While cryptocurrency trading can be profitable, it can also be risky. Investors and traders must be at the top of their game today with the tools and resources to make informed decisions.
Thankfully, many crypto trading tools will be available for beginners in 2023. These tools play important roles in a trader’s journey, from finding the correct coins to invest in, getting news, and calculating trading profits. Here is a list of 10 must-have crypto trading tools for beginners:
A crypto calculator helps traders calculate the value of the crypto they want to trade. The calculator easily tells you a cryptocurrency’s price in different fiat currencies. For example, when using the PlasBit crypto calculator, you input the amount of your chosen crypto, and the calculator will display its value in fiat currency.
A portfolio tracker is software that allows users to easily track their investments across multiple exchanges and wallets in one place. You can also get real-time updates on your wallet balance, portfolio performance and values, and the current market prices of your crypto investments.
Coin listing sites are great for researching different coins and tokens. They provide information about each crypto’s current market cap, supply, and trading pairs. This is essential when looking for a coin to invest in or trade on an exchange. Some popular sites include PlasBit CoinGecko and CryptoCompare.
A crypto news aggregator keeps you up-to-date with the latest developments in the cryptocurrency world. The website has news, information, and crypto noise from multiple sources and presents them to readers in a single place. Based on this news, you can get real-time updates on events that may affect crypto prices and make informed trades.
A crypto profit calculator helps traders calculate their profits on their trades. It’s useful in calculating gains and losses over different trading periods or for different coins. One of the best tools is PlasBit’s Profit Calculator, which allows you to use real-time data such as investment amount, initial crypto price, selling price, investment fee, and an exit fee. When you know how much profit or losses you’re making, you can make better decisions on whether to continue with the same strategies.
Exchange monitors are tools that track the order books of multiple exchanges. Traders can see the current prices for coins and tokens and how much volume is being traded across all platforms. With an exchange monitor, you can spot arbitrage opportunities and gain an edge in your trades.
A crypto tax calculator assists traders in calculating their tax liability based on their crypto gains and losses. This calculator will give users the information they need to accurately report their taxes and ensure compliance with the tax bodies. As cryptos are taxed differently for short-term trades and long-term investments, a crypto tax calculator will help you calculate the exact amount of tax you owe.
A trading bot is a piece of software that automates trades for traders. The bot follows your predetermined strategies, such as executing stop-loss orders and setting limit orders so that you can focus on other aspects of trading. A crypto trading bot also helps reduce slippage as it can execute orders quickly and accurately.
A trading journal tracks the performance of your trades and provides you with an analysis of them. It allows traders to look at past trades and identify good or bad decisions. A trading journal also helps keep track of profits, losses, and strategies that have been successful. You can share your trading journals with other traders to identify where to improve your strategies.
A cryptocurrency wallet is necessary for storing, sending, and receiving digital currency. It is a secure digital wallet that stores, send, and receives cryptocurrencies. Because cryptocurrency wallets are decentralized and stored on the blockchain, they are more secure than traditional web-based wallets. A few of the most popular crypto wallets include the PlasBit wallet, Coinbase Wallet, Exodus, TrustWallet, and Atomic Wallet.
These ten must-have crypto trading tools for beginners in 2023 can help traders execute better trades and maximize their profits. With the right tools, you can easily analyze markets, identify arbitrage opportunities, and quickly act on them.
More importantly, having crypto and crypto profit calculators such as the PlasBit calculator will help you know if you’re making profits from your trading strategies.