Obtaining real-time market data when trading cryptocurrencies is crucial to avoid making losses. However, while drawing market data is instrumental in understanding the trajectory of specific cryptocurrencies, it is essential to integrate it with other components of trading such as network statistics and charting tools in order to minimize trading related errors. A market data analysis allows you to understand important factors such as the prices, supply and volume of coins in the market.
Leveraging network statistics allows you to assess the important aspects of a given cryptocurrency before undertaking a trade. When selecting platforms that offer market data, charting tools, and network statistics, check that the platforms are flexible and offer unique features.
This checklist provides a guide on what to look for in charting tools and market data.
Network Statistics
1 Select a tool that provides statistical network analysis of cryptocurrencies
2 Check that there is analysis of major cryptocurrencies like bitcoin and Ethereum
3 Ensure that there is data regarding the activities of development teams for different coins
4 Check that the tool showcases the level of activity of your interested coins
5 Check that there is provision of technical analyses
6 Evaluate the activities of open-sourced projects on the tool
Market Data
7 Check that your selected tool offers real-time data
8 Check for the availability of price action data
9 Ensure there is provision of accurate information regarding market supply and market supply
10 Check the API associated with the tool
11 Evaluate whether coins are categorized in terms of top losers and gainers, or scam
12 Check for provision of unique statistics
Portfolio Tracking
13 Check that your selected tracker links to your wallet and exchange
14 Select a portfolio tracker with updated and top-notch security features
15 Check for flexibility in terms of the number of coins tracked
16 Check for affordability
17 Assess ability to calculate historical data
Crypto Reports, Trading Bots, Crypto Tax Tools
18 Select trading bots/automated trading based on your set strategy (options include Gekko and HaasOnline)
19 Use crypto tax tools such as Token Tax for your tax calculations
20 Select crypto research reports that provide statistical and fundamental reviews
21 Select reports that offer future outlook of the market
Notes:
- Tools that offer network and technical analysis include CryptoMiso, BitcoinVisuals
- Common portfolio trackers include Blockfolio, Blox, CoinStats, Cointracking
- CryptoCompare, Coinmarketcap and OnchainFX are renowned for market data analysis
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