It’s been a rather flat year for cryptocurrency
enthusiasts. In the golden days of yore, there was so much volatility that
making money trading cryptocurrency was easy. It was so easy in fact that many
people were deluded into thinking that they were superb traders when in reality
they were just very lucky.
Unfortunately, this delusion did not last long,
and now we’ve settled into a flatter, but more respectable market. Some people
are understandably sad about this, but that doesn’t mean that you can’t still
make money in cryptocurrency.
However, it is more challenging, and that means
you’ll need a lot more than luck to make money here. Starting with the right
tools is, of course, step one, and in this article, we’re going to talk about
the best tools that will help you to be a winner in the cryptocurrency market,
even when market conditions aren’t optimal.
market monitoring tools
Everyone knows CoinmarketCap, but there are
tons of other tools with great information available that you might be missing
out on. While some of these tools might be a little less known that doesn’t
make them any less useful, in fact they have some excellent features.
One tool like this that you might want to look
into is called Cointobuy.io
This free cryptourrency monitoring tool allows you to do some great stuff like sorting coins and tokens by potential profit, comparing them to one another and offering overviews of what the coin and token in question does.
Using a full-featured tool allows you to see
the whole picture on an investment before you dive in. They also have safety
ratings that can help you to see which investments might be a little too risky
for you to take. You can also see search and social trends, something distinctly
lacking in most other online crypto tools.
Another tool that’s indispensable for
cryptocurrency traders in 2019 is the multi-asset exchange platform. The
unfortunate reality of cryptocurrency is that all of your investments will
likely not be on the same exchanges.
This can put you at a distinct disadvantage
when compared to a trader who is using a multi-asset exchange platform. You
will be slower to execute important trades and if you need to swap assets
somewhere the wait time could ruin your profits.
It’s also a pain to manage multiple portfolios
and accounts. Fortunately, there’s some great new tools available which can
make this much easier. One of those tools is called Bitsgap.com
Bitsgap.com provides an excellent all-in-one crypto trading tool,
which ties into your exchange accounts API’s. This allows you to control
multiple exchanges, watch how your coins are doing in portfolio, set smart
orders and execute deals in a couple of clicks.
This tool is perfect for people who want to
pursue arbitrage trading, and they even have a feature which automatically
identifies profit-making opportunities for you. Plus, since your account API is
tied to the platform you can execute these trades with just one click, giving
you a serious edge over the competition.
Just like any other financial market, the news
owns cryptocurrency. Assets are traded based on supply and demand. That means
if people are running scared then the demand goes down and if they’re
optimistic the demand goes up.
It can be exhausting to keep up with everything
that’s going on with a cryptocurrency, but using a news aggregator tool can
help you to get all of this information in one place. Keeping your eyes peeled
for events could result in big profits for you.
CryptoPanic is a site that allows you to do
just this. Not only do they have a cryptocurrency news feed, but you can
customize it based on which coins and tokens you want to follow. This lets you
filter through the noise and only see what’s relevant to you.
What’s most interesting though is they have
community voting option for news. This allows you to zero in on news which
might signal that things are about to get bearish or bullish for an investment.
You can also be alerted to the most important news as well if you want to avoid
While some people prefer to take the
blindfolded approach to investing and just hope that everything works out, that
doesn’t work for traders. It’s important to be able to access your portfolio at
all times to keep on top of things.
That means having a good portfolio tracker at
your disposal is a must. A great and totally free tool for this is Blockfolio.
They offer access to over 6,000 cryptocurrency assets, and they monitor prices
across 300 exchanges to give you the most accurate pricing data.
Blockfolio not only offers you a plethora of
different features that help you learn more about your investments and analyze
your portfolio, but they also support push notifications.
Waiting for a certain price before you buy and cryptocurrency,
but you can’t stay tied to your computer? No problem. Set up an alert on
Blockfolio and you’ll get notified immediately when the asset falls into your
desired price range.
You can then quickly swap to your exchange’s
mobile app to place your order and make yourself a sweet profit. A great
portfolio tracker makes it so you never miss an opportunity just because you
had to go out and run some errands.
In conclusion, there’s tons of great
cryptocurrency trading tools out there, and you should use them! Many of these
tools are totally free, and you should take every advantage that you can to
make sure that your trades are successful.
While it’s a lot tougher to make money in
cryptocurrency now, it is still possible. Plus, learning how to trade in a flat
market will make you a skilled trader and not just lucky. This allows you to be
prepared when bad markets hit and keep your financial future secure.