Trading in cryptocurrency is risky and lucrative at the same time. The market is very volatile and can successfully make or break a millionaire within the space of minutes.
However, regardless of how difficult the market is, with the right knowledge, information, and most importantly with the right tools, you can safely manage the risk and make the best out of the market.
In this piece we have tried to compile seven important tools beginners need to become professional crypto traders, these tools are also used by experts whenever they are trading to manage their risk. Without much ado, let’s dig into them one after the other.
7 tools to become a professional crypto trader
This is, in fact, one of the most important tools, and one of the most visited sites in the crypto world. It needs no introduction unless this is the first article on cryptocurrency trading you have ever come across.
CoinMarketCap is a site where you check the prices of thousands of coins in real-time, check their market capitalization, volume, and discover new coins. With CoinMarketCap you can research any coin of your choice that is listed on the platform, check the exchange rate and add it to your watch list, it gives you information on any coin you are looking for as far as it is listed on the platform.
CoinMarketCap has lots of interesting features and it is a must-have for beginners to track the price of a coin, analyze the chart, and know when to buy a coin and when to sell it.
The reality is that not everyone has the time to sit in front of the system all day to monitor charts, however, we still want to capture the moment, we want to be able to buy Bitcoin and other coins at the perfect time which is buying low and selling high. This is where the importance of automated trading like 3commas comes into play. It has different bots with different strategies that make decisions on your behalf.
Although it isn’t free, it offers lots of interesting features which include trading terminals, trailing stop-loss, and trailing stop-profit, and you can connect different exchanges on one interface on 3commas and make decisions at the same time.
TradeSanta is a very interesting platform that allows you to make money while you sleep. It is a trading software that lets you trade when you are away from the system. It allows you to have time to do other things aside from trading 24/7. All you do is connect it to any exchange of your choice from the supported exchanges which include Binance, Bitfinex, and HitBTC, etc. Then choose your trading pair.
It allows large volume trading, real-time tracking, and has other features like take profit target, technical indicators, Bot templates, etc. However, it is advised that you start with a very small amount to test your strategy before investing in large amounts.
3- P2P trading platform – Remitano
Remitano is the leading Peer-to-Peer exchange in Nigeria. It has one of the most secure wallets in the world where you can keep your coin securely and you can use the platform to buy BTC in Nigeria. One major reason why Remitano is on the list is because of its forum. It has a forum where every user can ask any question and get answers to their questions almost instantly. This is important because of the information you’ll get, and you need every possible information you can get so that you won’t gamble with your money blindly. If you are looking for how to buy bitcoin in Nigeria, Remitano is the go-to platform.
This is another tool you need because it keeps you updated with happenings in the crypto market before you place a trade. The crypto market is a very volatile space and can be influenced by news and media and that is why you need to be updated.
Cointelegraph is a website that provides you with the most recent news about the crypto industry covering various topics from Bitcoin and other altcoins, blockchain, and fintech. It also has many interesting and informative featured articles where you can learn about different aspects of cryptocurrency.
CryptoPanic is a very important news aggregator that helps you categorize news in order of interest. With this, you will be able to judge without sentiment which news is true and which is not true hence solidifying your crypto strategy.
6. Hardware wallet
After making profits from your trading activities, it is important to store your cryptocurrencies in a secure wallet. Hardware wallets are the most secure crypto wallets because they are not connected to the internet like other mobile, desktop, or web wallets. Ledger Nano S is one of the most popular hardware wallets in the crypto sphere. Ledger Nano X, Trezor Model T, and Exodus are also reputable hardware wallets to store your cryptocurrencies.
7. Charting Tool
Cryptocurrency trading is all about predicting the market to make investment decisions. This can be achieved by reading crypto charts. Charting tools help traders perform solid analysis of the market by collecting data and displaying the performance of the market at a specific time. This is the core of technical analysis as it predicts the market based on historical and real-time data. Tradingview is an excellent example of a charting tool.
In conclusion, we do hope you have a wonderful experience trading and always remember to trade with the money you can afford to lose and do your analysis and research before entering the market.
Introducing RENEC – Remitano exchange native token
Global peer-to-peer crypto exchange Remitano is currently developing its native token, RENEC, to improve the quality of services delivered to customers, reduce transaction fees and ensure secure and swift transactions. While RENEC is still in the development phase, Remitano has provided an amazing opportunity for old and new Remitano users in Nigeria to earn FREE RENEC.