Cryptocurrency trading and investing is hotter than two rats in a wool sock right now.
What tech nerds (like me) love about this new(ish) opportunity is that there is no shortage of tools for making the process easier and more profitable
There are more things here than you need (or can even use) so I have noted my most highly recommended tools, softwares and resources.
Before I get into the actual recommendations, let me make a few public service announcements...
PSA Before You Read
Apps for Monitoring Your Portfolio
Having just one coin is like eating just one potato chip. It's nearly impossible.
Fortunately, there are a number of great apps that let us see our total holdings and view the general health of our investments.
You don't need more than one of these apps but I recommend you test multiple out and choose the one that is right for you.
WARNING: Portfolio apps can be HIGHLY addictive and you may find yourself checking them all throughout the day. If you aren't going to act on the information they give you, you may not even want one. You have been warned!
Delta Portfolio App [RECOMMENDED]
This is my portfolio app of choice.
It has a clean user interface, supports a large number of coins and has a solid notification feature.
Blockfolio App (iOS and Android)
This common portfolio management platform- mobile solution offers support for Bitcoins and Altcoins. Users receive a complete summary of their portfolio and list of exchanges where specific currencies trade. Traders like the detailed price notifications that Blockfolio provides.
It comes in handy for investors who deal with Altcoins because they frequently fall victims to disorderly price fluctuations in different directions. The system includes built-in support for marketplace details, order books, and stock charts.
Cryptofolio, one of the leading apps for crypto helps investors keep an eye on their digital assets, equities, and miners. It offers two plans – the free and premium versions. Cryptofolio's premium account costs roughly 0.06 BTC annually or US$240 based on the prevailing exchange rate.
Users who prefer notifications monitored reports and technical analysis systems will need the paid version. As one of the efficient tools for cryptocurrency, Cryptofolio accepts Bitcoin, Dogecoin, and Litecoin for payments. The mobile application on Google's Play Store received positive reviews from many users as well as ratings (4.7 out of #5). It tracks more than 1,000 virtual coins and sees their portfolios in 30 fiat tenders.
Mobile Apps for Buying Cryptocurrency
Some traders and investors like the flexibility of being able to place buy and sell orders from their smartphones. Here are some of the apps that support this.
TabTrader stands as among the widely used free apps for crypto primarily for mobile administration of virtual currency portfolios. It supports some 12 of the more significant exchanges. TabTrader connects to these facilities and demonstrates flexibility allowing users to keep track of their crypto tokens while trading. The candle-stick charts permit viewing once the currency begins trading. The application does not consume a lot of resources on the mobile phone. On the average, the data utilizes around three Megs monthly depending on the volume of monitoring.
The CoinCap application promises absolute convenience for observing numerous virtual assets including Bitcoin on its website.
ShapeShift owns and manages this platform.
The app boasts of built-in alerts. For example, the investor gets a notification about pricing moves and fluctuations. Users also have the choice of creating a portfolio within the system. The app sorts out the cryptocurrencies according to price by market cap, percentages (24 hours), and available supply. Cryptocurrency exchanges take place within the program through ShapeShift. CoinCap owns a rating of 4.0 with more than 100, 000 downloads to date.
Software for "Day Trading" Cryptocurrency
I put the phrase "day trading" in parenthesis because unlike the stock market, crypto exchanges operate 24/7.
This phrase has stuck though. Also called cryptocurrency arbitrage, there are a number of softwares that attempt to make this process easier.
WARNING: Some of the softwares that utilize trading bots and algorithms for automatic trades violate the terms of service of the exchanges whose APIs they use for the trades. You can lose your account privileges on exchanges if you use a software that is "pinging" the API too much. Be careful which softwares (if any) you choose to use and make sure that they aren't violating the terms of service of major exchanges. I have left out some softwares that I know have had issues with this.
Coinigy.com [MOST RECOMMENDED]
Coinigy.com represents one of the more dependable apps for crypto with multiple features to help investors analyze the progress of their favorite cryptocurrencies on various timeframes. Some of its functions consist of a robust and quick to respond interface. Coinigy.com contains 75 technical indicators plus the capacity to trade directly in 45 exchanges globally. The app also provides alerts for emails, SMS, and prices.
Coinigy.com comes available in Android with 24/7 exchange and wallet portfolios. Traders can buy and sell accounts using only one interface. It represents a one-stop outlet but does not come free. Users have to pay $18.7 monthly after a free trial of 30 days to avail of the different dominant attributes.
As one of the recommended tools for cryptocurrency, Cointracking reviews trades and computes taxes. The straightforward process includes account creation which does not require an email although it remains essential for security reasons. Investors can import trades to the platform from 24 leading digital exchanges worldwide. Cointracking performs the import process using Application Programming Interface (API) and Comma Separated Values (CSV).
With the account setup and imported trades, investors can make assessments as well as update data related to trades/exchanges. The Cointracking application functions 24/7 eliminating the need to monitor numerous trades and profit-loss ratio.
It's important to store your cryptocurrency off of exchanges and somewhere that only you can access.
There are physical and digital wallets to choose from.
WARNING: You should be EXTREMELY paranoid when it comes to choosing a wallet. Even physical wallets are able to be manipulated. Always double check to make sure that your wallet is authentic and from the actual developer and/or manufacturer.
Cryptocurrency Steel Wallet, Indestructible Cold Wallet Backup compatible with Ledger Nano S, Trezor and KeepKey
Exodus (Digital Wallet)
This is a great, free digital wallet that allows you to store a number of coins. Unlike the Ledger and Trezor wallets, there are no physical components to this wallet and you can access it from any device that has the wallet installed using a password.
Software for Cryptocurrency Tax Prep
Taxes are an unfortunate reality when it comes to capital gains on your crypto holdings.
The law isn't simple so it's great to bring in a 3rd party software to help with the process.
A straightforward (relatively speaking) program that allows you or your CPA to calculate how much you owe (or don't) in capital gains taxes.
It supports all cryptocurrencies and provides clean reports that make filing taxes much easier.
I am mentioning this one again because it is more than just a portfolio and arbitrage software, it also supports tax report preparation.
The power of news in the world of crypto investing cannot be overstated.
One piece of news can send prices spiraling down or skyrocketing up.
- New legislation and regulation
- Updates and features released for coins
- New partnerships for coins
- Comments from authority figures
All of these can impact the price of coins and the health of the market. The more in tune with the news you are, the more money you'll make in the long run.
Icostats.com could be perfect for virtual-minded entrepreneurs interested in Initial Coin Offerings or ICOs searching for a viable coinmarketcap that focuses on an ICO. They can easily find all the essential information about a particular coin offering currently available or come out soon. The website also computes possible profits and returns on investment for the offering.
Blockonomi is a great resource for learning about cryptocurrency and staying up to date on the latest happenings and changes in the industry
One of my favorite cryptocurrency blogs. They publish a crazy amount of content each week and it is deeply insightful and seemingly unbiased.
Cryptocurrency Trade Talks and Trends Facebook Group
This is my private and FREE Facebook group.
It is very close knit and requires an email to join.
The admin are all highly successful investors and share insights into what is happening, what we are doing and what we think the future holds each week.
Click below to request access!