The contemporary crypto industry is a very interesting domain with lots of branches and great services. Another important thing about it is that the variety of assets that you engage with is just staggering. The very existence of several thousand different tokens and coins makes the arrival of many free crypto charting tools and other supportive software inevitable.
When it comes to crypto, a market analysis tool is essential to any investor or trader. Regardless of your goals, you need to understand what is currently happening in the market. Since many factors affect prices, a single analytical instrument is never enough. Events in national economies, the emergence of new crypto projects, updates to existing networks, and other things may sway prices dramatically.
Let us not forget about the potential that some global events have. Wars, famines, and other disasters can also affect markets. Many believe that analyzing so much information is simply impossible. While it is true, one of the principles that technical analysis, as a discipline, cherishes is that all of the information that can affect the price is already accounted for.
What does it mean? Well, a cryptocurrency analysis tool is capable of predicting how the price will behave even without access to international news aggregators. Millions of traders make decisions based on available information and sway the price by either selling or buying assets. It means that the price already embeds any data that market participants may have access to.
How do identify the best crypto trading tools?
The whole crypto industry is evaluated at over $1 trillion. Millions of people across the globe consider themselves active day traders. Many belong to conservative types who want to hold assets until they appreciate. These people create a thriving community that spans continents. With so many market participants, it was nothing more than an eventuality that specialized instruments started emerging in all sections of the crypto domain.
There are thousands of different analytical tools that you can employ. Some of them are made by enthusiasts who just want to provide useful public service. Other tools are made by huge corporations that want to sell such products to wide audiences. Many exchanges offer analytical tools for free to incentivize trade. With such rich sea lection at hand, choosing the best cryptocurrency trading tools is challenging.
Here are some of the aspects that you should contemplate when making your choice:
- Accuracy. It would be heresy for a scientist to use an unreliable tool when trying to prove any theory. The same can be applied to economics. While there are many uncertainties and unknown factors involved in any prediction, measuring tools must be accurate to some degree. Reliability and accuracy must be your top priorities when selecting good crypto analysis software.
- Versatility. A good instrument offers flexibility and practicality without compromising accuracy. In our case, we are looking for products with different features that gage multiple metrics. Understanding the inner workings of any tool is also a big plus meaning that software must be transparent, preferably open-source.
- Affordability. You should not expect all tools to be free, but prices must be reasonable. Paying hundreds of dollars each year for a subpar product is not something consumers desire. However, fairly priced instruments usually enjoy the universal acclaim and goodwill of users. Look for products that have free trials and no-question-asked money-back guarantees.
Top 10 Best Tools for Crypto Trading
We decided to put together a list of really good instruments that you can find online. Before we talk about some of them, we should mention several things that any modern trader must be accustomed to staying competitive.
- TradingView is a hugely popular trading terminal and exchange interface. It is integrated with a wide range of different third-party vendors and providers. TradingView is one of the core instruments used to analyze market data collected from single or multiple sources. It already has a plethora of technical indicators, graphical tools, and other important features to be a great analytical platform. Some people don’t even use other solutions. It is the best website for crypto charts.
- Automation platforms should be also employed to ensure that you can actively trade 24/7. Scripts allow contemporary investors to place orders based on their strategy even when they sleep or rest. Some of the best cryptocurrency software is produced by companies offering automation services. Without any automation, it is hard to remain profitable and outcompete other traders who use bots.
These instruments must be included in every single toolset! Do not ignore the power of TradingView and the potential of trading bots. Now, to our TOP 10!
The analog of TradingView with a fancier interface and interesting ways to display information. The platform gathers information from multiple exchanges simultaneously, aggregates data, and showcases key metrics in a visually pleasing way. The charting section is quite good and offers a wide range of different indicators and drawing features. Some built-in automation tools and multi-exchange views make it a really interesting choice for advanced traders. Back-testing is another important piece of functionality that makes it very valuable to someone who wants to experiment.
One of the modern DApps with an extensive list of analytical features including back-testing, charting, and research. The latter is quite useful when trying to aggregate information about a specific asset. While not as rich and practical as other options in our TOP10, Messari charms with its simplicity and pricing. It is an affordable instrument that helps you quickly evaluate the market situation regarding a single asset. You can also download the results of any research in a spreadsheet.
This particular platform is not just a piece of crypto technical analysis software. It is a social network for contributors and users. The platform analyzes activities related to specific crypto assets and searches for data on social media and exchanges to present the whole picture. The social sentiment is quite important for any analysis since crowds change markets more than anything else. LunarCrush is a good tool for tracking multiple assets at once while also gathering data from social media.
Another great cryptocurrency analysis tool that gathers information from social media sites to predict potential changes in prices in the nearest future. The platform tracks over 2000 different assets across multiple exchanges. If you are a trader who focuses on catching reversals and seeking strong trends, using this instrument is a good idea. Santiment is a great choice for novices, thanks to its simple interface, affordable pricing, and readable layouts. However, experienced traders may find the information insufficient to make truly informed decisions. You should use it as a complementary tool instead of basing your evaluations on what this platform indicates.
As the name suggests, it is a calendar that shows the most impactful events in the crypto industry. If you believe that fundamental analysis is superior to TA, this will seem like one of the best tools for crypto trading. Having a calendar is a good way to stay on track and be informed about the most interesting and potentially influential events in various sectors of the crypto domain. Conferences, listings, meetings, AMAs, and many more events are displayed in a very readable manner. With so many things happening each day, keeping track of the most important things is quite important. A handy calendar is exactly what you need.
This is a platform that has in-depth information about coins and tokens. People who are interested in the technology behind certain crypto projects should never ignore this website. Here, you can find vital information about many coins. Hash rates, number of nodes, fees, mining capacity, and many other metrics are presented in spreadsheets and graphical charts. It is a great referential tool that should be used to check different statistics when evaluating a coin or a token. You may not need it to track mainstream coins like BTC or ETH, but the information will be essential when working with Monero, LiteCoin, and other cryptocurrencies that may not enjoy the same popularity as market giants.
It is not one of your typical crypto technical analysis tools. This website aggregates tons of data about different assets. The list of tracked assets goes beyond 10 000! The information is collected from over 500 different exchanges. The data is updated in real-time, so it is always relevant. Regular blog posts, interesting take from experts, and more can be found on the website and its adjacent social media. While not the most important instrument in your arsenal, it is a great addition to any toolset employed by a novice or experienced trader.
Some people consume information when it is visualized better than in written or vocalized forms. Seeing graphs and flowcharts is often a much better experience. Coin Metrics has a ton of different market visualization instruments and should be considered one of the best crypto analysis tools out there. They also offer good articles and overviews of the market released weekly. While not a unique instrument that should be used by everyone, it is a great destination for both newcomers and veterans of the industry.
This resource is often cited as the best crypto analysis website. Thanks to its rich functionality and interesting insights, it is often used to gage the value of any asset. While promotional efforts and hype often skew the evaluation process, you can always check hard data like mining volumes, transactions, active nodes, and addresses. Having this information often reveals issues with projects that may try to position as the next bitcoin. The basic plan is free. It gives you access to some data and newsletters. However, you will need to upgrade to use the platform to its fullest potential.
This calendar is a great source of relevant information about upcoming events. While works similarly to CoinMarketCal, the difference is in layouts and the interface. Try them both. You may be enjoying one more than the other. The list of synergies is a great feature that allows users to quickly find connections between certain assets and events where they might receive a boost or be completely obliterated.
How to gather information about crypto projects
While cryptocurrency trading tools discussed above are very useful and expand your horizons. Nevertheless, you might need additional methods of inspecting projects that attract your attention. Since many obscure coins and tokens often try to overtly promote themselves as market-defining products, you must be careful and try to check the validity of such claims. Collecting insights is often a demanding task that rarely results in something significant without any help.
Here are two great sources of information about most assets in the industry:
- Bitcoin Visuals. This aggregator collects all possible information about bitcoin and its network. If you are interested in the inner machinations of this particular coin, you will be impressed by how comprehensively data can be presented. Fees, nodes, mining data, and many other metrics are displayed side by side and present a holistic picture of what happens to BTC at any given moment. You can use this site to gather information on whether you should purchase bitcoin. While not the best cryptocurrency software out there, it is a massive data aggregator for the BTC network.
- CryptoMiso. Some people do not tunnel-vision on a single asset. If you need information about various coins and want to learn more about the mood in the communities of other coins, take a closer look at CryptoMiso, one of the biggest GitHub data aggregators on the internet. It is a very unique, unorthodox way to evaluate crypto assets. However, the logic here is quite simple: if interest from the open-source community lowers, the future of the project becomes bleaker. The site gathers commits from GitHub and presents the intensity of discussions and changes on it in a comprehensive graph.
Other ways of gathering data
While having these analytical tools is a great way to evaluate the market, you should always remember that some news may change the direction of the price. Reading relevant industry news is very important. However, googling and checking Reddit is never the best option for those who truly want to stay informed. Several news aggregators should be on your list of most important cryptocurrency analytical websites:
- CryptoPanic is a great source of information with hourly updates, intuitive navigation, and a sleek interface. It makes news consumable and creates a flow of information that you can digest without any hassles. The UI can be a little wonky at times, but it is certainly a great choice for those who like using their desktops and laptops.
- FAWS is a slightly better version of CryptoPanic, but only in terms of visual representation of information and design. You should choose the platform that you enjoy using more. The news is virtually the same and updates are just as frequent.
What else to include in your arsenal
Many other digital products can significantly improve your portfolio management, trading results, and earnings. Let’s talk about some of them:
- Portfolio trackers are specialized apps that allow you to organize your assets and have them displayed in one place. Many great products in this category include Blockfolio, WunderTrading, and Blox. Choosing the right tracker is quite a challenge since there are so many of them. The choice comes down to mostly your preferences, so you have to try many options before you make the final decision.
- Trading bots are employed widely by traders across the globe. These robots are designed to place orders as they are instructed. It usually takes only a couple of clicks to set one up. Many platforms like WunderTrading and Gekko offer great automation solutions that significantly improve your trading capabilities. Since most of these bots are compatible with analytical tools, they should be on your radar!
- Taxation can be annoying. Use Cointracking.info and Token Tax to gather information about your investment activities and organize relevant data in a comprehensive spreadsheet. You will collect data for a tax report easily. These tools are especially important for users from the US and UK where many operations with cryptocurrencies have been placed under regulations.
How to use these services efficiently?
Many modern traders do not use the whole available arsenal of online and offline analytical tools that can help tremendously when you try to improve your trading patterns. Since so many factors affect price movements, it is close to impossible to understand them fully without employing specialized tools. It is not clear what exactly created a sudden bullish trend or caused a downtrend that caught you off guard. Using various tools allows you to look at any given situation from different angles and pinpoint reasons for different events in the market.
Try to employ as many various analytical and automation tools as possible. A combination of carefully tuned bots and reliable signals based on in-depth analysis will always yield better results than trading without any guidance.