As the legitimacy of cryptocurrency rises, so do the technologies that support it. Initially, the only trading tools available to investors were fiat-to-Bitcoin gateways. Exchanges and multicurrency systems arose throughout time. Crypto-only exchanges eventually started to dominate the trading sector. With each of these improvements, investors became savvier and sought even more complicated ways to trade and predict the future value of their investments.
Several bitcoin trading tools are available, and one you choose will depend on your preferences and demands. Many traders utilize various devices based on what they want to know and which statistic they want to measure. On the other hand, the seven listed below are ones that every trader should have in their armory.
3commas is a modern-day crypto trading bot and portfolio balancer that assists cryptocurrency traders like you and me in making the most of our trades. It is a crypto trading tool that is suitable for both novice and expert users. You may connect to cryptocurrency exchanges such as Binance, Bittrex, and Poloniex using a single interface of three commas and make trading decisions on all of them simultaneously.
You may also receive sophisticated trading tools like trailing stop-loss and trailing take-profit, which allow you to optimize your earnings in real-time. Finally, with 3commas, you can quickly social trading by copying portfolios of successful traders who consistently have decent portfolio growth.
If you’re new to trading and want a tool that doesn’t have all of the bells and whistles of TradingView, consider CoinGecko. One of the most exemplary aspects of this tool (apart from its simplicity and clarity) is that it is entirely free, and you will receive an instant summary of the top-performing cryptos on the market. Consider it to be a step up from CoinMarketCap.
This is more of an investor tool since it helps you determine whether a project checks all of the boxes you need to be confident in your investments. With CoinGecko, you can see and follow the values of hundreds of thousands of cryptocurrencies in fiat and BTC, using visually attractive charts of various intervals. Aside from English, the CoinGecko UI is available in 15 additional languages, which is a significant benefit for any website in this area.
You may get as much or as little information as you like from this tool, which even analyzes community involvement with each currency and offers historical statistics and data on mining difficulty if you’re interested. Not only can you check how well each currency or token is performing fast, but CoinGecko also ranks coins and tokens based on critical trading criteria, including as market capitalization, public interest, liquidity, and the amount of developer activity on the blockchain.
Unless this is your first day in the crypto world, CoinMarketCap does not require an introduction. This is one of the most popular cryptocurrency websites since it records prices, market cap, volume, and listings of currencies and tokens in this area. Prices, volume, and other statistics are shown in 13 languages and 28 national currencies. In addition, it contains APIs and widgets, as well as social and market sections for each coin/token, making it more straightforward for traders to make rapid judgments.
Cryptowatch owned by Kraken, is another free charting platform that allows you to follow your favorite cryptocurrencies. In addition, all major exchanges, including Bitfinex, Bittrex, Bithumb, and Coinbase Pro, provide charts and pricing.
Cryptowatch provides you an advantage in the market since you can compare any given comparison, such as the BTC/JPY chart, to the BTC/USD chart. This allows you to determine whether particular markets outperform others and move ahead of huge orders to obtain an economic edge. Although it is probably more suited to seasoned traders.
Never lose another coin! Nothing is more infuriating than sending cryptocurrency to the incorrect address. Chances are you’ll never get it back, and if you try to recover an erroneous transaction through a digital exchange, you’ll have to pay through the nose for your error.
Ethbox has devised a brilliant method of ensuring that money is never sent to the wrong address again. It is a digital escrow solution that uses smart contracts to safely and efficiently move your Ether over the Ethereum network. They are also working on expanding this capability to other blockchains.
TensorCharts is an excellent spot to go after you’ve gotten a feel for Cryptowatch. It’s another free tool; however, it’s not suitable for inexperienced traders. If you’re not sure what to look for, some of the sophisticated charts on this page may make your head spin.
TensorCharts use order book heatmaps. These heatmaps use data from order books from several exchanges and depict red and green blocks for orders awaiting filling on either side. This is a great approach for traders to forecast price activity and get a sense of what the market makers are doing.
The best tools or protocols on the blockchain are often those that solve real-world problems. For example, CryptoTaxCalculator was created after the founder ran into tax calculation problems following the 2017 Initial Coin Offering (ICO) boom.
The most recent version was released in 2020 to assist investors in calculating their tax responsibilities stemming from crypto transactions. The user interface is straightforward and pleasing to the sight. It now supports over 100 exchanges, and that number is rapidly increasing. Users may submit their data by utilizing an API or a CSV file. Then, with the press of a mouse, they may check their data and determine their tax liabilities.