Crypto Tools Every Investor Should Have

Trading in crypto can be lucrative but comes with some risks.  The investors need to do what they can to mitigate those risks and make their decisions more data-based.  Plenty of tools are available to help you understand and analyze the crypto market.

This article will review some of the crypto tools that the investors should know.  Not all the tools are equally suited to every investor, and the best way to go is to tailor the tools you’re using to how you plan to invest.

Crypto Exchange Apps

Crypto exchanges are used to buy, sell, and trade cryptocurrencies.  They work the same as foreign currency exchanges or stock markets, at least from the investor’s point of view.  They can be accessed via websites, but most investors use the apps due to their convenience.

A good crypto exchange app should provide all the site’s features and be intuitive to use even if you’re new to trading.  It’s also essential for an app to be safe and to allow anonymous trading.  New exchanges open up almost daily, and it’s essential for investors to carefully compare and contrast the fees they charge before using one.

Hardware Wallets

 Hardware wallets are the tools used to secure your crypto assets in a way impervious to hacking.  They are designed to allow smooth and easy transactions from the wallet to the crypto account but can’t be accessed through the other end.  The wallets are basically just memory drives that can’t be connected to the internet, so they can’t be hacked.

They can also provide a variety of different features, such as allowing users to store a variety of different currencies on one device.  Investors should also be able to track their crypto assets’ state easily.

Online Crypto Wallets

 Online crypto wallets are one of the best crypto tools for investors who transfer small amounts of digital assets without overspending on storage.  Online wallets don’t really store the crypto assets; instead, they store the keys the investors will use to access the cryptocurrencies.

The main feature to look for in crypto wallets is security.  They will never be as safe as offline devices, but buying online wallets should also have a two-step authentication process.  This tool will prevent users from making payments by accident.

Signal Alerts

 Signal alerts are a useful tool for following market trends regarding crypto.  The tool can be connected with social media and provide alerts on Telegram telling the users which cryptocurrencies are trending and which are good pairs for exchanges.  The app also provides detailed information based on which the alerts are made.  With these, investors can also create their own calls regardless of the signal alerts.

There’s a paid and free version; with the paid one, the users get a more comprehensive service and more alerts.  There are about two or three signals per week for the free service and two a day for the paid one.

TradingView

  Charts are one of the best ways to represent data regarding trading patterns.  TradingView is a platform that provides tons of charts based on the live changes in the market.  It’s almost endlessly customizable, allowing the users to focus on the data they actually need and can use.

Furthermore, Tradingview allows its users to simulate real market conditions and test their investment strategies before executing them.  The analysis comes from the daily snapshot and crypto news gathered from reliable sources.  This provides a mixture of short- and long-term contexts to work with.

Messari

 Messari does something similar to the tools we mentioned before.  It creates a report and a chart for the users to analyze.  The users can filter assets and create watch lists for cryptocurrencies they plan to invest in.  The app uses a hundred different sources and charts to develop its own.

What makes Messari different is the target audience.  It’s made for expert users and those who invest large amounts.  It’s also a much more expensive tool, and it’s not really suited to beginners.  However, those who are at the right level for Messari can make good use of it.

Cryptowatch

 Simply put, cryptowatch is a tool used to help users trade on several crypto exchanges simultaneously.  Its interface will follow digital currency prices and analyze market movement on several exchange platforms at once.  This gives the investors an opportunity to compare and contrast different platforms.

Cryptowatch is also used to make trades on the platforms it follows and analyzes.  It can be used on 800 platforms, which covers almost all of the major exchanges, and it’s technically possible to trade on all at once.  The service comes in desktop and mobile app forms, and users pay a subscription to use it.

Shrimpy

 Shrimpy is a cryptocurrency portfolio management service with a twist.  What separates it from other management tools is that it can be used for automated trading.  The tool can be used to follow a crypto portfolio stored on a variety of devices and exchanges.

For instance, users can instruct the app to pick up a cryptocurrency based on its real-time value changes.  An investor can set up patterns that the app should look for and make payments when the conditions are right.  The automation makes it a great tool for casual investors and those who are new to the market.

Glassnode

Glassnode is another analytics tool.  It has a unique twist in this regard because it gathers data from different blockchains to measure activity on crypto networks.  The users can use the information about how long the investors hold on to crypto to make decisions on when to purchase or sell their assets.

All the data is presented in the form of charts and graphs so it can be used by investors who are less in tune with the world of online finance or crypto.  The app has a free and paid version.  The paid version is updated more often.

Coinmarketcap

 Coinmarketcap offers a straightforward service: it provides accurate price data for any cryptocurrency at any time.  In order to do this, it consults countless online resources.  The app also has information on trading volume, market capitalization, and circulating supplies of different cryptocurrencies.

The data it provides is complex and comprehensive, but it’s presented in a way that any user can understand and follow.  Users need to know that the owner of Coinmarketcap is Binance Capital Mgmt – the global blockchain company.  The parent company has access to the data required to make predictions, but the users should be aware of its potential biases.

To Sum Up

 There are many tools out there that help with crypto investments.  These are used to store and transfer the currencies safely as well as to execute trades.  Many tools are also built to analyze the market and make short-term predictions on how much a certain cryptocurrency is worth.

Most of the apps we’ve mentioned have paid and unpaid versions; experts and beginners can use them.  Some apps target high-end investments only, and they are more sophisticated and more expensive.  Most of the tools draw on the same online data but present it differently and emphasize different trends.

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