A well-designed crypto screener for altcoins will provide information on multiple tokens of interest, make it easier to compare them, and give you the necessary context to make good financial decisions. Having this information at any time is a great way to select assets to work with if you are interested in building an automated system on an advanced crypto trading bot platform that can elevate your investment game to the next level.
Using crypto screeners is a good way of evaluating the market as a whole regardless of which method of trading your prefer. Conservative investors holding mainstream coins, adventurous day traders juggling a variety of tokens, or careful newcomers anxious to make their first moves will benefit greatly from the information available on contemporary free crypto screener tools. Paid versions provide even more food for thought and package it neatly.
Let’s talk about the best paid crypto screener providers and their free counterparts to understand them a little bit better and use them as efficiently as possible.
How to pick a good crypto screener?
While many retail traders believe that all screeners are made equal, many differences between them create a diverse market space with a lot of options to choose from. Variations can be produced by adding or removing metrics, including more tokens, or using specific market data sources. For example, each CEX platform offers a screener based on their market information which can be biased toward certain sentiments depending on how retail traders behave within the confines of the trading platform.
Here are some factors to consider when evaluating crypto screeners:
- Look for the best technical analysis crypto screener. Use tools that receive information from trading platforms that you work with. The TradingView platform has a powerful screener since you can view assets by market data source, oscillator analysis, and more. The ability to immediately switch to the chart is also a useful feature.
- The inclusion of on-chain analytics. Some screeners like the one offered by altFINS are excellent sources of on-chain data. You can effortlessly switch between different sources of information. The tool is mostly free. You can use whenever and however you like. The abundance of metrics and statistics makes it a very powerful analytical instrument.
- The variety of metrics. The lack of some metrics and stats is a feature rather than an issue. Some people do not like being overwhelmed with rows of numbers and prefer a concise selection of data points collected for them by experts who know their stuff. If you lack the necessary expertise to select which metrics you should look at, just go for a simpler screener.
- Refresh rate. The data is updated regularly, but the interval is different for each platform. Some offer real-time updates while others focus on showing relevant data each couple of minutes or even hours. Of course, many allow you to change the refresh rate according to your liking.
Other important factors are user reviews and testimonials, expert opinions, popularity, reliability, and technology used by screener providers. It is true that you should gather information any service you plan to use and try to get a better view from multiple perspectives. At the same time, having first-hand experience unaffected by biases is also an excellent way to choose a provider to work with.
Note that you can test the quality of information you acquire from paid and free crypto screener tools by using the data in your investment strategies. Copy your trading system and use it on a demo account to trade in real time and market conditions without exposing your portfolio to risks associated with employing an unfamiliar investment strategy.
As an alternative, it is possible to use advanced automation products from companies like WunderTrading and test various strategies and signals with even more precision and vigor. Look for the crypto paper trading product featured on the company’s website. It is a powerful tool allowing users to deploy all sorts of strategies and bot configurations without risking real money.
Use the iterative approach to testing signals from various providers until you find something that works. Checking the validity of the information shown by crypto screeners should be just as meticulous as any other testing process targeting investment ideas. Thankfully, the modern trading automation industry offers a plenty of instruments capable of providing a good assessment of any strategies.
Specific use cases for crypto screeners
There are many ways to utilize the information offered by crypto screeners. However, most of them look alike and deliver largely the same information just presented in a slightly altered way. Complimentary features and products make these tools as powerful as they are if you find a way to use them effectively.
Let’s talk about different methods of utilizing beginner-friendly crypto screeners capable of enhancing your investment strategies!
Social sentiment/crypto screener combo
Many experts believe that speculative markets often defy academic approaches and make technical analysis look like a collection of uneducated gibberish. Social analysis, on the other hand, delivers good forecasts in markets with a large number of speculative assets where sentiment drives prices and general engagement of potential investors with specific assets.
Identifying the strength and direction of social sentiment is a challenging task with often unreliable results due to imperfections of current analytical methods. However, a sense of what the majority of market participants think of assets can be made. Using screeners to carefully evaluate current correlations between different tokens is an excellent tool to confirm or disprove forecasts produced by social sentiment analysis.
Use a crypto screener with fundamental analysis
Some websites offer their versions of crypto screeners that often come paired with detailed articles featuring lengthy fundamental analysis pieces. Many experts believe that using the fundamental approach for crypto is not the best of ideas since assets are speculative with no intrinsic value like real investments, human capital, brand recognition and so on.
Despite technical analysis working much better, some fundamental analysis techniques can be applied to the crypto market successfully. A good analyst with intuition and risk management skills will be able to identify tokens that are likely to go up in price based on a variety of factors including development team expertise, social sentiment, technological potential, and more.
If you like having some additional thoughts given to you while you try to assess the market situation, using crypto screeners accompanied by comprehensive fundamental analysis write-ups is a solid plan. However, you should have knowledge and experience to separate bad takes from good ones. When blind guides another blind, the journey often ends at a dead end.
Use crypto screeners to find good candidates for statistical analysis
Contemporary automation products are way more advanced than we ever imagined. The WunderTrading platform offers you a chance to use a brand new artificial intelligence expert system specializing in risk and asset management. It is a sophisticated algorithm that creates a balanced portfolio and tries to hold the composition in the most optimal state.
Users can pick traded assets randomly or spend hours on testing how various tokens behave under different market circumstances to identify correlated assets. However, one of the best ways to quickly find assets that will likely go well together is looking at the selection from one of the top crypto screeners for day trading.
Rank assets by various metrics until you find tokens that seem to be correlated or behave similarly. The TradingView’s screener app allows you to see assets that have similar behavior patterns based on technical analysis. Search for trend-following tokens or look at patterns emerging in stochastic values. Pack them together in a separate portfolio and allow the AI-assisted statistical arbitrage AI trading bot to do all the heavy lifting.
A short crypto screener comparison for 2024
We have several examples of good crypto screeners that work well in 2024 for various reasons. Some of them have better UX/UI than the rest of the apps. Others provide a really deep pool of data to use for further analysis.
Here are products that you should take into consideration:
- TradingView. This charting website quickly turned into the best technical analysis platform in the world. It is one of the best trading terminals out there with a rich selection of tools and custom trading systems designed by power users. The native crypto screener offers a comprehensive summary of the market with tons of metrics to choose from. After looking at the big picture, you can open the chart in just one click and continue your analytical work without any interruptions. The transition is seamless and intuitive. If you are looking for a free crypto screener with alert features, it is a good choice.
- altFINS. This platform offers a wide range of analytical tools and insights allowing investors to make better trading decisions. The free plan comes with unlimited access to different crypto screeners, three signal filters and AI chart patterns. Serious investors will not be satisfied with such limited offerings, but you can always upgrade to a paid plan that does not cost an arm and a leg when paid annually. The variety of unique analytical tools and signal delivery methods will please retail traders with technical knowhow.
- Cryptocurrency Alerting. This platform is an excellent choice for people who do not want to spend too much time looking for the one and only perfect signal supplier. Cryptocurrency Alerting has several simple screeners that have very limited data shown in a very comprehensive way allowing you to quickly decide which signals you want to use. Alerts can be received via many types of channels including social media apps, messengers, and webhooks. If you are interested in automated trading with crypto screeners, this platform is a great tool.
- Market Screener. This analytical website appeared recently. It offers a wide range of screeners accompanied by relevant news stories and social media feeds. If you want to catch up with the crypto market and learn about the latest events in the global economy that can affect your favorite tokens, this website is a great source of morning reading. Otherwise, it is not the best of crypto screeners out there, but having some variety and a place to read the news is not a bad thing.
These screener providers focus on different things and deliver neatly packed information to their users with just enough personality and customization to stand out from the crowd. Note that many other screeners work well too. We just picked several interesting companies that have distinctly unique products that may fit your trading strategy well.
Should you use crypto screeners?
These tools are excellent helpers and will provide the necessary context to come up with a great trading plan. Many screeners are free and can be used without any limitations by everyone. If you are interested in creating a consistent trading system that delivers profits without a fail, you should spend a lot of time contemplating various correlations and trends in the market which can be identified with screeners giving you valuable insights.
Using them directly as signal sources for automated trading systems is not the best of ideas since you won’t be able to finely tune bots without paying close attention to the market situation changing in real time or conflicting with what general analysis of the ecosystem might suggest. Screeners should be used as complimentary analytical tools excellent at shedding light on the landscape of the crypto market.