Cryptocurrencies have been in the market for over a decade now. Their journey has begun with the inception of Bitcoin in early 2009. Looking back at their journey, we can be assured that they have come a very long way.
Currently, there are more than 8500 cryptos in the market with a cumulative crypto market capitalization of close to $1.5 trillion. The daily average trading volume of all the cryptos combined is over $165 billion. With these numbers, we can conclude that there is a lot of interest in crypto trading among the public.
Moreover, Bitcoin is having the bear run of its life as this crypto continues to break its previous ATH values constantly since the beginning of 2021. Many average investors have already made a fortune due to the sudden increase in Bitcoin’s value. This created a lot of interest among the general public, and we have seen a considerable increase in the number of people entering the crypto market every single day.
There are more novice crypto traders in the market than ever before. Hence we thought this as the right time to share some basic education and make their life easier. Let’s get started!
Crypto market trader? – You need these in your arsenal
A reliable exchange
Exchange is the place where you get to buy, sell, transact and store your cryptocurrencies. It is crucial to pick the right exchange so that you don’t have to worry about everything else and just can concentrate on trading your cryptos. When signing up with an exchange, you must be very particular about things like Security, Fees, Ease of Usage, Reliability and their Support team. These are important, and an exchange with top quality service in all these areas can be considered reliable.
Secured crypto wallet
A crypto wallet can be described as a software program or a physical device that stores your cryptos. Essentially, we are storing our private & public keys in those wallets. With the advent of technology, it has become very easy for us to store these cryptos and use them in the most convenient way. Having that said, the same tech is making our cryptos vulnerable, with thousands of hackers out there just waiting to find a flaw in the security system of our wallets. Therefore, choosing a crypto wallet is absolutely important before you get started with trading.
Market data source
Fundamentals play a crucial role when you are trading cryptos. You need to be updated with the latest and accurate information about the crypto you are intended to trade to make appropriate trading decisions. This info includes things such as market capitalization, 24-hour trading volume, a total supply of coins, etc. Sources like CoinMarketCap can help you find the right data in the most simplified manner.
Charting tools
A charting tool is a platform for you to visualize and analyze the market. Most of the exchanges offer a charting platform for their users, but there are many free resources out there that are way more powerful and customizable. Using these platforms, you can forecast the market by analyzing multiple timeframes, applying indicators, trendlines, set-up price alerts, etc.
Crypto trading bots
If you are a novice trader and prefer algorithmic trading over manual trading, crypto expert advisors are for you. These EAs are built by a team of traders and programmers to mimic an actual human being’s trading activities. When using these EAs, all you need to do is to set-up the bot and monitor your account balance frequently. But the crux for success here lies in picking the right EA.
Conclusion
There are many other tools and resources online that will help you in becoming a better trader. But we recommend sticking with these if you are new to the crypto trading space. If you are an intermediate or advanced crypto trader, tools such as blockchain explorers, crypto calendars, research reports of top cryptos can help you in the long run. Apart from these, make sure to follow some of the top crypto experts on various forums such as Twitter, Reddit, etc. This will help you keep yourself updated with what is happening in the crypto market and the latest developments in this space.