One of the ways to earn good portions of money for many people has become cryptocurrencies. Trading crypto is becoming a widespread activity, and for a reason – it is lucrative. If you are currently on our website, focusing on this article, it means that you are about to become one of those who deal with digital currencies. Maybe you already are. This activity attracts many because it is seen as an easy way to earn money. It can be if you are well prepared. If not, it can be your financial downfall.
If you are keen on doing it the right way, it is not enough to be focused on it; you need to have the proper tools to handle this business. Many things make a profitable trader, such as an appropriate wallet, connection with the right news aggregates related to crypto, trustworthy exchange, and proper trading apps, among other things. If you continue reading, we’re about to give you four useful tools to help you start trading Bitcoin. Let’s not waste any more time and get downright to business.
Table of Contents
1. Cryptocurrency Wallet
In many ways, cryptocurrencies are similar to regular ones. Once you attain them, you need a safe place to keep them and have quick access to them. This is where a crypto wallet comes in. These are software designed to keep your digital currency safe. This is their primary function, as they don’t really hold on to your coin but only hold the keys to accessing it in case you want to sell, buy, or trade crypto. Here you need to know that not all wallets are the same. Some of them are focused on accessibility, while others tend to have privacy and security as priorities.
What this means is that there are wallets that you can access easily, but they’re not too safe, while others that are safe can’t be as quickly accesses by you its owner. The best ones are those in the middle, but standing out in both departments. In the end, you should be able to decide what you want to prioritize. If you’re going to go full safety mode, choosing a hardware wallet should be your thing. The right wallet can be stored on a USB and easily hold all of your data and crypto. If you are an active trader or striving to become one, this type will not suit you as they don’t offer ease of access. If trading is your priority, you can opt for the wallets big exchanges such as Coinbase offer.
2. A BTC App
If you want to have an optimized trading process, you need to equip yourself with the right software. They can do wonders for your business by saving time and reducing the chances of missing an ample trade opportunity. But, don’t count on picking the right one is going to be easy. Many people quit on digital currencies because they couldn’t find an app that is not too complicated or demanding. With the right app, such as thebitcoincode, you can overcome the harsh beginnings of the crypto world and learn the things or two fundamentals and how everything works. It all comes down to monitoring the available data and adapting your trades towards it without having to spend all day long on a computer. This can be avoided with the right app, and you can remain on track with time to spare.
3. Real-Time News
If you watched TV shows such as Billions, you probably noticed that most markets close at a particular time. When it comes to crypto markets, there are no closing hours. They’re opened at all times during the entire years; it’s just how the digital currencies roll. Because of this, it is essential to read the news every hour of every day. If you are a day trader, reading the right information at the right time can make a difference between making and losing money. This is why you need to follow the news regarding the world markets in real-time. Most professional crypto traders do this, and if you strive to become one, you need to make a part of your daily routine. News outlets such as Coindesk or Cointelegraph focus on the subject of crypto trading. If you are interested in the news from the industry, you need to have these sites bookmarked. It is from them you need to drain information that will help you in making the right trades. You can also stay in touch with the correct info by following the proper accounts on social networks such as Twitter.
4. Market Stats Tools
Trading volume, market cap, and other relevant information regarding stocks are what you need to know before deciding to trade. This goes the same for both regular trades and crypt ones alike. Stats like these are not only essential for individual traders, but they also set the tone for the market. The first thing you need to know when trading Bitcoin is how much is currently out there in circulation. After this, you need to have the maximum amount that can be reached. This info is set for BTC, so you can find it on the web and memorize it for life. Once you have these two things settled, work on finding out how much value is there to specific crypto and whether it will go up or down. In the end, you also need to be in on all crypto trades during the day and know approximately how much was traded each day.
When you’re a new player, you won’t know where to head for this info, so we’ll land you a hand. Places such as CoinMarketCap and CoinGecko are ideal places to start gathering the needed information. There you can find not only data on digital currencies but also on wallets and exchanges. Price, volume, supply, all of the dates you’ll heavily rely on while trading can be found on their platforms. If they don’t satisfy your hunger for data, you can always dig deeper on websites such as Messari, which expertise in advanced statistics.