Cryptocurrency trading is a strategic approach for a business to incorporate cryptocurrency into its business. Cryptocurrency trading entails the buying and selling of cryptocurrencies on an exchange platform with the intent of making profits or speculating on the price movements of specific cryptocurrencies by opening a CFD trading account. In order to be an effective cryptocurrency trader, it is important to leverage myriad tools and educational materials that provide an overview of the market in a given period and the factors or news that are likely to influence the price movement of a cryptocurrency either upwards or downwards.
When engaging in cryptocurrency trading, it is important to analyze market statistics in order to gain insights into the better performing coins, price movements of crypto-related assets, as well as important dates such as cryptocurrency-related conferences and programs. Cryptocurrency trading tools make it easier for traders and potential traders to effectively analyze the market before undertaking a trade.
Here are factors to consider in cryptocurrency tools that are crucial to your trading activities.
Part 1 – Leveraging News Aggregator Tools
1 Does the news aggregator tool have a simple UI?
2 Does it provide good quality cryptocurrency news?
3 Does it source the news from reputable and reliable sources?
4 Are the features therein customizable?
Part 2 – Utilizing Crypto Events Calendar
5 Does the calendar include exchange delisting activities?
6 Are there updates regarding crypto bounty programs
7 Does the calendar contain updates regarding Coin burns, Airdrops and Forks?
8 Does it contain updated information regarding conferences, programs, and events related to cryptocurrency?
9 Does it contain updated important dates regarding major coins?
Part 3 – Utilizing Coin Price Trackers
10 Does the tracker contain advanced filtering options?
11 Are there built-in cryptocurrency price converter?
12 Does it show latest coin price updates?
13 Is the market capitalization and volume shown?
14 Does it show side by side price comparisons for different coins?
15 Does it show price explorations for opportunities?
16 Does the tracker show the percentage change between the current price and the market price?
Part 4 – Charting Tools
17 Does it come with free and premium options?
18 Does it offer flexible visualization capabilities?
19 Is it possible to plot out strategies on the tool?
Notes:
- News aggregator tools options include CoinSpectator and CryptoPanic
- Crypto events calendars include CoinsCalendar, CoinMarketCal
- CoinMarketCap and CryptoCompare are some of the renowned coin price trackers in the market
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