Blockchain technology and cryptocurrencies are to stay and there’s not much that Wall Street can do to stop its sustained growth. In fact, one can safely say that the bold trader or investor will find it much easier to make a fortune from cryptocurrencies than from investments in traditional assets such as stocks and bonds.
In the last couple of years, cryptocurrency trading has started garnering mainstream attention because of its latent potential to reward traders with impressive gains that dwarfs the performance of Wall Street assets.
In fact, the growth in cryptocurrency trading is now setting it up on course to be a serious discipline on par with traditional, forex, options, and stock trading. The chart below shows the performance of Bitcoin in relation to traditional assets in the last three years.
If you are interested in trading cryptocurrencies, you’ll need to improve your odds of trading success by taking advantage of essential tools and information sources. This piece provides insight into 3 tools that you must include in your trading toolbox.
Cryptocurrency information tools
Traders who want to take the ICO route to get exposure to cryptocurrencies will do well to take the time to learn how to use ICOstats. The site provides information on specific ICOs and it also shows you the ICOs that are available and the ICOs that will soon be in the market. ICOStats can also help you find information on the procentual ROI and the potential profit that you’ll get from investing in such ICOs.
Coinmarketcap is a popular cryptocurrency tool but you shouldn’t discountenance it because it is essential to your investing success. Coinmarketcap provides snapshot of cryptocurrencies to show their price, market cap, volume, circulating supply, and seven-day price graph among other things.
Deadcoins sounds pessimistic but you’ll need the perspective that it brings on altcoins. When investing in altcoins, it is easy to be carried away by the hype and become enthusiastic about a small cap altcoin that sounds like it has the potential to become the next Bitcoin. Deadcoins can give you information on “DEAD’ coins, coins with zero growth potentials as reported by other cryptocurrency investors.
Cryptocurrency analysis tools
SIGNALS is another interesting blockchain solution that traders and investors can use to get a top-notch trading experience on cryptocurrencies. Traders and investors with Wall Street backgrounds will especially love Signals because it provides a platform for traders to create and find trading algorithms backed with the wisdom of machine learning.
Signals is built on the strong conviction that humans can distil value from machine intelligence to make rational and potentially profitable trading and investments decisions.
If you have a basic understanding of financial analysis and cryptocurrency evolvements, you can leverage Signal to build your own trading models even if you don’t have a background in programming or coding.
Signals allows traders to build trading models by selecting technical indicators such as 200-day moving averages and RSI, as well as sentiment analysis and elements of deep learning to build a trading model.
Signals is not particularly concerned with creating or selling trading programs; rather, it gives traders the platform to build their own trading algorithms. Traders can automate their trading systems and make their algorithm adaptive with data science that increases the odds of profit in a fast-changing market.
The best part is that you can make extra money and earn market recognition for your trading system by placing it on the market for copy traders and market analysts.
Cryptocurrency trading execution tools
If you have taken advantage of the cryptocurrency information and analysis tools delivered above, you’ll probably be gunning to enter the cryptocurrencies market to start trading as soon as possible.
Choosing the right cryptocurrency trading execution tools can make the difference between an interesting trading experience and a frustrating trading experience. You may want to check out Coinigy, which helps you to domicile your cryptocurrency exchanges and market accounts in a single location.
With Coinigy, you’ll have access to all the market tools, charts, and indicators for practically all the cryptocurrencies in the market. For a $20 monthly subscription, you can conduct all your cryptocurrency trading in one location instead of keeping multiple accounts on different exchanges.
Blockfolio is another interesting tool that the serious cryptocurrency trader must have in their arsenal. Blockfolio is a mobile iOS/Android app that helps you to track your positions in different cryptocurrencies so that you can are never in the dark about market trends. With Blockfolio, you can pin cryptocurrencies to your dashboard, watch the book order and create price alerts for entering and exiting trades like a pro.