Trading crypto requires constant analysis and monitoring. Investors need to keep track of all their trades to improve results and find errors.
Trading can become complex without the right tools, and the results will be minimal. Crypto exchanges provide a terminal for trading and charting tools, but their capabilities are limited.
An exception is the Bitcoin traders app – which is a good resource that provides capable trading and charting tools that can be used to trade cryptocurrency effectively. If you are overwhelmed by the complexity of the crypto market, I recommend this app.
Traders need additional tools that will optimize results when working with cryptocurrencies. Here are 7 essential trading and analytical tools for Bitcoin traders.
This is one of the most important tools, and one of the most visited sites in the crypto world. If this is the first time you are reading of this tool then，you are probably new to cryptocurrency trading.
CoinMarketCap is a site where you check the prices of thousands of coins in real-time, check their market capitalization, volume, and discover new coins. With CoinMarketCap you can research any coin of your choice that is listed on the platform, check the exchange rate, and add it to your watch list. It gives you information on any coin you are looking for as far as it is listed on the platform.
CoinMarketCap has lots of interesting features and it is a must-have for traders to track the price of Bitcoin, analyze the chart, and know when to buy a coin and when to sell it.
Not everyone has the patience or the time to sit in front of the system all day to monitor charts, however, we still want to be in the moment, we want to be able to buy Bitcoin and other coins at the perfect time which is buying low and selling high. This is where the importance of automated trading like 3commas comes into play. It has different bots with different strategies that make decisions on your behalf.
Asleep or Awake， it trades for you.
It offers lots of interesting features which include trading terminals, trailing stop-loss, and trailing stop-profit, and you can connect different exchanges on one interface on 3commas and make decisions at the same time.
TradeSanta is a platform that allows you to trade and earn profit while you sleep. It is a trading software that lets you trade when you are away from the system. It allows you to have time to do other things aside from trading 24/7. What is required is for you to connect it to any exchange of your choice from the supported exchanges which include Binance, Bitfinex, and HitBTC, etc. Then choose your trading pair.
Its functions include, large volume trading and real-time tracking. It also has other features like take profit target, technical indicators, Bot templates, etc. However, it is advised that you start with a very small amount to test your strategy before investing in large amounts.
This tool is needed because it keeps traders updated with happenings in the crypto market before any trade is placed. The crypto market has a repute of being a very volatile space that can be influenced by news and media; that is why traders need to be updated at all times.
Cointelegraph is a website that provides you with the most recent news about the crypto industry covering various topics from Bitcoin and other altcoins, blockchain, and fintech. It also has many interesting and informative featured articles where you can learn about different aspects of cryptocurrency.
NewsCrypto is the home for all essential news，developments，and trading education in the crypto markets. It is an excellent platform for both beginning and expert traders, allowing them to learn and utilize technical analysis and apply it across a range of indicators and get a clear picture of the market.
NewsCrypto also allows traders to test their investment strategies, acting as a testing arena where they can test their strategies in a risk-free environment. Successful strategies can then be implemented in the real world. It is an online hub where traders interact with one another to share strategies and ideas. The NewsCrypto token (NWC) can be interchanged between ERC, Stellar, and BSC chains.
This tool is a widely used trading platform in the crypto space today. Right from its inception, Coinigy has seen significant growth. It supports over 45 exchanges and trading charts. This is more than any other trading platform, giving Coinigy users a considerable advantage over other platforms’ users.
Coinigy also stores historical data that traders can use to formulate their trading strategy. An all-in-one trading platform, Coinigy simplifies the process of trading and tracking coins found on different exchanges. It includes price alerts, charting, and app integration, which are all part of the package offered by Coinigy.
Coinigy connects with 4000 markets, incorporating data visualization, live exchange rates, and blockchain analysis. Coinigy is available in Desktop, mobile, and browser apps.
Cryptowat.ch is a premium trading terminal providing users with real-time market data, charting, and trading services. Cryptowat.ch has over 25 exchanges that it provides services for. The data is procured directly from cryptocurrency exchanges through their APIs.
There is a free and premium version of Cryptowat.ch. Traders can purchase the premium version by using Cryptowat.ch credits.
Some benefits of Cryptowat.ch are：
- Users can view their trade history, orders, and their positions on the portfolio page.
- Cryptowat.ch gives users the ability to trade on multiple exchanges from a single trading terminal.
- Users can visualize price movements and market trends with access to a very advanced charting interface. They can also chat with other traders.
- Users can access their balance across multiple exchanges.
The premium features include：
- Receiving technical analysis, trading volume, and other alerts on email or text.
- Users can use the cryptofinance.ai plugin and pull market data into google sheets.
- Use the Market Data Websocket API to order books and stream prices.
- Users can automate orders using Zapier integration
Always remember to trade with the money you can afford to lose and do your analysis and research before entering the market.