Whether you’re looking to save up for retirement or just want to try your hand at compounding your income instead of it collecting digital dust in your bank account, then investing in cryptocurrency could be a great investment alternative for you.
Many people understand the fundamental idea of investing in crypto, but can the same methods translate over to trading? As you might’ve guessed, the two require very different ways of thinking and investing.
As far as the investing part is concerned, it all boils down to the fundamentals, like the technology and development team behind the project. Solid marketing and partnerships also play a major role when deciding to invest in a newer cryptocurrency or ICO. Other than that, HODLing seems to work well for most and can benefit you in the long run if you stay strong during the inevitable dips.
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However if you’re looking to make money right now, you need a more short-term trading strategy…
This means you’ll be looking for more volatile, high liquidity cryptocurrency. The potentially lucrative nature of this digital asset, is a lot more volatile than traditional stocks or forex, which opens you up to a world of potentially high profit margins and risk.
That’s why cryptocurrency trading can get a bit complex and the reason why so many crypto traders need a wide variety of tools to help them navigate this newfound territory.
I’ve listed a variety of high end resources and tools that can help you improve your cryptocurrency trading success. Bookmark this page as you’ll most likely need to reference it throughout your crypto trading journey.
Welcome to the World of Cryptocurrency Trading Tools
There are a ton of tools out there used for a variety of purposes. You can use them in combination with each other, whether you’re investing or trading. Strategy is a huge part of cryptocurrency trading and so are the tools that you have in your arsenal.
Arming yourself with the right intel is everything when it comes to choosing the right cryptocurrency to trade or invest in. News sources will supply you with the most accurate and up-to-date information within the crypto sphere. Technical analysis will help you formulate a solid trading strategy off of the latest news.
If you end up choosing the right asset, at the right time, and formulate a congruent trading strategy, you’re halfway through the battle. So it’s very important to take your time and utilize these tools, to the best of your ability, in order to put all the odds in your favor.
Let’s start this list off with the most obvious choice…
You can’t start a “crypto trading tool list” without mentioning this coveted resource. If you’ve spent more than five minutes within cryptocurrency ecosystem, I realize you’ve probably used this tool on many occasions by now.
This useful tool is your headquarters for all things cryptocurrency. It contains all the information you’ll ever need, on any cryptocurrency and exchange released to the public. Everything from graphs, official coin websites, social media information, market cap, exchanges that trade a particular coin you’re looking for, etc.
I’m sure you’re already very familiar with this tool by now, so let’s move on to the other goodies…
This technical analysis trading portal contains anything and everything you ever wanted to know about the technical side of cryptocurrency like chart patterns, candlestick formations, as well as the most comprehensive list of charting tools and indicators you can find anywhere on the net.
This massive powerhouse of a site also contains a social media style platform where traders can share and discuss their charts and trading strategies. I can’t even begin to tell you how valuable this is.
Learning to trade from real trading experts and viewing how they set up their real life trading strategies is a powerful learning tool to add to your educational cryptocurrency trading arsenal.
TradingView is accessible from anywhere in the world and they even allow you to utilize their charts, drawing tools, and indicators for free. If you spend any amount of time on various cryptocurrency trading sites, you’ll notice that most of them, including reputable crypto exchanges, use TradingView charts.
If there’s one place that you want to learn more about technical analysis via plotting your own charts as well as learning from a network of professionals, TradingView is the place to be.
I could write an entire book on how valuable TradingView is, but I don’t think either one of us has the time for that.
DISCLAIMER: Coinigy is another widely used trading platform that many crypto traders use. I started out on this platform but find it to be extremely buggy and takes up a lot of your computer resources if you leave the chart up for too long. Their customer support isn’t that great either.
I highly recommend TradingView over Coinigy for serious traders. I’ll most likely write up a detailed comparison in the near future.
Moving down the list…
Ditch those bloated Google spreadsheets and let CoinTracking do all the heavy lifting for you. Keeping track of your cryptocurrency trading activity is a rather daunting task this tool quickly eliminates for you.
The service imports your trades from 24 of the most popular cryptocurrency exchanges. Importation can be done via CSV files or API. Once all your trades have been imported, you can start analyzing your ROI and stay up-to-date with your profit loss ratios and resulting taxes.
This is the ultimate cryptocurrency tracking tool. I highly recommend it if you plan on trading more than a few times per month. Read more about the tool here.
Cryptocurrency News Sites
I suppose this isn’t so much of a tool “per se” but a place you want to frequent when you want to keep a pulse on the latest happenings within the crypto ecosystem. Look at it like your daily newspaper for stocks, which is absolutely essential if you want to keep up with your expanding investment portfolio or current trades.
These news portals never post misleading information and are always the first to bring you the latest updates on the crypto world. There are many other sources like CryptoCoinJunky (shameless plug), where we filter through some the more important news releases of the day as well as provide you with trading guides, altcoin reviews, exchange reviews, and other useful information that will help you along your trading journey.
Sign up for our newsletter on the sidebar above (or below related news on mobile) and receive a free Crypto Coin Junky Handbook that contains 147 pages on everything you ever wanted to know about trading, investing, and other various aspects of the game.
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Moving onto more pressing matters….
This is an incredible tool if your into investing in ICO’s and are looking for a type of CoinMarketCap style site that specializes in Initial Coin Offerings. Here you’ll find basic information on any particular ICO that’s currently available or soon to be released to the public and accepting investors like you.
There’s also a very handy tool that calculates the potential profit (or loss) of your ICO, which will come in handy when you’re looking to keep track of how much you currently earned on your investment.
Ledger Nano Wallet
The ideal security device for your precious cryptocurrency coins and the Cadillac of hardware wallets. It’s robust security features are unrivaled. It connects to your computer via a USB and embeds a secure OLED display to confirm each transaction with a single press of its side buttons.
There are many different reasons to use this wallet over others like…
Hardware wallets are always the most secure form of storing your cryptocurrency
They’re immune to viruses
They look cool (not really a benefit, but could be in the right situation)
The first time you view this site you might think you’ve been transported back to the 1990s era of the internet, however don’t let the retro appearance fool you, as it’s one of the top trading platforms to buy and sell digital assets, with all market comparisons located in one spot.
This site is owned by the cryptocurrency exchange, Kraken, and is a comprehensive charting and trading platform that offers technical charting for a large variety of crypto exchanges. Despite handling real-time data from over 22 different exchanges, the platform also provides accurate currency statistics (no lag) which will allow you to execute instant trades from their intuitive trading panel.
Many popular cryptocurrency platforms support Cryptowat.ch like Coinbase, Poloniex, CES.IO, Bitfinex, Huobi, and many others. Click here for a list.
One of the most beloved tools from the crypto trading community. This Android/iOS app works as a position and investment tracker. It allows you to pin various cryptocurrencies on your customized dashboard and view them on a simplified graph. This allows users to keep track of orders, set alarms for particular price notifications and most importantly, allows you to input your trade data. This is the type of tool you need to have in order to track how much you’ve earned from a particular trade.
This is a must-have tool for those of you who are meticulous about keeping track of all the various cryptocurrencies circulating in your portfolio. The only issue I have with it is that it doesn’t connect via API to any market or exchange, so your trading data is not entered into the app automatically. So for now, you have to manually input your trading data.
All in all, it’s worth having as it’s free. If you’re trading or investing with over a dozen or so cryptocurrencies, keeping track of your profit ratio can prove to be a difficult task without it.
Another great alternative to Blockfolio is Delta . I’ve been hearing a lot of people singing its praises lately.
This site is a great “evidence based”, community driven, crypto news verification portal that accumulates 6 months of history on many various news reports, altcoin releases, and just about anything going on within the crypto ecosystem.
This is THE perfect tool to differentiate between authentic news and rumors on your favorite cryptocurrency. Once you’ve gathered the authentic up information, only then can you formulate your trading strategy.
You can expect an accuracy rate of well over 90% due to the fact that it’s community evidence driven. This is a great place to visit in order to substantiate the difference between rumors and the news.
The perfect site to check up and analyze your favorite cryptocurrency, ICO, arbitrage, or potential investment opportunities.
This research platform gives you a ton of insights from various angles like…
Charts & Detailed Analysis
News and a lot more
One of my favorite features is the “general average investment stats”. It gives you a great overall picture of volatility and returns of a particular coin over the course of a 7 to 30 day period.
They’ve also recently added an ICO analysis chart, pump and dump updates, arbitrage opportunities, and a host of other categories.
Ok…. So this site isn’t really that essential, however it is a good place to check if you find yourself getting a bit overly enthusiastic about a particular altcoin that looks too good to be true.
This site is an accumulation of numerous shitcoins which lists the ones that you’ll end up losing your hard earned money on. Deadcoins operates in the way Wikipedia does, where people find a report coins with absolutely no growth potential and report them as a way to prevent other users from falling into their trap.
Wrapping things up…
I highly recommend you bookmark a few these tools in order to better help you decide where to put your money when investing in any future crypto project.
These tools don’t necessarily mean that you’re going to make a guaranteed profit, however it does allow you to make a very informed buying decision, which is half the battle. Placing probability in your favor is the name of the game when it comes to any solid trading strategy.
Let me hear from you in the comments below regarding your thoughts are on the tools outlined above. If you have any other useful tools that you think should be added to the list, let me know. Up
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