What good is a farmer without efficient tools?
Crypto trading is no different from any other hustle, to attain commendable success, one needs to work with the right set of tools.
I've been in the cryptocurrency ecosystem long enough to know that the efficiency of a trader or investor is largely a mirror of tools he has access to and works with. Think about the insane number of memecoins launching on Solana daily, the average newbie jumps onto trading whatever is hyped on the timeline without understanding that most smart traders on the market leverage telegram-based trading bots like Trojan to enhance trading efficiency and minimize losses.
As such, being a passionate writer and researcher in the space, I took the time to put this content together to highlight industry's best tools that I use plus newly found services with positive user reviews.
To compensate for the time spent to put what I know into writing, some or all of the recommended tools may include affiliate links that earn me a commission when you use them, but of course, at no additional cost to you. This does not affect my judgment of these products and services.
Without wasting any more of your time, let's get to it!
Below are the best of the best tools every crypto trader and investor should use. These tools are designed to empower its users to flexibly navigate the world of cryptocurrencies and assets.
#1 Rabby Wallet
Screenshot of Rabby Wallet Website
You didn't think I was going to recommend a crypto exchange first did you? I know better after the crash of FTX, taking full control of your crypto asset is essential not just for success but for increased security of your wealth.
Why Rabby wallet?
If you're new to crypto you'd figure a lot of crypto traders use "Metamask" but it can sometimes be very frustrating and lately, many crypto investors are of the opinion that Metamask is not a very safe wallet in addition to being the least user-friendly by design.
Rabby is a non-custodial wallet - meaning you alone control the keys to your wallet - and it's regarded as a great Metamask alternative with better UI and effective solutions for tracking, managing and overseeing your crypto investments.
As a new crypto investor or trader, you ought to get acquainted with non-custodial wallets as they are the primary gateways to safely accessing various crypto products and services.
Choosing the right wallet for storing your crypto assets is pivotal for your long-term success within the ecosystem. Exchangers like Binance should only be used to purchase crypto assets when necessary but never to store them.
Rabby wallet supports over 102 chains, available on mobile, desktop and as an extension.
#2 Paybis
Screenshot of Paybis Website
If you have to be in crypto, you have to actually have "crypto" right?
Now I know, many others would recommend popular centralized exchanges like Binance, OKX and the rest, but Paybis offers something they don't:
Zero Trading Complexity!
Anyone that has used a standard crypto exchange knows how confusing it can look for the first time. The red and green lines with swift changing figures can be disturbing. Paybis eliminates this in addition to offering one of the lowest entry levels for investing in crypto.
With just $5, you can start buying crypto through Paybis and move that crypto to your non-custodial wallet like Rabby.
That said, Paybis also offers an in-platform wallet for storing crypto assets purchased on the platform. Whilst this is a convenient addition for their users, please note that such wallets are "custodial" in the same way as standard exchange accounts.
Paybis safeguards your crypto assets by storing your keys for its in-platform wallet but gives its users the option to move their crypto off the platform at any time!
You can buy crypto on Paybis using your credit or debit card, Revolut Pay and ACH Transfers. Paybis supports over 180 countries and also facilitates the selling of your crypto assets.
#3 Safepal Hardware Wallet
Screenshot of SafePal Website
It's easy to keep $10,000 in the house and it would be totally fine, but with $100,000 or more, plus other valuable assets like gold, one has to up the security by considering a bank right?
Think of Safepal as a bank, but a much safer one. Please note, Safepal is a crypto wallet provider with products including the Safepal non-custodial software wallet - which is a great alternative to Rabby wallet by the way.
That said, the Safepal hardware wallet is a physical device, mostly offline-operated for the storing of your crypto assets, suitable for investors with great crypto wealth.
With over 2,000+ positive reviews, Safepal makes one of the best hardware wallets with Safepal S1 valued at just $49.99 a piece and Safepal X1 at $69.99, free shipping included for qualified orders, stay safe with Safepal.
#4 ArbitrageScanner
Screenshot of ArbitrageScanner Website
That sounds too generic a name for a tool, I know, but there's literally a tool called just that but it does more than scan for arbitrage opportunities.
For those who aren't knowledgeable about crypto arbitrage trading, it is a trading strategy that involves buying specific crypto assets at a low price on a select crypto exchange and/or trading pair to sell off immediately on another for a higher price.
Arbitrage trading is one of the most profitable ways of trading crypto assets as it is low risk and highly rewarding when carried out effectively.
The problem? Well, it is extremely difficult to find arbitrage opportunities with a market as large as crypto where there are thousands of crypto trading bots simultaneously sorting the space for the same opportunities.
As such, having a tool such as ArbitrageScanner can come in handy. Note, ArbitrageScanner is not a trading bot, it's simply a tracking tool, you will have to manually or using yours or third-party trading bots like Cryptohopper and Bitsgap to execute the trades opportunities you'll find on ArbitrageScanner.
Using ArbitrageScanner is relatively simple, there's a lot of guides on the website to get the necessary information. On the very basic, with a premium account, you can scan for arbitrage opportunities across blockchains, trading pairs and exchanges. The tool, in addition to being an arbitrage scanner, has wallet tracking features with support for AI search filters and more.
These added tools enable smart traders to analyze numerous addresses with high trading successes that they can copy-trade or learn from their trading patterns. Their AI wallet search enables traders to scan the blockchain for specific addresses based on the parameters set by the user.
For example, you can choose to search for addresses with select trading win rates. The tool offers free access to wallet analytics but requires a premium subscription to access its ArbitrageScanner and advanced wallet tracking tool including its AI search filter.
#5 Coinstats
Screenshot of Coinstats Website
Not often do I recommend the use of a portfolio tracker when most modern non-custodial wallets have some in-built tracking features but with Coinstats, I simply have to make an exception.
Coinstats is awesome, though it costs about $12.59 for advanced tracking, it offers deep portfolio tracking solutions that will blow your mind. It supports multiple chains, potentially all chains unless of course if the chain launched yesterday.
I have tested numerous portfolio tracking tools and Coinstats stands out for having advanced transaction tracking reach.
What do I mean?
When tracking wallet addresses on specific tracking tools, you'd figure a huge discrepancies in reported assets and values to the actual balance and trade histories.
With Coinstats, there's more accurate reporting and due to its multi-chain support, it's also easier to have a clear oversight of one's cross-chain wealth, investment and trading activities. In addition to tracking crypto tokens, Coinstats offers tracking solutions for NFTs, with customizable alerts features to stay in the loop with market price movements.
Coinstats is a great tool for traders and investors who actively wish to look up and track whale wallets or famous smart and successful traders.
If you're interested in using Coinstats or any other tracking tool listed here but don't know how to find whales or smart traders addresses, you can follow the X account @spotonchain and @lookonchain as both accounts specialize in publishing addresses making profitable trades.
#6 CryptoRank
Screenshot of CryptoRank Website
The average crypto user uses CoinMarketCap or Coingecko to look up crypto prices and project information but I use CryptoRank.
CryptoRank, in addition to being a platform to view live crypto prices, offers an overview of VC funds and investors with detailed information on funding rounds, tokens, insights, token unlocks, exchange tracking and news.
This makes it a complete package for staying informed about various crypto projects.
But, this is not my favorite thing about CryptoRank. When looking up a token or project on CryptoRank, it has a feature called "Analytics" that shows you the monthly, quarterly and annually returns a token or coin has. As a day trader, this is a very crucial data to determine market trends and it just comfortably sits there on CryptoRank.
I only recently discovered CryptoRank and it has aided my research and trading process with this simple yet powerful feature.
#7 Bitsgap
Screenshot of Bitsgap Website
Bitsgap, operational since 2019, is one of the most effective and popular crypto trading bot with over 600,000+ users.
Bitgaps is second only to Cryptohopper in terms of users but I prefer Bitgaps for its simple UI yet power technology.
If you're a trader that cares for advanced customization and would care for effective trading strategies, then Cryptohopper may be a suitable choice for you. Cryptohopper has a large marketplace filled with various profitable trading strategies and high customization.
That said, Bitgaps is a simple, flexible and powerful competitor that has over $9.46 billion of user funds in management and has had $148 million in profit reported for the last year.
As a trader who cares about effective trading practices, automation is very important and Bitgap aids in securely automating trades.
#8 X
Screenshot of X(Twitter) Website
Yes, X, formally known as Twitter is a must-have tool for crypto investors and traders. As the primary platform for most crypto projects to pass information across to their user base and the broader ecosystem, it is pivotal to add X to one's list of tools.
Navigating the cryptocurrency ecosystem can be a hassle 90% of the time, but with smart tools designed to deliver ease of use, the process becomes a lot less painful and more enjoyable.
These 8 tools not only aids your crypto trading and investment journey be a successful one, it also saves your time and money.
Hope you found at least one of these tools worth adding to your "must haves" as a smart investor or trader.
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Hey @shortsegments, felt compelled to tag you after reading this as you might find interest in #4, based on our last conversation.
Great piece here.
Thank you @badbitch
This article was filled with valuable information.
I have sent you a tip for the tip.