Best Crypto Tools: The Ultimate Checklist for 2021
Bitcoin trading is on the rise and more people are getting interested in crypto trading. For that reason, many new crypto tools have been released to help traders make better decisions when investing in cryptocurrency. In this article, we will take a look at 10 of the best crypto trading tools so you can find them easily!
1. Copy pro traders with Shrimpy.io – the best crypto trading bot
Shrimpy.io, so here you are. You heard about crypto and tried a little on your own with little to zero success, why not let an experienced trader make the trades for you? Shrimpy.io lets you choose a trader of your choice, syncs with your binance.com account (or multiple exchanges), and simply copy the trades of the experienced crypto trader.
How does Shrimpy.io work?
Shrimpy.io is a fully automated trading bot, a trading assistant that allows you to track and copy the trades of experienced cryptocurrency traders automatically, allowing beginners an easy way into crypto trading without dealing with complicated charts or different markets.
How to use shrimpy.io
First, sign up at shrimpy.io by entering your email, name, and password.
Then choose one of their packages to get started. The starter package for $19/month is a great starting point.
How to setup shrimpy.io
Once you have set up your account, click on “Connect to Binance” in the top left of the screen and sign in to your binance.com account with one of two available methods – login or guest mode. (Shrimpy currently works on the 16 largest crypto exchanges, if you want to use something else than Binance, that works too)
Now you are ready! Select a trader of your choice from our list of experienced traders or customize one yourself by adjusting their risk percentage and trading frequency (daily/weekly). You can also set up notifications if you want to be notified when new trades are made in order to follow them quickly.
At last, click on the “Copy this trade” button that appears after selecting an active trader’s portfolio as shown below:
– When copying a long position for example, then it means buying LTC at market price which will wait until a specified profit target is reached before automatically selling back into cash –
– When copying a short position for example, then it means to automatically sell LTC at market price and wait until a specified profit target is reached before buying back into cash –
A trader’s portfolio can be tracked on the Shrimpy dashboard. You are able to see your past copied trades with detailed information (date of trade, date of purchase, quantity purchased) as well as any active or completed copies you may have going right now! There we have it, you’re now in a great position to start with your automated crypto trading without having to set up a crypto trading strategy on your own.
2. Crypto tax tools
Cointracking is a service that helps you track your cryptocurrency transactions and report them to the IRS
Cointracking has integrations for coinbase and also supports other exchanges
How does cointracking work?
Cointracking lets you import all of your trades from major crypto exchanges.
Turning on tax mode will automatically generate reports about every trade, with charts tracking profit/loss over time in dollars as well as percentages. This makes it easy to know how much capital gains or losses are incurred per year, which can be reported directly to the IRS. And if there’s any confusion because something isn’t properly categorized (like mining income), then everything is editable at this point!
You’re able to see a full overview of your portfolio’s performance in the form of charts showing daily, weekly and monthly changes.
What features does Cointracking provide?
Cointracking offers you much more than just being able to report your crypto taxes – it also provides detailed transaction history for all your trades so that you know what happened with every single one. You can filter by exchange or date range, as well as set up recurring notifications when something happens (such as new transactions). And if there are any mistakes or losses due to hacking etc., then they’re easy to correct/track thanks to their advanced import feature! The service is free until June 2020 and after this period plans start at $89 per year.
How do I sign up for Cointracking?
Cointracking is currently offering a free trial on their paid memberships, but also offers a free version where you can track up to 200 trades. So you can sign up by clicking on the Sign-Up button in the top right corner of their website.
If you want to try out cointracking before signing up then they also offer a 14 day trial period. This gives enough time to test it out and get used to all its features as well as see how beneficial such an app could be! If there’s no plan that fits your needs after this trial period ends, or if you find any errors/bugs during your use of cointracing, then let them know – they’re always looking for feedback from customers 🙂
Koinly.io is a free web app that lets you create charts and graphs to plan your investments. It allows you to set up different portfolios with as many coins as desired, then compares their performance over time in an easy-to-read chart.
There are also other great features such as the ability to see how much profit/loss each portfolio has achieved for any given period of time – so if it’s been two weeks since investing into LTC, for example, then just go ahead and type “LTC” into the search bar at Koinly! The service can track profits from both trades AND mining (those coins generated through PoW or staking). So there really are no limits when using this platform 🙂
What features does koinly.io provide?
Koinly.io lets you import your crypto transactions so that you can see an overview of your portfolio’s performance. It includes charts that show daily, weekly and monthly changes in the form of lines or bars. You’re able to type any crypto coin into the search bar for a detailed view on its performance – so if it has been two weeks since investing in LTC, just go ahead and type “LTC” into Koinly 🙂
Koinly.io then lets you view your profits and losses for the past 31 days which can be either in USD or BTC. This is a great way to see how your investments have been doing, and it’s also helpful if you’re looking for suggestions on new coins to invest in based off the performance of other coins 🙂
Extract the data from Koinly.io as a tax form
The website does offer a “tax report” which can be downloaded in CSV format for your convenience.
You’ll need to export each coin’s data separately so that all of them will be included separately when exporting as CSV (instead of being grouped together into one big file). You could either do this manually by going through the site and copying-pasting from each individual page or use an API like BitScanner to extract everything very quickly 🙂
What problems might I encounter?
A lot of people tend to find themselves stuck when they first start because there isn’t any guidance or instructions on how to actually use Koinly. This can be frustrating because it seems like a really intuitive and helpful platform but is not self-explanatory by any means.
This might seem trivial at first glance – but if you’re investing in crypto, then it’s very important that you know what your portfolio looks like after every transaction! That way when the market changes drastically and things are looking bleak for Bitcoin for example (like during its fall last year), then people would have an idea of how their investments were doing 🙂
How do I sign up for Koinly? ($20 Discount with our link)
Koinly is free to use and there are no limitations on how many portfolios can be created. You just need a Google account or Facebook login in order to create an account – then you’re good to go!
3. Cryptocurrency wallets – a must-have?
A good wallet will have both security and easy accessibility. Hardware wallets are the best option for security, but not great options for active traders. Exchange wallets like that of Coinify or Binance can be accessed easily for trading, but come with added risks. For security, the Ledger Nano X and Nano S are both wallets that have shown to be very secure. Exodus is a great software wallet and easily accessible by desktop and/or mobile. Exodus is another example of software wallets that are easy to use by desktop or mobile but are not great on the trade-off between security and ease of access to cryptocurrency.
The importance of storing your crypto in a wallet.
The reason this is important is that exchanges are not 100% safe and can be hacked. If you store your crypto in a wallet, it’s safer than storing them on an exchange or using a software-based wallet that doesn’t provide the same level of security as hardware wallets do. You could argue that YOU don’t own the currency before you have it in your own wallet.
Ledger Nano X – the best hardware wallet
The Ledger Nano X is one of the most popular wallets on the market, and for good reason! It’s a very secure option with an easy-to-use interface. One great feature that it has over other wallets is its two screens – which provide more security than any single screen can provide.
Nano S vs Nano X?
There isn’t much difference between these two devices besides their price tag (the Nano X costs $100 USD compared to the cheapest version of the Ledger Nano S at 50USD). The biggest differences are in their operating systems: while both are compatible with Windows or Mac OSX, only the Ledger Nano X accepts Linux as well. Ledger Nano X could store more cryptocurrencies than the Ledger Nano S, and its second screen provides a higher level of security.
Exodus software wallet
Exodus is a software wallet that provides easy accessibility and fairly good security. It stores the private keys on your machine, which can be accessed with your password – but it’s still not as secure as hardware wallets like Ledger Nano S or X.
4. Crypto Calendar – Never miss a hard fork, airdrop, swap, or block halo
Use trusted calendar services to look ahead to upcoming events. Use them to let you view events at a quick glance. Crypto calendar services are a must-have for anyone investing in the crypto space.
Why are these event calendars important?
It’s really important to keep track of all upcoming events because there are many different currencies on the market today, such as Bitcoin Cash (BCH), Litecoin (LTC) or Ripple (XRP). If something happens in one currency but not others then people will want to know about it immediately so they can either cash out or buy the currency before it’s too late.
Coinmarketcal.com is a website that features an in-depth view of upcoming coins, hard forks, and events – just like this article! It’s also free to use for anybody with little or no crypto experience 🙂
Download the Coinmarketcal app for your mobile device or desktop to always have a digital version of this calendar with you.
Coindar.org is another website that features upcoming events for coins, hard forks, and airdrops.
Download the Coindar app for your mobile device or desktop to always have a digital version of this calendar with you.
5. Real-time crypto news
Real-time news outlets like Coindesk provide real-time updates on Bitcoin markets. Crypto Twitter provides more real-time updates than any other social media site. Cryptocurrency traders need to stay on top of market trends and keep abreast of emerging stories, like today’s Cointelegraph. Follow developments in the cryptocurrency industry on Twitter, Reddit, and more news outlets than any online media sources for real-time news and analysis.
Why is it important to follow crypto news outlets?
The cryptocurrency market has a lot of volatility, which means that prices change often. If you want to make the best decisions possible and be able to buy or sell at just the right time then it’s important to stay up-to-date on all news involving your chosen cryptocurrencies.
Coindesk – A real-time news outlet about crypto
Coindesk is a cryptocurrency news site that provides updates on Bitcoin markets.
Reddit – Live forum
Reddit, the self-proclaimed “Front Page of the Internet” hosts many subreddits dedicated to crypto and blockchain topics – such as r/Bitcoin or r/CryptoCurrency. The subreddit for our favorite platform, Steemit, can be found at /r/steemit. These communities usually have vibrant discussions about everything going on in the world of cryptocurrencies!
6. Chain Analytics Tools / Blockchain Explorers
A block explorer provides raw data and transactions and analysis. This includes transaction amounts, timestamps and miners, hash rate, and more. Chain analytics tools can also add analysis and trends that can be useful in trading. This type of information can give traders a leg-up as not many investors do not take the time to fully understand the networks. Below is a list of blockchain explorers for each of the major cryptocurrencies. For on-chain market data, Glassnode, IntoTheBlock, CoinMarketCap are other tools that can help analysts understand these networks’ use of this type of data and provide insights into trading. When analyzing these data, these tools help traders understand the value of a coin, the liquidity of a coin, and more.
Some blockchain explorers are:
CoinMarketCap – CoinMarketCap is an excellent tool for both beginners and experienced traders alike because it has in-depth info on many different coins. The data is updated all day long so there’s no need to worry about whether or not you’ll have accurate information when trading at night!
Cryptocurrency Charts – Cryptocurrency charts provides detailed graphs with price over time comparisons that can help you make better decisions while trading and investing in cryptocurrencies. If you want more complicated analytics then Kriptomat offers another type of charting feature where people can set up automatic alerts if they see something happening during their chosen timeframe(s).
ChainAlysis – ChainAlysis is a site with an intuitive interface that will allow you to conduct your own technical analysis.
Cryptosight – Cryptosight allows traders to see the volatility of tokens and coins as well as detailed analytics on market data.
Coinigy – Coinigy is another trading platform that gives high-frequency crypto trading tools for over 100 markets around the world. Some other features include alerts and charting services where people can set up automatic alerts if they notice something happening during their chosen timeframe(s).
Kriptomat – Kriptomat has a type of charting feature where people can set up automatic alerts if they see something happening during their chosen timeframe(s).
7. Crypto Charting tool
A crypto charting tool provides detailed graphs with price over time comparisons that can help you make better decisions while trading and investing in cryptocurrencies. If you want more complicated analytics then Kriptomat offers another type of charting feature where people can set up automatic alerts if they see something happening during their chosen timeframe(s).
For example, a trader might be interested in the bitcoin market but also wants to keep an eye on other assets at the same time such as Ethereum or Litecoin. They could use different tools for each asset individually or try using Crypto Charting Tool. This graph will allow them to monitor all three markets simultaneously so they are always aware of potential opportunities! These types of charts have been around since the beginning of time but are becoming more popular with traders as they allow people to find patterns and events that could be useful information when making trades.
Examples of crypto charting tools
Kriptomat, the type of charting tool that Kriptomat offers is a different take on the traditional crypto charts we’ve all been hearing about for ages. Instead of just using one graph to monitor three assets like Bitcoin, Ethereum and Litecoin simultaneously, this new feature allows people to set up automatic alerts so they know when something happens during their chosen timeframe(s). This way traders will always be aware of potential opportunities!
Coinigy with high-frequency trading tools for over 100 markets around the world. It also offers alerts and charts where traders can set up automatic alerts if they notice something happening during their chosen timeframe(s)
Cryptosight, which provides detailed analytics on market data including volatility analysis (how much prices change from day to day). This tool is one of many blockchain explorers available today. Blockchain explorers are a great way for newbie investors to learn more about cryptocurrency networks as it gives an insider view into what these technologies have going on behind the scenes. In addition to giving insight in understanding how trade works, this type of explorer can show how much funds are allocated, what mining pools exist, and more.
8 .Portfolio trackers
How can I use Portfolio Tracker to make more money?
Portfolio trackers will help you keep a pulse on your portfolio. If you find one particular coin hurting your portfolio then you can assess what to do about that. You can see the 24-hour change in the value of your investments. And, of course, you can monitor the performance of individual coins, from the end of the day. If you notice one coin is hurting, then it’s easier to assess what is happening and make a decision about whether to sell or not.
Portfolio trackers are quite easy to use and will help you keep tabs on your investments, which can ultimately lead to more profits for you!
A few different crypto portfolio trackers
Portfolio Tracker is a free app that shows the 24-hour change in your investment and lets you see how individual coins are performing, from end-of-day prices to even more detail like daily highs or lows. It’s easy to use and will help investors keep an eye on their investments so they can make better decisions when it comes time for trading!
Blockfolio also helps people monitor their portfolios by showing them the latest updates about their holdings through personalized reports, which include price alerts, news feed aggregation notifications, as well as for analytics insights such as market capitalization rankings for each coin. This way traders will always be aware of potential opportunities!
Cointracker is a portfolio tracker for crypto, and it helps traders keep an eye on their investments so they can make better decisions when it comes time for trading.
9. Mining crypto
Whattomine is a great site where you can enter various mining parameters. It shows how much money it has been mining at a time frame to see if it will be worth your predicted income. It’s a really amazing tool that will help you speculate from a mining point of view.
What should I search for when to start mining crypto?
You should search for the type, algorithm, and amount of crypto you want to mine. For example, if you’re looking at mining Bitcoin Gold then it would be a good idea to look at how much computational power is needed (the more powerful your hardware, the better), as well as what ASICs are best suited for this task. It’s important to note that sometimes there might not be an ASIC available for mining specific coins so you may need to purchase one or build your own!
Whattomine helps miners determine which coin they should buy into based on various parameters such as what type of miner you want to be, how much money you can make, and which coins are best suited for your specific mining needs
10. How to choose a crypto exchange?
Bitcoin trading is a gateway to the crypto world. The three main factors differentiating between a useful exchange and a useless exchange are liquidity, security, and fees. A tool like coinmarketcap.com is useful to distinguish between useful exchanges and useless exchanges.
Getting the best crypto trading tools is important because they can provide insights into a cryptocurrency network, help you track your portfolio for better decisions when it comes time to trade, find out how much money will be mined at different times frames, or even let you know which are the best ASICs suited for mining specific coins
What should I do if my favorite coin isn’t available on any exchanges?
If this happens then sometimes it’s possible that there might not be an exchange available yet! You’ll need to get in touch with the developers of whichever coin as well as reach out to other traders about where else you could buy the said type of currency.
List the most popular crypto exchanges with the most active users.
Investing in cryptocurrencies can be intimidating for newbies. Fortunately, there are a number of tools that make investing easier and less stressful than it might otherwise seem. We’ve highlighted some of the most popular ones below to help you get started with picking your own crypto trading strategy. If any of these sounds like something you would use or want more information on, let us know! Our team is ready to answer all of your questions about how best to invest in cryptocurrency by using helpful tools such as Shrimpy.io (for copying pro traders), Cryptocurrency wallets (a must-have?), Crypto Calendar, Chain Analytics Tools / Blockchain Explorers, Portfolio trackers, and Exchanges so you never miss out on an opportunity.