If you are looking for a future in crypto trading and ready to begin your first trade, then wait.
Are you unsure about maximizing profits by strategically using the best tools on a crypto trading platform? If so, pause your activities and read this article for an enhanced trading experience.
What Is a Crypto Trading Terminal?
A cryptocurrency trading terminal is a local open source where you can store and exchange Cryptocurrencies. In simple terms, it is a platform or software that allows you to buy and exchange trades in the form of cryptocurrencies.
Unlike traditional trading methods, a crypto terminal provides transparent transactions without having any kind of brokerage. It provides traders with a faster and more convenient way to exchange trades as compared to the conventional trading funnel. Trading terminals have other perks such as the integration of advanced tools and strategic platforms to maximize your profits. Let’s have an elaborate discussion on the tools in the next segment.
9 Crypto Trading Tools That Can Change The Way Of Trading
1. Crypto Currency Exchange
Crypto exchange tools are open-source platforms or software designed to assist you in buying and selling trades. It provides a wide range of cryptocurrencies for trade, market analysis, and futures trading options.
Examples of best crypto exchange tools:
- Binance
- Coinbase
- Kraken
2. Wallets
Wallets are essential pockets that manage the decentralized currency. It is an essential tool for securely storing private keys and managing cryptocurrency holding. Wallets are more like your online treasury that optimizes digital currency management.
Examples of best digital wallets used by crypto traders:
- Ledger
- Trezor
3. Portfolio Trackers
A portfolio tracker is yet another important tool that helps users track past records such as trade histories, purchases, account balances, and many more compiled on a single platform. It can also monitor price changes and observe performance over time.
Examples of best portfolio tracking tools:
- Coin tracking
- Delta
- Blockfolio
4. Technical Analysis Tools
Analyzing tools is your stepping stone to curating strategies for upcoming and learning lessons from past trades. It provides advanced analytics on your previous performance and forecast the price movements to help you make informed decisions.
Examples of best technical analysis tools:
- TradingView
- Coding
5. News Aggregators
These self-learning platforms provide trades latest information about the forex market. News aggregators collect data from different sources and publish them on a single page to simplify the learning task for traders.
Best example of News Aggregators:
- Crypto panic
- Coindesk
6. Algorithmic Trading Bots
It is one of the advanced tools significantly used by the new age traders. Using the power of artificial intelligence and chatbots, traders can now fetch the best strategies and implement them on proven templates to get the best results in real-time trading.
The Best examples of Algorithmic Trading Bots:
- 3Commas,
- Hassonline
7. Arbitrage Platforms
Arbitrage platforms are famous open sources that allow end users to compare prices of different cryptocurrencies and analyze trade benefits in an automated way. It is beneficial in understanding the current market positioning and optimization of crypto trading.
Here are some examples of different Arbitrage platforms:
- Tab trader
- Crypto hopper
8. Social Trading Platforms
The social trading platform provides the tools used for copy or mirror trading. It allows new and raw traders to follow the investment experts and help adopt their strategies. Social platforms also provide summarized market performance reports and insights for traders.
Examples of some platforms:
- eToro
- Convesting
9. Risk Management Tools
Last but not least we have some risk management tools. It is an integrated tool available in many trading platforms that provides risk analysis for your upcoming trades. Risk management is an invaluable asset and can turn your future bright in the field of crypto trading.
Top 5 Tools Used The Most By Crypto Traders Across The Globe
1. 1 inch
1 inch is a decentralized trade compiler that sources various liquids exchanged to a single channel. It helps traders to analyze diverse traders comprehensively by providing thoughtful data, interacting insights, and knowledge on a single platform. Therefore, it is considered one of the best tools for strategic analysis of decentralized liquidity.
2. Mobula API
Mobula API is a crypto portfolio dashboard leveraging which you can access your past crypto trade histories, ROIs, and account balances. Using the huge data collection of Mobula API a trader can also fetch the performance matrix of the market since 2013.
3. Hummingbot
Hummingbot is one of the biggest open-source repositories for creating trading strategies and frameworks. You can build a comprehensive template using artificial intelligence and chatbots and execute them in real-time trading. Hummingbot is widely used by traders as it can build frameworks for both centralized and decentralized trades.
4. Trading View
TradingView is a popular channel for crypto traders who are implementing the strategy of social trading. TrendingView is an open-source community that allows experienced traders and rookies to share their thoughts on a single platform. It also provides essential market insights and analytics for easy learning of traders.
5. Mimic
Mimic is an advanced tool to regulate your Defi activities like index rebalancing, liquidity assets, and treasury management. It provides an automated infrastructure to manage these activities transparently. Moreover, It is open source and welcomes custom contributions which is the best thing about Mimic.
Bottom line
Wrapping it up, if you want to succeed in the crypto trading arena, you must use the cryptocurrency terminal strategically to gain maximum benefits. Use the above-mentioned tools and best platforms to conquer the forex market—best of luck for your upcoming trades.