The crypto industry has people who profit consistently and people who always lose. The best crypto tools on the market are what separates the winners and losers.
Meeting the right people to trade with and finding the best tools can be challenging.
You can experiment with tools suitable for your trading style and improve it.
You can find the next hidden treasure that will double your portfolio or follow the crowd and buy expensive cryptocurrencies.
This guide will provide an overview of the top crypto tools you can use in 2022 to entirely change how you interact within the crypto sphere.
The Best Exchanges
Select the best crypto tools and exchanges for your trading needs. Utilize them as your gateway into the world of cryptocurrencies. Liquidity, security, and fees are the three critical factors that distinguish a truly effective exchange. When deciding on the ideal platform for cryptocurrency exchange, be sure to consider and prioritize these factors!
- Liquidity is the ease of buying or selling an asset. There will always be buyers or sellers waiting to accept your order if there is high liquidity.
- Security: You trust an exchange to keep your funds safe, so their security measures must be up to scratch. Exchanges are under constant attack. Cryptopia is a recent example, where hackers stole millions of dollars from the exchange. These funds were reimbursed, but imagine waking up to find that all your money had been stolen.
- Fees: The top traders in the market are aware of their fees and include them in their profits. I will only recommend liquid, secure, and affordable exchanges.
The best exchanges include:
Binance
When this article was written, Binance had the most significant volume on the market. Binance has the highest volume of transactions and is the most liquid. Also, they have the most important number of users and have not been hacked. Binance is a great exchange to use. It has a good track record, an experienced team, and a lot of liquidity.
Coinbase Pro
Coinbase Pro has fewer trading pairs but is more reliable for large investors. Based in the US, they are FDIC-insured and have not been hacked. FDIC-insured users in the US are covered up to $250,000 from their USD wallets, should something unfortunate happen.
BitMEX
Do you like to take risks? BitMEX may be for you. They have up to 100x leverage, which is high risk and reward. Based in Hong Kong, they have never been hacked. BitMEX can be a great alternative to other spot trading exchanges such as Binance and Coinbase.
Better Decentralized Exchange
Decentralized exchanges perform the same functions as centralized exchanges, like those listed above, except that the technical infrastructure of the exchange is decentralized.
Why should you use DEX instead of (or in addition to) centralized exchanges
Decentralized exchanges offer the advantage that users don’t need to deposit money with the exchange and can keep their funds in their Wallet.
DEX offers greater security but is often more complicated and needs more liquidity.
INDEX
IDEX is one of the oldest and most established decentralized exchanges in existence today. The exchange is web-based and has a sleek interface. The average trader can fill orders quickly because they have enough liquidity.
Trading Platforms
Trading platforms can simplify your cryptocurrency trading and take it to the next step. You can trade multiple exchanges from one platform instead of opening multiple windows to trade various exchanges. You can take advantage of opportunities quicker and monitor the markets better.
What are the best trading platforms available?
Coinigy
Coinigy has become the most popular trading platform in the world. Since 2014, they have grown. They offer 45+ exchanges and trading charts, as well as quality support. Coinigy’s 45+ exchanges are more than any other platform and give Coinigy customers a significant advantage over non-Colinigy.
Developers can also buy historical data to test their trading strategies. This is one of the best trading tools for cryptocurrency in the industry.
Tradedash
Tradedash works with Binance and Bittrex, two of the most popular and reliable exchanges on the market. Liquidity is, therefore, not a problem. Tradedash, unlike Coinigy, which is web-based, is a desktop-based application. Users’ private keys will be encrypted and stored in their machines for privacy and security.
Charting Tools
Charting tools allow you to visualize trading indicators and draw trend lines to visualize the market. The practice of these indicators and trendlines will increase your technical analysis skills, which traders use to keep ahead. You can make a lot of money if you’re a pro at TA. To do that, you will need tools such as those for crypto analysis.
Charting software is the best tool for:
TradingView
Tradingview offers both live charts and cryptocurrencies for stocks. It is one of the biggest charting providers with more technical indicators than needed. Both premium and free functionalities are available. Tradingview is the primary charting tool used by all top cryptocurrency traders.
MetaTrader
Many forex traders use MetaTrader. MetaTrader is available in several versions. MetaTrader 5 and MetaTrader 4 are the most popular. It offers comprehensive charting, technical analysis, and automated trading. MetaTrader’s stability and versatility make it the preferred choice of many retail traders and brokerages.
Market Data
You need to look for platforms that provide accurate, near-real-time data on price movement, supply circulation, supply total, and much more.
To extract market data, you must integrate with different exchanges, normalize data, and calculate average prices while ensuring no mistakes. You must have accurate market data to be a successful investor or trader.
Market data can be found in:
Coinmarketcap
Coinmarketcap is one of the most popular sites for searching for coin prices, volumes, and supplies. The site also has a robust API that you can use to integrate data into your user interface. It is also helpful to know what the rest of the market sees.
OnchainFX
OnchainFX provides data similar to Coinmarketcap but with more unique statistics. Users can see coins classified as scams or top losers and view figures predicting future market capitalization for 2050. You can customize your dashboard. OnChainFX has slowly become one of the most reliable sources of market information. It is worth checking out.
CryptoCompare
CryptoCompare has been in business for many years. They provide:
- Reliable market data.
- Tools for tracking your Wallet.
- Informative articles about new developments and coins.
CryptoCompare has a large following and is well worth considering.
Calendars
Use a calendar service to plan instead of reading news articles. You can see all upcoming events in a single glance.
If a coin’s price increases (like Bitcoin at the beginning of 2020) or if there is a hard fork, you can get free coins. All of these events can affect the price of a coin or provide a way to earn free money. You could make the most of it – you could earn much more!
My favorite calendar tools include:
CoinMarketCal
CoinMarketCal has become one of my favorite cryptocurrency trading tools. It helps you to buy the buzz and sell the latest news. This is how many traders make money. This calendar shows current events in various currencies. You can even search for your coin!
Coindar
Coindar has a similar interface to CoinMarketCal, allowing you to see the major events coming up at a glance.
Network Statistics
Refrain from letting negative news convince you that Bitcoin is declining or fees are too high. See the data yourself. You can see how active Bitcoin is by using these cryptographic tools.
You can use the Bitcoin network to predict future price movements if you notice a high activity level. You will have an advantage over other traders if you can determine how active the Bitcoin (or any cryptocurrency) network is and if you can validate a team’s activity in developing new products.
The most crucial network statistics tools include:
Bitcoin Visuals
This site is a very underrated cryptographic resource. BitcoinVisuals allows you to keep up with Bitcoin, the king cryptocurrency. You can quickly see the median transaction fees and hashy rates. You can see for yourself the performance of the network from a technical standpoint. If you notice that fees are decreasing and the number of miners is increasing, you can get a head start in buying coins. You can also check out a story that claims Bitcoin is dying.
CryptoMiso
This is true for all currencies and not just Bitcoin. If the development of a project is not active, it could be dead. CryptoMiso can confirm if a coin is still occupied by checking its Github. Ensuring that the open-source code or projects are still happening is essential when analyzing a cryptocurrency. The project may be dead if there is no activity.
News Aggregators
These crypto analysis tools will help you get a market pulse. With so many news sites and Twitter influencers publishing thousands of articles daily, it is beneficial to have a source that combines all this information into one view.
Professionals use the following news aggregators:
CryptoPanic
CryptoPanic is my favorite. This free news aggregator allows you to create your own dashboard with price alerts. This will save you a lot of time and headaches in keeping up with all the latest news. This is an excellent tool for cryptographic analysis of news.
FAWS
FAWS vs CryptoPanic is a matter of personal preference regarding the user interface. For some, FAWS may be more elegant or accessible to read, but both programs are great. Check it out and let us know what you think.
Research Reports
Research reports can be long, detailed, and valuable documents that provide fundamental analysis, technical analysis, and opinions about the market’s past, present, and future.
The report I like best is:
Crypto Reserach Report
The Crypto Research Report is a quarterly report that goes into depth. Interviews, statistical analysis, fundamental analysis of the market, and future outlook are all covered. Registration is free. A more formalized market outlook will give you an advantage.
Trading Bots
Trading bots allow you to define parameters for the bot that will determine when it trades on your behalf. The bot will execute trades automatically on your behalf based on specific parameters.
The strategy you create. You can create a plan and use a reliable bot to make money while you sleep. They can also be used as crypto-prediction software. Many bots are not reliable, but I have two in my store that are highly recommended.
The following are the best bots available on the market:
HaasOnline
HaasOnline is a five-year-old company that has established itself in the industry. There are hundreds of indicators available, and the user interface is sleek. They also offer reliable performance. You can also set up your opportunities. A crypto tool that lets you experiment with automated trading can be a great way to make profits.
Gekko
Gekko, a free, open-source trading bot, can be downloaded on GitHub. Fourteen major exchanges support it, and it’s one of the most popular platforms. You must manually download specific requirements for Gekko, as it is an open-source product. You can follow the simple instructions and watch YouTube videos to install Gekko. You don’t have to be a technology expert to get started.
Crypto Tax Tools
Tax season can be a nightmare for anyone, but it is even worse for cryptocurrency traders. Crypto tax tools can help you organize your trades, and they will automatically tell you the amount of taxes you owe.
The best tax planning tools are:
Cointracking.info
Cointracking.info lets you import your transaction history either manually or through an API. They can calculate your performance from here and generate a report for you to send directly to your accountant.
This is the only cryptographic tool that you will ever need. It is great for keeping organized. In addition to being an excellent tax tool, contracting is also a wallet tracker. It’s the most popular and most accessible to use in the industry.
TokenTax
TokenTax focuses more on Cointracking. TokenTax, a software designed for tax purposes only, will calculate your crypto taxes in addition to your total income. It is a replacement for TurboTax that will save you a lot of time.
Portfolio trackers
My favorite tool is wallet trackers. Portfolio trackers, the most famous cryptographic tool, will help you track your investment portfolio. You can see at a glance the value of all your investments, as well as the change in the value of your portfolio over the past 24 hours. Also, you can view the performance of each coin that makes up your portfolio. You can decide what to do if you see that a particular currency is harming your portfolio.
My favorite portfolio trackers are:
Blockfolio
Blockfolio, the world’s largest portfolio tracker, is only available on mobile. The interface is sleek, and they have news sections and signals. Blockfolio’s only drawback is the need to enter coins manually. However, for security reasons, this can be seen as a positive.
CoinStats
CoinStats also only works on mobile, but the API allows you to import your trades. This will save you a lot of time.
Contracting
Coin tracking is worth mentioning once again. They are the most popular website tracking service, and they’re affordable. They can be integrated with any exchange and will calculate historical data when you import trades. Contracting is one of the most popular cryptocurrency tools used by traders.
Blox
Blox is a good option if you want a web-based professional solution. You can choose between a free version and a premium one. You can create multiple portfolios and set up automatic tracking for free up to $50,000 in AUM (assets managed) or 100 transactions. You must pay a premium if your portfolio is more extensive than these metrics.
Portfolio Rebalancing
Many sophisticated traders use portfolio rebalancing to reduce risk and increase profits. Portfolio rebalancing automatically purchases and sells assets in your holdings according to portfolio weight. If you want Ether to be 10% of your portfolio but Ether increases in price and becomes 30%, you would automatically sell Ether to balance the portfolio.
Even hedge fund managers use portfolio rebalancing. These crypto rebalancing instruments are available to traders of all levels of experience.
You can protect yourself against overtrading, increasing assets to continue earning. Most people would not sell their Ether even if the value increased from 10% to 30%, but this is common due to cryptocurrency volatility. You can continue reducing your gains while maintaining a healthy Ether position, representing 10% of all your holdings.
The best tools for rebalancing are:
Shrimpy
Shrimpy, a free back tester and rebalance, is an excellent tool. You can use it to rebalance and backtest different strategies on the exchanges they support. In this bear market, they have seen a significant increase in trades worth more than $250,000,000,000 for client rebalancing.
3Commas
Shrimpy, on the other hand, is free. 3Commas does have some extra features. It can be set to rebalance automatically every 12 hours. They also have general portfolio management tools, allowing you to trade from their platform. It is rare to find a reliable rebalance, but 3Commas should be addressed.
The Best Portfolios
In the cryptosphere, your Wallet is your bank. Reliable wallets mean better protection from hackers. Hackers can steal your private keys, giving them access to your funds. They can also send your coins to the incorrect recipient because your wallet interface is insecure.
The best wallets are:
Mycelium
Mycelium has always been my favorite Bitcoin wallet. Mycelium is my favorite Bitcoin wallet.
Metamask
Metamask is a popular Ethereum wallet. Metamask’s web-based nature as an extension for Chrome or Brave is a nice feature. You can easily send Ether or ERC-20 tokens from the browser to decentralized web apps. Metamask is also compatible with most dApps.
MEW
MEW (short for MyEtherWallet) is one of the most reliable and simple-to-use wallets that supports Ethereum and ERC-20 Tokens. The Wallet is compatible with Ledger, Trezor, and Simplex hardware wallets. It also allows users to trade coins through its partnerships with Kyber Network, Bity, Changelly, and Simplex.
Ledger Nano S
Ledger is my favorite hardware Wallet. Ledger Nano S, unlike Exodus or Mycelium, is a hardware-based wallet. This means it is not connected to the internet and is, therefore, safe from hackers. They offer excellent customer service, have many users, and support over 1,000 coins and tokens. The Ledger Nano S does not come for free, but I recommend it if you invest more than $500 in cryptocurrency.
Exodus
When cryptocurrency was first introduced, it was necessary to download an individual wallet for every type of coin. This is no longer necessary, thanks to Exodus. It has over 100 coins supported, allows you to buy coins, and has a backup function. It is straightforward to use, and it’s popular. Exodus can save you from a lot of headaches.
Best mining tools
The mining process deserves more explanation. In a nutshell, it is a way of participating in the network by helping to secure and validate transactions. You download mining software to mine a particular coin, and you get rewarded with coins.
Mining: Is it profitable?
It depends on a few factors. The strength of your computer and the coin you’re mining will determine how profitable it is. It can be perfect to mine a coin that can produce thousands of coins, and its price rises.
The best mining equipment is:
Nicehash
I recommend you start with Nicehash. Nicehash offers cloud mining. Nicehash is a cloud mining company. Nicehash is a reliable cloud mining company.
Mining Calculators
Mining profitability depends on several factors, as I have already mentioned. It depends on several factors, including the coin you select to mine, the price of your hardware, and even your electricity cost. Mining calculators can help you to guess as to which networks are going to give you the best profit.
Whattomine
Whattomine allows you to enter different mining parameters, choose a coin, and view its expected earnings over various periods. This is an amazing tool that will enable you to speculate on mining.
CryptoCompare
CryptoCompare has a mining tool as well. The mining calculator works similarly to Whattomine but does not offer as many input parameters or coins. This is a simpler but reliable version of Whattomine.
Block Explorers
Block explorers are user interfaces that allow you to interact and view data from a network. You can check on the status of a transaction by entering your Bitcoin wallet’s (public) address or transaction ID. You can check if the transaction was sent, the number of confirmations, and whether it reached the recipient.
A block explorer provides much more than just the information you see on your screen:
- The number of transactions that are pending or past on the network.
- The current block height
- Transaction sizes
- The best Blockchain Explorers have:
Blockchain.com
The block explorer on Blockchain.com can provide data from the BTC blockchain, ETH blockchain, and BCH Blockchain. Use blockchain.com the next time you make a transaction to be assured it was sent on the network. You will be able to save yourself a lot of stress.
Etherscan
Etherscan is the go-to block explorer of Ethereum and ERC-20 tokens. You can view your transactions, the network hash rate, and the current block height. Etherscan can be used to send Ether transactions or to check on the network’s status.
Each coin has a block explorer. If you want to find a block explorer for a particular coin, I suggest going to Coinmarketcap.com and searching for the coin, then clicking “Explorer.” If a coin’s block explorer isn’t listed on Coinmarketcap, you can find it directly from the website of that coin or by searching “Coin name+block explorer.” Beware of misleading websites.
Which of these tools do you prefer?
Try out different tools and strategies to see if they work for you. You have a massive advantage over other investors if you’ve heard about these crypto tools. Next, you need to act and get into the fire. Most of the tools are free; if not, they have a trial. You will see improvements in your investing strategies once you have decided which tools are best for you, how to use them, and in what order.
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