The cryptocurrency market is seeing a surge in positive sentiment, with multiple incumbents either pouring more capital into it or accepting that it is a legitimate asset class. To add to this celebration, governments and central banks are seriously looking into blockchain-based technologies, proposing regulation, encouraging innovation, or building Central Bank Digital Currencies (CBDCs).
At this fascinating time, with analysts upbeat about the future of Bitcoin (BTC) and the market, people are naturally very keen on entering the market – but this can be a daunting task for a new investor.
So that’s why we’ve collated the top 15 cryptocurrency tools for everyone. There are many on-the-fence investors out there who have trouble entering the market because of the unfamiliarity of cryptocurrency tools. This is also why so many exchanges and blockchain startups are working on intuitive features like human-readable addresses.
Fortunately, numerous startups and software companies have released cryptocurrency products and services that make it precisely so that anyone can begin working with cryptocurrencies without worry. Browser wallets are a perfect example of this growing focus on accessibility.
The list we offer is very comprehensive, covering everything from the basics to the most focused of trading activities. It is not exhaustive – there are certainly many more tools for most categories. However, on the whole, it provides a very thorough coverage of all of the top crypto tools; everything that is required to begin seriously investing in cryptocurrencies.
In This Article:
- Cryptocurrency Exchanges [Centralized]
- Decentralized Exchanges
- Hardware Wallets
- Software Wallets
- Charting Tools
- Tracking Trades [Trackers]
- Market Data Tools
- Trading Bots/Algorithms
- Portfolio Trackers
- News Aggregators
- Block Explorers
- Mining Tools
- Network Statistics Tools
- Transaction Tracker
Cryptocurrency Exchanges [Centralized]
Exchanges (for most people, anyway) are where you’ll first be buying your cryptocurrencies. Most exchanges have some KYC procedures, so you’ll have to offer government identification in addition to a few other details. The process is straightforward.
Once your account has been activated, you can begin buying and trading, with the assets being stored on your exchange wallet. Never store your assets on an exchange wallet as it is much less safe than storing it in a hardware wallet (which we will discuss later).
Assuming that you’re approaching investing with no prior experience in cryptocurrencies, you’ll be making a fiat transaction to purchase the cryptocurrency, which should be fine, as in this day and age fiat fairly widely supported. There are such things as decentralized exchanges (DEXs) as well, but we talk about that in the following section.
The following are exchanges worth considering. They have high liquidity, a range of assets and provide other features native to the platform.
- Binance is easily one of the most well known of exchanges, offering services to over 180 countries. The exchange has quickly grown to be one of the most used exchanges on the planet, even if it only just broke into the US market.
- Binance has high volume, a large listing of assets, and features such as a DEX, native token and token launching platform. It’s not perfect, but then this is true of every other exchange. Feature-wise, it’s an easy recommendation for both beginners and for regular investors who are looking for convenience.
- It might be the best crypto trading platform for some, but the exchange market is huge, and exchanges like Coinbase might have something to say about that.
In the Americas, Coinbase is one of the most active exchanges, even if it is competing with the likes of Gemini. It has a professional version of the platform, aimed at experienced traders who transact with large volumes.
It has a strong selection of assets, even if it isn’t as much as some other exchanges. However, do note that the rates on Coinbase are quite high as compared to other exchanges. Assets can be bought with debit and credit cards, and bank transfers. Coinbase’s compliance with regulation means excessive verification, while others are glad that it is following the law.
StormGain is a well-rounded exchange that offers a lot of different tools, with a goal of helping people use the volatility of the market to their advantage. It serves over 100 countries and features both amateur and more sophisticated trading options. According to CoinMarketCap, it also provides one of the best interest rates on the market. On the whole, it is quickly making some ground on its path to become one of the best crypto trading platforms.
Here’s the second type of exchange: completely decentralized exchanges that require no central party to hold wallets and facilitate trades. These are a relatively recent arrival on the market, using the technology itself to ensure that assets can be exchanged and bought near-instantly while avoiding the risks associated with centralized exchanges.
What are those risks? Centralized exchanges are slower, less safe (as proven by the many hacks and breaches in recent times), and more expensive as the exchange charges a fee for its services. Decentralized exchanges do away with all of these disadvantages.
That said, it is still quite a new development, so it is not quite as refined as investors would like it. For one thing, it can be unintuitive for the newbie investor. It takes a little technical know-how to make the most of decentralized trading. But the option is there if you’d like to try it.
The Oasis DEX is a part of the MakerDAO ecosystem, the project that has created the DAI stablecoin and the MKR governance token. The Oasis DEX protocol is a liquidity pool for the ETH/DAI market, whereas Oasis itself is a larger platform that lets users do more, which includes earning more interest on DAI tokens.
Uniswap is the largest DEX on the market, with over $30 million worth of ETH locked in. One particularly noteworthy thing about the platform is that it focuses heavily on making it possible to integrate the protocol with apps, and generally to aid development.
Bancor is the second-largest DEX on the market, and has its tokens called Smart Tokens, which facilitate its key feature: instantly converting one token to another and exchanging them. Like all DEXs, it uses a particular protocol to achieve instant trades between assets, as opposed to it being done by the exchange on your behalf.
Best Hardware Wallets
Hardware wallets are a must if you’re going to be investing in what you consider to be sizable sums. They’re provably the most trustworthy of storage devices, and even the biggest of hedge funds make use of them.
The primary reason it’s safe is that it’s “cold”, i.e. it is not connected to the internet. Consider exchange wallets – the funds are actually in the hands of the exchange, which means that they’re vulnerable to theft (which has happened many times in the past).
But your hardware wallet will safely store your funds and requires hardware key presses for transactions to be made. This adds an additional layer of protection, with the overall security of a hardware wallet being unmatched by anything but perhaps a paper wallet.
It’s a close call, but Ledger and its line of products are more popular than Trezor, talked about below. The French company offers sleek, reliable, and secure hardware wallets that have taken the cryptocurrency world by storm. Most in the cryptocurrency community would agree that Leger is a solid choice, intuitive even for a newbie user.
Trezor is the only other hardware wallet that has any appreciable market share and many swear by its security as well. You may hear some heated discussions about how Trezor is not as secure as Ledger, but that’s a mostly academic point. For all intents and purposes, both these wallets are highly secure.
As for costs, both of these wallets are almost the same, give or take a few dollars.
Software wallets are convenient and intuitive, which is why they continue to remain popular. Hardware wallets are a little pricey, but software wallets are free to create and afford a level of accessibility that attracts many newbie investors.
Of course, these too – whether mobile or desktop – come with security issues, but it is not as bad as an exchange wallet. Most also offer a wide enough variety of assets that will satisfy even intermediate investors, though serious-thinking investors are better off with a hardware wallet and a bigger exchange.
Think of software wallets as a convenient middle ground between exchange wallets and hardware wallets. It’s okay to keep some funds in it and conduct some trades, but don’t take the risk of storing too much in it.
BRD is a popular software wallet that is simple and secure, and puts getting up and going as the most important feature. Available on both the iOS app store and Google Play, it allows users to buy cryptocurrencies with credit cards and at ATMs. The wallet itself uses a 12-word paper key.
MyCelium is a software wallet that has been developed by the eponymous company, which began operations in the early days of cryptocurrencies. Compatible with both Ledger and Trezor, MyCelium works on multiple devices. Noteworthy features include single-use addresses and creating a wallet on an offline hardware device like a mining rig.
Charting plays an important role for those who are really invested in the market. Chances are you’ve seen the many complicated patterns, drawings, and predictions that daily investors come up with. Even in traditional markets, this can be confusing, but the cryptocurrency markets take it to a whole nother level.
If you’re just a hodler or don’t plan to day trade, then you won’t really need the charting tools before. They’re used by the technical analysts to plot the price movement of Bitcoin and oftentimes their predictions can be off.
However, if this is something you’d like to learn, then the tools listed below will be essential.
TradingView is one of the most popular tools for every type of serious trader and provides a bevvy of tools for trading in all markets, not just cryptocurrency assets. The technical indicators and chart pattern analyses are very popular among the community. Crypto charting is mostly done here, so you know it is community verified.
Coinigy is a trading tool platform aimed squarely at cryptocurrency traders. The premium versions are aimed at professionals and include unlimited API accounts. Linked to over 45 exchanges, the platform offers spot trading, an arbitrage matrix and a varied set of tools for making the most out of cryptocurrency charts.
Tracking Trades [Trackers]
Trade tracking is fairly self-explanatory – they help you keep track of the trades you make. They’re most useful in tandem with some of the other tools here, one part of a suite of tools for the regular investors and traders.
CoinTracking is one of the most advanced trade tracking platforms, which is why corporate clients use it. The platform provides real-time info of all your data, including tax reports and declaration (with adjustable parameters depending on the country, professional assistance and analyses on market data.
Some would say that this is the best crypto tracker, but that, of course, is a little subjective. There’s no doubting the breadth of its features, however.
If there’s one tool that can compete with CoinTracking for the title of the best crypto tracker, then it might have to be Cryptocompare. While not quite all of the more professional features offered by CoinTracking, it works well for a newbie investor. It provides reviews and analyses of the various exchanges. It is used by some major names in the market, such as Refinitiv, Investopedia, Etherscan, and Pantera.
Market Data Tools
Market data is critical for any investor, as it gives one both short-term and long-term projections of how the market is going to develop. It gives the investor a sense of the interest in an asset and how it is faring against past benchmarks.
For instance, there are market data trackers for individual blockchains, entire niches, and investment vehicles. Decentralized Finance (DeFi), discussed below, is now seen as a cornerstone of the cryptocurrency market and data aggregators offer a clear picture of how it is transforming the asset class.
There are many more valuable market data platforms, but the ones offered here are a good starting point for better analyzing deeper trends in the market.
DefiPulse tracks the value in major players in the space, including those working with synthetic assets, DEXs, and derivatives.
Trading bots are helpful little agents used by more advanced traders to give them the edge in trading. We wouldn’t recommend that you try these tools until you’re well into the game.
SFOX Trading Algorithms
Calling itself the world’s first professional algorithmic trading solution, AlgoTrader supports hundreds of cryptocurrencies, as well as equity, forex, and derivative markets. It provides a broad range of market adapters, and automated processes and built-in business functions.
While not as well known as Blockfolio, Blox is another portfolio tracking app that has been well received. Used for accounting, tracking, and management, it aims at enterprise players with such features as CPA financial tools and bookkeeping and transaction control. It can also be used by miners.
This is a slightly more advanced tool, but the veteran investor can probably gain a lot out of this.
Block explorers also form an indispensable part of the cryptocurrency analysis tool kit, as they let you see the most fundamental of information – who is moving money where, for example.
WhatToMine provides a straightforward but highly useful service: it calculates the mining profitability of different cryptocurrencies adjustable to your hardware and electricity cost. This is something that will only be used by the enthusiast, but it gives you a sense of where to start if you want to mine.
While these may not seem like “tools” in the regular sense, the wise trader and investor will know that, in the cryptocurrency world, social media platforms reign supreme. It has demonstrably shown to be a factor in affecting price movement, besides the fact that news often first breaks on one of these platforms. If you’re going to be investing more, you’ll have to keep yourself updated with all of the news from these platforms.
These are by no means an exhaustive list of tools – but they are fantastic for getting you off the ground and running. There are tools and resources for the new investor, crypto trading tools, as well as tools for those looking to fine-tune their investments. Chances are you’ll spot some nifty tool out there – more power to you for finding what you need to better manage your funds. If you’re new, just start with a reliable exchange and a safe storage solution. You can move to portfolio managers and market trackers from there.