Table of Contents
Crypto trading is a venture that is highly profitable but also massively risky. Investors are presented with opportunities that can either boost or wipe out their financial portfolio.
For you to profit from crypto trading, some unique tools will make your trading journey easy and more fruitful.
Join us as we provide the ultimate checklist for 2024, discussing the best blockchain tools that will ensure you profit in the cryptocurrency space.
Best Crypto Tools
Various blockchain tools are required to ensure ease in monitoring, transacting, or storage of cryptocurrencies.
We will provide you with details of the best crypto tools to help you optimize crypto trading. They include:
- Crypto exchanges
- Crypto Wallets
- Charting tools
- Crypto portfolio trackers
- Crypto screening tools
- Network statistics
1. Crypto Exchanges
Choosing the best crypto exchange to conduct your transactions on is the first step towards optimizing your investment.
Crypto trading takes place on cryptocurrency exchanges. They allow users to perform crypto transactions in a secure and user-friendly environment.
As a crypto investor, you can access these cryptocurrency exchanges via mobile apps or websites.
When it comes to selecting the best crypto exchange for your trading, there are some factors to consider before choosing from the plethora of exchange options you have.
There are various crypto exchanges available for you to leverage to conduct their transactions. Some of them are:
-
Coinbase
Coinbase is by far the biggest crypto exchange in the United States in terms of trading volume. Coinbase crypto exchange has a simple and user-friendly interface, which makes it a good option for you.
-
Binance
The next crypto exchange we will discuss is Binance. It is also one of the largest and most popular crypto exchanges because it provides a wide range of digital currencies and advanced features, and it is accessible worldwide.
-
Kraken
Kraken is also one of the best crypto exchanges you can use for trading. It is a well-established crypto exchange that is well known for its tight security features, a wide range of cryptocurrencies, and advanced trading options.
Factors to Consider When Choosing the Best Crypto Exchange
Seeing that you have access to many crypto exchanges, it is vital to know the best option to take to make the most out of your funds.
Here are some things to take into consideration before making your choice.
- The best crypto exchanges always have tight security to ensure the safety of your funds.
- An exchange that has high liquidity is a good choice because you will be able to conduct transactions quickly and at a fair price.
- Be sure to compare the transaction fees required by the various exchanges to ensure the best pick.
2. Crypto Wallets
Using the right blockchain tools is also one of the best crypto tools for you in 2024.
As a crypto trader, you need a strong wallet to store and manage your digital currencies securely. These blockchain tools provide you with the means of receiving, storing, and accessing your cryptocurrencies.
There are two major types of cryptocurrency wallets. Hot Wallets and Cold Wallets.
-
The Hot Wallet
The hot wallet is also known as the software crypto wallet. Hot wallets are programs or applications that can be installed on your computer or mobile device.
You can easily access them, and they are convenient to use.
Some examples of hot wallets are:
-
MyEtherWallet
MyEtherWallet (MEW) is an ERC-20 digital asset wallet. It offers a secure and user-friendly environment for managing your Ethereum assets.
MEW is a non-custodial wallet. This means that you have total control over your assets and personal keys.
-
Metamask
Of course you must have heard about Metamask before. Metamask is one of the most popular crypto wallets. It functions as a non-custodial browser extension on a computer or an application on mobile.
The Metamask wallet is built to store ERC-20 tokens and also to interact with the Ethereum blockchain and its DApps.
The most outstanding feature of the Metamask wallet is the fact that it allows you to sign transactions and interact with DApps without providing their secret keys, therefore enhancing the security of your funds.
-
Trust Wallet
Trust wallet is also one of the best crypto wallets available. It is a popular multi-crypto wallet available on mobile for iOS and Android devices.
Trust wallet is built to provide a secure and user-friendly environment for managing many cryptocurrencies and tokens.
Trust wallet allows you to interact with various cryptocurrencies like Bitcoin, Ethereum, and other ERC-20 tokens.
-
The Cold Wallet
The cold wallet is also called the hardware wallet, and like you are guessing already, it refers to physical devices that provide you with enhanced security by storing your private keys offline.
Cold wallets are one of the best blockchain tools because they provide extra protection against online threats, and they are also a good option for you if you are a long-term crypto trader.
Some examples of cold wallets are:
-
Trezor Model T
Trezor Model T is a leading cold wallet and it was developed by one of the best cryptocurrency security companies.
Trezor Model T is built to provide you with a secure and user-friendly environment for storing and managing your crypto assets.
Want a Trezor Model T? Click here
-
Ledger Nano X
The next cold wallet we will discuss is the Ledger Nano X wallet. It is a cold wallet that was developed by a well-known cryptocurrency security solutions company named Ledger.
Ledger Nano X is an upgraded version of its predecessor, Ledger Nano S. It is built to provide you with heightened security.
What makes Ledger Nano X stand out is its special security features. It stores your private keys offline in a secure chip and also integrates seed phrase protection and a certified secure element (CC EAL5+) to safeguard against physical attacks.
Buy a ledger Nano X here
3. Charting Tools
One of the best blockchain tools to help you maximize profit as a crypto investor is a charting tool.
A charting tool helps you visualize the various trading indicators and draw trend lines in the market.
When you practice with these trading indicators and trend lines, your technical analysis skills will improve, and that will help you make better trading decisions.
Some examples of the best charting tools are:
-
Cryptowat.ch
This crypto charting tool is owned by Kraken, one of the major crypto exchanges. Cryptowat.ch is completely free, and it allows you to not only chart across the different coins but also visualize more than 10 charts in one view.
-
Tradingview
Tradingview is a big company that provides live trading charts for both crypto and stocks. They are currently one of the biggest charting providers with more technical indicators than you can ever need.
Successful traders make use of Tradingview as their main blockchain tool for crypto charting.
4. Crypto Portfolio Trackers
Crypto portfolio trackers are also one of the blockchain tools to engage in order to make the most out of your trading journey in the crypto space.
Cryptocurrency portfolio trackers are pieces of software or apps that allow you to keep an eye on and handle all of your cryptocurrency holdings from one place.
By using this blockchain tool, you can get a full picture of your portfolio’s success, asset allocation, and historical data from these trackers, which collect data from different cryptocurrency exchanges and wallets.
Here are some of the best crypto portfolio tools on the market currently:
-
Shrimpy
One of the leading crypto portfolio trackers is Shrimpy. Shrimpy provides you with various tools and features that simplify crypto trading.
Some of the best features of Shrimpy include social trading features, portfolio rebalancing, and a trading bot that can help you manage your crypto holdings and automate trading strategies.
-
CoinStats
CoinStats is an all-in-one cryptocurrency portfolio tracker that supports more than 300 exchanges and 3,000 cryptocurrencies.
Coinstats allows you to track prices in real-time, control your portfolio, and gather news. The platform also has a tax reporting feature that lets users figure out their crypto-related capital gains and losses for tax reasons.
5. Crypto Screening Tools
Crypto screening tools, also called cryptocurrency screeners, are software programs or online platforms that can help you sort through and study huge amounts of cryptocurrency data to find coins or tokens that meet certain characteristics to ensure safe investment.
There are various crypto screening tools, some of them are:
-
CoinGecko
CoinGecko is one of the leading Crypto screening tools in the crypto market. It is a well-known service that collects cryptocurrency information and offers a full cryptocurrency screening option.
You can sort and filter cryptocurrencies in CoinGecko’s crypto scanning tool by price, market capitalization, trading volume, and percentage changes over certain timeframes, among other things.
This blockchain tool also gives you a lot of information about specific cryptocurrency projects, market trends, historical data, developer activity, and measures for measuring how engaged the community is.
-
CoinMarketCap
CoinMarketCap is another great place for you to keep an eye on cryptocurrency prices, and it is also a great tool for screening cryptocurrencies.
It allows you to sort cryptocurrency by price, market capitalization, volume, and circulating supply, among other things.
You can also sort CoinMarketCap’s screener by exchange, trading pairs, and market insights.
6. Network Statistics
Network statistics is also one amazing blockchain tool that you need to make use of in your trading journey.
Whenever you hear stories of one cryptocurrency falling in value or crashing, do not be quick to believe it. Make sure you see this data yourself before you take any action.
If you notice that there are a lot of transactions on a cryptocurrency’s network, it may be a sign of how the price will move in the future.
You will have an advantage over most traders if you know how busy a cryptocurrency’s network is and can confirm that a team is working on new projects.
Here are some blockchain tools you can use to gather accurate information on cryptocurrencies:
-
CryptoMiso
CryptoMiso is a blockchain tool that you can use to check the data of any cryptocurrency coin available in the market. Use CryptoMiso to check a coin’s Github to make sure it is still being used.
When you are analyzing a coin before or during investment, it is very important to make sure that open-source projects are still being worked on. It might be a dead project if nothing is being done on it.
-
BitcoinVisuals
Bitcoinvisuals is a crypto tool that provides data on Bitcoin specifically. If you want to keep tabs on Bitcoin, be sure to stay hooked to Bitcoinvisuals.
This blockchain tool provides access to the median fee cost per transaction and hash rate, and generally, you get to see how the coin is doing from a technical point of view.
All of these Crypto tools are geared towards helping you maximize profits and minimize losses as a crypto trader.
Note, however, that these blockchain tools are not meant to be used in isolation, but what works the magic is when they are used together.
