10 Tools Every Cryptocurrency Investor Must Have From Day One
The growth of the crypto world is enormous, and that has been a point of attraction for many investors worldwide to maximize their incomes. However, although highly beneficial, getting things done right when investing in cryptocurrency is not easy.
The processes involved in trading, exchanging, trading, storing, buying, and tracking transactions can be very complicated. Without the right tools, an investor will lose fortunes from trading.
This guide discusses some vital tools that all crypto users must have from the day they join the crypto world. The tools mentioned below will help you start investing and later when you start making profits.
Coinmarketcap is perhaps the most used platform for tracking the overall performance of cryptocurrencies. Its commonality arises from its being one of the eldest and most trusted crypto analysis networks.
Investors use it in several instances to follow up on a particular crypto asset’s general growth in market caps. This network updates every day. As such, it does not give misleading information about the asset’s financial position state.
Additionally, Coinmarketcap displays information about the real-time volumes, the price surges, and the chart of the preceding seven-day period. This platform has over 8 thousand crypto assets support.
If you are a beginner or experienced crypto user, you need the Coinmarketcap platform for your daily crypto adventures.
2. Crypto Wallet
Wallet for coin storage is the primary thing every investor should have when signing up for crypto trading.
An online wallet is advised if you are storing on a short-term basis, but you need to get a cold wallet that holds your addresses on the hardware and not on bandwidth in the case of long-term storage.
Among the best cold and hot wallets include;
- Cold wallets like Ledger Nano S, Trezor One will offer maximum protection to the investor’s private address and assets.
- Hot wallets like Exodus, Mycelium, and Electrum provides unique capabilities for great user controls.
3. Exchange Platform
Exchange platforms are many, but only a few thrive in service provision and tower over the rest.
- Binance: One exchange you must have to maximize crypto use is Binance. This platform hosts more than 100 coins and has relatively low transaction fees.
- Coinbase: Another common exchange platform is Coinbase, but it hosts a relatively less number of assets
4. Portfolio Tracker Tools
Large scale investors in the crypto world often aim at diversifying their assets, creating portfolios to maximize returns. For instance, one may have invested a significant amount in Bitcoin and Ethereum, but other smaller amounts in other less productive assets with good prospects.
However, the mathematics behind portfolio analysis is quite complicated, especially for people without financial backgrounds. As such, the crypto portfolio tracking tools will be of great help.
The following are some of the best portfolio trackers:
5. Crypto Rebalancing Tools
Whenever you run a crypto portfolio, you will have to rebalance the portfolio to maximize your income from time to time. The rebalancing tools will help you by automatically rebalancing your crypto portfolio depending on the parameters you set.
The following are two of the best crypto portfolio rebalancing platforms;
- Shrimpy: An excellent example of a crypto portfolio rebalancing tool is Shrimpy. Although this platform offers services like social trading bots, it has internal portfolio management options instituted
- 3Commas: Another good example is three commas, which offers rebalancing options
6. Crypto Trading Bots
Any investor in the digital assets world would want to maximize their gain by trading their Crypto assets. Another essential application tool you should own to assist you in your crypto endeavors is a good crypto trading bot. One such tool is the HaasOnline bot.
7. Crypto Tax Tool
Crypto taxing is quite a tussling task, and every crypto trader feels that too. The crypto world is so complicated. Analyzing data is hard, but taxing is even more challenging.
Therefore, a crypto enthusiast should leverage tax tools to help you organize your crypto tax problems. Among the best taxing tools include:
- Accointing.com allows you to import your historical transaction data, after which they calculate your tax liability
- Token tax platform offers taxing services at affordable rates.
8. Crypto Calendar
A crypto calendar platform is a network that majors in displaying the schedule of different activities in the crypto world. Using these platforms, you can never miss out on some of the best opportunities in the crypto world.
Here are some excellent crypto calendar platforms;
- ICO calendar
- Coin calendar
- Cryptocurrency coin event
- Wiser ICO
9. Mining Tools
Mining is primarily the process of participating in transaction validation and releasing blocks. There are tonnes of mining platforms in the crypto world; thus, you should do thorough research on the best platform and best results.
10. Block Explorers
A block explorer is primarily a platform that allows you to view transaction data on the network. Block explorers help you trace the status of the transaction by searching your wallet address.
To survive and thrive in the crypto world, all crypto investors must have the best crypto services tools. Among the tools include coinmarketcap, crypto tracker, cold wallets, mining tools, blockchain explorers, etc. Using such will guarantee an investor an easy time in trading assets.
However, there are even more platforms offering other useful services. Take, for instance, crypto-related news, blogs, and articles released by the Crypto Adventure platform and other news platforms.
Others include mining calculators, network statistics, and many others. Taking advantage of the platforms highlighted above is the first step to ensure that you have the best future in crypto trading.