8 Must-Have Tools for Trading Cryptocurrency

With each passing day, trading cryptocurrencies is becoming a lucrative investment sector thanks to the increasing prices of crypto tokens. However, while investing in crypto is quite profitable, not everyone can realize lucrative returns and create a fortune. 

Having the proper investing mindset and the right crypto tools is crucial for success in the crypto space. Cryptocurrency trading tools such as portfolio managers, wallets, market watchers, portfolio balancers, crypto news aggregators, and exchanges make crypto trading seamless and profitable. Here’s a look at the eight must-have tools for trading cryptocurrency. 

Crypto Exchanges

The first step in investing in cryptocurrencies is choosing a reputable crypto exchange. When choosing a crypto exchange, there are three essential factors: security, transaction fees, and liquidity. The leading crypto exchanges you ought to consider are: 

• Binance – Binance is a leading crypto exchange with the most market volume. The exchange boasts of a user-friendly interface with a reliable team. Binance trading fee is the lowest among crypto exchanges at 0.1% and supports a wide range of crypto assets. Users have also been rewarded a 50% discount if they use the platform’s BNB tokens to pay for the trading fees. 
• Coinbase Pro – Coinbase Pro is another great US-based crypto exchange ideal for large crypto investors. The exchange is FDIC insured, whereas US users are insured if they lose up to $250 000 on the platform. 

Trading Platforms

Trading platforms streamline cryptocurrency trading by providing a single platform to trade crypto coins across multiple exchanges. Trading platforms eliminate the need to sign up on several exchanges or have multiple exchanges on a single platform. Some of the best trading platforms are: 

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• Tradedash – Tradedash integrates both Binance and Bittrex and other popular crypto exchanges. The platform is based on the desktop, meaning users must store encrypted and private keys. The app was designed with high-volume digital asset traders in mind.
• Coinigy– Coinigy is a popular trading platform in the crypto space that launched in 2014. The platform supports over 45 crypto exchanges and integrates trading charts as well. In addition, it’s web-based and displays historical data, making it one of the trading tools any crypto traders need.   

Charting Tools

Charting tools enable you to establish trend lines and trading indicators to determine the market direction. Therefore, charting tools are essential in technical analysis for profitable trading decisions. The best charting tools are: 

• TradingView– TradingView is arguably the best charting tool in the crypto space, with comprehensive features, including live trading charts and prices. In addition, the platform offers both free and premium features, plus added technical indicators.  
• Cryptowatch– Cryptowat.ch is a Kraken exchange product and comes free of charge. The exchange gives users access to 10 trading charts in a single view. It’s an excellent platform for analyzing the crypto market using technical analysis. 

Market Data

Since the crypto prices are very volatile, every trader needs a constant update with accurate market data such as trading volume, coin prices, and supply. Two of the leading market data source tools are: 

• CryptoCompare– CryptoCompare has been in the crypto space for quite some time now. The platform offers reliable market data, enabling crypto traders to date with market changes and track their portfolios.
• CoinMarketCap– CoinMarketCap offers market data as well as crypto price charts. The platform claims to be the world’s leading crypto market data authority, offering crypto traders lots of data, including data authority, prices, exchanges, volumes, and even currency conversion.

Crypto Tax Tools

Implementing cryptocurrency regulations in several countries led to the taxation of crypto investments. However, as new investment entrants, most traders have yet to understand crypto taxation models. Crypto tax tools enable traders to understand the taxation model or how much taxes they owe the state. 

• Token Tax– Token Tax is well-designed to calculate crypto taxes and total income from crypto investments. 
• Cointracking.info– This sophisticated crypto tax tool allows users to import their crypto transaction records via an API. The platform then analyzes the transaction records and comes up with a tax report. In addition to being a crypto tax tool, the platform also has crypto portfolio tracking capabilities.  

Crypto News Aggregators

Apart from technical analysis, fundamental analysis is also a critical factor in predicting market direction. Crypto news aggregators make fundamental analysis seamless by aggregating all news to a single platform. Top crypto news aggregators are: 

• FAWS– FAWS offers the latest news in the crypto space from various sources thanks to an API connection. In addition, it features a sleek user-friendly interface with easy-to-read content. 
• CryptoPanic– CryptoPanic is an all-in-one crypto news aggregator available for free. It keeps you updated on the recent happenings in the crypto space. 

Crypto Trading Bots

Trading bots are essential software in the crypto space that assist traders in setting particular parameters for trading. This software can execute trades automatically on your behalf as you sleep or are busy with other things. But first, you need to set your trading strategy. Some of the best crypto trading bots are: 

• Gekko– Gekko is an open-source crypto trading software that can execute trades on over 15 crypto exchanges. The bot is free, but you need some experience using it. 
• HaasOnline– HaasOnline is a reputable crypto trading bot that features a user-friendly interface with handy features and over 600 commands. The bot allows you to rapidly execute trades in dozens of crypto exchanges in minutes. In addition, users can monitor trade in real time plus generate, and auto interprets trading signals. 

Portfolio Trackers

Portfolio trackers are a vital crypto trading tool to assist traders in keeping track of their crypto investments. Portfolio trackers monitor the 24-hour change in the investment, determine the total investment, and monitor each coin’s performance in the portfolio. They are one solution for being in touch with your crypto coins. Leading crypto trackers are: 

• CoinStats– CoinStats is one of the most used crypto trackers. It features a sleek user interface, real-time trading signals, and a news section. CoinStats allows you to track over 20,000 cryptocurrencies across 600 exchanges. 
• Cointracking– Cointracking is another outstanding crypto portfolio tracker with automation features. The platform lets you track over 20000 crypto coins over 500 exchanges with real-time coin prices. Outstanding features of the platform include trade imports, tax declaration, and coin charts & trends.  

Final Word – 8 Must-Have Tools for Trading Cryptocurrency

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Cryptocurrency trading is a lucrative business and can create a fortune if correctly done. Crypto tools for trading cryptocurrency come in handy to assist investors in making profitable investment decisions and reduce the risk associated with crypto trading. The best crypto trading tools will make your trading seamless and comfortable, plus assures you of constant profits.