Crypto trading is one of the most lucrative investments in the crypto market today. Basically, crypto trading is the buying and selling of various cryptocurrencies. Although digital assets are volatile by nature, crypto traders take advantage of this to gain profit. They buy during lows and sell when prices go up. Sounds easy, right? Not really as prices of virtual assets can become so volatile that before you knew it, you are already losing. But traders today are now equipped with trading tools that they can use to at least reduce their losses if not totally avoid it.
When investing in crypto, it is best to exercise due diligence. If you are a newbie in crypto trading, it is best to equip yourself with the best trading tools. Let’s take a look at the available trading tools for newbies and experts as well.
List of Helpful Tools Cut for Traders
- Charting Tools
This kind of tool allows you to visualize different trading indicators and draw trend lines to visualize the market. You can practice with these trading indicators and trend lines to grow your skills in technical analysis (TA). This is widely used by many traders to stay ahead of the curve. Being an expert at TA can guarantee you a huge profit.
One of the most reliable charting tools that you can use is TradingView. offers live trading charts for both crypto and stocks. It provides more technical indicators than you will ever need and offers both free and premium functionalities. All the best traders use Tradingview as their main cryptocurrency tool for charting.
- Trading BOTS
These are pieces of software that allow you to set certain parameters set if the bot should trade on your behalf. BOTS will execute trades automatically on your behalf based on the strategy you created. With the right strategy coupled with a reliable bot, you can rake in profits while you sleep! But bottom line, it will always depend on the strategy that you created.
For this tool, you may find Gekko as the most suitable given the wide array of crypto exchanges where you can use it. It currently supports 19 trading platforms which include Binance, Poloniex, Kraken, Bitfinex, Bitstamp, EXMO, Bittrex, and others. What’s more, it is absolutely free. But since this is open-source, you will need to manually download some requirements to use Gekko.
- Portfolio Trackers
A tool that is used to track the movement of securities held in your financial portfolio. It will let you see how your current asset allocation aligns with your financial goals and compare your portfolio’s performance with market benchmarks and indices.
Delta Investment Tracker is on top of our list for this trading tool since it’s the world’s highest-rated Investment tracking app. It can be used to track stocks, crypto, ETF, and more. Delta allows you to manage various portfolios and track the performance, live, with many powerful tools and charts.
But today there are also other emerging tracking apps that you may want to try and one of them is Crypto.co. It offers a portfolio of digital assets, technologies, and consulting services to the blockchain and cryptocurrency markets and it is absolutely free. More, you can also read the latest news on the crypto market.
We have included wallets on our list of trading tools since it is very important to ensure the safety of your digital assets from theft or security breaches. When we talk about wallets, what could be the safest way to store them than using cold wallets. Cold wallets are offline wallets used to store digital assets like BTC (bitcoin), ETH (ethereum), LTC (litecoin), XRP (Ripple), DOGE (dogecoin), and other cryptocurrencies. They are free from unauthorized access, hacking, and other vulnerabilities making them the safest storage for cryptocurrencies. These wallets store the user’s address and private key and work with compatible software on the computer.
NGRAVE dubbed as the coldest wallet deserves the top spot. Why? The device cannot be connected to the internet by any means instead it uses one-way QR code communication to share information with the connected devices while keeping offline. This eliminates the possibility of being compromised. But aside from NGRAVE, we have a list of cold wallets that you may choose from in one of our articles.
- Calendar Tools
Don’t want to miss any crypto event like airdrop, fork, halving, or swap? Then you will need to have a reliable calendar. It will help you keep track of all the important events in the crypto market. For this, you may want to try CoinMarketCal, one of the leading economic calendars for reliable cryptocurrency news and covers all events that help crypto traders make better decisions
- Crypto Media Outlet
Whether you are a beginner or a pro, keeping yourself updated with current news on the market is a must. Positive or negative news will definitely impact the price movements of cryptocurrencies. Let’s take for example when news about El Salvador’s Bitcoin adoption was reported by crypto media outlets, the price of the most dominant cryptocurrency also increased. But on the news of China’s crackdown on crypto-related activities in the country made the price of Bitcoin tumble down. So, it is very important to know the current happening in the crypto industry to avoid losses or make a killing.
For a list of the top 10 cryptocurrency news and blog sites, you may want to check an article we have previously published. But you may also want to check Crypto.co, one of the emerging sites for crypto news and blogs. You can read tips and information from the site that you will definitely find helpful.
- Trading Journal
This is very basic you might say but you will definitely realize that keeping a trading journal is very important. Why? It will help you keep track of your good trades and bad trades at the same time. You can replicate a good trade to gain more profit and avoid a bad trade to circumvent losses. What are the other benefits of keeping a trading journal? Check one of our blogs titled “WHAT IS TRADING JOURNAL AND HOW TO USE ONE” to know more details on how to effectively use one.
So, that wraps up our list of trading tools for crypto traders. Next time, we will be featuring other trading tools and practices that budding traders can use.