The daily average trading volume of all the cryptos combined is over $165 billion. With these numbers, we can conclude that there is a lot of interest in crypto trading.
Bitcoin is having the bear run of its life as this crypto continues to break its previous ATH values constantly since the beginning of this year. Many average investors have already made a fortune due to the sudden increase in Bitcoin’s value. This created a lot of interest among the general public, and we have seen a considerable increase in the number of people entering the crypto market every day.
There are more novice crypto traders in the market than there has ever been. So, we thought this as the right time to share some basic education and make their life easier.
Useful Crypto market trader tools
A reliable exchange
Exchange is the place where you get to buy, sell, transact and store your cryptocurrencies. It is crucial to pick the right exchange so that you don’t have to worry about everything else and just can concentrate on trading your cryptos. When signing up with an exchange, you must be very particular about things like Security, Fees, Ease of Usage, Reliability and their Support team. These are important, and an exchange with top quality service in all these areas can be considered reliable. Binance has the most Cryptocurrency turnover of all of them so it is worth considering at least, PrimeXBT is also popular. Tnen there is eToro which has limited Cryptocurrencies on offer, but does allow you to copy professional traders. It is better to choose an exchange such as these as they are well established and reliable.
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Secured crypto wallet
A crypto wallet can be described as a software program or a physical device that stores your cryptos. Essentially, we are storing our private & public keys in those wallets. With the advent of technology, it has become very easy for us to store these cryptos and use them in the most convenient way. Having that said, the same tech is making our cryptos vulnerable, with thousands of hackers out there just waiting to find a flaw in the security system of our wallets. Therefore, choosing a crypto wallet is absolutely important before you get started with trading. For instance there are different types of Bitcoin wallet to choose from too. Take your time and do your research before choosing.
Market data source
Fundamentals play a crucial role when you are trading cryptos. You need to be updated with the latest and accurate information about the crypto you are intended to trade to make appropriate trading decisions. This info includes things such as market capitalisation, 24-hour trading volume, a total supply of coins, etc. Sources like CoinMarketCap can help you find the right data in the most simplified manner. Well established are far better than Facebook groups or blogs as they are often filled with dreamers who base their projections on fantasy over fact.
Charting tools
A charting tool is a platform for you to visualise and analyse the market. Most of the exchanges offer a charting platform for their users, but there are many free resources out there that are way more powerful and customisable. Using these platforms, you can forecast the market by analysing multiple timeframes, applying indicators, trendlines, set-up price alerts, etc. They help to take the guess work out of trading and give you a solid base for your decision making.
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Conclusion
There are many other tools and resources online that will help you in becoming a better trader. But we recommend sticking with these if you are new to the crypto trading space. If you are an intermediate or advanced crypto trader, tools such as blockchain explorers, crypto calendars, research reports of top cryptos can help you in the long run. Apart from these, make sure to follow some of the top crypto experts on various forums such as Twitter, Reddit, etc. This will help you keep yourself updated with what is happening in the crypto market and the latest developments in the Crypto community.
Disclaimer
All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.
Photo by Austin Distel on Unsplash
