire new information quickly and effectively. The best traders use sophisticated tools and processes to get information and use it to make better trades.

Below you can see 5 must-have tools for cryptocurrency traders. They range from places to get accurate information on which to base your trades, to the bitcoin exchanges you use to execute those trades. If you’re serious about cryptocurrency trading, you need to be familiar with all of these tools.

1. A Great Crypto Exchange

The first thing a trader needs is the perfect place to apply their craft. It’s easy to pick the first exchange you come across, or just go with a recommendation from a friend. But, it’s a very important decision that you should try to get right.

There are many kinds of cryptocurrency exchanges, and each comes with its advantages and disadvantages. There are large exchanges with lots of features, for example, CEX.IO, an exchange based in London, UK. It’s great for beginner traders but also comes with advanced tools for traders such as margin trading.

Then you have more specialized kinds of exchanges. For example, decentralized exchanges offer a unique way of trading cryptocurrency without having to sign up or trust any third parties whatsoever.

The most important thing is to figure out exactly what you require from your crypto exchange. Do you need advanced trading tools? Or is it more important to be able to buy Bitcoin easily? Whatever your needs are, choose the exchange that serves them best. And remember, just because a cryptocurrency exchange served your needs in the past, it doesn’t mean another one wouldn’t do better now. Don’t be afraid to switch exchanges if a better offer is waiting for you!

2. CoinMarketCap

Once you’ve signed up for a great crypto exchange, the next thing you need is the right place to source your basic information on the cryptocurrency market.

CoinMarketCap is the most popular place to get basic data on the crypto market. It includes vital information on cryptocurrencies such as:

  • The current market price of cryptocurrencies: Based on the price available on different exchanges in a real-time mode
  • Market capitalization: The total dollar value of all tokens of a cryptocurrency in circulation.
  • Trading volume: The amount of a cryptocurrency that has been traded in the last 24 hours
  • Total circulating supply: The number of crypto tokens available to buy on the market.
  • Price changes, trends, and graphs

All of this information is vital to any cryptocurrency trader, and CoinMarketCap is one of the best places to get it. You can look up for information on specific tokens, or compare currencies across the entire market and their rankings based on specific criteria. You can even create your own watchlists to keep an eye on the coins you are most interested in.

CoinMarketCap should be checked regularly by any cryptocurrency trader. Make sure you bookmark it!

3. TradingView

TradingView is a site that describes itself as “The fastest way to follow markets”. It’s a powerful platform for traders and investors.

TradingView at its core is a financial visualization platform. It lets traders see charts of everything to do with cryptocurrency trading from any device. The charting technology works in your browser, so you don’t need to download an app or anything like that.

However, TradingView delivers more value than just charts, it also acts as a kind of social network specifically built for those interested in trading crypto. It comes with forums, blog posts and a community of experts you can learn from and communicate with. You can speak to your trading and investing peers around the world, discuss the latest industry trends, and get a range of opinions.

TradingView isn’t just restricted to cryptocurrency either. The platform supports all kinds of trading and investing markets such as currencies, stocks, indices, futures, bonds, and CFDs.

With over 6 million investors using the platform, it’s got to be a great addition to your portfolio of must-have crypto trading tools.

4. GitHub

If you’re looking to give yourself an edge over most cryptocurrency traders, you should consider getting into the nitty-gritty of cryptocurrencies by looking at GitHub.

GitHub is a hosting service for software developers. In the cryptocurrency world, most currencies and projects are open source and use GitHub as a way to collaborate on the code. For example, the software developers from around can see the latest code for the Bitcoin blockchain and what other people are working on.

For traders, GitHub can be a place to learn about what’s going on behind the scenes with the development community of cryptocurrencies. You can gauge the level of interest in any given cryptocurrency and how it is evolving over time by looking at the activity on GitHub.

5. A Safe Place to Store Crypto

Last is a tool that is often overlooked by cryptocurrency traders. A safe place to store your crypto. Or rather, a safe system for storing your crypto. Simply keeping all of your funds on your main exchange is a bad idea. Bitcoin exchanges (even the best ones) are vulnerable to security breaches and other threats.

You only want to store what you are currently trading on your cryptocurrency exchange. Everything else should be in your own wallets. Specifically, you should keep the bulk of your inactive cryptocurrency funds in a hardware wallet. This is a special type of cryptocurrency wallet that requires a physical device to store your tokens on. It makes your money particularly difficult to hack or steal over the internet, and that’s hugely important.

Keep experimenting with new tools

The cryptocurrency market evolves so quickly that you need tools in your arsenal to quickly keep up and make good trading decisions. The five tools listed here are a great start, but there are many more. By experimenting with such tools, you can build a trading system that works for you!

Leave a Comment