Steemit Crypto Academy Contest / S7W5 - Cryptocurrency Tools
Hello Everyone! |
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Asalam Alikum! This is Asad Fazal from Pakistan. I hope everyone here is fine. Today's I'm here to take part in the Season 7 Week 5 contest held by SteemitCryptoAcademy Team. The topic decided by the team is Cryptocurrency Tools. The topic is another opportunity for us to share our crypto knowledge and to learn from other Steemains. I'm super excited to share my view and to know other members' cryptocurrency tools they use. So let's begin!
Made on Adobe Photoshop by @chasad75
What is your understanding of cryptocurrency tools? Mention some of the tools you know in the crypto ecosystem |
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Cryptocurrency Tools are web based platforms and mobile apps that makes trading helpful because they provide market information and help in keeping track of one's crypto assets. These crypto tools help us predict the future of the coin and to monitor every second movement. With the help of cryptocurrency tools we can get insight of coins, related news, any new token listed in the ecosystem. It helps a trader to make good decisions that make most of the trades profitable.
The cryptocurrency tools not only provide information but also give trading strategies and technical indicators that help a trader to make proper trading signals. These tools help user to keep track of progress and price of any or all coins. Moreover, with the help of cryptocurrency tools, one can set up alert and notification of price chances that help them stay up-to-date with the market.
Not only this, but a trader can also store, manage, and trade their digital assets with the help of digital wallets. Also a trader can use these cryptocurrency tools to get global market analysis of different markets that help him avail the opportunity in time. If one opportunity is not available in your area, with the help of these tools, you can get that opportunity with ease.
Me Personally Used Tools |
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There are many cryptocurrency tools that even I didn't use and nobody in this crypto space has used all tools. But what tools I have used will be shared here so that other Steemains know about these tools who don't know or are newbie in the crypto world.
1. Coingecko
The first tool I want to share in cryptocurrency ecosystem is Coingecko. This tool allows user to keep track of different cryptocurrency price, market capitalization, trading volume, total supply, circulating supply, changes in 1hour, 24hours, 7days, and much more. It is a perfect tool for traders who want to know maximum details about specific cryptocurrency.
2. CoinMarketCap
Second famous cryptocurrency tool is CoinMarketCap that is a web-based crypto price tracking platform. It allow users to have comprehensive view of the market, crypto coin news, marketcap of a coin, 24hours trading volume, circulating supply, price changes in 1hour, 24hours, 7days, and much more. You can also track your assets and their performance in Portfolio section. You can also add coins in the watchlist and set price alerts that will help you take decisions at right time.
3. TradingView
Third and one of my favorite cryptocurrency tool is TradingView. It is among the powerful crypto tool that let traders to analyze the charts and patterns on different time frames. It let users add technical indicators in free and paid version to get better understanding of movement of specific cryptocurrency. It also helps to keep track and progress of your portfolio and to get alerts and notifications. On TradingView, a trader can create his own trading strategy and can generate signals on which he/she can do trading on exchanges.
Not only these three tools, but there are many cryptocurrency tools that people use to maximize their profitability and knowledge. Among those tools, some are CoinMarketCal, CryptoCompare, CoinCodex, RobinHood, Blockfolio, Coin360, and Bitcoin Ticker. I have not used these tools personally but in future I will surely use them if needed.
CoinMarketCal
CoinMarketCal is a tool that shows the calendar for the upcoming events and related news. Almost all upcoming events are there that helps a trader to make better decision of their portfolio and trading strategy. Moreover, you can get information about Airdrops, upcoming ICOs, exisiting projects news and more.
CryptoCompare
CryptoCompare is another useful tool that helps keep track of the progress, market data analysis, and ability to compare prices of different cryptocurrencies. It shows real-time as well as historial data of different cryptocurrencies, their news, price and volume.
CoinCodex
Just like others, CoinCodex is a cryptocurrency tool that help traders to stay up-to-date with the latest news and price changes of various cryptocurrencies. On CoinCodex, you can find chart of almost 22,600 cryptocurrencies. Here you can get the price changes, total market capitalization, trading volume, and other crypto related information.
Blockfolio
It is a mobile app that let users keep track of their digital assets, getting alerts and notifications, price changes, and latest updates regarding any cryptocurrency. It helps users to track their investment on different exchanges with the help of mobile app.
Coin360
The Coin360 is a platform that allow users to have detailed information of various cryptocurrencies like their price, market movements, market capitalization, trading volume, heatmap, real-time tracking, and more. The different option that Coin360 gives is heatmap that can be used to know current market movement and volume.
Which of the tools mentioned above is your favorite and why do you prefer it above others? Include how long you have been using it. |
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There are many cryptocurrency tools and from above, I can't choose one because cryptocurrency is highly volatile and risky market so we need to do analysis through different tools. My favorite ones from above are TradingView, Coingecko, and Coinmarketcap.
I have been using these tools not for long because in start I did investment without knowledge and followed some fake experts. Then after getting loss and converting my portfolio from $2,200 to $200, I realized that without knowledge and tools I couldn't be successful. So from past few months, I am using these tools because these tools help to keep proper market analysis and movement that can save me from loss.
Why I prefer these tools and ask others to use them because:
TradingView is a technical analysis tool that help traders to make strategies by using indicators, heatmaps, and community trading ideas. In paid version, we can get advanced technical indicators that are very helpful for successful trades. On TradingView, we can get insights and ideas that are shared by investors and retail traders.
Coingecko gives trader full detailed information about various cryptocurrencies price, changes in price for 1hour, 24hours, and 7days, market capitalization, total trading volume, 24hours volume, circulating supply, news related currency, and more.
CoinMarketcap is another platform that gives in depth details for different cryptocurrencies. It provides real-time data as well as historical data of various coins. With charts you can understand the past and present movements and can decide future movements.
Just like every person has different taste, cryptocurrency tools are dependent on an individual needs and like. These above three are my favorite tools and I use them whenever I need information about a specific coin. With the help of these tools, one can easily create their own strategy for trading because of the data these tools provide such as real-time market data, historical data, charts, patterns, technical indicators, news, and much more.
Prepare a step-by-step guide on how to use your favorite tool in a way that new users can utilize it to have an overview of the market. Do include different features of the tool. (Screenshots required). |
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I can share all tools but as favorite one is to be shared so I will choose TradingView. Second reason why I choose TradingView is Coingecko and Coinmarketcap is known by most of the traders and newbies but TradingView is not known by many specially newbies. So I will share step by step on how can we use TradingView and what features it has.
Step 1:
The first site is to visit TradingView website. Now click on top right button "Get Started" and then on next page again "Get Started" button. Here you need to select through which social media account you will create account or with email. If through social media, select any and fill the information AND if through email put email and password and create account. You need to verify your email to start using TradingView.
Source TradingView
Step 2:
Now you can hover on Products in the menu and can select Charts that will take you to advance chart section. There you can use different indicators, create alerts, draw or add texts and shapes, measure price ranges, and see different time frames. To get chart of a specific coin click on top left corner after your profile icon as shown below.
Source TradingView
In above screenshot, you can see the red highlight is where you can select any coin. The green highlight is for time frames, blue highlight is for technical indicators, and the yellow highlight is for useful tools inside Tradingview. On top bar, you can create Alerts by clicking on Alert icon near indicators.
Step 3:
From products in the menu, you can select heatmap that tells about different data depending on the filter you choose. You can check heatmap with Marketcap, 24hrs volume, TVL, and performance of different time frames. Also you can apply filter as required.
Source TradingView
Step 4:
In product menu item, you can check Screeners that helps you to know which coins are highly adopted, defi coins, coins with most holders, high selling pressure coins, active community coins, low cap coins, undervalue coins etc. With the help of these useful tools, you can understand better which coin is good for short and long term.
Source TradingView
Step 5:
Last option in product menu is Economic Calendar from where you can easily see past events and upcoming events. You can select from highly important, today, tomorrow, this week and past events with this useful tool.
Source TradingView
Step 6:
In community section, the second menu item, you can get trading ideas, educational ideas, video ideas, pine scripts, and streams. It is very helpful section because from here you can get ideas of experts and pro traders and also their strategy if they have shared.
Source TradingView
Step 7:
The third menu item is of different Markets including Stocks, Forex, Crypto, Bonds, Future, and Indices. You can also select country wise trades and different categories like work, play, home, industry & infrastructure, finance, crypto, transport etc.
Source TradingView
Step 8:
In fourth menu item, you can see the latest news of different financial markets like crypto, forex, indices, bonds, stocks etc. You can also check news of different countries related to financial markets. Furthermore, you can check market analysis news of all financial markets. For fifth menu, I have not much knowledge as I have never explored it and don't know much about Brokers. So you can explore it and I will also in future.
Source TradingView
These are features and uses of TradingView tool that you can use to stay up-to-date with crypto world. The tradingview has web-based, mobile app, and tablet application and there are total 30 million traders using it.
Highlight the advantages of crypto tools. Do you think the tools available at the moment are efficient? Would you like to see another one that serves a different purpose? |
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There are many advantages of using Cryptocurrency tools. They help a trader to be successful in most of his trades if tools used perfectly. Cryptocurrency tools has huge impact on the cryptocurrency ecosystem as they allow users to keep track of their digital assets, check real-time and historical data, latest news regarding any coin, upcoming events and ICOs, and more. Some of the main advantages of Cryptocurrency tools are:
1. Market Insights
Crypto tools provide complete overview of the market including price, price changes, real-time data, historical data, trading volume, market capitalization, circulating supply, total supply, news and events, and other important metrics needed in crypto trading.
2. Portfolio Managment
Most of the cryptocurrency tools allow users to keep track of their portfolio and their investment on different exchanges. It helps them monitor the performance of their digital assets and to make decisions about their next trading step.
3. Real-time and Historical Data
The best benefit of using Cryptocurrency tool is they provide real-time as well as historical market data. It shows real-time price, marketcap, and trading volume. Also you can check charts of different time frames to make informed decisions to future buy and sell of any coin.
4. News and Events
With the help of cryptocurrency tools, traders can stay up-to-date with the market conditions. They can read the latest news about a specific coin and make decision. Also a user can check past, present, and future events and what impact they had on the crypto market.
5. Easy to Use / User-Friendly
Just like exchanges, cryptocurrency tools are designed to be user-friendly. Because there are not only expert traders but also the new traders who are not familiar with the tool or platform. The navigation is kept easy to use with all important options and tools in the menu dropdown so user don't need to go deep click after click to reach the desired page or result.
6. Security
These cryptocurrency tools use ledger system that let you track transactions without any third party interference. It means no other party can makes changes without the whole community approval. These help traders to use it without any fear.
7. Comparison
Yes this is another good benefit of using Cryptocurrency tools. They allow traders to compare the data of different cryptocurrencies and their charts. It makes more convenient to track the performance of different projects without getting things messed up.
8. Global Market Access
Not only you can access the cryptocurrency market with these cryptocurrency tools but can also check the global market information. As I mentioned in the Step 7 of step-by-step guide above that on TradingView you can check the global markets data with just one click. It helps us to maximize our profitability in different markets with just one tool.
9. Customizable Features
You can make the tool customizable up to some points like the user-interface, charts, market data layout, portfolio tracking, and news and events section. The reason is different people have different tastes and likes so not all like the same background color or candles and charts shapes and colors.
Are These Tools Efficient? |
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Absolutely Yes, the reason is they provide comprehensive overview of the market data that makes it very easy for the trader to make informed decisions. The tools developers always try their best to make the tool more efficient, convenient, secure, fast, and easy to understand with best user-interface.
Some of the tools like TradingView use advanced technology that help them gain most of the real-time and historical data which then represented to the users. Moreover, with these cryptocurrency tools one can stay up-to-date with the market trends, movement, developments, news and upcoming events.
It is totally dependent on the user needs and either the tool is fulfilling the needs of the users. But in the end, we must not completely rely on any tool because these tools are not perfect and they can't guarantee you any success in your trading career. The best thing here is to "Do Your Own Research" and analysis by comparing different tools and then make proper decisions.
Summing Up |
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Cryptocurrency tools are very important and useful in the crypto ecosystem because they give comprehensive overview, insights, price, volume, marketcap, news and other important data. With the help of these crypto tools, one can stay up-to-date in the crypto space. These tools help a trader to be successful because they give real-time as well as historical data on different time frames, development of a specific coin, news and events, portfolio managment, access to global markets, and other useful things.
These cryptocurrency tools are efficient because they fulfill the needs of traders and to make informed decisions. In last, these tools are valuable resources that let us understand what cryptocurrency world is, how it works, and how can we survive in different market conditions to maximize our profits and minimize our losses.
This is all from me for the "Steemit Crypto Academy Contest / S7W5 - Cryptocurrency Tools". I invite @samminator, @preye2, @steemdoctor1, @simonnwigwe, @preye2, @lavanyalakshman, and @theentertainer to participate in this contest and share their cryptocurrency tools knowledge with us.
Thank You For Reading
As always dear friend, you have presented a very interesting and educative article with us here this week.
CoinmarketCap, Coingecko, and TradingView are great resource for anyone wanting to stay up-to-date on the latest developments in the cryptocurrency market. They offer a wide range of features that can help traders and investors gain an overview of the crypto market.
Some of the best features they offer include real-time price charts, market capitalization rankings, and volume trackers.
With these features, users can quickly and easily get an overview of the crypto market and make more informed trading decisions. In this blog post, we'll discuss the best features of CoinmarketCap for getting an overview of the crypto market.
Crypto tools are also helpful to see how the volume of each coin compares to the overall market, and which coins are being actively traded. Knowing the trading volume of each coin can help investors make more informed decisions.
Thanks for your intresting and educative article on this topic dear friend. I would appreciate if you equally engage in mine
Thank you my friend @preye2 for your valuable comment. Yes these three tools are very important for every trader because they give proper details of all cryptocurrencies.
I appreciate you take time reading my article. I would love to read yours because I am always hungry for more knowledge :)
Great post! It's great to see how cryptocurrency tools can help traders make better decisions and keep track of their assets. Your personal experience with different tools and the brief overview of each one is very helpful. I especially like the fact that you mention you don't prefer one tool over the others because each tool provides unique information and analysis. It's always a good idea to use multiple sources to make informed decisions in the cryptocurrency market. Thank you for sharing!
Thank you brother @hamzayousafzai for your words.
Yes it is good to go with multiple tools instead of just one because one tool can give incorrect results but not all. :)
Hey @chasad, great post! You did an excellent job of outlining the advantages of cryptocurrency tools and the features they offer. Your explanation of the different features of the tools was very informative and easy to follow. Your step-by-step guide on how to use the tool was very helpful for new users. The way you discussed the market insights, portfolio management, real-time and historical data, news and events, and customizable features was comprehensive and comprehensive and it is clear you have a great understanding of the crypto space.
The way you compared different tools and discussed the efficiency of each was very useful information for both experienced and new users. Your discussion on how cryptocurrency tools are important in the crypto ecosystem was also very helpful as it lets us understand how the tools can help us stay up-to-date with the market and maximize our profits.
Overall, you have provided a great resource for those in the crypto trading space and I'm sure it will be an invaluable asset to those looking to stay on top of their crypto investments.
Thanks for sharing your post and the helpful information about the different cryptocurrency tools - it's definitely a great resource for new and experienced traders alike!
Regards, @fabiha
Thank you @fabiha you took time and read my article :)
Your third choice of crypto tools which is the trading view is a very good choice of tool. The trading view is actually a web based platform and also has it application version. It one of the strongest tools in the crypto ecosystem when it comes to the technical analysis. With the trading view tool, you can check the current movement of a coin, and also be be able to predict how the market will look like within some given amount of time. The paid version of the trading view tool comes with different features that could be helpful to a trade.
Yes that's why I choose TradingView because on it we can do proper technical analysis. The paid version has many advanced features including some professional users indicators which give best predictions.
Thank you for your comment @habdallah. I appreciate :)
Greetings @chasad75 A great post. That's great to hear that you've learned the importance of using tools in cryptocurrency trading and have started using TradingView, Coingecko, and Coinmarketcap. Proper market analysis and real-time data are crucial in making informed trading decisions, and these tools can definitely help in that regard. However, it's also important to keep in mind that these tools are just aids and that ultimate responsibility for one's investments still lies with the individual trader. It's also good to continue educating yourself and learning about the market and its trends to make the best decisions for your portfolio.
Hi @aaliarubab happy to see you on my post and did strong read that can be seen with your feedback.
Yes these three crypto tools are best among others like we can say they are top 3 tools in crypto space.
You have said it right, no matter how many people are using these tools or how good they are, we should never rely completely on these tools but need to do proper research before investing.
It is always good thing to first learn and then practice on paper and then start trading so get maximum profit. I appreciate that you read my complete article and it was helpful for you. I will surely continue such sharing in the future. Stay Blessed :)
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Curated by : @steemdoctor1
Thank you :)
A detail entry you have presented here my friend. Crypto tools are web based tools or mobile tools that makes trading easy and also helps to keep track of ones assets. Indeed, crypto tools are quite important for all traders because it goes a long way in helping traders understand the market.
You have also selected tradingview as your favourite crypto tools and given the step by step guide to use the said tool. Tradingview is use for technical analysis of any crypto asset and you have perfectly explain how to use it. I wiah you success in this contest my friend.
Thank you my dear friend @simonnwigwe for your lovely comment. Your wish come true and I and you win the contest :)
I congratulate you for getting 1st position my friend. More success in your way 💕💕