Crypto trading is quickly becoming one of the most popular activities in the financial markets. Owing to the market’s volatility, traders can easily spot opportunities and make money. But this volatility also means that the risk of trading cryptocurrencies is usually higher than any other asset in the financial market.
As a result, it has become increasingly important to have the right tools to help you maximize your trading profits. Fortunately, plenty of free and paid crypto trading tools can help improve your strategies and boost your profitability. These tools will help you see the market better, research properly, and make more informed trading decisions.
This article will discuss the top 5 free crypto trading tools that can help you boost your trading strategy.
The primary purpose of trading cryptocurrency is to make a profit. A crypto profit calculator helps traders determine their expected return from any specific trade or investment. It considers factors such as the amount invested, current market prices, and fees and gives you an estimate of your profits or losses. This tool can help you plan your trades better and maximize your returns.
Many free crypto profit calculators, such as the PlasBit profit calculator, are available online. This calculator is easy to use and only requires you to input the initial price, selling crypto price, an investment fee, exit fee, and investment amount. The calculator will then output the expected return on investment.
Crypto news aggregators are a great way to stay up-to-date on the latest developments in the cryptocurrency market. These tools compile news stories from various sources and present them in an easy-to-read format, allowing you to quickly review headlines and topics that could impact your trading strategies.
Popular free crypto news aggregators include PlasBit and Cointelegraph. These platforms offer a wide range of content, including market reports, news releases, and updates from various crypto exchanges. The information provided by these tools is often updated several times daily so you can stay connected to the latest news and trends in the market.
Crypto charting tools help traders analyze price movements and make informed decisions when trading cryptocurrencies. Crypto charts typically offer various technical indicators, drawing tools, and analysis features to help you determine trends and predict future prices. They also create candlesticks, showing a crypto asset’s opening and closing price in a specific period.
TradingView is one of the most popular free charting tools available online. It offers a wide range of features, such as live streaming data, technical analysis tools, drawing tools, and customizable timeframes that can help you gain insights into the cryptocurrency market. The charting tools will help you understand how prices of cryptocurrencies swing and how to capitalize on these movements.
Cryptocurrency portfolio trackers are an essential tool for crypto traders. They help traders track their portfolio performance and view the progress of their investments. These tools provide a comprehensive overview of your crypto assets, such as the 24-hour change in your portfolio value, the price change of individual coins, and the total value of your investment.
Portfolio trackers also often offer features such as real-time updates, alerts for low or high prices, and automated tax reports. You can quickly determine if a specific coin is hurting your portfolio and whether to keep or sell the coin. Some of the best portfolio trackers include CoinTracking and CryptoCompare.
Cryptocurrency tax software helps traders calculate their taxes due on crypto trading profits. This tool considers capital gains and losses, income earned from mining, and staking rewards to determine the exact taxes you owe. Knowing your tax liability helps you plan your trades and investments better.
CryptoTaxCalculator is one of the best free crypto tax software available online. It offers a simple interface and an accurate taxation calculation system to quickly determine your tax liabilities or refunds. This tool also offers features such as integrated wallet tracking and detailed reporting which can help you stay compliant with the IRS regulations on cryptocurrency trading.
These five free crypto trading tools are a great way to boost your trading performance. These tools let you gain insights into the cryptocurrency market and make informed investment decisions. With the help of these tools, you can track your portfolio performance accurately and ensure that you remain compliant with the laws on cryptocurrency trading.
But as crypto trading is all about making profits, ensure that you have PlasBit’s profit calculator to know how profitable your trades are. If you’re incurring losses, then you should change your strategy.