Cryptocurrency is an internet-based medium of exchange that has become increasingly popular in recent years. These currencies leverage blockchain technology to ensure a secure exchange process, featuring decentralization, transparency, and immutability. It is a digital alternative to money that holds its value based on supply and demand.
Many believed that cryptocurrency was just a fad and it would die down in popularity, following a boom-and-bust model. However, studies indicate that there are over 3,000 altcoins available today, and the number continues to grow. The global blockchain market size is expected to reach $57 million by 2025.
So, are you ready to throw your hat in the ring?
If you are interested in investing and using cryptocurrency, it is important that you do your research. Become familiar with the market and the numerous options available to you for investing.
They say you are only as good as the tools you use. This is why we’re breaking down the top # tools that will make your cryptocurrency journey simpler and more profitable. Once you get the hang of these tools, you’ll become a master of cryptocurrency.
Let’s get started.
Designed to be a smart trading terminal with auto trading bots, 3Commas is one of the best tools in the game. Here is a list of functions:
- Manual trading with Smart Trade: optimized trading so that you buy and sell coins in a single window
- Concurrent take profit and stop loss: Deal closes when the indicated price is reached, or the deal closes when the price drops at or below the indicated value.
- Sell by multiple targets: You can sell different portions of your coins at different prices and percentages.
- Charts and signals from TradingView: View current currency rate charts and TradingView signals in a single window.
- Take profit and stop loss trailing: Automated value adjustments as coin prices rise. These features can automatically be set to increase if a coin rises.
- Smart cover: Accrue additional profit with unexpected market moves. Sell and buy back coins.
The automated trading features of 3Commas means you can sit back and relax while the program works in your best interest to get you the best deals and investments. If you don’t trust the computer completely, there is even a long algorithm function that allows you to create settings for the bot to buy coins. The short algorithm means that the bot sells a coin after you create settings and then set a buy order at a lower price.
3Commas bots even analyze and copy other bots, so if you see someone doing it right, you can adapt their technique!
Want a platform that analyzes the trade you do with your cryptocurrency and generates a report in real-time? Cointracking is your tool.
Here, you can track profits and losses to get an idea of how your portfolio is doing. The report also generates the value of your coins, realized and unrealized gains, taxes, and more.
The trade importer function is particularly useful, allowing you to automatically import 70+ exchanges. You can analyze coins by looking at history charts available on Cointracking. The charts have up to 11 years of data for a thorough analysis.
Cointracking prides itself on being a secure platform. It is SSL certified and encrypted and has two-factor authentication.
If you have cryptocurrency, you need a wallet. Bitwallet is a bitcoin wallet that is fast and simple. Available on the App Store and Google Play, users who download this application will be able to easily spend, receive, and share their cryptocurrency. The best part? It is free to sign up!
The biggest selling point about Bitwallet is its simple design, which makes it user-friendly to even the novices in the cryptocurrency game. Here are a few other useful features:
- Send and receive internationally and anonymously for free
- Worldwide operation means global access
- Buy, sell, trade cryptocurrency Bitcoin and other popular ALT-coins
- Universal compatibility: accept Bitcoin from any wallet provider
If you’re looking for a safe and easy place to store your cryptocurrency while still being able to trade and manage it, Bitwallet is a solid choice.
Known as the world’s largest Bitcoin broker, Coinbase is meant primarily for beginners to the cryptocurrency game, meaning it is very user-friendly. It offers many of the features mentioned all wrapped into one, including simplified wallet hosting and both casual and professional platforms for crypto purchasing/trading.
Coinbase is free but does charge fees for transactions. From a user perspective, due to how large the platform is (it is one of the largest exchanges in the operation), there have been some complaints. These include long availability waits for assets purchased, high transfer fees, and limited withdrawal capabilities.
Still, overall Coinbase is a good choice for beginners looking for a tool that can do it all and not overcomplicate things with features intended for apprentices.