7 Must-Have Tools for Cryptocurrency Traders
These seven must-have tools are very useful for casual and professional cryptocurrency traders.
The digital money trade has already claimed its seat along with such serious financial disciplines as traditional trading, forex, options and trade with shares. To begin with, cryptocurrency trading is currently the hardest game on Earth right now. However, the allure of being a new crypto-millionaire is enticing.
Profitability of cryptocurrencies, first of all, comprises their considerable volatility. Exchange rates during the day, in contrast to the classical exchange, can reach amplitudes of several hundred percents.
Such reactivity causes crypto traders to be much faster than their classic counterparts. They have to pass through a massive flow of information, to screen out uncontrolled injections and learn how to make correct predictions.
This article discusses several tools that will help the newcomer become "the wolf of BitcoinTalk.”
This is the leading cryptocurrency forum in the world, created in 2009 by Satoshi Nakamoto. It is the largest repository of information on cryptocurrencies.
Blockchain, smart contracts, altcoins, mining - these topics are actively discussed on a monthly basis by more than 20 million people from all over the world. Each new ICO project has its own thread, where they can publish announcements and receive feedback from the community.
This is the primary information registry of data in the market. Convenient tools allow you to find a particular coin or token in a couple of clicks, view its financial data, list of supported exchanges, as well as links to the social networks and official website.
The site is divided into four blocks:
- The "Market value" part is responsible for coins, tokens and their weighted averages;
- "Trading volume" - a figure calculated by combining all trading of that particular asset across every supporting exchange, over a 24hr period;
- The "Trends" section allows you to build a table of leading and lagging trading pairs on the given parameters;
- "Additional tools" - provides a set of convenient tools, such as a currency converter.
Not so long ago the service added integration with the Changelly exchange for the purchase of BTC, BCH, ETH and LTC.
CryptoCompare is one of the oldest and most authoritative resources for blockchain technology and everything crypto-related. This site gathers trading information in one convenient and easy-to-use package, in addition to containing several fields: coins, exchanges, mining, wallets, casino, forum and portfolio. The most interesting functions for traders are the first and last: a list of all coins and tokens with a detailed description.
As CoinMarketCap shows the current weighted average price, trading volume for 24 hours, total capitalization and dynamics. It is possible to track the distribution of trading volume and rates for traditional currencies or exchanges - definitely a useful tool for those who earn through arbitration.
Blockfolio is another mobile application for monitoring your cryptocurrency portfolio. The functionality is quite simple: simply input which coins you are invested in, along with the respective amounts and the app will calculate how much your portfolio is worth. You can also track the rate change in the real-time mode.
The capabilities of some platforms went even further. Japanese media giant CoinJinja released its mobile application CoinView.. This app can't conduct technical analysis, as TradingView does, but it's not required. The main advantage of CoinView is the information component - quotes, news and signals.
CoinView - one service instead of news sites, exchange apps, portfolio managers, wallets, chart providers, ICO-trackers and paid widgets.
You can even trade on exchanges, using their official API, right from the app interface. Currently supported exchanges include: Binance, BigONE, Bittrex, bitFlyer, Coincheck, and Zaif. In the last update, also, an automatic trading bot was added to work with "Transaction-Fee" exchanges, like Fcoin.
The application doesn't have any usage restrictions and is available for iOS and Android in English, Japanese, Korean and Chinese.
Coinmarketcal & CoinSpectator
News - the trading engine. Scrupulousness in their tracking is directly proportional to the trader's income but takes a very long time. Two specialized tools were created to solve this problem.
CoinMarketCal is a simple, and most importantly, an easy-to-use event calendar. Filter by date, waiting rating and the ability to configure alerts by email make it an indispensable source of signals.
CoinSpectator is an advanced news aggregator that allows you to monitor information flows from a large number of sources: media, forums, opinion leaders blogs and private discussions. This functionality is combined with the possibility of voting, so that invalid information is removed from the news feed.
ICORating & ICOStats
Since the number of offers in the market grows daily, it's becoming more and more difficult to navigate all of them day-by-day. Specialized ICO trackers, such as ICORating and ICOStats, help to simplify the initial selection of applicants significantly.
ICORating offers a selection of approved projects with a brief description, links and expert summaries, and ICOStats collects financial indicators: the number of collected funds, ROI, the initial and current price of the token.
The tools listed in this article can help traders navigate the situation and make decisions quickly, but no service will replace your own experience and ability to feel the mood of the market. History has repeatedly seen examples when positive news has become the cause of a downtrend, and prospective projects have collapsed due to management deficiencies or hacker attacks.