Cryptocurrency for Dummies: 5 Essential Crypto Trading Tools

If you are new to cryptocurrency and are searching for mandatory trading tools that can help you to start your trading journey then you have come to the right page.

In this article, I will be discussing the  5 essential trading tools required to start the cryptocurrency trading journey.

The following list has been divided into five headings each of them has a subheading that corresponds to the tools, required for cryptocurrency trading. 

This article is about cryptocurrency for dummies and lists the 5 essential crypto trading tools required for newbies. This is part one of cryptocurrency for dummies, more to come in the future.

Coin/Token Details:

Coinmarketcap –

CMC(Coinmarketcap) is one of the websites that every cryptocurrency investor/trader/newbies have to follow or needs to check it once in a while. Why?. CMC is the crypto tool where you will be able to check the real-time Fiat value (US Dollar) of your favorite token/coin/exchange.

It also provides details such as exchanges where your favorite cryptocurrency is listed, the Historical price, Charts, and much more information than you could have imagined. Every information displayed here is related to the performance of that particular crypto in the market. Following CMC will always help your investment and exiting strategy.  

Coingecko –

Coingecko is another website that provides similar information as CMC but, here you will find the list of those token/coin/exchange that is not listed on CMC.

They have implemented a special feature within their website, which helps in determining the actual volume of exchange. They have started using a Trust score to grade the volume of an exchange. To know more about it click here

Technical Analysis:

Tradingview –

This is one website where you can check technical analysis of your favorite cryptocurrency from users of Tradingview. Those analyses are somewhat confusing when you are checking them for the first time, you will not be able to understand the technical terms used in those graphs.

But, hey! then you can always search google for that kind of information.

Why did I recommend Tradingview? because trading always requires analysis. Even exchanges will have those charts with candlesticks. Deducing and understanding the concept of candlestick can help you to become a good trader. Visit – Tradingview

Learning:

Bitcointalk –

Bitcointalk is a forum primarily about Bitcoin and Altcoins. Started in the year 2009 by the founder of Bitcoin, it is the best forum 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 zone for Cryptocurrency for Dummies.

Coinbase –

Coinbase 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.

Exchanges:

Binance –

Binance 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 Binance chain. Its native cryptocurrency is called Binance Coin (BNB).

I always recommend anyone entering into cryptocurrency to open an account on Binance Exchange. You do not need to complete KYC on Binance for doing transactions up to 2 Bitcoin.

You can also trade on Binance using its mobile app for both android and iOS. If you are interested to know on How to trade on Binance Dex then read this article – How to trade on Binance Dex with Atomic Wallet Coin

Idex –

Idex is a decentralized exchange based on 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.

Idex is an exchange for ERC20 tokens. Most of these tokens are utility tokens. To know more about Idex exchange and How to trade on it, please read this article – How to trade on Idex decentralized market?

Wallet:

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. For more details please visit – Ledger wallet 

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. For more details please visit – Atomic Wallet

Conclusion:

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 principals 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.

I hope this article helps you and improves your knowledge before investing in cryptocurrency. If you like this article then follow us on Telegram, Twitter and Facebook. If you want to receive our weekly updates in your mail then do subscribe. Thanks for reading Cryptocurrency for Dummies.

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.