Written by Renat Rashevsky. Renat is a cryptocurrency writer and enthusiast. He is in love with blockchain technology and willing to help people learn more about it.
Important information: This is a guest post. Please remember that the value of investments, and any income from them, can fall as well as rise so you could get back less than you invest. If you are unsure of the suitability of your investment please seek advice. Tax rules can change and the value of any benefits depends on individual circumstances.
Sooner or later, every crypto trader starts asking questions like these: Are the tools that I use enough? Is there any other way to be ahead of the game? After all, you can’t win a fight if you come unprepared.
So, when entering the crypto space, you must be prepared with a variety of tools and assets in order to maximize profit in any way possible. In this guide, you will learn about some of the best tools that can help you in crypto trading.
CryptoTaxCalculator
In case you are struggling with Excel while trying to sort out your taxes from crypto trading, then you should definitely check out CryptoTaxCalc. This tool allows you to directly upload your transaction history from most exchanges or wallets that are out there.
After that, it automatically categorizes your transactions and generates tax reports for all financial years. The only thing that is left to do is to send your report via your tax software or your accountant, and then you are done.
With this tool, you can entirely focus on your trading, without worrying about your tax sorting. Simple and convenient!
TradeSanta. Crypto trading bot
It doesn’t matter if you are playing long or short — crypto trading bots can come in handy in both situations. As we are all aware of, the crypto market is known for its high volatility and it might be difficult for investors to quickly react when needed.
Being chained to your PC or smartphone 24/7 is also not something you would like to be. Fortunately, you can start using trading bots — automated tools that can perform transactions on your behalf.
TradeSanta is a trading bot software that is both friendly to beginners and provides advanced tools for pro traders. It supports all the biggest exchanges, such as Binance, Coinbase Pro, Huobi, Okex and HitBTC.
Trade Santa has also multiple own signals and indicators; TradingView signals to enter the deal at the best time; risk management tools as stop loss, and trailing take profit; GRID and DCA strategies and much more. The fees are also pretty low, and you can have a free 3-day trial!
StackedInvest
Making a good portfolio and creating a strategy can be exhausting and complicated.
Did you ever wonder if someone could just sort it out for you so you could just invest and wait for potential profit to come? Well, in that case StackedInvest has got you covered!
This platform provides prebuilt portfolios and strategies that come from hedge fund managers and experienced traders. All you have to do is to choose one you like more.
The service is constantly optimized and organized to make it convenient both for those who just started crypto trading and for those who already have experience.
It is stacked with almost every popular exchange, including Binance and Coinbase, so it shouldn’t be a problem to find the one you’re already using.
GasNow. ETH GasPrice forecast system
It’s no secret that many of the decentralized applications run on Ethereum. However, this kind of popularity impacts the whole network, making it highly congested, thus sending transaction fees sky high. Remember when, during this year, the transaction fee reached an absurdly high level of $70? In case you don’t want to pay that much, it would be wise to wait until the price drops.
GasNow browser extension might come in handy here: just install it and monitor the gas price to minimize your transaction fees.
OpenOcean
OpenOcean is a DeFi & CeFi full aggregation protocol, which allows traders to compare prices between centralized and decentralized exchanges. OpenOcean acts as an entry point to access a deep liquidity pool between DEXs and CEXs.
Using this tool can be helpful in finding the best price with the lowest slippage via the platform’s smart algorithm. Yes, now you don’t need any programming skills or spend hours looking through dozens of exchanges to find a suitable offer!
Open Ocean can handle that for you; all you have to do now is decide whether you want to trade through a CEX, a DEX, or your wallet.
Conclusion
Nowadays, it is not enough just to trade crypto using your exchange account or your wallet. Crypto trading tools have become almost mandatory assets in crypto trading if you are planning to achieve the best results. Certainly, there are more tools out there that you can find. Try them out, do your own research, and see if they fit your needs.
Trying the above-mentioned tools might be your first step in this journey. Just give them a go, and you’ll see how they can improve your strategy!
Featured image via Unsplash.
