Getting into the world of crypto trading is not a task for everyone. Many fail to cope with the pace due to the complexity and volatile nature of cryptocurrencies. However, if you have the right tools in your arsenal, you can increase your success chances, even if you are a beginner. Below, we will discuss the top 5 crypto trading tools for beginners that each newcomer should know and their platforms. So, let’s get into it!
Crypto trading tools are programs or software uniquely designed to assist cryptocurrency owners in making wise decisions and profitable crypto choices. The tools vary depending on functionality, from showing updated crypto coins’ prices to multiple calculations. So, these trading tools and all their features make buying and selling a lot more convenient for everyone.
Although all tools are designed to provide value and ease in their particular area, you should understand your crypto requirements to select the right tools for your issue. Several crypto trading tools for beginners and experts are available in both formats, i.e., online and downloadable.
Since newbies can get lost easily in the complicated world of cryptocurrencies, the crypto trading tools for beginners should be simple, with minimal and easy-to-understand UI. If you are new to crypto trading, too, below are the top 5 software you can use to remain updated and ease your cryptocurrency trading.
A must for every crypto trader, whether a beginner or a professional. It is a simple calculator that shows the value of a given number of crypto coins based on their current market value.
Let’s say you want to know how much 27 Ether (ETH) costs. At the time of writing, 1 ETH is 1,893 USD. So, you will select ETH from the dropdown menu and enter 27. It will show the exact value (51125 USD currently in the above case).
Since these calculators are constantly connected to the internet to update their data, you don’t need to keep track of the market every time. Just enter the amount, and you will get its market value.
Coin List is another great tool that displays multiple aspects and metrics of several crypto coins at once. The difference between the above tool and this one is that the former tool calculates the value of one or more coins of a particular cryptocurrency. However, the latter shows the values of a single coin of multiple cryptocurrencies.
A coin list also features other metrics, such as:
The Crypto Profit Calculator helps calculate the Profit on your crypto investment based on the rate of return and additional contributions over time. It allows you to understand the possible outcomes of crypto investment, whether it will be profitable or not. Significantly, this tool quickly gives you a big picture in no time, making the process fast and efficient.
It is also easy to use. You select your cryptocurrency and enter the invested value, the purchasing price, and an estimated selling price. The calculator will quickly give you the profit percentage (irrespective of the trading fee).
The tool works on the following principle:
(Starting investment price – Sale price) * Total investment = Profit/loss
For a better understanding, here is the complete formula which these calculators typically use:
(Starting investment – Trading fee) * (Selling price / Buying price) – Starting investment – Exit fee = Profit
Take an example ($5000-$50)*($30,000/$20,000)-$5000-$50= $2,375
So if you invest $5,000 to buy a crypto coin at $20,000 and sell it at $30,000, your Profit will be $2,375.
Cryptocurrencies are uniquely designed to be decentralized and free from government oversight. But all transactions, from selling coins or using cryptocurrency for purchases, are subject to tax treatment. Although the obligation is country based, as multiple regions have banned crypto trading, several countries have welcomed the change and even applied tax to it.
The tax also applies if the user makes purchases with the cryptocurrency. It means the user has to pay the sales tax and other regulations on the profits they earn through this source.
These obligations can be daunting for a newbie; that’s where the tax calculator helps. It is among the best crypto trading tools for beginners, as the calculations are complex. Generally, they only need to remember the taxations and the percentage in their region to feed it to the tool; the software will handle the rest.
The calculator uses the tax provisions and provides the correct payable tax amount on cryptocurrency transactions. However, calculating crypto taxes is a tricky process. It is best to keep track of all transactions throughout the year.
A history calculator is one of the primary crypto trading tools for beginners because it helps to get the price of particular coins on a particular date. The results of the history calculator help to understand the movement of the value of cryptocurrency over the years. So, it is not just great software for beginners, but experts can also benefit from the tool to understand the movements over time.
Several crypto history calculators also allow you to enter the investment amount in a coin. Besides selecting the cryptocurrency with its date and time, you can also check how much this many coins cost at that point. Overall, it helps to understand the shift in bulk movements.
Several crypto trading tools for beginners are helpful, especially when a beginner has to develop their technical trading strategies. Several platforms offer a wide range of these software packets with additional features for ease and simplicity. Below are some excellent platforms that offer the above five best tools and many others to beginners and experts.
PlasBit is a blockchain payment platform that enables individuals to store, send and receive cryptocurrencies. It enables users to open a wallet and make online transfers worldwide without worrying about conversions. So, the platform provides an excellent solution to get affordable, secure, and seamless transactions.
PlasBit offers a wide range of crypto tools in its widgets section, which you can use to ease up your trading experience. In addition to the five mentioned above, it provides a price ticker, mining, and fear calculator.
The following are some fantastic features you can avail of with the PlasBit.
Moreover, it offers high transaction limits with less fees. With a secure structure and less associated risk, PlasBit has some ideal crypto trading tools for beginners.
Koinly is an online platform that allows cryptocurrency investors, accountants, and traders to track transactions, generate reports and do calculations in multiple formats. It accepts data from over 600 cryptocurrency exchanges, blockchains, wallets, and platforms. Features of Koinly are:
Furthermore, it can import data for mining, NFTs, lending, DeFi, staking, trading, and other related income-generating activities without cost. Although Koinly is not a wise choice for traders with higher annual trading volume, it is a decent pick for beginners.
Binance is pretty much self-explanatory. If you have been engaged with the crypto world for some time, you are probably already familiar with Binance and its influence in the blockchain industry. The great thing is that it also offers some robust crypto trading tools for beginners.
Most of its trading tools lie on the pages where you trade spots, futures, margins, options, leverage, and more. These tools are primarily integrated into the chart which TradingView provides. Besides them, here are a few additional features you will get on Binance:
Binance is known as the largest exchange by trading volumes. However, its main website doesn’t operate in America. Instead, it runs under a memorable US domain in the USA, which you can consider a separate daughter website. This US website has never been hacked before. However, hackers have made several attempts on the main website.
Knowing how to facilitate crypto trading is a blessing for every beginner. We hope this article was a proper guide if you are also new to this volatile world. So check out each one of these crypto trading tools for beginners and increase your chances of successful trades right from the start. Pick a platform that provides the best tools, and get started today.