Cryptocurrency

Published on October 6th, 2021 | by Mahbub Hasan

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Crypto Tools for Research: Tools for Research and Trading in 2021

From crypto bots, converters like Bitcash to USD, to monitoring and charting, today we have listed some outstanding tools that professional traders use. Cryptocurrencies are getting popular and getting at the stage it deserved for a long time. Many companies are now endorsing and promoting crypto, and it is being used as daily currency and more. With the ability to take the place of our regular physical currency, crypto is also a currency you can trade and invest in.

Even if you are new to crypto trading, the world of crypto is very easy to get into and a great place where you can learn compared to the stock market. In fact, it is so easy to get into the crypto market, even students are trading crypto nowadays. With the right tools, knowledge, and a bit of learning, you can be a successful trader without wrestling with complex strategies. This article is for the new traders who want to get started, and we have compiled a list of tools you can use.

Trading bot

Crypto trading bots are software that automates buying and selling at the correct time. This increases profits and reduces risks. One such bot is 3Commas smart trading terminal crypto trading bots. This bot uses presets based on strategies created by other traders. One such strategy is DCA or Dollar Cost Averaging. This strategy lets you invest small amounts in fixed periods to reduce investment cost and risk.There are also strategies like short and long DCA and more.

It lets you automate trades so you don’t have to sit at a desk and perform manual actions. Instead, you can save a lot of time by automating everything. And, since it lets you copy strategies, it saves you time by skipping learning those strategies manually.

CoinMarketCal – events calendar tool

Sometimes online newspapers and crypto news channels are slow and don’t provide important events. You should always stay updated in case any hard fork, airdrop, laws and regulation changes happen. When you start trading, every little bit of information helps to take the next step. Instead of relying on alternative sources which are slow, you can keep your eyes on CoinMarketCal. With this tool, you can get news and insider news faster than typical news sources.

You can specify which coin you want to keep in the eye zone. You can select the exchange and type of updates you want to get. For example, you can select updates by airdrop/update and it will show you which coins are going to host airdrop or snapshot events. It also shows you verification status, reliability from votes, proofs and sources. A green tick badge marks tips that are officially verified. If you are a developer, you can use their API to pull data from the website.

Another good crypto currency calendar is Coindar. Except the UI is more minimal and you can get updates via their Telegram channel.

Market at a glance with CoinMarketCap

CoinMarketCap lets you track the crypto currency market, volumes, exchanges, ranks and even ETH gas fees. You can create watch lists, track portfolios, or just take a glance at thousands of cryptocurrencies, NFT and DeFi. You can also get updates and occasional trading tips from CoinMarketCap. With the Price Estimates feature, you can check predictions. Another interesting thing about CoinMarketCap is, it has a collection of trading related contents.

NewsCrypto – prediction tools and signal

NewsCrypto is a platform for learning crypto trading and engaging with other like-minded investors to share ideas. It serves as a playground for testing your own investment strategies, risking no real money. It is suitable for beginners and expert traders. With a broad collection of educational tools and a built-in social feature lets you become sharper at crypto trading. They also offer their own token which is called NWC, which can be interchanged between Steller, ERC and BSC.

Save yourself from investing in dead coins with CryptoMiso

Investing in crypto currency is risky if you don’t know or don’t have any idea about the development of coins you want to invest in. While big rank holder currencies have lower risk, more currencies are halting development and at risk of being dead. But you wouldn’t even notice a coin about to be dead. Because bad influencers are always trying to fetch you into their pump and dump game. So you should always check the development of a particular coin if you want to invest in that coin.

CryptoMiso gives you a chart based on development activity on GitHub. By fetching commit data from GitHub, it presents you with an overview of development activities. So you can see if a coin is still getting developed. If you see lower activity on recent dates, that means that currency is likely to be dead.

Glassnode – Block chain research tool

If you want to deep dive into the blockchain and explore transactions and activities, you should try Glassnode. Glassnode provides analysis and metrics visualized with real-time charts and news bits. It is an excellent tool and many traders use it for exploring the blockchain and gathering metrics for initiating their next trade. While gathering info from currency specific blockchain explorers also works, Glassnode offers many additional features and extra analytics. Glassnode is free, but you can buy it for additional features and quick updates.

CryptoTaxCalculator – lets you calculate your taxes on crypto

One of the liabilities that comes with crypto investment is filing your taxes right and calculating taxation on crypto is complex for many. CryptoTaxCalculator calculates your taxes accurately and gives you a complete breakdown of the calculation. The interface is very minimal and the process is very easy. All you have to do is import your portfolio data from the given list (which is vast), and it will create a report for you. If you don’t see your exchange in the list, you can just import your transaction data with CSV. It also covers NFT and DeFi and works in 21 tax jurisdiction.

It is a paid tool, but if you live in the US and you trade regularly, this tool can be a necessary tool for your crypto shed.

Conclusion

We compiled a list of tools you may need as a new trader. Cryptocurrency is a vast world and with the right tools, you can explore it with ease and invest risk free. We discussed a few tools that will help not only beginners, but also regular expert traders. We hope you found this article helpful, let us know if we should add more tools in the comment section. Thanks for reading.

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About the Author

Mahbub Hasan is a creative professional from Bangladesh. In Technofaq, Mahbub writes articles about design, privacy, technology and life surrounding them.



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