Edited in Canva
Cryptocurrency investment has gained a considerable level of acceptance such that people now buy and trade crypto.
Crypto trading is profitable, but risky too. There is always a two sides to it; gain and loss.
Every business has its own underlying secret and anyone who is planning to go into any business without having at least a considerable idea of how its being run is taking a great risk.
Same goes for crypto trading. Anyone intending to go into crypto trading must at least learn the basics including how to navigate in the crypto market.
The crypto market is so vast such that it can be overwhelming especially for newbies.
Not only knowing the basics, there is also need to know the various tools used in crypto trading. These tools are very helpful and can guide one into making successful crypto trading.
Here Are Some Of The Crypto Tools
- Trading Bots
Trading Bots are automated programs which can help one carry out trades based on commands given to it. Not only that, they can equally analyze market trends and make trades for someone without the person being there.
Some of the bots Gunbot, 3Commas, HaasOnline etc.
- News Aggregators
Basically, what news aggregators do is to supply up to date and useful information about the trends and coin movements in the crypto market. These information are sourced from different crypto market, platforms. A crypto trader who intend to be successful should always endeavor to have first hand information, news, and latest developments in the crypto world and some of the news aggregators that can help one get such updates are CoinTelegraph, CoinDesk, CryptoPanic etc.
- Cryptocurrency Exchanges
In crypto trading, there are well known, established and secured platforms where one can trade, buy and sell various cryptocurrencies without restrictions.
Here's a list of the top ten (10) cryptocurrency exchange platforms
Gate.io
OKX
Coinbase Exchange
eToro
PrimeXBT
Kraken
CoinDCX
Zengo Wallet
Crypto.com App
SourcePrice Analysis Tools
These are tools which provide technical analysis charts, indicators, and price alerts to help a crypto trader make useful and informed decisions while trading.
Some of the popular price analysis platforms are Coinigy, TradingView, and CoinMarketCap.
- Portfolio Trackers
Crypto trading is more or less a full time business but there are times when one needs to stay off the screen to attend to other needs so portfolio tracker come in handy.
Portfolio trackers are tools that help keep a track of one's crypto investments, providing real-time updates on the portfolio's value, performance, asset allocation and the rest.
With portfolio trackers one need not worry again about missing out on their investment updates when not available.
Top ten portfolio trackers list includes
CoinTracker
CoinStats
The Crypto App
Delta
CoinMarketCap
Altrady
Kubera
Coinigy
CoinTracking
Source
Having known some of the crypto tools to help one engage in crypto trading, there is also need to do a thorough research on the various cryptocurrencies you may be interested in before investing and trading too.
Steps To Take In Cryptocurrencies Research
- Read The Crypto Project White Papers
Usually every crypto project has a white paper
that contains detailed information about the project's goals, technology, and potential use cases.
So it's important for any intending crypto investor to thoroughly read the whitepapers of the cryptocurrencies of interest first. This will help such a person decide to either invest or not.
- Do An Analysis Of the Team
Another step to take into researching cryptocurrencies to invest in is checking out the team behind the cryptocurrency project. Know their backgrounds, levels of experience in cryptocurrency, their overall reputation in the industry, evaluate their expertise, former projects handled, and other information you can choose gather that will help you make an informed decision before getting in.
- Community Engagement
There is also need to assess the level of community engagement and support which the cryptocurrency has. Find out if the cryptocurrency has an active community on social media platforms, like Twitter, Facebook, Instagram and chat groups like WhatsApp, Telegram, Discord, and the likes. Once done, try engaging with these communities to be get more information and equally know the member's views on the project.
- Market Analysis
Having knowledge of how to analyze the market trends and dynamics of cryptocurrencies is very important in crypto trading and investment.
This involves checking each cryptocurrency performance with other ones in the market place based on factors like market capitalization, price history, trading volume and more.
Technical Analysis
There's also need to know how to analyze price charts using technical analysis tools and indicators especially for those who want to get involved in crypto trading. This will help one to identify potential trends of cryptocurrencies in market place.
- News and Updates
Another step is to get updates on the developments, latest news, possible regulatory changes and other important happenings within the crypto space.
This is very important because it will help one make informed decisions concerning their crypto investment and trading too.
Final Note
Although crypto trading has proven to be profitable, one can also lose his investment. Therefore it's imperative that one gets the background knowledge of how crypto trading works including researching the cryptocurrency of choice before venturing in.
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