Although the crypto markets operate on a 24/7 basis across thousands of tokens – being able to make consistent profits is no easy feat. This is why seasoned traders will make use of various analysis and automation tools to assist in outperforming the market.
In this guide, we discuss ten of the best crypto tools to consider using today to help maximize gains.
1. Dash 2 Trade – Recently Launched Crypto Analysis Tool
A new crypto analysis tool to consider is Dash 2 Trade. This crypto analytics terminal is in its early-to-mid stages of development.
The end product will offer an all-in-one crypto analytics dashboard that will enable users to take their trading endeavors to the next level. For example, Dash 2 Trade will provide the best crypto signals that are formulated by an in-house team of analysts in addition to emerging technologies like artificial intelligence.
As soon as a trading opportunity is discovered, the Dash 2 Trade terminal will distribute a signal. This will inform users of the best crypto asset that should be traded and whether a long or short order should be entered. The suggested take-profit and stop-loss order prices are provided too, which ensures that Dash 2 Trade users invest in a risk-averse way.
Dash 2 Trade is also one of the best cryptocurrency analysis tools when it comes to cutting-edge data. The underlying algorithm scans and analyzes a multitude of metrics around the clock, including social media platforms like Reddit, Telegram, and Twitter.
The concept here is that if a certain coin, project, or presale campaign is being discussed broadly in a positive way, Dash 2 Trade will highlight this. After all, some of the best cryptocurrencies to buy during the crash are those trending on social media. Additionally, Dash 2 Trade will also scan leading blockchain networks such as Bitcoin, Ethereum, and BNB.
This is with the view of highlighting any potential whale movements – to and from an exchange or crypto wallet. Other metrics that Dash 2 Trade users will have seamless access to include new exchange listing announcements, upcoming ICOs alongside ratings, and professional-grade data concerning pricing, volume, market depth, and more.
Dash 2 Trade will also be one the best crypto analysis tools for automated trading. This is because users will have the capacity to create their trading strategy before trialing it out in the backtesting facility. This will mirror live market conditions, but without the user needing to risk any money. There will also be regular trading competitions at Dash 2 Trade, alongside prizes.
Most importantly, the Dash 2 Trade analytics terminal is backed and powered by the D2T token. To access each and every crypto analysis tool discussed above, users will need to choose a monthly subscription plan. Fees are paid in D2T, so this ERC-20 token has real-world utility.
Update – the D2T presale has now concluded and its alpha product released.
2. CryptoSignals.org – Specialist Crypto Signals for Semi-Automated Trading
Next up on our list of the best crypto trading tools is CryptoSignals.org. As the name suggests, this popular platform specializes exclusively in trading signals. This means that members will receive trading suggestions on which coin to buy or sell, in addition to the suggested entry, take-profit, and stop-loss orders.
This means that CryptoSignals.org is the best cryptocurrency analysis tool for semi-automated trading. This is because upon receiving a signal, traders can then head over to their preferred crypto exchange and place the suggested orders.
An example of a CryptoSignals.org trading signal is as followings:
- Coin – Ethereum
- Order – Buy
- Entry Price – $1,490
- Take-Profit – $1,673
- Stop-Loss – $1,329
As per the above example, the trader has all of the data points they need to act on the CryptoSignals.org suggestions. In other words, they can head over to an exchange, and enter a buy limit order on Ethereum at $1,490, in addition to the suggested risk-management positions.
In terms of pricing, CryptoSignals.org offers four premium packages in addition to its free plan. The free plan comes with three crypto signals per week. The premium plans, however, extend the service to 2-3 signals per day. As such, premium members will never miss a trading opportunity.
Monthly plans start at £42, albeit, paying for three months costs just £78. Bi-annual and annual plans cost £114 and £210, respectively. All CryptoSignals.org trading signals are sent via the Telegram group, which is now home to thousands of members.
3. TradingView – High-Level Crypto Charting Tools
One of the best cryptocurrency trading tools for investors that rely on the technical is TradingView. In fact, some of the most popular crypto exchanges globally – including Binance, have integrated TradingView into their pricing chart dashboard. The reason for this is simple – TradingView is the gold standard when it comes to real-time pricing data.
Not only that, but TradingView comes jam-packed with dozens of technical indicators, heat maps, drawing tools, screeners, and more. There are thousands of markets supported across crypto, stocks, index funds, and more – not least because TradingView scalps data from leading exchanges and brokers. TradingView also enables traders to fully customize their charting screen.
This includes multi-timeframe analysis, candlestick recognition, volume profiles, and more. There are also more than 100,000 community-built indicators and full support for Pine Script. TradingView is also popular with those that wish to stay up-to-date with the crypto markets around the clock. The provider offers alerts for both mobile and desktop devices, based on 12 different conditions.
For instance, if the trader wishes to receive an alert when the RSI on BTC/USD falls below 40, this can be set up at the click of a few buttons. In terms of pricing, TradingView offers most of its charts, drawing tools, and technical indicators for free. Advanced traders, however, might consider the pro, pro+, and premium plans at $14.95, $29.95, and $59.95, respectively.
4. 3Commas – Create an Automated Trading Bot
3Commas is one of the best crypto trading tools for those that wish to engage in a fully automated investment journey. The main concept of 3Commas is that it enables users to create their own, fully-customized trading bot. This operates on a what-if basis, meaning that the bot will enter or exit a position based on pre-defined conditions.
As a simplistic example, let’s suppose that the trader wishes to buy XRP every time it drops by more than 4% in a 24-hour period. When the ‘if’ condition in this example is triggered (XRP declining by 4%), the automated bot will enter a buy position. 3Commas offers much more flexibility than the aforementioned example, with traders having the capacity to enter multiple conditions.
Nonetheless, 3Commas is ideal to trade cryptocurrency around the clock in a fully automated way. Those without the required skills to build their own strategy can also consider using one of 3Commas’ pre-built bots. This includes a DCA (Dollar-Cost Averaging) bot that will buy selected cryptocurrencies when they drop below a certain threshold.
When it comes to pricing, 3Commas offers a free plan for those wishing to try the platform out. However, this is limited to just one DCA, options, or GIRD bot, and there is no support for paper trading. The pro plan, on the other hand – which costs $49.50 per month with an annual payment, offers unlimited bots and pre-defined conditions, in addition to a live backtesting facility.
5. Copy Trading – Fully-Automated Tool to Copy Successful Crypto Traders
One of the best crypto tools for those that wish to actively trade digital assets without performing their own research is copy trading. In simple terms, the concept enables investors to copy successful crypto traders like-for-like.
Choose a brokerage not only offers a fully automated copy trading service, but also support for dozens of low-cost cryptocurrencies in addition to stocks, ETFs, forex, and more.
To aid the decision-making process, a good platform will display an abundance of data – such as the trader’s average position time, preferred assets and cryptocurrencies, risk profile, maximum drawdown, and most importantly – monthly gains and losses since joining the platform you choose to use. It’s then just a case of meeting any minimum investment and electing to copy the chosen trader.
6. Leveraged Crypto Derivatives – Buy and Sell Cryptocurrencies With Leverage
One of the key issues that beginners face when trading cryptocurrencies full-time is having access to suitable levels of capital. This is especially the case for those wishing to engage with cryptocurrency day trading – which generally targets frequent but small margins. This is where leveraged crypto assets come into play.
In a nutshell, there are a range of trading platforms in this space that enable users to trade cryptocurrencies with more money than they have in their accounts. Otherwise referred to as margin trading, this means that traders can amplify the size of their trading stakes. For example, let’s suppose that the trader has $100 in their account and they have access to leverage of 1:100.
This means that the $100 stake can subsequently be turned into a trading position of $10,000. It is, however, important to remember that utilizing high levels of leverage increases the chance of being liquidated. This means that the trader will have their position closed by the exchange or broker if it declines by a certain amount.
In terms of options, non-US traders can access leverage CFDs (contracts-for-differences) with ease. This financial derivative is offered by regulated CFD brokers and the instrument simply tracks the real-time value of the chosen crypto pair. Alternatively, platforms like Bitmex also offer leveraged markets, but the provider operates in an unregulated space.
7. CoinMarketCap – Best Crypto Research Site for Beginners
Those in the market for the best crypto analysis tool for beginners might consider CoinMarketCap. This platform is often considered the gold standard when it comes to cryptocurrency data. Although there are more advanced and accurate alternatives – such as Dash 2 Trade, CoinMarketCap is a suitable crypto tool for keeping tabs on market prices.
CoinMarketCap lists more than 21,600 cryptocurrencies as of writing. This enables traders to stay up-to-date with market prices and trends, not least because CoinMarketCap scalps data from multiple exchanges. CoinMarketCap also enables traders to communicate with one another via a social feed.
Additionally, CoinMarketCap can be useful in assessing exchange data in terms of volume and market depth. Further tools available on CoinMarketCap include alerts, events and ICO calendars, free crypto airdrops, blockchain explorers, and a learning center. CoinMarketCap also offers educational videos and articles.
See our list of crypto price tracker sites for some CoinMarketCap alternatives.
8. Coin Market Manager – Advanced Portfolio Tracker and Analytics
Coin Market Manager is one of the best crypto analysis tools for keeping track of investment portfolios in real time. The platform offers a one-stop shop to track portfolio valuations across multiple exchanges, either online or via the app. This can come in handy for those that trade cryptocurrencies across multiple platforms and wish to view their overall positions in one safe place.
Not only that, but Coin Market Manager offers advanced insights into the portfolio and historical trading positions. This enables users to assess which strategies and investments are working and which ones are not. There are three plans to choose from at Coin Market Manager. The free plan comes with basic portfolio overviews, one account slot per exchange, and a manual trade journal.
However, the free plan is somewhat basic, so users might consider upgrading. The professional and enterprise plans, at $69.99 and $89.99 per month respectively, offer significantly more advanced features and tools. There is also a 14-day free trial available for first-time customers.
9. Fibonacci Retracement – Evaluate Core Pricing Points for Long and Short Positions
For those experienced in forex trading, the Fibonacci retracement indicator should be a familiar topic. One of the best crypto trading tools to have a firm grasp of to maximize profits is the Fibonacci Retracement. The Fibonacci Retracement is a hugely useful technical indicator that enables traders to find and trade support and resistance levels. The former highlights a pricing level that historically finds mass support from the markets.
For example, one of the most important support levels of Bitcoin is the $20,000 region. This is why Bitcoin has traded in and around this crucial support zone for nearly four months. Resistance levels, on the other hand, highlight a pricing point where a crypto asset typically struggles to pass. In turn, the price of the crypto will often reverse around the resistance zone.
This means that crucially, both support and resistance levels enable traders to enter risk-adjusted positions based on identified trends. When deploying the Fibonacci Retracement for this purpose, traders can enter a stop-loss order above or below the resistance or support level, respectively, just in case the indicator is proven wrong.
10. Relative Strength Index – Easiest Technical Indicator for Newbies
The Relative Strength Index (RSI) is perhaps the best crypto analysis tool for complete beginners that wish to learn technical analysis for the first time. In a nutshell, the RSI is deployed to evaluate whether a cryptocurrency is overbought or oversold. If the cryptocurrency is overbought, this means that it could be due a market correction.
For instance, although Bitcoin might be enjoying an extended bull run, it will at some point need to temporarily decline in value when investors decide to cash in their profits. In this scenario, the RSI can identify that Bitcoin is oversold and thus, the traders can enter a short position accordingly.
On the other hand, if a cryptocurrency is oversold, this means that a declining digital asset could be due a short-term price increase. In this scenario, the RSI will highlight that the cryptocurrency is oversold, and thus – the trader can enter a long position.
The RSI is suitable for beginners considering that the technical indicator provides a score of between 0-100. In theory, if the RSI reading is above 70, this typically highlights overbought conditions. If the RSI is below 30, this highlights oversold conditions. The RSI should, however, be used in conjunction with the other technical indicators to confirm the respective reading.
Why Use Crypto Research Tools?
While there are some investors that have the capacity to generate consistent gains in the crypto markets, most fail to achieve this goal. And one of the key reasons for this is that unsuccessful traders do not have the required cryptocurrency tools and analytics at their disposal to make smart and most importantly – risk-adjusted trading decisions.
After all, trading is a phenomenon that requires investors to predict the future. Whether that’s Bitcoin increasing in value or XRP hitting new 52-week lows, traders must speculate on the future direction of a cryptocurrency. Without having access to high-level data and tools, this is an impossible task.
- At the forefront of this are pricing charts – which enable traders to evaluate historical trends and how this might motivate future trading action.
- However, simply looking at the pricing chart alone will not suffice.
- On the contrary, seasoned traders will utilize technical indicators – like the previously discussed RSI and Fibonacci Retracement, in addition to drawing tools.
Those without the required knowledge of how to analyze pricing charts or deploy technical and economic indicators might consider trading signals. As noted, this enables investors to trade in a semi-automated way, as the signal provider will suggest suitable positions to enter based on its own research and analysis.
Moreover, beginners might also appreciate utilizing crypto research sites and tools that provide fundamental data. This refers to real-world news developments that can have a direct impact on cryptocurrency prices. Ultimately, both beginners and experienced traders alike will need to ensure they utilize a range of crypto tools to ensure maximum gains are made.
Types of Crypto Trading Tools & Their Benefits
When entering the crypto trading markets for the first time, it is wise to have a firm grasp of the different types of tools and analytics available.
With this in mind, we will now discuss the best tools for crypto to explore right now.
The first tool to consider is crypto trading bots. This automated way of trading enables investors to enter buy and sell orders in an autonomous manner. There are manner different varieties of crypto bots – some more reliable than others.
- For example, there are many crypto auto trading platforms in this space that provide pre-built software that can trade 24/7 on behalf of the user.
- While this might sound appealing, there is no guarantee that the bot will make money.
- Moreover, users should ask themselves why the provider would share their highly profitable bot with the public.
Instead, the safer option is to use a trusted platform like Dash 2 Trade, which enables traders to build their own bots.
This means that the trader will set their own parameters surrounding metrics like pricing, trends, volume, and volatility, and the bot will enter positions when the pre-defined conditions are triggered.
Best of all, Dash 2 Trade provides a risk-free backtesting facility to assess how the bot performs in real market conditions.
Successful crypto traders will rely on accurate, up-to-date pricing charts. This enables traders to make informed decisions on where the respective cryptocurrency could be headed in the short-to-medium term.
The data extracted from the pricing chart must be used in conjunction with technical indicators – of which there are dozens. Each technical indicator will look to highlight a specific trend.
For example, we noted earlier that the RSI is one of the best crypto trading tools for evaluating whether a coin is potentially overbought or oversold.
Crypto analytics provide crucial data points outside of a conventional pricing chart.
For example, the Dash 2 Trade analytics terminal provides users with social media metrics, which can help spot trending coins on Reddit and Telegram. Dash 2 Trade also offers on-chain metrics, which can help identify potential whale movements.
Trading signals are perhaps the best tool available for beginners looking to maximize crypto profits. The main premise of signals is that they inform users of the specific trading orders to place.
For example, a Dash 2 Trade signal might suggest buying BNB at $290, with a stop-loss order of $270. The take-profit order price might suggest $410.
Nonetheless, it is then just a case of the Dash 2 Trade user placing the suggested orders with their preferred crypto exchange.
Having access to a range of crypto tools is crucial to consistently outperform the markets. Some of the best crypto trading tools discussed today include signals, social media, and on-chain metrics, automated bots, backtesting facilities, and professional-grade pricing data.
Ultimately, each of the aforementioned crypto tools are available on the Dash 2 Trade analytics terminal. Other popular crypto tools include CryptoSignals.org, a signals platform and growing community of traders.
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