Crypto Software Best

Best Cryptocurrency Tools for 2022

To succeed in the crypto market, one has to use the best cryptocurrency tools available. And without guidance, the mass of apps, websites, exchanges, wallets, and more can be overwhelming to say the least.

Accordingly, this article will equip you with a list of the best cryptocurrency tools for 2022! Read on to maximize your profit and enjoyment with the crypto ecosystem!

1.    Crypto Exchanges

A reliable cryptocurrency exchange can make or break your trading, especially as a beginner. There are three crucial factors to keep in mind for crypto exchanges:

  • Liquidity. This refers to the ease of buying and selling any particular crypto asset. An exchange with a lot of liquidity will always have a buyer or seller on the other side of your requests.
  • Security. Pretty straightforward, but critical. When you use an exchange you have to trust that your money is secure and fully protected from theft.
  • Transaction Fees. Some exchanges are liquid and secure, but their transaction fees would unfairly cut into your profits. The best options are always liquid, secure, and cheap.

Using these factors as guidance, we can recommend three high-profile exchanges: Binance, Coinbase, and BitMEX.

  • Binance currently has the highest volume in the market, guaranteeing liquidity, and they have never been hacked. A very strong option.
  • Coinbase has less liquidity than Binance, but it is highly trusted, also has never been hacked, and is FDIC insured (which means up to $250,000 of your USD wallet is covered).
  • BitMEX is for risk takers. It is fully secure, but offers up to 100x leverage, which means high risk high reward.

2.    Decentralized Exchanges

A decentralized exchange (DEX) is different from a regular exchange platform in that you don’t rely on any intermediaries to facilitate trading and you don’t need to deposit your funds directly with the exchange. You operate through decentralized finance (DeFi), utilizing the blockchain directly.

This means your funds are more secure, but DEXs have less liquidity. They can also be a little intimidating, but once you get the hang of it they have easy functionality.

IDEX is probably the best option. It has been around for ages and reliably offers sufficient liquidity.

3.    Trading Platforms

These improve your crypto trading by streamlining it, allowing you to trade on several exchanges from a single platform!

Coinigy is likely the most widely used trading platform around. It supports more than 45 exchanges and offers trading charts and good support.

Tradedash is another option with strong liquidity and reliability. But unlike the web-based Coinigy, Tradedash is a desktop application. With your private keys encrypted and stored on your own machine, you’ll have extra privacy and secure authentication.

4.  Crypto Wallets

Your crypto wallet is basically your bank account. Without a safe wallet with a clear user-interface, your money will always be at risk. On this front, we have five recommendations:

  • Mycelium is mobile only, but works with iOS or Android, is incredibly secure, and is user-friendly. It uses a seed phrase for authentication, so be sure to write that down!
  • Metamask is a very popular Ethereum (ETH) wallet. It is web-based and allows you to send to or receive from other decentralized applications on the internet.
  • MEW (or MyEtherWallet) is probably the main wallet for ETH and ERC-20 tokens. It also has compatibility with some hardware wallets.
  • Ledger Nano S is a hardware wallet, which means it is safe from hackers. It has first-rate support, many users, and supports over 1,000 coins and tokens. It isn’t free, but I’d still recommend it.
  • Exodus supports 100+ tokens, can be backed up, and is super easy to use. A very popular option with broad functionality.

5.    News Aggregators & Research Reports

Information is golden in the crypto sphere. It is therefore critical that you stay ahead of the curve and intelligently get the information you need. To do this, utilize News Aggregators and Research Reports.

News aggregators do exactly what you think – they aggregate the most important stories, data, and headlines from thousands of articles and social media posts. They are very useful for cutting through the noise and getting a quick sense of the market. They also introduce you to new altcoins, stablecoins and tokens, yet keep you away from scams.

We recommend CryptoPanic and FAWS; they are both reliable and comprehensive, and it really is just a matter of your preference regarding their respective user-interfaces.

Research reports are a little more in-depth and require a bit of time to read, but for active traders they give valuable insight and analysis on the present and future state of the market. And as with news aggregators, they are also an easy way to learn about altcoins or stablecoins you may have missed.

For example, Crypto Research Report is a quarterly option, with a bunch of sources, interviews, and data, this is a premier option for getting a formal view of the market.

6.    Trading Bots

Trading bots are bits of software that allow you to make certain trades automatically based on your pre-set parameters or trading strategy. For instance, you can have a bot set up to sell a certain percentage of your BTC if the price rises 5% in an hour, or to buy bitcoin if the price falls 5% in an hour.

This way you can make money in your sleep – if you get effective bot software. There are two clear winners here:

  • HaasOnline is an established service, with extensive indicator variability, a straightforward interface, and strong performance.
  • Gekko is another good option. It has slightly less trading options though, and as an open-source bot you will need to download some files for it to work.

7.    Portfolio Tools – Trackers and Rebalancing

To make the most out of your digital assets portfolio despite all the fluctuations in the market, there are couple portfolio tools you should consider.

Portfolio trackers allow you to keep the pulse of your portfolio, showing at a glance the total value of your investments, the 24hr change in value, and the performance of your individual coins. I have four recommendations here:

  • Blockfolio is a mobile app, with a great user-interface and additional features. You have to enter your coins manually, but in our opinion this simply provides additional security.
  • CoinStats is another mobile only option, but you can save hours of time by importing your trades automatically through API.
  • Blox has both free and premium versions, but both are very professional, sleek, and reliable.

Portfolio rebalancing is the other crucial portfolio tool. Rebalancers essentially automatically adjust your portfolio depending on your pre-selected preferences. For example, say you want your Bitcoin assets to always be worth 40% of your portfolio, but a rise in prices makes it suddenly worth 55%. A rebalancer would sell off the additional assets to keep your Bitcoin portfolio value at 40%.

This way, trading cryptocurrency can be a disciplined and balanced process, where you guard against fluctuating prices in real-time, keeping your ledger clean. Some great options include Shrimpy (which is free) and 3Commas (not free but has more functionality).

8.    Crypto Tax Tools

Filing one’s taxes is always a bit of a pain, and your digital asserts are no exception. But it doesn’t have to be! Good crypto tax tools will help make sense of your trades and tell you how much, if any, you owe in taxes.

One of the best crypto tax tools out there is, you guessed it, Accointing. It is focused solely on helping you with your taxes. It is fully automated and incredibly time-saving.

9.    Market Data, Charting, Explorers, and more.

We are including under this last category a broad range of tools, because they all serve basically the same need: to understand and even predict fluctuations, long-term shifts, and other developments in the market.

As a starting point, always try to get real-time, accurate data about the market. Good places for such market data are:

  • Coinmarketcap, the most used site for checking prices, trading volume, and coin supply.
  • OnchainFX is similar to Coinmarketcap, but also includes more unique statistics and variegated data.

Charting tools let you visualize various trading indicators, drawing lines to visualize shifts in the market. Through this, you will learn to read technical indicators and get ahead of every price curve with proper technical analysis. Tradingview and Cryptowat.ch, owned by Kraken, are two good options – you’ll learn a lot just by playing around with their chart functions.

Crypto calendars allow you to monitor any major changes or updates for a network, coin, or network, so you are never surprised. We recommend CoinMarketCal and Coindar, both of which will keep you abreast on all major developments.

Network statistics are essentially data on particular crypto networks, specifically their transactions, fees, and general software development. Options like BitcoinVisuals (only for Bitcoin) and CryptoMiso give you detailed information on coins, making sure you don’t invest in a sinking ship. However, Glassnode is the market leader in providing advanced insights, market intelligence, tools, and data which are helping investors make sense of all the on-chain data which is generated on blockchains. Check out Glassnode’s Twitter account for useful, up-to-date stats.

Conclusion

And there we have it, all the best crypto tools you need to succeed in the crypto ecosystem. Remember, it is important that you try these various options out and find the tools you like best!

With these tools your portfolio will flourish and you’ll be a much savvier trader in no time.

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