Crypto Trading Tools Checklist
There are different ways to make some money from crypto but among them, trading is perhaps the most profitable one.
If you want to get started, you can begin with just a crypto wallet, some funds, and an exchange platform.
After you’ve secured those, maximize the opportunities you can have with trading cryptocurrencies by making use of certain trading tools.
These tools revolve around the need to do your own research, plan out your trades, and check your trade’s performance over time.
For checking coin information:
A huge part that influences cryptocurrency coin prices is the market sentiment. It doesn’t matter whether they are rumors or legitimate news, it still affects the market price in some way.
There are tons of crypto-related news-sources that it’s hard to keep track of the most important ones. Fortunately, news aggregator tools exist.
News aggregator tools are awesome because it posts updates on the latest cryptocurrency news in one convenient feed. That means you wouldn’t have to look through different tabs or websites just to get what you need!
Qualities of a Good News Aggregator Tool:
- An interface that’s easy on the eyes (most news aggregators tend to keep a minimalist interface, using one or two colors to lessen overwhelming reader with colors and designs)
- Gives high-quality news from trustworthy sources
- Has flexible organization features (customize what you want to see)
Recommended News Aggregator Tools/Sites:
- CryptoPanic – Has multiple news sources you can view (online news articles, social media news, polls) which you can vote and comment on. This tool also has a price bar that shows you the latest coin price updates.
- CoinSpectator – What makes this platform unique is that users can vote on how the news will affect the market. That way, you’ll know if the news is a sign of a bullish or bearish run or if it’s a shilled piece of content.
Coin Price Tracker
Before going to the exchange, you can check a coin’s market statistics to see what it’s worth on websites that show a coin’s price and volume over a specific time frame.
Popular coin trackers often feature the current price, market price percentage change over a given time period, volume, and market capitalization.
But if you compare one coin using different trackers, there’s bound to be a few differences. With a decentralized market, the best idea is to check at least three different tracking sites.
If you’ve decided on a site with the most reliable data, you can use the rest of your top three to help you with other things you’re looking for:
- Advanced filtering options
- The ability to compare coin prices side by side
- Built-in cryptocurrency price converter
- Profitable selection of available altcoins
- Price explorers for arbitrage opportunities
But if you’ve found a crypto coin price tracker that has everything you’re looking for, then great.
- CoinMarketCap – It’s one of the world’s most referenced price tracking websites for cryptocurrency-related assets. This site lets you look at how the top 100 crypto assets are performing and you can add your favorites to a watchlist. CoinMarketCap is also available on iOS and Android.
- CryptoCompare – Similar to CoinMarketCap, CryptoCompare also shows the top 100 cryptocurrencies’ price trends. What sets this apart is that it shows the price changes in real-time. This makes it a great option for more experienced traders.
Crypto Events Calendar
Coins that are backed up by an active development team, get frequent developer updates and have a solid community are pretty good indicators of a stable digital asset.
To know what’s happening to a certain coin, check them out on crypto events calendars.
These will also keep you informed about the latest events/conferences in the industry.
In general, here are what you can typically find in a crypto calendar:
- Exchange delisting
- Coin burns
- Crypto-related conferences and events
- Crypto bounty programs
You have to take these updates into your crypto trading strategy and adjust accordingly, especially if you have a long-term plan.
- CoinMarketCal – What’s great about this site is that visitors can view upcoming events or even set up their own. However, the site’s admins won’t validate these events. Instead, they leave it to the community to vote for legitimate events and call out fake ones.
- CoinsCalendar – Similar to CoinMarketCal, it allows users to post events and it also notifies you of upcoming events via Twitter and Telegram. But, it looks cleaner and so much more organized. It also has a dark mode option that makes it less straining to the eyes when you’re using it in dim places.
For visualizing your potential trades:
Before putting your plans and money to the test on a trading exchange, it’s a great idea to visualize your strategies first in a charting platform.
These charting platforms usually have various price graphs, hundreds of available indicators, and drawing tools so you can see how a potential trade might play out, reducing the chances of making huge money mistakes. For example, you think you have identified a pattern on a price graph just by looking at it and you predict an incoming bullish trend. You can confirm if your suspicions were correct by literally connecting the dots on the trade charting platform to see if there was an actual pattern.
In addition, you can make use of the indicators to see how a certain trade strategy will play out. There are various trade charting platforms out there, but check whether they work with the exchange platform you’re using to match your strategies and execution as close as possible. If amateur golfers have a driving range for them to practice, traders who are still getting the hang of actualizing their strategies have a trade charting platform.
- TradingView – If you want to look up all the charts, graphs, and price trends in one convenient platform, then you’ll probably want to use TradingView. It’s packed with features and tools that can help you come up with a winning plan. Plus, it’s also a social networking platform where members can post or comment on industry insights and strategies. That means you can put up your trading strategy and get a second or third opinion from experts and enthusiasts.
If you ever wanted to skip the long hours of research needed to find good opportunities and start trading, then it’s time to make use of trading automation tools.
There are many types: Some allow you to just piggyback on their premade strategies, others allow you to create your own strategy in the form of a bot, while others offer both features and more.
Check for legitimate working models by reading reviews, checking for a helpful support feature, and knowing the background and expertise of the people involved.
Here are some benefits to using automated trading tools. :
- Set Your Trades Anytime – No need to wait until it’s time to buy. Simply set your trades and let the software buy and sell for you.
- Speed – Automation tools take care of most of the complexities involved with trading (and there’s a lot to take in whenever you’re trading) and simplifies it into a 1-3 step process.
- Sticks to the plan – When trading, you’ll most likely be tempted to move away from your strategies if things go the wrong way. Most of the time, however, this will lead to even more losses.
Automated trading tools will stick to the plan no matter what. It won’t change strategies based on whims and “feelings”.
Sure, it can lead to a few losses here and there but in the long-term, you’ll be able to cut your losses, win more trades, and make a profit.
Recommended Automated Trading Tool:
- ProfitFarmers – It’s a new automated trading platform but their trading signals are pretty solid. What’s great about it is that the software takes care of the complexities of trading for you. Just follow a seed signal, set your trade, and let the software execute the order at the right time for maximum profitability.
For checking trading performance
If your trading activity is spread out – you’re buying and selling around 5 or more different coins at a time using various exchanges, you need to know their performance to help you assess your next move.
Cryptocurrencies have their values shift every so often, so it’s hard to keep track by manually updating it in an Excel spreadsheet. The better choice is to use an online portfolio tracker that lets you see the value of your assets at any given time.
Portfolio trackers work by linking to your wallet(s) and exchange(s), and since these are cloud-based platforms, they can be susceptible to hackers, leaving your assets vulnerable.
With that, it’s always a good idea to look for top-notch and updated security features in choosing a portfolio tracker, along with other features that make it convenient for you to track your crypto investments.
- Blockfolio – Allows you to track thousands of coins across different exchanges in one convenient location. It also sends out coin price alerts and it supports RSS feeds so that you’ll be notified of the latest developments in the industry.
You’re All Set To Trade
When it comes to crypto trading, it pays to be well-informed and catch up to trends before it breaks out. The tools and websites listed here can really help you with that.
Of course, there are others available but these are some of the easiest and most reliable ones on the market. Definitely recommended for beginners and veterans alike.