Whether you’re trading, investing, or doing anything related to crypto, the chances are you want to make it as efficient as possible. This is why the best crypto trading tools are so crucial. In this article, you will spot useful tools related to crypto — be it project analysis, data comparison, insights & discoveries, and more.
What Are Crypto Trading Tools?
Imagine your car is broken and you don’t have any instrument at hand nor you can fix it without help. You call a mechanic and he arrives without a tool kit. Your reaction?
Even though you’d look for someone with car modeling knowledge to fix it, a tool kit wouldn’t hurt as well. Obviously, you expect him to have a proper set of tools to perform repairs.
You can also fix a car by yourself, especially if you have the required knowledge and some experience under the belt. In both cases, you would need tools. This is also true for cryptocurrency trading, investment, and analysis — you need to understand the basics, and the tools can help you do it.
There are many ways to break down crypto tools by classes, utility, etc. The most popular type of tool is on-chain data products, followed by aggregators (blockchains, projects on these blockchains, BTC/ETH metrics, etc.) NFT platforms, Defi tools, TradFi & Web3 FinTech hubs, and more. Twitter accounts doing macro, micro, NFT, etc. analyses of all sorts are also popular among the crypto community.
More specifically, this article will describe the best CEX and DEX exchanges, trading platforms, charting tools, market data & news aggregators, network statistics, event calendars, research reports, trading bots, crypto tax tools, portfolio trackers, rebalancing & Web3 wallet tools, mining hubs & calculators, and blockchain explorers.
Why Every Investor Needs Crypto Trading Tools?
Both investing and trading require constant analysis and monitoring related to your portfolio and a broader market. Exchange participants need to track and record all their deals to spot mistakes, fix them, and improve results over the longer run.
Tracking and analyzing data is nearly impossible without additional tools like project aggregators, on-chain data hubs, comparison tables & graphs, upcoming drops & initial offerings, and much more. Unless you use crypto Trading tools, the investment might be haphazard and results in somewhat uncertain best-case scenarios. Even though crypto exchanges provide a trading terminal and charting tools, their capabilities are quite limited. Therefore, investors and traders need additional tools described in detail later on.
Best Centralized Exchanges (CEX) Tools
Binance is the largest cryptocurrency trading platform in the world. There are many reasons why, but robust trading pair selection, high liquidity, and fairly low commissions take the lion’s share of the job.
The company operates actively through the Web3 space, investing in new projects, supporting ecosystems, and developing its own products. One of the major related projects is Trust Wallet, which tends to compete with Metamask. Binance is also a strategic investor in core blockchain projects like Polygon, Solana, and more.
High liquidity and low commissions garner global attention, but are those reliable over the long run? Pretty much, as Binance has its native coin called BNB which faces a big demand for quite a while. BNB is part of a large ecosystem, someone might even call it too big to fail.
User-friendly interface and content also play a significant role, as newbies coming in can experience a steep learning curve with Academy, Blog, and NFT sections. All the factors mentioned generating the flywheel effect, attracting even more users over time.
Low fees and discounts for BNB holders
A wide range of crypto tools and assets are available
Multiple services related to crypto
No minimum deposit to start off
Fairly easy to open an account
Fiat and crypto deposits
Not available for US citizens
Large corporate, highly centralized
Coinbase is another large company. Even though it’s not as large as Binance, Coinbase dominates the U.S market and has been recently listed on stock exchanges, showing big ambitions and plans to conquer the rest of the world somewhere in the future.
At the moment the exchange provides over 100 tradable assets, while the user count approximates nearly 100 million holdings> $250 billion worth of assets. Like Binance, Coinbase invests in existing projects, supports established ecosystems, and spreads its own products like Coinbase wallet or NFT marketplace supporting fiat purchases. More than 13,000 financial institutions benefit from the exchange’s support.
Over 450 crypto trading pairs are available
Listed on the stock exchange
User-friendly mobile app
Has integrated Web3 wallet
Users can get Coinbase Pro to lower fees
Both newbie and experienced users can trade and invest easily
Limited altcoin pairs
Customer support issues
Relatively high fees without Coinbase Pro
BitMEX is a crypto derivatives exchange that enables traders and investors to buy futures and perpetual swap contracts on a wide range of crypto assets.
Deep liquidity and a professional trading dashboard are both associated with the platform. From retail newbie investors to experienced arbitrageurs and intraday traders — anyone can access the BTC, ETH, and many more derivatives.
BitMEX is known for launching perpetual leveraged swap contracts on BTC to allow traders up to 100x leverage and no expiry date. The innovative derivative model pushed BitMEX to become a top-tier exchange, holding the #1 spot when it comes to BTC trading.
Even though the exchange experienced some market manipulation allegations, BitMEX shook off its bad reputation and aims to become the world's largest regulated crypto derivatives exchange. In 2020, the exchange introduced KYC for all users, marking the first step toward a new direction.
Up to 100x leverage on BTC/ETH
Leading BTC derivatives platform
Reliable liquidity for major crypto tools & assets
Low fees by default
Not available for US citizens
Not fully compliant with regulations
No fiat deposits
Some traders avoid KYC
Best Trading Platforms Tools
Going one step away from centralized and decentralized exchanges, we approach trading platforms. Think of a hub that connects fragmented exchanges in one, easy-to-take format.
Coinigy allows you to aggregate wallets and trading accounts under one roof, by using API keys. That might save tons of time, especially if you're an experienced trader with multiple accounts and dime a dozen wallets.
In essence, Coinigy works as any aggregator but with some multi-exchange trading features. Moreover, some of the exchanges you can bundle under the beautiful Coinigy’s hood might have a poor interface if used separately.
Altrady is an intuitive application to fix all your crypto trading needs. It aggregates multiple exchanges, allowing you to buy and sell in one place, from one account.
The benefit is especially important for those who stick to risk management rules and diversify portfolios, sending assets over across various exchanges. The platform supplies a smooth learning curve, lots of educational videos & articles about trading, and more. Any newbie will have no problems using Altrady, as its interface is pretty straightforward.