Cryptocurrency has been on the rise in popularity for years now, and it continues to grasp the attention of various investors around the world. Even those who have never invested before are curious about the miracles of Ethereum and Bitcoin. Now, in 2024, there is a multitude of other crypto coins and tokens that change the way we look at our financial system.
Individuals who have some digital coins in their portfolio know that the trading process can be complex. Regardless if you’re a newbie or an experienced investor, digital tools can aid you in overcoming challenges and making wise financial decisions. Here are eight tools that crypto investors will love using.
Table of contents
8 Digital Crypto Tools
Cryptocurrency News APIs
The best thing you can do to be up-to-date with the latest trends in crypto is to check the news frequently. But not everyone wants to sit around and search the web for hours on end. That’s when news APIs come in. This tool allows you to receive the most important information in the niche without much effort. Real-time news articles will come right to your desktop or mobile phone if you connect to one of the crypto news APIs on the market. Thus, you will be aware of the latest trends and new analyses before making important financial decisions.
Cryptocurrency Exchanges
Every cryptocurrency investor should have their preferred exchange platform, where they can sell and buy coins they own to receive profit. Naturally, this exchange should be reliable and safe to provide the trader with the best possible services. The basic services every exchange has include trading pairs, investing in various currencies and tokens, charting tools, analyses, and other features. Some exchanges let their long-time customers purchase coins with low fees and additional discounts, boosting their possibilities.
Passive Income Tools
Not everyone interested in crypto investing has the means to indulge in it. That’s why having additional income possibilities is essential for an investor. Thankfully, there are many passive income tools an investor can use to leverage their free time. Those who are looking for something similar can try other investment options, such as dividend stocks and ETFs, bond funds, or real estate investment funds. Others can leverage online marketplaces to sell their e-books and courses. By downloading a dedicated app, you can even share your unused internet connection with others for extra income.
Cryptocurrency Wallets
Choosing the right cryptocurrency wallet is essential for your financial well-being. Just like an exchange, it should be safeguarded from possible unauthorized access, with two-factor authentication and encryption enabled at all times. Wallets for holding your crypto vary, with mobile applications being some of the most popular lately.
Technical Analysis Tools
While it can be included in some exchange platforms, it’s best to have your own dedicated set of tools for technical analysis. They will allow you to analyze the financial situation regarding your coin of choice, understand the history of its fluctuations, and come up with the best approach to buying or selling it. Most used trading tools include charting platforms, indicators, expert analyses, trade signals, and others. By using technical analysis tools, you will make weighted decisions and reach your financial goal faster.
Web Scraping Tools
Not all traders know that web scraping is one of the most powerful tools for crypto monitoring. While it was mostly used in e-commerce in the past, now it’s expanding to other topics and niches like online finances. Web scraping allows users to find data quickly and effectively, and then organize it into neat categories. Here’s what you can use it for:
- Analyzing the crypto market;
- Finding updates on your local legal situation regarding cryptocurrencies;
- Receiving real-time pricing changes;
- Collecting crypto-related news;
- Monitoring crypto businesses.
It’s important to note that several types of proxies can be useful in scarping crypto-related information smoothly. That includes residential, rotating, and datacenter proxies. The latter proxies, for example, are not affiliated with ISPs and come from data centers. Their advantage is the general speediness and affordability. Datacenter proxies are suitable for high-volume scraping where speed and cost efficiency are crucial, and the target site is less likely to block datacenter IPs.
Portfolio Trackers
If you have a big and diverse portfolio of various cryptocurrencies, then it might be a little hard to manage it yourself. Thankfully, you don’t have to pay a dedicated manager to do it anymore. Now, you can use portfolio trackers for a clear analysis of your financial situation. A reliable portfolio tracker will look through your wallets and exchanges and collect all the information about your crypto holdings. It will bring you timely insights into your portfolio performance and help you build a good strategy.
Crypto Tax Tools
The income you receive from crypto is also taxable. That’s why crypto tax tools are a fundamental part of an investor’s arsenal. They help traders minimize the burdens tied to calculating taxes on cryptocurrency income streams as well as understanding the amount of profits, losses, and expenses.
Final Words
When it comes to investing and trading cryptocurrencies, having the right tools can easily maximize your income and leverage your knowledge. They can help you find relevant news and updates, analyze your portfolio, and make the right financial decisions. They can also increase your chances of succeeding in the crypto world, as a result. Try the tools mentioned above and feel the difference instantly.
