Trading cryptocurrencies is number one among crypto enthusiasts due to the volatility of coins.
With cryptocurrencies like Bitcoin or Ethereum, a single trade can generate thousands of dollars in profit. Because of this hype, many trading platforms have been developed, with more and more functions to try out.
But which of all these options is worthwhile? Quality always comes before quantity, so in this article you will find the top three tools to look for when choosing a trading platform.
Crypto trading signals
This instrument is available in different ways depending on the trading platform chosen. Some may have it built into the platform and others may have a team that decided to send it straight to their users.
Regardless of the method, this tool is a huge plus for any crypto trader as it tells you when is the best time to trade and which pairs are the best right now.
With crypto trading signals, you will never lose a trading opportunity – unless you are asleep. But hey, you can’t have them all, can you?
Crypto Trading Futures
This instrument is a little more complex than others, which is why it is rarely found.
Crypto futures are derivative contracts that require users to trade at a predetermined future price regardless of the current market price.
This can be a great benefit and a great risk as well. Take Bitcoin, for example.
If it hit $ 60,000, some futures could put its price at $ 70,000. But now the market price is only $ 32,000. Hence, this instrument protects many users from bear markets. At the same time, however, you may find that you are losing bull markets.
A double-edged sword.
This is the easiest way to trade your cryptocurrency as it doesn’t require any effort. You just pick a top trader and let the platform do the same trades for you.
However, this instrument can offer you much more than just copied trades. Most crypto trading platforms don’t limit your trades to a single master. You can split your portfolio and choose a trader for each asset.
In addition, all trades come with charts and details that show you exactly what the trader was doing in your absence. That means you can analyze their trading strategy and see what you can do even better than them.
The best way to use this tool is to learn from the best.
What is your favorite trading tool? Tell us in the comments!