- The following is not a FINANCIAL advice but for educational purposes only
- The following information is apt for new or amateur traders only, not meant for investors or HODLers
Well ideally, the title should have read the top 10 free trading tools for crypto traders but a few of them have services which requires paid subscription. While traders are mostly busy with charting trendlines and many secondary indicators, it’s essential to keep a tab on the pulse of the markets as well. We must admit that trading is a very energy intensive exercise (mental energy to be precise) but if you love it you won’t ever get tired. So let’s visit the tools:
- Solume : There is a simple formula for making money in the crypto markets: you just need to ride the hype. What is hype? It’s a situation in which something is advertised and discussed in newspapers, on television, etc. a lot to attract everyone’s interest. But crypto markets are not covered in Indian media except the bad publicity. Social media remains the only source to gauge market sentiment or new/fading hype cycles for trading ideas. One of the best tools in this regard is Solume.It just social media as it happens and you can toggle between “social volume change” and “sentiment indicators” to see top/bottom and emerging projects making the news on social. For day traders, this tool is a blessing in disguise.
- CoinLive : If you have ever used or heard of the Bloomberg Terminals employed by professional traders in the financial markets, then Coinlive aims to be exactly that but for crypto markets. Until recently, its professional crypto news feed and market scanner was free to use (our guess is it was piloting to see user response) and now the service stands behind a pay wall. We used it for a couple of months (free version) till now and we can surely recommend subscribing for it (if you can afford it). However, we’d strongly advise to not pay heed to it’s research and analysis as we don’t find much utility in it. The main USP is the live crypto news feed aggregated in a single window.
- Coin 360 : If you are a visual trading guy, then you’d love Coin360.io wherein you can see live market stats across coins and tokens with top 200 losers and gainers in hourly/day/weekly performance. It’s very simple to use and this should be a regular source to visit. You can also share your customised visual maps on social media.
- CoinLib : As a crypto investor or trader you must have visited or heard of CoinMarketCap to check on daily price and volume of the overall crypto market. CoinLib is just a 100x better version for the same with a lot of details play with. On the homepage you can check the overall crypto market performance, you can create your own favorite list of coins to track, you can also create your portfolio (just like you use Blockfolio) and check live top movers and shakers in the crypto. Besides these it gives us ample tools to compare cryptocurrencies, price alerts, global charts and best price explorer. Its like a mini encyclopaedia for all your crypto needs. It also lends you trading signals basis key technical indicators for buy/sell, what more do you need? [however we’d advise to make your own judgment before you make a trade]
- Flippening Watch : To understand this can be quite challenging for new and amateur traders. It fairly easy to comprehend there are basically two worlds to put your money in: one is of course Bitcoin (hurray Bitcoin maximalists) and the next is of course in Ethereum and projects based on it (ERC-20). So essentially, fiat gravitates between them or the profits from crypto moves between them. To gauge whether putting money into alts would be profitable you need to consistently check the “flippening” i.e. when flippening tends towards Ethereum then it is better for your money to stay and grow in alts while BTC strength struggles and vice versa.
- CryptoCompare : Most of us in the trading community have realised that big bets usually are ICOs (provided you enter at the best price). If you are a trader who believes in portfolio management and compare different buckets of your portfolio, then CryptoCompare is probably the best tool out there to check performance till date (YTD) with key information being displayed such as acquisition cost, realised P/L, holding and 24-hour market performance.
- Coin.Dance : Traders know very well that “volume precedes price”. Volume is the primary indicator to identify market trend. But the question is how do you get total volume of Bitcoin being traded? One might say that it’s easy to find those by checking the exchange volumes but it’s a known fact that many spoof their volumes. A solid indicator is the volume traded in OTC market which is the real proof of the pudding. Coin.Dance is best resource to find volume (demographic wise) from LocalBitcoins, Paxful and Bisq (one of the best and oldest decentralised exchanges).
- MVIS CryptoCompare Digital Assets 100 Index : If you happen to manage a large portfolio then the MVIS Digital Assets Index helps as a benchmark to cross check components with market vis-à-vis the ones that you manage. This tools however doesn’t really count as one of the key to have trading tools however it lends a viewpoint of the investor sentiment (particularly HODLers).
- CoinLoop : This is another trading tool which marries the social sentiment vs price, they try to provide ‘Cindicator’ (short for coin indicator) which tries to blend technical analysis indicators with social sentiment. We can’t claim it to be perfect but it’s always good to know if your trading idea is forming a consensus. Important to know is that valid and ‘strong’ cindicators which have a probability of hitting the target area more than or equal to 70% are behind a pay wall.
- State of the Dapps : Many traders’ style is to blend fundamental analysis baked in with technical analysis (we are one of the them). Trading community would accept that their portfolio consists almost 60%-70% of money being held in alternate cryptocurrencies in a given market cycle. With almost more than 1500+ Ethereum based project, it’s becoming seemingly impossible to keep track on movement on each of the project (decentralised application based on the Ethereum protocol). One good source is StateOfTheDapps.com wherein you can see trending and not-so trending projects, and check the completion state of each project as to whether its in testing phase or live. The increase in social sentiment is mostly rallied around the time when there is a product launch (Wallets, mainnets, etc.) or a feature upgrade (soft fork, hard forks, etc.), so identify if your “Twitter call” from the cartoon faced “trader” that you follow is genuine, StateOfTheDapps act as a relevant homework exercise.Use the above tools (till they are free) and enhance your trading ideas. We’d love to hear back as to how did it affect your trading decision.Loved this article? Want more articles like these? Support us by sending a tip to our tipjar: