There are two types of people in the crypto industry; people who profit consistently, and those who lose consistently.
The decisive factor that separates the winners from the losers is the utilization of crypto tools available in the market.
While connecting with other investors in the business should be a recurring activity, meeting the relevant people requires some fortune.
Trying out different tools that meet your needs, on the other hand, is something you should start doing right now, and it will most likely shape the way you work for the better.
It can make the difference between identifying the next undiscovered gem which might treble your portfolio or following the crowd and purchasing overvalued cryptocurrencies.
In this article, we will provide you a list of the top crypto tools to use in 2021 that will significantly change the way you deal with the world of cryptocurrencies. So without further ado, let’s dive in.
1. Best Cryptocurrency Exchanges
The first step toward big profits is selecting trustworthy exchanges to trade with. They are your gateway to the crypto sphere. The three main characteristics that distinguish a useful exchange from a useless exchange are liquidity, security, and pricing.
Liquidity – The ease with which an asset can be purchased or sold is defined as liquidity. If your asset is liquid enough, there will always be a buyer/seller waiting on the other side of your order request.
Security – The second consideration is security. When you put your money on an exchange, you are relying on them to keep it safe, so you best hope their protection is up to the standard. Exchanges are under heavy pressure and constant threat.
Cryptopia is a recent example, with hackers stealing millions from the exchange. Although this money has already been refunded, imagine waking up one morning to find that all of your money has been taken from the exchange. That’s not good!
Costs/Fees – Expenses and fees are the third concern. Top investors in the market are mindful of fees, and they consider them in their profits. As a result, we will recommend exchanges that are not only liquid and safe but also affordable.
Some of The Top Crypto Exchanges
Binance now has the highest volume in the market ($52,217,265,065) as we speak. This indicates that Binance is the most liquid to have the most money being traded.
They are also the most popular and have never been compromised. With an impeccable track record, a dependable crew, and enough liquidity, Binance can be considered as one of the best exchanges you might use.
Coinbase Pro provides lesser trading pairs than Binance, but it is well recognized, particularly among larger investors. They are based in the United States, are FDIC insured, and have never been compromised.
FDIC insured implies that US customers are protected for up to $250,000 (of their USD wallet) in the case of any catastrophe. Currently, the market volume of Coinbase Pro is $9,175,830,465 so we can say it’s liquid enough as well.
Do you like taking risks? Then BitMEX is the place for you. They provide up to 100x leverage, implying high risk and high return. They are based in Hong Kong and have never been affected by intruders. BitMEX is a feasible alternative to spot trading platforms like Binance and Coinbase Pro.
2. Cryptocurrency Trading Platforms
What is a Trading Platform? How will it assist you?
Trading platforms are among the finest crypto trade tools for streamlining your trading and taking it to the next level. Instead of opening several windows to operate on different exchanges, you may now trade on numerous exchanges from a single platform!
This helps you to capitalize on market opportunities faster and keep a closer eye on the market.
Some of The Best Crypto Coin Trading Platforms
Coinigy is the market’s most popular trading platform. Starting in 2014, they have expanded rapidly. They offer 45+ exchanges, trading graphs, and excellent customer service. 45+ exchanges are more than any other platform, giving Coinigy traders a competitive advantage over others.
They also provide historical data that users can purchase and use to test their own trading techniques. It is one of the finest crypto trading tools available in the market.
Tradedash allows both Bittrex and Binance, both of which are trustworthy and among the top exchanges in the industry, thus liquidity is not an issue. Tradedash is a computer application, as opposed to Coinigy, which is web-based. For further security and safety, users’ private keys are encrypted and saved on their own devices.
3. Crypto Coin Charting Tools
How can a Charting Tool help you?
A charting tool helps you visualize various trading metrics and draw trends for analyzing the market. Practicing with these trading indicators and trend lines will eventually improve your technical analysis (TA) skills, which many traders utilize to stay ahead of the competition. You can win big if you are an expert at TA.
Mentionable Cryptocurrency Charting Tools
TradingView is a big company providing live trading statistics for both cryptocurrency and stocks. They are one of the major charting companies, offering more indexes and indicators than you would need. They offer both free and paid services. TradingView is the leading cryptocurrency charting tool used by most of the greatest traders.
Cryptowatch is another free charting tool that is widely known among crypto traders. Kraken, a renowned exchange, owns Cryptowatch. It allows you to track across many coins as well as visualize 10+ charts on one screen. We definitely recommend trying it out.
4. Market Data
It is critical to discover systems that provide near real-time, precise information on pricing activity, circulating supply, total supply, and other topics.
What is the importance of Crypto Market Data?
Obtaining market data necessitates integrating with numerous exchanges, standardizing data, and determining average prices while ensuring no errors. Having an accurate market pulse, as well as correct data, is a must for being a profitable investor.
Best Places for Cryptocurrency Market Data
CoinMarketCap is the most popular site in the market for checking coin prices, volume, and supply. They also offer a robust API if you need to pull in data to your own UI. It’s also useful to know what the rest of the community thinks.
OnchainFX provides data similar to Coinmarketcap but also additional unique information. Users can view currencies classified as frauds, top gainers, top losers, or other numbers that estimate potential market cap in 2050. You can also personalize your dashboard! OnChainFX is gradually establishing itself as one of the most reliable sources of market data.
CryptoCompare has been in the industry for decades. They provide credible market data, tools for tracking your investments, and interesting articles to learn about new advancements and different cryptocurrencies. With a following as huge as theirs, CryptoCompare is worth considering.
5. Cryptocurrency Calendar Tools
Instead of relying on news stories for gathering information, try a few reliable calendar tools to plan ahead. These will allow you to see future activities at a glimpse.
When a coin’s value is halved, the prices go up, and if a hard fork occurs, there is a possibility to get free coins. The point is that all of these events can affect the price of coins or provide opportunities to obtain money for free. So you might as well take full advantage of it. It has the potential to convert into a large sum of money!
The Best Crypto Calendar Tools
CoinMarketCal has been one of the favourite cryptocurrency trading tools among the traders since it allows you to buy the rumour and sell the news, which is how many traders make money. It’s a fantastic calendar that displays upcoming, current events on various coins. You can also lookup your own currency!
Coindar is yet another service similar to CoinMarketCal. It has a clean UI and allows you to see key events that are coming up at a glance.
6. Crypto Coin Trading Bots
Trading bots are software programs that allow you to specify when the bot should deal on your behalf. Generally, the bot will execute trades on your behalf automatically following the strategy you set.
You can make money while you sleep if you use the appropriate strategy and a dependable bot. While many bots are untrustworthy, some of them can come in handy.
Best Cryptocurrency Trading Bots in 2021
HaasOnline has been in business for 5 years and has made a reputation for itself in the market. They offer hundreds of technical indicators, a clean user interface, and steady performance.
They also enable you to create arbitrage opportunities if you wish. Finally, a crypto bot that helps you to experiment with automated trading solutions can help you make a fortune.
Gekko is an open-source and free trading bot available on Github. It currently supports 14 major exchanges and is one of the most popular platforms. Because this is an open-source program, you will need to download certain prerequisites to use Gekko manually.
They give step-by-step instructions as well as YouTube tutorials to help you install Gekko. In general, you don’t need to be a tech genius to get started.
7. Cryptocurrency Portfolio Trackers
How will Crypo Portfolio Trackers benefit you?
Portfolio trackers are by far the most commonly used crypto tool. Primarily, they will assist you in keeping a record of your portfolio.
You can see the total amount of your investments, the 24-hour change in the value of your portfolio, and the performances of specific coins in your portfolio at a glimpse.
If you see that one coin is harming your portfolio, you can decide what to do with it.
Best Crypto Coin Portfolio Trackers for 2021
Blockfolio is the biggest portfolio tracking system, and it is exclusively available on mobile. They offer an attractive user interface, a news section, and indicators.
For some, the only drawback of Blockfolio is that you must manually enter your currencies, although this is regarded as a plus for security concerns.
CoinTracking has been the most popular web-based tracking solution in recent times while being reasonably priced. They are functional with almost any exchange, and they automatically calculate your history data when you import your trades. CoinTracking is one of the most popular crypto tools among traders.
CoinStats was only available on mobile devices, just like Blockfolio, but lately, they have added browser extensions for desktop users.
Unlike Blockfolio, you can load all of your transactions automatically via API. This could save you hours of agony. This one is mostly a matter of personal preference.
8. Crypto Coin Mining Tools
What is Crypto Coin Mining?
Mining necessitates a more detailed explanation. Simply put, it is a way to participate in the network by assisting in validating transactions and network security.
In most cases, you download mining software for a certain cryptocurrency, and you’re good to go. You get awarded with coins in exchange for your efforts!
Is Cryptocurrency Mining Beneficial?
Well, that depends on some aspects. It is determined by the cryptocurrency you are mining and the strength of your computer (mining rig). If you mine a currency early on, which can yield you 1000s of coins, and the price rises, it can be incredibly profitable.
How do I start cryptocurrency mining?
To start, you need mining software. Nicehash is a great tool for crypto mining; we recommend starting with it.
Nicehash is a firm that provides cloud mining services. This means you don’t need to think about carrying your own mining rig; instead, you can try mining on several networks using the Nicehash network.
Many cloud mining firms are fraudulent. However, we can confidently recommend Nicehash. Have some fun with it and see what happens.
9. Crypto Mining Calculators
What is a Cryptocurrency Mining Calculator?
As previously said, mining profitability is determined by some factors. It depends not just on the cryptocurrency you choose to mine at and the cost of your hardware but also on how strong your gear is and how much electricity you use! Calculating this can be difficult, but thanks to mining calculators, you can estimate which networks will offer you the highest returns.
Some Useful Crypto Coin Mining Calculators
WhatToMine is a fantastic website where you can specify various mining parameters, choose one currency, and view your anticipated income across different time periods. It’s an incredible tool that will help you predict from a mining standpoint.
Although we have already discussed CryptoCompare, it is worth noting that they do feature a mining calculator. CryptoCompare’s mining calculator is similar to WhatToMine’s, except it does not have as many coins or parameter inputs. It’s a robust but simplified version of WhatToMine.
10. Crypto Block Explorers
What is a Cryptocurrency Block Explorer? Why should you use it?
A block explorer is a user interface that allows you to engage with blockchain systems and observe network transactional data. If you send Bitcoin to a friend or a friend sends Bitcoin to you, you can check the progress of that activity by entering your Bitcoin wallet (public) address or transaction ID. You can see if it has already been sent, how many confirmations the transaction has received, and if it has been transferred to your friend.
A block explorer can provide some in-depth information:
- The number of outstanding and executed network transactions
- The current block height
- Size of transactions
- Number of coin holders, largest wallets
Best Crypto Coin Blockchain Explorers
The block explorer of Blockchain.com can access the data on the blockchains of BTC, ETH, and BCH. The next time you engage in a transaction, use Blockchain.com to ensure that the transaction is sent and is pending on the network. It will save you a lot of hassle.
Etherscan is the go-to Ethereum and ERC-20 token block explorer. You can monitor your transaction here and see the network hash rate, current block height, block data, market cap, and other information. Etherscan is the way to go whether you want to send Ether transactions or just check the network activity.
Finding The Suitable Block Explorer For Any Coin You Want
Each cryptocurrency has its own block explorer. To find a currency’s block explorer, go to CoinMarketCap, look for a currency, and then click on “Explorer” to the left. If a currency is not mentioned on CoinMarketCap, you should be able to access its block explorer by visiting their website or just googling “Name of the coin + block explorer.” However, be wary of deceptive websites.
A hands-on approach is a perfect way to test out new strategies and tools that work for you. Even knowing about these crypto tools gives you a competitive advantage over other traders.
The next step is to take action and throw yourself in the fire. Try the aforementioned tools; most are free, and if they aren’t, they usually have a free trial period.
You will notice the changes in your investment strategies once you determine which tools are ideal for you, which sequence to use them in, and ultimately create a good routine for yourself.