The Top 10 Tools to Use for Cryptocurrency MonitoringJuly 23, 2020 No Comments
Featured article by Beck Dahlia, Independent Technology Author
If you have decided to join the league of crypto investors, what next? Apart from learning the basics of this lucrative opportunity, there’s a need to expand your knowledge. One crucial thing to know would be how to monitor the trade. Like any other investment, cryptocurrency, too, needs close supervision and monitoring. The digital currency industry continues to grow and increase newcomers every day. That has prompted several companies to create unique tools to assist crypto traders in obtaining decent returns.
Let’s discuss the top 10 cryptocurrency monitoring tools.
Coinigy: Trading Platforms
These are among the best tools you can use to improve trading and take it to the next level. Since there are endless exchanges in the market, using a platform can help you to avoid opening multiple windows. You can transact business on numerous exchanges from a single platform resulting in faster trading and close market monitoring
Coinigy is the best trading platform you can use. It supports over 45 exchanges adding to its popularity. It’s also accessible for mobile and desktop users. Coinigy also provides real-time insights for safe investments and historical data which developers can buy and use for trading strategies.
Coinmarketcap: Market Data
Platforms that provide real-time, precise information about price movements, the present volume, and total volume are preferred. Market data is significant as it helps incorporate different exchanges, standardize their data, and calculate average prices. Being profitable requires accurate market data and pulse.
Coinmarketcap is arguably an efficient option for this purpose. It helps with price, volumes, currency supply checking. The site also has a stable API to enable the heaving of data to one’s user interface. For newbies, you can see the overall market cap of all coins, while keeping track of their circulation supply. It currently tracks over 5000 crypto coins.
Blockchain.info: Block Explorers
A block explorer is a user-interface that enables interaction with blockchain and viewing of transactions. All cryptos like Bitcoin you send to others are recorded here. You can always view the status of such transactions on this explorer.
Blockchain.info is among the several explorers currently available. As the oldest and most appropriate, you can use it to access data on Bitcoin’s blockchain. Doing that enables you to get information on each transaction- the fee, block height it was put in, confirmations, and more. Each cryptocurrency has a block explorer. It’s appropriate to find the recommended ones for individual coins; Coinmarketcap can help in achieving that.
Ledger Nano S: Crypto Wallets
Another vital tool that’s a must-have for ensuring that cryptocurrencies are safe is a wallet. Choosing the best of these gadgets is crucial for the security of your investment. An efficient wallet means proper protection of coins from hackers. There are several options to pick from, but the hardware ones are the best.
For an ideal hardware wallet, the Ledger Nano Stops the list. Unlike software crypto stores that can be easily hacked, this category isn’t internet-connected, making it safe. Ledger Nano S contains an extensive user base, comprehensive support, and can be used for over 1000 cryptos. Though not free, traders with massive amounts consider it appropriate for safeguarding their currencies.
Bockfolio: Portfolio Trackers
These trackers are commonly used and assist in keeping track of portfolios. You can use them to quickly glance at the total investment value and individual coins performance within the portfolio.
Blockfolio is a many traders’ favorite tracker. It’s the largest tracker, is free for download, and available for mobile use only. It has a smooth user-interface, signals, and news updates section. It monitors over 100 exchanges and 3000 cryptocurrencies. You can organize it to custom alert you if a followed crypto reaches a preset price, allowing quick trading.
Cointracking.info: Crypto Tax Tools
These tax tools help arrange trades and automatically relay information on how much tax a trader owes. Token tax and Cointracking.info are the primary tax tools, with the latter being the best, especially for full-time crypto traders.
Cointracking.info permits manual or API import of all transaction data history. After that, it computes performance and releases a tax report. For an orderly trade, it’s the perfect option. It’s also a portfolio tracker with several advanced features. It’s compatible with both iOS and Android devices.
TradingView: Charting Tools
These are tools used to envision various trading indicators and form trend lines to visualize the market. Your technical analysis (method of crypto price prediction) skills will improve the more you use them.
TradingView provides live trading charts for both stock exchange and cryptocurrency markets. As a large and most-used charting provider, it has more technical indicators needed for proper trading. You can use the free option of the tool or subscribe to the premium package.
CoinMarketCal: Calendar Tools
Trusted calendar tools will help you with appropriate information like upcoming events. For instance, you might need to know when a coin is halving (price increase results), or if a hard fork is happening (opportunities for acquiring free coins).
CoinMarketCal is a great calendar that displays forthcoming events on various coins. It collects the latest coin news and updates to help traders accurately predict price trends and market shifts. This free-to-use tool also keeps users updated with custom alerts and newsletters, indicating coins to focus on closely, depending on current/ongoing information.
CryptoMiso: Network Statistics
Network statistics tools help you to see how active Bitcoin’s or other coin’s networks are. This can give you more advantages over others. Numerous transactions on their networks indicate a future price movement.
Unlike BitcoinVisuals, CryptoMiso applies to all cryptos. It shows the above-described activity. An inactive network indicates that it might be dead. Ensuring that they’re active is crucial for the coins analysis. You can always check with CryptoMiso to ascertain activeness.
Gekko: Trading Bots
A trading bot is a software that enables the setting of particular parameters describing when it can trade for you. It automatically trades on a coin holder’s behalf based on the set strategy. Gekko is a reliable bot that’s available on Github for free download. You can use it even as a starter. The instructions to follow are simple.
The Bottom Line
Crypto trading is booming and will continue to do so. As many investors are venturing into the industry, there’s more need to be cautious about the whole investment process. That’s why numerous tools have been created to assist traders in monitoring their cryptocurrencies. Some of the top categorical tools required, as discussed above. Still interested in crypto investing but without finance to begin? Instant Loan can help you resolve the issue hassle-free and get the best advice regarding cryptocurrency to try out this year.
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