12 Tools Every Cryptocurrency Investor Must Have From Day One

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Cryptocurrency

There are two classes of traders in the cryptocurrency market; those who constantly win and those who lose consistently. The critical factor differentiating these two categories of traders is their access to the right tools.

Like every other profession, cryptocurrency trading has tools that make for a successful trading career, and using the wrong tools can severely ruin a trader or investor. 

In this article, you will learn the 12 tools every cryptocurrency investor must have from day one of trading to guarantee success. 

Exchange

The first step towards a successful cryptocurrency trading career is to trade with a reliable crypto exchange. To choose the best exchange for crypto trading, the three significant factors that must be considered are liquidity, ease of buying and selling, security and fees.

Trading platform

A trading platform combines multiple exchanges in one platform. So you can trade across different exchanges easily without the need to open separate windows. It also allows a trader to compare features on one screen. 

Charting Tool

A charting tool is an essential tool for visualising and analysing the trends in the market before going long(buying) or short(selling). So, except you only do copy trading, you need a charting tool for your technical analysis (TA). 

Market Data Website

To make accurate trading decisions in the crypto market, a trader or investor must have adequate and reliable information about the asset. Information like market capitalisation, total supply, ATH, ATL, etc., can help trade a cryptocurrency profitably. 

Websites like CoinMarketCap and CoinGeko are excellent market data websites that a crypto trader must have from day one. 

Crypto Calendar Tool

In a dynamic market like crypto, timely information is non-negotiable. People have become millionaires, and some have been rekted in the crypto market overnight. To stay on top of every bit of information in the crypto space, you need more than just a news platform. 

A crypto calendar tool is a unique tool automated to report regular updates about important happenings in the crypto market. CoinMarketCal and Coindar are very useful crypto calendar tools. 

Network Statistics

With the volume of negative information flying around in the crypto market, it is easy to get distracted or make rash decisions. This is why you must remain updated on the asset’s data, so you don’t get swayed by every news you hear. 

News Aggregators

You don’t want to be a crypto trader or investor who is blown around by contradicting news in the crypto space. A news aggregator helps you combine news from different sources in one view. 

Fxcryptonews is an amazing news aggregator where you can find all trending news about cryptocurrencies, blockchain, NFTs, etc.

Trading Bots

A Trading bot is software that allows you to set specific parameters that trigger trading decisions on your behalf. It executes trades based on your set strategy.  

Portfolio Tracker

Portfolio trackers are among the most used crypto tools. the most used crypto tools. It allows you to keep track of your portfolio and make more informed investment decisions. 

Wallet

In the crypto world, your wallet is your bank. The need to have a reliable wallet as a crypto trader or investor cannot be overstressed. It guarantees you better protection from hackers. You can lose all your money within a blink of an eye if you bank with an unreliable hackable wallet.  

Block Explorer

A block explorer is a user interface system that allows you to interact with blockchains and view transactional information on a network. For instance, If you send out Bitcoin, you can monitor the status and progress of that transaction by typing in your Bitcoin wallet (public) address or transaction ID.

Research Reports

Research reports are in-depth and helpful documents that provide fundamental analysis, technical analysis, and sentiments on the past, current, and future market trends.

Final Thoughts

The temptation to start a crypto trading career and start earning big is intense. But to have a successful trading career, one can not ignore the very most important tools that make for profitable crypto trading. 

All the tools discussed in this article will come in handy at one point or another in your trading career, especially if you are starting out.