Trading cryptocurrencies is no easy feat as it seems. You need the right crypto tools to do it right.
Cryptos are highly volatile, and you know it.
But you choose to ignore and focus only on the high returns you friend was bragging about in your last meeting.
What these so-called braggers don’t tell you are the risks and rewards associated with cryptocurrencies.
But at TheMoneyMongers, we take on ourselves to tell you everything we know from scratch.
That’s why this time, we want to share some of the best crypto tools which will make your cryptocurrency trading journey less painful and less risky.
Here you go:
Cryptocurrency Trading Tools You Cannot Afford To Miss
The first on the list is CEX.io- a popular cryptocurrency exchange.
You already might be knowing about it, but if you don’t, let me tell you.
You need the currency of the internet to get into the game of cryptocurrencies, and Bitcoin is that. Bitcoin is the de-facto currency of the internet and indisputed king of cryptocurrencies.
To buy or sell any other currency having Bitcoin in your portfolio is a must, and that’s why CEX becomes essential.
CEX- having served millions of customers around the world since 2013 is one of the most reliable exchanges to buy cryptocurrencies like Bitcoin.
It supports Visa/MasterCard credit as well as debit cards along with bank transfers support. So it cannot get more relaxed, and you should get some BTC if you don’t have any.
3Commas is another important cryptocurrency trading tool you must possess if you are even a bit serious about what you are doing.
Having BTC alone is not enough; you need to trade multiple coins at multiple exchanges to get the full benefit of getting involved in this game.
3Commas makes it easy for you. Once you have Bitcoin, you can subscribe to 3Commas to get access to 13 cryptocurrency exchanges all at once.
Then you can be omnipresent on all 13 exchanges to trade multiple coins using the 3Commans crypto trading tool.
It gets better:
You also get access to advanced trading strategies through 3Commans like trailing stop-loss or trailing take-profit along with sophisticated crypto portfolio rebalancing features to get the most of your investments.
If you dislike 3Commas for any reason, here is a decent alternative to it- TradeSanta.
Like 3Commas, TradeSanta isn’t too free, but it is a must-have crypto tool to get the most of your crypto trading. Using it, you can trade on four major crypto exchanges, such as – Binance, Bittrex, HitBTC, Bitfinex.
There are plans to add more exchanges on it, but if you are present on these four exchanges, you have pretty much access to 99% of the whole crypto markets.
So now, you can automate your trading strategies on multiple exchanges using TradeSanta and make full use of 24/7 crypto markets, which never sleeps.
You must not engage with cryptocurrencies like that drunkard.
One needs to know the price action, the volume of trading going on, the total supply of coins available, etc. to make informed and educated decisions while trading crypto.
That’s why you need CoinMarketCap like crypto tools, which can show you the facts in easy to comprehend manner. If, for some reason, you hate CoinMarketCap, you should refer similar crypto tools for crypto price tracking.
For my personal use, I use CoinMarketCap and some of the alternatives of CoinMarketCap to double-check everything while making crypto trades.
#5. Ledger Nano X
While dealing with cryptocurrencies, you need to have a steady head and sometimes also exit from the market to sit around see the market movements.
In such cases, it is important what you do with your portfolio.
Whether you keep your coins on easily hackable exchanges or withdraw them to non-custodial wallets to peacefully enjoy the market movements?
I have done both of these.
Once I had kept a significant amount of Cryptopia exchange when there was no plan to trade my coins, and needless to say, I was hurt when I lost my coins.
Thereafter learning my lesson, I have started keeping my coins on Ledger Nano X for peace of mind and higher security than exchanges.
I do this, especially when I know I am not going to trade for the next few days or weeks. You should do the same and get a Ledger Nano X- a must-have crypto tool wallet that supports 1000+ cryptocurrencies & tokens.
When you are aggregating your trading window using TradeSanta or 3Commas to be omnipresent on multiple exchanges, why not to do the same for your crypto news.
Let’s face it; the cryptosphere is pretty new and small. It gets influenced by news and rumors, so you must keep an eye on all the latest sources.
But popping your head on Twitter, Google, Facebook, Reddit, etc. is no easy task, and zillions of crypto sites make the matter even more complicated.
Hence having a crypto tool like CryptoPanic makes life easy. Using it, you can aggregate your crypto news from multiple sources and consume as well as compare it at the same place.
CoinMarketCal is another favorite tool of mine on which I rely on in this wild world of crypto.
I have been using this tool since early 2018 and have made some trading calls based on its calendars to fetch decent returns.
CoinMarketCal is a cryptocurrency calendar. It tells you, date wise what is happening with a particular cryptocurrency. For example, if you want to know what Zilliqa is upto in the next few weeks, you can check at CoinMarketCal.
Or you wish to know when the next Ethereum hard fork is? You can understand using CoinMarketCal.
Using this info, you can do your fundamental analysis and factor it into your technical analysis to make educated decisions while trading in cryptocurrencies.
Let’s get it straight:
These cryptocurrencies at the end of the day are mere softwares. No matter how good a whitepaper or how pretty the trading chart might look, but it all comes down to the software code.
If actual work of code is happening, you can say a cryptocurrency is alive. If not, it is already dead, and the death is just waiting to get manifested through the market
CoinCodeCap tracks crypto projects based on their GitHub activity.
This is, after all, the most fundamental matrix of any cryptocurrency. So using the insights gained from using CoinCodeCap like crypto-tool, you can significantly improve your decision making in the cryptosphere.
I have purposely kept TradingView at this position because I have assumed that you must be using it already or something similar.
TradingView needs no introduction and is one of the biggest providers of charts for stocks, bonds, derivatives, forex, and crypto markets.
Many crypto trading OGs use TradingView, and it does a pretty excellent job in providing you the data as well as the tools you need to make your technical analysis perfect.
But if for some reason, you hate TradingView, I urge you to look at these TradingView alternatives to create your custom trading strategy.
#10. Crypto Research Report
When there is so much information sloshing around, especially in the cryptosphere, you need something reliable.
Plus, not everyone has the time to consume something as it is produced as it is the case with crypto aggregators like CryptoPanic. That’s why for a higher quality of information, you need something like Crypto Research Report.
Crypto Research Reports are free to use as of now.
It does a fantastic job of cutting noise by aggregating time tested and relevant crypto information. It produces new content as well each month in the form of a report which you can read while sipping your coffee.
If you think your trading positions are correct and you want to HODL those positions, Shrimpy is the way to do it.
Simply HODLing can be dangerous sometimes, and that’s why you need a smart way to do it at the same time minimizing your risks.
Shrimpy is a crypto portfolio manager who does the job of automated rebalancing for your crypto portfolio, which helps you in minimizing losses and maximizing profits.
It also a crypto trading tool that lets you get connected to various exchanges and helps you formulated winning trading strategies based on its advanced backtesting features.
If for some reason, you want a dedicated portfolio manager, you should look no further than CoinTracking.
CoinTracking is a crypto tool on which you can rely, and thousands of customers around the world have been using it since 2013.
It is a crypto portfolio tracking tool that syncs with various crypto markets for real-time pricing to show you accurate reports of your portfolio.
It gets better:
You also get crypto taxation reports for your portfolio which helps in easy tax compliances using advanced calculation techniques such as FIFO, LIFO, AVCO, HIFO, and LOFO, etc
#13. Token Tax
If you are a serious cryptocurrency trader and do not wish to get disturbed by tax authorities, it is advisable to use dedicated crypto taxation tools such as Token Tax.
Token Tax is based out of the UK and is helping many users around the globe to comply with their tax authorities on crypto tax matters.
Using Token Tax, you can integrate with 50+ crypto exchanges to generated all sorts of tax compliance reports such as Schedule C, 8938, FBAR, and 8949, etc
For international crypto taxes, Token Tax is one of the few taxation tools which handles tax liabilities of margin trades from margin exchanges like Poloniex, BitMex, Bitfinex, etc. correctly.
Lastly, if you want a human touch and want to interact with the staff of accountants and crypto tax professionals to get rid of your crypto tax liabilities, Token Tax is the way to go !!
Best Tools For Crypto & Bitcoin Trading
In my opinion, these are some of the crypto tools one should use to effectively trade cryptocurrencies and avoid being Rekt either from the markets or the government authorities.
Of course, by no means, it is an exhaustive list, and I will keep adding more free as well as paid crypto tools to make your journey safe in the realm of cryptocurrencies.
Untill that time keep learning and keep contributing to the crypto revolution
Hey there! I am Sudhir Khatwani, an IT bank professional turned into a cryptocurrency and blockchain proponent from Pune, India. Cryptocurrencies and blockchain will change human life in inconceivable ways and I am here to empower people to understand this new ecosystem so that they can use it for their benefit. You will find me reading about cryptonomics and eating if I am not doing anything else.