6 Tools you need to succeed in cryptocurrency trading and spot holding

Throughout the year 2020 till now, cryptocurrency has been the “talk in town” and everyone are in the quest to succeed in cryptocurrency trading

If you are on this list, be assured that I have you covered.

I will be explaining some of the best platforms, capital, app and general tools you need to succeed in cryptocurrency trading and spot holding.

Let’s clear the air early on to those who don’t know much about this crypto.

what is cryptocurrency and how does it work?

Cryptocurrency is a good business idea for students and an opportunity for you to save while in school

According to oxford dictionary, cryptocurrency is a digital currency in which transactions are verified and records maintained by a decentralized system using cryptography, rather than by a centralized authority.

“decentralized cryptocurrencies such as bitcoin now provide an outlet for personal wealth that is beyond restriction and confiscation”

Unlike the U.S. Dollar or the Euro, there is no central authority that manages and maintains the value of a cryptocurrency.

A cryptocurrency is a medium of exchange that is digital, encrypted and decentralized.

Instead, these tasks are broadly distributed among a cryptocurrency’s users via the internet.

Bitcoin was the first cryptocurrency, first outlined in principle by Satoshi Nakamoto in a 2008 paper titled “Bitcoin: A Peer-to-Peer Electronic Cash System.” Nakamoto described the project as “an electronic payment system based on cryptographic proof instead of trust.”

That cryptographic proof comes in the form of transactions that are verified and recorded in a form of a program called a blockchain.

You can read more about blockchain

How much should I start cryptocurrency with?

Apparently, there is no fixed amount to start your cryptocurrency trading.

You can trade cryptocurrency with as little as $1 to as much money as you can afford to lose.

The more capital you trade with, the more profit you make and vice versa.

Leverage also plays its part in the profit margin.

But before you start investing heavily, get acquainted with these tools that most professional crypto traders use.

Trading in cryptocurrency is risky and lucrative at the same time. The market is very volatile and can successfully make or break a millionaire within the space of minutes.

However, regardless of how difficult the market is, with the right knowledge, information, and most importantly with the right tools, you can safely manage the risk and make the best out of the market.

I will be listing on this platform.

Tools you need to succeed in cryptocurrency trading and spot holding

Some of the tools you need to succeed in cryptocurrency trading and spot holding are:

Trading view

Website:https://www.tradingview.com

This platform helps crypto traders to make a safe entry and exit in the market.

it provides all the necessary tools you need to technically analyze the market.

Horizontal lines, trend lines, Fibonacci, etc are all in the tradingview platform and enhances seamless trading.

Also, you can set up your analysis and lock them in place using the tradingview lock tool. This helps you study the same chart and analysis repeatedly not to lose your technical analysis

Coinmarketcap

website:www.coinmarketcap.com

Tools you need to succeed in cryptocurrency trading and spot holding

coinmarketcap is by far one of the most visited cryptocurrency platforms worldwide.

This cryptocurrency platform was founded by Brandon Chez in May 2013.

CoinMarketCap has quickly grown to become the most trusted source by users, institutions, and media for comparing thousands of crypto assets and is commonly cited by CNBC, Bloomberg, and other major news outlets.

In April 2020, CoinMarketCap was acquired by Binance Capital management. Binance is the global blockchain company behind the world’s largest digital asset exchange by trading volume and users, which shares the common vision of making crypto accessible and systemically important to people all around the world.

It needs no introduction unless this is the first article on cryptocurrency trading you have ever come across.

CoinMarketCap is a site where you check the prices of thousands of coins in real-time, check their market capitalization, volume, and discover new coins.

You can research any coin of your choice that is listed on the platform, check the exchange rate and add it to your watch list, set price notifications and others.

it gives you information on any coin you are looking for as far as it is listed on the platform.

CoinMarketCap has lots of interesting features and it is a must-have for beginners to track the price of a coin, analyze the chart, and know when to buy a coin and when to sell it

it is one of the best tools you need to succeed in cryptocurrency trading and spot holding

Bscscan

Website: https://bscscan.com

Tools you need to succeed in cryptocurrency trading and spot holding

BscScan is a Block Explorer and Analytics Platform for Binance Smart Chain

This platform is a BlockChain Explorer, Search, API and Analytics Platform for Binance only.

It is one of the independent projects built for the Binance blockchain by the same team that built Etherscan with the mission of providing equitable access to blockchain data.

You can search for any wallet that has cryptocurrency, explore tokens in the ether space and lots more

Etherscan

Website: https://etherscan.io

Tools you need to succeed in cryptocurrency trading and spot holding

Etherscan is a Block Explorer and Analytics Platform for Ethereum, a decentralized smart contracts platform.

It is the leading BlockChain Explorer, Search, API and Analytics Platform for Ethereum, a decentralized smart contracts platform.

Built and launched in 2015, it is one of the earliest and longest-running independent projects built around Ethereum and its community with the mission of providing equitable access to blockchain data.

You can search for any wallet that has cryptocurrency, explore tokens in the ether space and lots more

Coin gecko

Website: https://www.coingecko.com/en

Tools you need to succeed in cryptocurrency trading and spot holding

As coinmarketcap, CoinGecko provides a fundamental analysis of the crypto market.

In addition to tracking price, volume and market capitalization, CoinGecko tracks community growth, open-source code development, major events and on-chain metrics.

CoinGecko was founded in 2014 by TM Lee (CEO) and Bobby Ong (COO) with the mission to democratize the access of crypto data and empower users with actionable insights.

Also, coingecko deep dive into the cryptocurrency space to deliver valuable insights to their users through their cryptocurrency reports, as well as their publications, newsletter and more.

It is better to use both coinmarketcap and coingecko synonymously as they do have different new listings sometimes.

3commas

Website: https://3commas.io

The ultimate tool for crypto traders to maximize trading profits while minimizing risk and loss, 3commas is an automated trading platform that carries out all the trading for you with or without your presence

I have noticed that not everyone has the time to sit in front of the system to monitor charts and their trades.

However, we still want to capture that dip and the pump, we want to be able to buy cryptocurrencies like bitcoin and other coins at the perfect time which is buying low and selling high.

This is where the importance of automated trading like 3commas comes into play.

It has different bots with different strategies that make decisions on your behalf.

Although it isn’t free, it offers lots of interesting features which include trading terminals, trailing stop-loss, and trailing stop-profit, and you can connect different exchanges on one interface on 3commas and make decisions at the same time.

Conclusion

Trading crypto assets does not require any digital marketing skills rather the knowledge of technical and fundamental analysis

There are more than 100 tools on the net. Do well to share the ones you are using to spot or trade in the comment section below and we will update them as soon as possible

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