Best Crypto Trading Tools
Crypto Trading Tools Summary
➤A crypto trading tool will maximize your profit and cut your commitment time. This is necessary for crypto day trading strategies.
➤One great crypto trading tool is a technical analysis app that analyses massive data in seconds for you. Some already have preprogrammed TA indicators.
➤A crypto trading bot monitors and executes trades for you 24/7 with no emotions. Some are already built for you, and some don’t need programming skills.
➤A crypto trading tax software analyses your history and calculates your tax in seconds, saving you hours.
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*Discount Codes: See terms and conditions for discount codes in our blog post covering all free crypto sign-up bonuses in 2023.
1. Crypto Technical Analysis Apps
Crypto technical analysis apps allow you to make advanced technical analyses to predict price movements.
Technical analysis is an important trading tool for short-term momentum and price predictions.
TradingView is the absolute number one technical analysis software for cryptocurrencies, but Cryptowatch is also an excellent crypto trading tool.
Read more about crypto technical analysis apps.
2. Crypto Tax Calculation Software
Crypto tax calculations are a time-consuming task. You have to keep track of all transactions, your average purchase price, and your selling price.
Also, there are sometimes several fiat currency markets to track since you might exchange BTC for USD but live in the UK and have to report tax in GBP.
However, there is excellent software to automate this for you.
We have summarized the best-automated crypto tax reporting software.
3. Crypto Trading Bots
If you have an excellent trading strategy, it might include many different rules and variables and have to be monitored 24/7 to be profitable.
Luckily, crypto trading bots are designed precisely for this purpose. These are software trading on predetermined rules whenever the market is open.
The best thing about crypto trading bots might be that they are taking action with no emotions interfering with the decisions.
Nowadays, many crypto exchanges offer free crypto trading bots integrated as platform features.
4. Free Crypto Fundamental Analysis Tools
Many people ask themselves how to do fundamental analysis on crypto since they might be used to make it on stocks where there are well-established methods to do this.
There are no widely accepted and established ways to analyze cryptocurrencies.
However, there are specific data that can tell you if the network adoption is going forward or backward.
Read more about free crypto research tool for onchain analysis.
5. Crypto Copy Trading
Crypto copy trading is a passive method for trading cryptocurrencies. The basic concept and idea sound great, but there are certain misconceptions you must be aware of before you do this method on a full scale.
First, check the trading fees and the commission charged by the strategy you follow. Also, there might be some commission charged based on the result.
Checklist
- Are regular trading fees charged?
- Are there additional fees for the copy trading feature?
- Are there also even more fees charged based on the trading result?
Be extremely careful with number 3 since it could be 15% of the profits charged weekly but nothing when the strategy is non-profitable.
It can sound reasonable but start making some calculations on your own, and you will soon understand this kind of fee will eat up your portfolio on a long-term basis.
Read about the best crypto copy trading sites.
6. Free Crypto Academies
The free crypto academies and learning feature the top Bitcoin and altcoin exchanges offer are outstanding.
Here, you will find extensive materials for learning trading basics and using certain products on their platforms.
In addition, in these academies, you can often learn the basics about blockchain, Defi, NFT, and Web3.
These are entirely free; with some of them, you can even earn some free coins to complete different tasks.
Read more about free crypto trading education and courses.
7. Crypto on Social Media
Crypto on social media is an excellent source of information. However, you must be extremely careful and understand that 99.9% of the influencers serve their interest firsthand.
They might repeat that their community members always come first, but this is bullshit. At the end of the day, almost everyone serves their interest to make money in different ways.
Some of these ways could be
- Market projects they are significant investors in themselves (with no disclaimer, or they buy the day before they announce it to sell off after they hint the community to buy in)
- They market projects that pay them to do so with no due diligence.
See our list of the top Bitcoin traders on Instagram.
8. Crypto Portfolio Managers
Crypto portfolio managers are great if you use several exchanges and need to keep track of them all in one place.
You can use the crypto portfolio managers for two different main scenarios.
- Use read-only API. If you use this API, you can “only” monitor your entire portfolio in one place.
- You can also use a trade-API to execute trades via your crypto portfolio manager. Make sure to understand if the portfolio manager charges extra fees for this service.
