Despite the enduring bear market, being a player in the crypto industry can still be lucrative. As of early 2024, many coins and tokens are trading at around 90% discount from all-time highs. This presents a clear opportunity for traders and investors willing to play the long game. Traders with high-risk thresholds can make big plays and maximize profits when the bull inevitably ensues, so long as strategies are well-informed. But what are the best crypto desktop apps to make these plays? Let’s take a look.
The top cryptocurrency desktop apps for traders
What are the leading desktop applications for cryptocurrency traders? Here are a few notable ones, each offering unique features and tools tailored to enhance the trading experience for users.
1. Binance
Binance is the largest cryptocurrency exchange in the world. The company handles tens of billions of dollars in trading volumes daily and has its hand in almost every facet of the industry.
Binance has a desktop app that fits its stance in the industry. The platform is available for Windows, macOS, and Linux. The exchange has built a reputation for optimized speed, security, and performance.
Binance allows you to exchange crypto for crypto and fiat for crypto. The exchange is quite simple to use, but there are a lot of features to it, and it could get confusing. Luckily for traders, Binance has an extensive library of easily digestible content through its Binance Academy.
Binance has a spot trading section where you can view the markets in a basic and advanced way using advanced charting tools. You also get a Margin Trading feature, Futures and Derivatives market, where traders can speculate on the prices of your favorite cryptocurrencies.
The exchange allows leveraged trading up to 125X—the highest in the industry. Lastly, the exchange has a Financing section where you can lock up funds for returns and participate in a mining Smart Pool and loans.
Binance offers collateralized crypto loans to traders in the form of stablecoins like BUSD and USDT. This way you can continue trading while avoiding the taxable event of selling your crypto holdings.
Features
- Support for every major cryptocurrency – as well as several DeFi tokens, Initial Coin Offerings (ICO), and more
- Binance’s desktop app supports multiple trading accounts
- Multilingual support
Pros
- High liquidity for tokens
- Low trading fees
- Extensive customer support
- Quick access to new coins
Cons
- Not so beginner-friendly
- Limited phone support
2. Ledger Live
Every smart trader needs a secure storage solution for their winnings. As safe as most cryptocurrency exchanges are, you should own the private keys where most of your money is stored. Ledger’s desktop app makes this happen.
Ledger is a popular manufacturer of cryptocurrency wallet solutions. Along with Trezor, the company has held a considerable grip on the crypto custodial market.
Ledger’s desktop app – Ledger Live – is available on Windows, macOS, and Linux. The desktop app is one of the most secure desktop wallets available, but it requires a Ledger hardware wallet to execute transactions. There are two options—the Nano S and the Nano X.
Features
- Support for 26 top cryptocurrencies and over 1,500 tokens
- Easy compatibility with Ledger hardware wallets
- Create multiple wallets with the Ledger Live app
- Export transactions – useful for filing taxes and other auditing purposes
Pros
- Tezos holders can stake their tokens on the Ledger Live app and earn rewards.
- Ledger Live allows you to buy crypto directly through a partnership with Coinify.
- Easily manage your crypto on the go, wherever you are.
Cons
- Several fake versions of the wallet are online. You have to be careful when downloading it.
3. TradingView
TradingView is an impressive research app for traders and investors alike. The charting platform suits professional traders who want minute-by-minute updates on everything from stocks, futures, bonds, and cryptocurrencies. TradingView can be simple and pretty advanced, depending on your needs.
TradingView provides a wealth of market information on its homepage- even before you sign up. You can search any cryptocurrency by filling in its ticker (BTC, ETH, etc.) The service also provides educational materials, up-to-date market summaries, and news stories from top authors and sources.
As a professional trader, there are so many ways you can leverage TradingView. You can customize your chart, following the asset ideas of others to get regular alerts on their analysis. You can also enable the Magnet mode on the platform. The Magnet mode allows you to draw faster support or trend lines on your charts. It also makes plotting Gann fans, Pitchforks, and Fibonacci retracements easier
TradingView also allows you to interface with a community of professional traders to share insights. The platform has a pricing plan. It offers a basic option with limited functionality. It also comes with a Pro, Pro+, and Premium plan.
Features
- All the educational content you need to make informed trading and investing decisions
- TradingView community
- Charting features so you can create market indicators and stock alerts
Pros
- Comprehensive stock screening
- An impressive collection of research tools
- Free account available
- Engaging educational resources
Cons
- You can’t trade with the platform
- Limited connections with stockbrokers
- Exclusive customer support choices
4. Cryptohopper
Cryptohopper is arguably the top trading bot for cryptocurrencies available. Based out of the Netherlands, the service is operated by Cryptohopper BV and has been available since 2017. Cryptohopper is a web-based solution with a range of trading tools.
It features bot backtesting tools, trailing stops, customizable technical indicators, and more. Traders can also configure the bot and use it for algorithmic and social trading.
Cryptohopper has an extensive cryptocurrency exchange integration. These include compatibility with Bittrex, Coinbase Pro, Bitfinex, Bitstamp, and Kraken. And if you’re a newbie trader, there’s nothing to fear. Cryptohopper has a learning center called the Hopper Academy, where you can access learning materials to get started on the tool. The trading bot also has an active community that is useful for traders.
This makes it easy for new users to integrate into the platform by learning from materials and other experienced users on the trading bot. The platform also has a responsive support team. Customer queries can be solved through a ticketing system on the support page. There’s no live chat feature, but they are on popular social networks like Facebook and Twitter.
Features
- Integration with all top exchanges and trading platforms
- A wide array of customer support channels
- Algorithmic and social trading features available
- Demo trading account
Pros
- Easy-to-use interface
- Operates 24/7
- Great for both beginner and professional traders
- Provides additional educational tools via Cryptohopper Academy
Cons
- You will need to pay to get premium trading signals
- Also has a history with impersonator sites
5. Koinly
Taxation is becoming a significant need for crypto traders, with tax authorities looking to tax profits on trading activities. When it comes to paying taxes in the U.S, you should know that the IRS treats cryptos as a property. Almost every transaction executed with your currency is a taxable event.
Koinly is an easy-to-use cryptocurrency tax payment software. Koinly’s primary selling point is its portfolio tracker. However, there is a lot more to like. The service allows you to import all your financial data, and it will present them in a series of graphs and tables. From there, you can track your entire crypto portfolio value – including profits and losses over selected periods.
Features
- Generates several localized and standardized tax reports.
- Highlights errors from missing transactions
- Skips duplicate entries and transactions
- Can be used to generate tax reports in over 100 countries
- Link exchanges and wallet addresses for seamless operation
Pros
- Competitive pricing
- Clear interface
- Shows all your data in one place, so you get a holistic view of your portfolio
Cons
- Not suitable for beginner traders
- You can’t make payments in cryptocurrency
6. Coin Stats
Trading cryptocurrencies without tracking their prices is unheard of. You have to stay up to date and stay grounded on the market. One way of doing that is by using Coin Stats.
Coin Stats is a real-time crypto tracking tool that looks to simplify your investment. It integrates advanced monitoring technologies and a relatable interface, providing a one-stop shop for just about everything crypto-related.
Coin Stats tracks crypto prices, providing updates on project development timelines and news updates. With Coin Stats, you get a tracking service that lets you track your portfolio and assets. The app allows you to customize this portfolio, so you don’t have to concern yourself with assets that aren’t in your portfolio.
CoinStats lets you link your crypto exchange accounts via APIs to track your holdings. Thanks to its integration with news channels, you have all the information you need in one place.
Features
- Create your tracking list to watch a specific set of cryptocurrencies
- Real-time data on trade volumes across crypto exchanges
- 24-hour reports on individual coin price movements
- Support for all major exchanges and trading platforms
- Export your portfolio
Pros
- Easy exchange account integration through APIs
- Extensive tracking and information sources
Cons
- Unresponsive customer support
Choosing the right crypto desktop app is one element of a successful trading strategy
Succeeding as a crypto trader requires many things. These include precision, the right sense of timing, and the appropriate tools. Achieving these depends on your ability to make quick decisions based on the information around you. The right crypto desktop app allows you to grow as a trader and make more money.
Always DYOR before investing, and remember that the crypto market is particularly volatile, so never use funds you can’t afford to lose.
Frequently asked questions
A crypto desktop wallet is a software application that allows users to securely store, send, and receive cryptocurrencies directly on their desktop or laptop computer. These wallets provide users with control over their private keys. They also offer a convenient way to manage multiple cryptocurrencies in one place.
To set up a crypto desktop wallet, you first need to choose a reputable wallet application that supports the cryptocurrencies you want to store. Download and install the wallet on your desktop, then follow the on-screen instructions to create a new wallet or import an existing one using a recovery phrase or private key. It is essential to keep your wallet software and operating system up to date and maintain proper security measures, such as using strong passwords and enabling two-factor authentication.
Crypto desktop wallets offer several benefits. Firstly, they provide full control over your private keys, reducing the risk of losing access to your funds due to third-party custodianship. Secondly, desktop wallets allow for offline storage, making them less susceptible to online attacks compared to online or web wallets. Additionally, using a desktop wallet grants users the ability to manage their cryptocurrencies directly from their computers, providing a seamless and convenient user experience.
For crypto traders requiring real-time market analysis, desktop applications like TradingView and Binance are essential tools. Both platforms support a wide range of cryptocurrencies, making them indispensable for traders looking to make informed decisions quickly.
Crypto traders should prioritize several key features when choosing a desktop trading application. High on the list are advanced charting tools that offer a range of technical indicators and drawing options to analyze market trends. Real-time data and news feeds are crucial for making timely trading decisions. Security features such as two-factor authentication and encrypted data storage are essential for protecting users’ assets and information.
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