Cryptocurrency for Dummies: 12 Essential Crypto Trading Tools

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If you are new to cryptocurrency and are searching for trading tools that can help you in becoming a professional trader, then you have come to the right page.

In this article, we will be discussing the 12 must-have tools to become a cryptocurrency trader.

What is cryptocurrency trading?

It is a process by which one cryptocurrency is exchanged for others which involves buying and selling cryptos for fiat money or another cryptocurrency.

There are more than 2000 cryptocurrencies that are being traded globally in different crypto exchanges. Crypto markets can be highly profitable if you are smart and know what tools will help you to asses the financial risk.

There are five key parameters that will help you to determine risk understand the crypto markets for profits and they are:

  • Market Information.
  • Analysis & Portfolio management.
  • Trusted Exchanges.
  • Social Media & Forums.
  • Secure Storage.

Market Information:

Coinmarketcap –

It is one of the most popular websites that every crypto investor or trader follows to get basic cryptocurrency information. Why?. CMC is that tool where you will be able to check the real-time Fiat value (US Dollar) of your favorite token and coin.

It provides market data for the last 24 hours. You can check here cryptocurrency market cap, market volume, top 100 cryptocurrencies, BTC dominance, exchange volumes, trade value, historical price, charts, number of active cryptocurrencies and much more.

Visit CMC

Coingecko –

It is another website that provides information similar to CMC but, here you will also find tokens or coins and exchanges that are not listed on CMC.

Recently they have emerged as one of the favorite websites for those traders who would like to know the actual volume of any exchange as crypto exchanges are famous for false volume. 

They use a special metric know as Trust score to determine the actual volume of exchange. know more about it here.

Visit Coingecko

Analysis & Portfolio management:

Tradingview –

It is one of the websites where you can check view, create, and follow the technical analysis of your favorite cryptocurrencies. As a noob at first you might find them confusing. You can search google to learn those and as time passes by you will be able to create and understand those graphs.

You can also purchase the Pro plan which is highly recommended. It comes with many useful features and costs only $14.95 per month.

Visit Trading view

Coinigy:

It is a crypto software that connects to all the major cryptocurrency exchanges. You can trade directly from this software using the charts. It depends on you whether you want to use this software for trading or use an exchange.

It also provides automatic portfolio tracking and smart secure exchange account management. It comes with a basic free plan to start with and later on, you can shift to pro trader plan which will cost you $18.66 a month.

Visit Coinigy

Social Media & Forums:

Bitcointalk –

It is a forum primarily about Bitcoin and Altcoins. Started in the year 2009 by the founder of Bitcoin, it is the best forum available for cryptocurrency. You can learn and share your knowledge at the same time.

I have been part of this forum for more than 3 years now. It is the best place to gain knowledge and is the ideal place to start.

Visit Bitcointalk

Reddit:

Another best place to gain knowledge about projects and discuss trading is Reddit. Most projects have set up their subreddits for their user base. Some of the famous subreddit are

  • r/cryptocurrency
  • r/Bitcoin
  • r/altcoins.

Visit Reddit

Telegram:

It is one of the most used live chat and instant messaging app by crypto companies and traders. There are many crypto-centric groups available on this platform and many scammers.

You need to use due diligence before joining or chatting in a group. Some of the recommended groups are.

  • @cointikkaweb
  • @WhaleClubBTC
  • @unfolded

Trusted Exchanges:

Coinbase

It is a cryptocurrency exchange that is based in the US, here you will be able to trade cryptocurrency as well as learn about certain crypto projects. You can also earn free cryptocurrency if you are able to answer correctly all the questions from their questionnaire at the end of the learning process.

Started in 2018 it is another way to understand the concept of the project and earn free cryptocurrency. The fiat value of these free tokens varies between $5 to $25.

Visit Coinbase

Binance

It is considered as the number one centralized exchange at the moment because of the number of projects listed on it and the highest number of volume generated by it every 24 hours. It has recently opened up its own DEX that runs on its own blockchain known as the Binance chain. Fees are paid using their native token Binance Coin (BNB).

Highly recommend to anyone entering cryptocurrency business to open an account on Binance Exchange. You do not need KYC on Binance for doing transactions up to 2 Bitcoin.

Visit Binance

This might interest youHow to trade on Binance Dex with Atomic Wallet Coin

Idex –

It is a decentralized exchange based on the ethereum blockchain. Almost all new projects love to use Ethereum Blockchain in order to raise money using smart contracts. These smart contracts are called ERC20. The tokens that run on them are called ERC20 tokens.

Visit Idex

This might interest youHow to trade on Idex decentralized market?

Secure Storage:

Ledger Wallet –

For storing cryptocurrency you need to have a secure and safe wallet. The best wallets are those which are not connected to the Internet all the time. These wallets are called cold storage wallets. Hardware wallets are one of them and Ledger wallet is a hardware wallet.

They are better than software wallets because of their ability to generate the private key and store them within the wallet.

Buy Ledger

Atomic Wallet –

Another safe and secure multi-cryptocurrency wallet is Atomic Wallet. Atomic Wallet is free to download. It is was initially launched as a desktop wallet, It is available for Windows, macOS, Ubuntu, Fedora, and Debian.

They recently launched the mobile version of their wallet which has already crossed more than 100K downloads for both android and iOS. As of now, it supports more than 300 coins/tokens. 

Download Atomic Wallet

In the End:

In the end, I would like to conclude by saying Investing in cryptocurrency does not mean that you will become rich very fast. Cryptocurrency investing is highly risky. I have read in forums and also interacted with Individuals who have lost their investment without doing proper research.

Three principal that you need to follow before you enter this market. The first one is to always use your spare money to invest. The second one never blindly follow the gurus(crypto expert) always do your research using these tools. The last one, if you have earned a profit, you will also incur a loss.

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About The Author: Shounak

A content writer, content creator & community manager by profession. Shounak has been a Blockchain Enthusiast and Bitcoin Investor since 2015. He founded this blog to help newbie understand and realize the power of decentralized currency also known as cryptocurrency.