Investors are jumping onto the bitcoin burgeon thanks to its rapidly growing value coupled with widespread popularity. Consequently, there has been an increase in the availability of different tools and resources aimed at enhancing trading experience.
Financial tools previously tied to traditional financial markets are now finding vital use cases in the crypto sphere. Besides, attributed to the uniqueness of the crypto market, some of these tools and resources are confined in the crypto space and don’t exist in other financial markets such as stocks, equities and forex.
Cryptocurrency trading tools are extremely vital and greatly streamline crypto trading while minimizing risks. There are a wide range of tools that you can use to take your Bitcoin trading to the next level. Here’s an overview of the five best Bitcoin tools to enhance your profitability.
5 Must-Have Tools for Bitcoin Traders
Service: Bitcoin Trading Bot and Cryptocurrency Portfolio Automation
Shrimpy is a top-of-the class, comprehensive cryptocurrency platform that packs plenty of features to enable bitcoin investors to seamlessly diversify, automate, track performance, and monitor the market in real-time to earn substantial returns from their investments. Shrimpy combines portfolio automation and cryptocurrency trading bot into a single platform enhancing trading experience and reducing risk.
Of particular interest is its outstanding trading bot that boasts of cool features and additional functionalities. It allows bitcoin traders to automate their trading strategies plus test their strategies using a backtesting tool that offers 5 years of accurate historical data. Furthermore, users can track their performance in a comprehensive manner across different exchanges, hardware wallets or cold storage solutions on a single dashboard.
If HODLing bitcoin is your forte, Shrimpy is the place to be thanks to its portfolio rebalancing feature. You simply need to schedule the trading bot to automatically execute trading strategies based on the prevailing market conditions and rebalance your crypto portfolio.
Shrimpy also offers a Universal Crypto Trading APIs allowing developers to either integrate Shrimpy into their platforms or build personalized Bitcoin trading bots. The platform supports plenty of wallets and crypto exchanges, including Coinbase, Poloniex, Kraken, Bitfinex, Bittrex, Binance, KuCoin, Gemini, Liquid and OKEx.
In addition to portfolio automation and trading bots, Shrimpy also offers social trading where users can engage, share trading strategies and learn ways of optimizing their coins performance for enhanced profits. Plenty of convenient smart trading features, access to extensive market data, portfolio automation and social trading makes Shrimpy a must-have tool for Bitcoin traders.
Shrimpy offers great value for money. It offer two packages:
- Free- The free package has limited functionality and features.
- Premium Package- Premium subscription is charged at $13/month when subscribing using the yearly plan and $19/month when using the monthly plan. It gives you access to all Shrimpy’s features including portfolio rebalancing, dollar-cost averaging, cold storage, social trading, backtesting tool, IP whitelisting, API keys and access to all supported wallets and exchanges.
Service: Blockchain explorer
Blockchain.com is a Bitcoin blockchain explorer that enables traders to analyze the true usage of the Bitcoin network by providing raw blockchain data and transactions. When analyzed correctly, this information puts traders ahead of competition by enabling them to understand the true picture of the market trend.
Blockchain.com offers a wide range of data and transactions regarding the Bitcoin network including timestamps, transaction amounts, miners, block number, mining rewards, block size, Hashrate and more.
This data doesn’t make much sense in its raw forms therefore should be analyzed using on-chain analyzers. One great on-chain analyzer is IntoTheBlock . This tool gives a greater insight on blockchain hash rate and on-chain transaction enabling traders to make profitable trading decisions.
Blockchain.com is completely free.
Service: Enhance Privacy while Transacting Bitcoin
Contrary to the popular belief, bitcoin is not completely private and anonymous. In real sense, it is pseudo-anonymous meaning that transactions can still be traced to the senders and receivers. If you want to enhance your privacy when making online purchases using BTC, doing P2P payments or giving out BTC donations, consider using Bitcoin Mixer.
Bitcoin Mixer also referred to as Bitcoin Tumbler is an excellent cryptocurrency tumbler that keeps your anonymity at maximum. The tool ensures that your Bitcoin transaction trail cannot be traced by anyone thus keeping your coins safe from hackers and third-parties. The tool is completely automated with no third-party intervention in the tumbling process.
Bitcoin Mixer is safe and does not collect emails and personal information. Besides, the platform does not store logs therefore user activity cannot be shared. This way, users will enjoy an extra layer of privacy. If you’re mindful of privacy and anonymity on the Bitcoin network, Bitcoin Mixer should be the leading Bitcoin tumbler.
The platform is free but charges a random commission of 2-5% for every transaction.
Bitcoin Sentiment Index
Service: Sentimental Analysis
Just like fundamental and technical analysis, sentimental analysis is vital to bitcoin trading. It involves analyzing the emotions of other traders to come up with a profitable trading strategy. While market sentiments don’t always dictate future prices, it greatly influences market outcomes. Therefore, sentiment analysis tools should be part of your arsenal of crypto market weapons.
Bitcoin Sentimental Index created by Bitts Analytics is an outstanding Bitcoin sentimental analyzer that offers fascinating insights of BTC prices and the market in general. The tool analyzes Bitcoin sentiments by scanning social media posts, internet blogs and IRC channels that mention Bitcoin. The different opinions are then analyzed using a computer linguistic engine to establish the predominant emotion behind every option. The tool then aggregates all the emotions to determine a single stance individuals have towards BTC.
It then provides a market index. A bearish market is indicated by a drop in the indicator line while a bullish market is indicated by a rise in the indicator’s sentiment line level. Bitcoin Sentimental Index will definitely up your trading level through sentimental analysis.
The platform is free but users can subscribe for real-time data updates. Monthly subscription is charged at $29/month while annual subscription is charged at $19/month.
Service: Tracking and reporting Taxes on Bitcoin
If you’re an avid bitcoin trader, you already know that some countries have already implemented cryptocurrency taxation policies. In most of these countries, BTC is treated as a property just like real estates and not as a digital currency. Therefore, holders must file tax returns on their Bitcoin assets.
Filling Bitcoin taxes is cumbersome especially if you hold or transact it in different exchanges and wallets. Accointing.com is a leading cryptocurrency tax platform that enables traders to seamlessly file their taxes. To file taxes, the platform first imports all users; transactions from different wallets and exchanges then customizes them into different tax events.
The platform employs experts to formulate tax strategies that are in line with a country’s jurisdiction. It then generates detailed tax information in line with a country’s tax filing requirements. Users can print and use the tax report during AML audits or regular tax reporting routines.
Apart from Bitcoin tax computing and filing services, Accointing offers portfolio management tools and access to the crypto market, wallets and exchanges. The platform can connect to over 4500 digital currencies and more than 300 crypto wallets and exchanges across the globe. It’s great for different countries and ideal for both small and established traders.
Accointing offers three payment plans: the Starter Tax Solution, the Advanced Tax Solution, and the Professional Tax Solution.
- Starter Tax Solution- It’s priced at $50 per year and includes support for up to 250 transactions as well as access to most of the platform’s features.
- Advanced Tax Solution- Charges at $130 per annum, offers support for up to 5 000 transactions and unlocks plenty of other features.
- Professional Tax Solution- Charged at $260 per year and offers unlimited transaction support, access to all features, plus an advanced holding period.
Following bitcoin’s break above the $56,000 price mark hitting a new all-time high, interest in the king coin’s trading is evidently surging. However, the art of its trade can be quite complex and unwieldy thanks to the volatile nature of the crypto markets.
Nonetheless, whether you’re a novice just getting started on bitcoin trading or an experienced trader, using the right tools makes all the difference. These tools greatly lower trading risk and makes your trading experience relatively comfortable. Additionally, it puts you at a greater position to earn substantial profits.
All you have to do is grab the opportunity to maximize their use for a better trading experience, less risk factors, and excellent profits while at it.