Four Key Tools Every Cryptocurrency Trader Should Use
If you’re an aspiring cryptocurrency trader, learning the basics can be a bit daunting. After all, we’re dealing with new, innovative and exciting technology. Additionally, technological advances are occurring in real time, so traders have their hands full keeping pace with new developments.
Fortunately, there are some key tools you can use to make the process a lot easier.
To help improve your trading experience, let’s take a closer look at four of the most popular trading tools among traders of all skill levels.
Market Data – Coinmarketcap.com
If you’re going to be a successful trader, you need to be armed with information and that’s what Coinmarketcap.com offers. Though it began as a simple list of the top cryptocurrency projects as judged by market capitalization (market cap can be determined by multiplying the current market price of a coin by its supply), it now offers traders access to a vast pool of useful data.
This includes 24-hour trading volume for specific coins and tokens, lists of available trading markets, links to project websites, source code and technical documentation and block explorers that can be used to track blockchain activity.
All of this data in one location makes Coinmarketcap.com an important resource for traders seeking research information and market data.
Technical Analysis – Bitvo’s Technical Analysis Toolkit and Mobile App
Crypto traders use technical analysis to identify developing market patterns and make predictions about future price movements. Learning how to read charts and identify patterns can be a challenge for newer traders, however, as the terminology is highly specialized.
Fortunately, Bitvo has incorporated simple yet powerful technical analysis tools into its platform to make the process far less intimidating. When signed into their Bitvo account, users of the platform are given easy-to-digest technical analysis scores they can apply to their trading strategies. Meanwhile, more advanced traders have access to a full range of technical indicators that can be applied to any of the digital currencies listed on the platform.
Additionally, Bitvo offers traders access to an intuitive and easy to use mobile app, giving them the ability to trade wherever and whenever it’s most convenient. With the mobile app, traders no longer have to worry about missing fast-developing market opportunities.
Portfolio Tracing – Blockfolio
Many traders have multiple accounts across a variety of exchanges. This makes it difficult to track one’s portfolio, right? Not with Blockfolio, a free portfolio tracker that collects all your data across every exchange account and centralizes it within a single interface.
Blockfolio is more than a mere tracker, however, it also recently debuted a new communications platform (Blockfolio Signal) that allows Blockfolio users to receive direct project development updates from the leaders of the coins and tokens they hold.
This makes Blockfolio a popular tool for traders of every skill and experience level.
Transaction Tracing and Data – Blockchain.com
For those seeking a comprehensive crypto resource with access to a variety of tools and data, Blockchain.com fits the bill. Though it originally began as a block exploring service (allowing you to see and track Bitcoin transactions on the blockchain), today it offers a range of products.
These products include cryptocurrency wallets, data charts, market information, learning resources and developer tools. Along with Coinmarketcap.com, Blockchain.com serves as a central repository for important industry data and a critical resource for traders.
Your Next Move
If you’re looking for a trusted cryptocurrency exchange to help you purchase Bitcoin, Ether, XRP and other digital assets, we urge you to consider Bitvo. We offer one of the industry’s most secure, reliable and feature-rich cryptocurrency exchange platforms, giving you access to proprietary technical analysis tools, the Bitvo Cash Card and a state-of-the-art mobile application. All of this is combined with unparalleled customer service, making Bitvo Canada’s premier cryptocurrency exchange platform.