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.
Crypto 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.
News aggregator tools
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 fluff pieces.
Portfolio tracking tools
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.