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The Crypto Market Tools You Need

Crypto tools

July 10, 2020 | 

2605 Views | 

JOHN K MWANIKI | 

Get Into Cryptocurrency Trading Today

Investing in the crypto world is one of the most lucrative ventures one can consider at the moment. However, it comes with several hurdles. When you get it right, you can easily make a fortune.

However, you might be on your way to losing your money when you make poor choices. With this information, most people still make losses more than profit. Explains why most forex brokers provide risk declaration. 

The crypto investment choices you make depends on the information you have and the tools. While building the information bulk might take time as you have to train and lose some money while gaining experience, the right tools make the process faster. 

Some of the top crypto tools to consider are;

1.    Reliable Crypto Exchange 

A crypto exchange is your gateway to the crypto trading world. It is where you get to purchase and sell the coins of your choice. You also get to compare the different assets at your disposal. 

The best crypto exchange comes with high liquidity for the ease of sale or buying. That means you have to look into the number of users and the volume of transactions in the exchange before signing up. 

They also come with security such that you won't lose your investment through theft or any other less convenient method. There have been several cases before of crypto traders losing assets due to hacking of the exchange.  

Lastly, the fees involved must also be favourable. You don't want an exchange where the money you use overeats into your gains. Look into all costs like the deposit and withdrawal fees, leverages, spreads, and commissions. 

Some of the top crypto exchanges to consider are Binance, Coinbase Pro, and Bitmex.

2.    Market Data 

The crypto world is volatile. The information you have can be obsolete within seconds, as this is the time it takes for the value of the cryptocoin to change. You, therefore, need a tool with all the latest information and data on the market.

The more accurate market data you have, the higher your chances of making the right trading decisions for more gains. Some of the essential data to have are coin prices, volume, and supply. You also need the forecast and other statistics. 

Some of the top market data sources to use are CryptoCompare and CoinMarketCap. 

3.    Crypto Tax Tools 

Every trader understands that every income is subject to tax. Crypto is a new venture, which means that most people are yet to understand the taxation models. That is where the crypto tax tools come in.

These tools help in understanding how much you owe in tax, depending on your trading patterns.

Some of the crypto tax tools to use are Tokentax and cointracking.info.

4.    Charting Tools 

Charting tools come in handy in understanding the crypto markets. They provide technical indicators, comparison, and drawing tools, among other resources, to help you visualize the market.

An ideal charting tool comes with multiple chart types and charts for various assets. Whether trading the indices, futures, or any asset, you need the chart on the same platform. Some charts also come with a community such that you can quickly learn from the other top traders.

Some of the ultimate crypto charting tools in the market are TradingView, Cryptowatch, and CoinTracking. 

5.    Trading Platforms 

The different trading exchanges come with multiples advantages and challenges that you might want to check out. However, moving through the various sites can be quite tasking. That is where trading platforms come in.

The trading platforms brings all the various exchanges to one point for ease of navigation. From this point, you can easily take advantage of opportunities from any site. Some of the top trading platforms to use are Coinigy and Trade dash. 

6.    CryptoNews Aggregators 

The more the crypto world expands, the more information there is to consume. Several sites and crypto keep on churning out information that might not be too easy to keep up.

While others use blog posts, others tend to go big on social media and other channels.

You are just never too sure of the expert opinion you are missing or even if the one you use is the right one. However, with the crypto news aggregators, you don't have to worry about missing any vital information on the market.

It collects all the essential data on market trends, projections, and even the ICOs to help you make informed decisions.

You also learn about market capitalization and fluctuations. 

Crypto Trading Diary 

Even though most traders don't give it enough consideration, learning your trading tendencies is valuable when looking to make it in the crypto world. You need to keep track of all your dealings and outcomes.

This information helps you understand your decision-making process and to track progress.

With the data, you can quickly analyze and eliminate errors for better gains in future trading.

A crypto trading diary should provide for trade tracking features to help observe performance. It should also come with market condition analysis to help develop the ideal trading atmosphere for better gains.

The other essential features are gameplan, playmaker, profitability analysis, and tag trades. 

Bottom Line 

In a highly volatile venture like in the crypto world, the only way to succeed over and over is with the right tools. What works today might not work the next day. That is why you need the top tools that come with updated information on the best market decisions.

While you cannot be entirely risk-free in crypto, the tools lower the risks considerably.

With these tools, you will have assured profits and some of the most comfortable trading experience. However, the list is not exhaustive. There are several other tools in the market to consider.

The only way to stay winning in crypto is by keeping on refreshing your knowledge about the market. It is prone to changes and new inventions.

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