Day trading is a great way to benefit from cryptocurrencies. However, becoming an expert demands a lot of practice. Luckily, there are some shortcuts you can take to improve your trading skills right now. Day trading crypto tools are very helpful in this. Have a look at our recommendations for the best picks!

If you are new to the world of trading, let’s get some definitions sorted first. So, what is day trading?

Trading is based on buying and selling assets with the aim of making a profit. Institutional trading looks at buying and selling stock, shares and currencies. Trading cryptocurrencies means buying and selling digital assets. So, when does trading become cryptocurrency day trading? This depends on time. In other words, the time period that a trader holds an asset. So, if an asset is traded within one day, it qualifies as day trading. For instance, this could be anything from a few seconds to a few hours.

We have prepared a comprehensive guide to Day Trading Cryptocurrency. Head on over and have a look! Our guide answers all questions you might have about the topic.

As mentioned before, the aim of trading is to make profit. To achieve this goal, a trader needs the right tools. Luckily, there are tons of day crypto trading tools available. Some of the most important ones are crypto analysis tools, exchanges, wallets and calendars.

Market data is essential for day trading. Having accurate data influences the outcome of trades significantly. So, using crypto analysis tools helps you improve your trades.

Charts are one of the most popular price analysis tools. They help traders visualize data. Also, they provide near real time access to asset statistics and network indicators. Charts let you zoom in on market activity. This type of data visualization helps understand and predict price movements. 

But how to choose the right chart tool? This depends on the specific metric you are focusing on. TradingView is widely known as the market leader. This tool is loved by heaps of traders around the world. So, what is all the hype about? Well, TradingView offers lots of variety to suit traders’ individual needs. You can choose between 100+ indicators and 50+ charts to design your ultimate tool. 

Indicators help you analyze the price and provide signals for the right trading moments. They are helpful in signaling whether you should enter or exit a position. Indicators are most commonly divided into Oscillators and Moving Averages. Relative Strength Index (RSI) is one of the most popular indicators. In essence, it measures the magnitude of price changes and evaluates overbought or oversold conditions. On the other hand, Moving Average Convergence Divergence (MACD) is one of the most known moving average indicators. MACD shows the relationship between two moving averages of an asset’s price.

Seems like a lot of information, right? Well, don’t worry. You can set up alerts to track indicators easily. TradingView supports real-time price alerts, indicator alerts and custom notifications.

This tool might seem like a no-brainer. Obviously, you need an exchange to get started with day trading. However, you shouldn’t overlook this decision. Picking an exchange can determine your trading success by a great deal. Especially, when talking about day trading. 

Day trading mainly consists of quick and small trades. So, when the profits of a trade are slight, you have to make sure the exchange fees won’t halve them. Therefore, look at exchange as a tool in helping you trade with success. Some of the most important aspects of an exchange are fees, security and transparency.

CoinMetro is a helpful day trading crypto tool. It is a crypto exchange with low and transparent fees. You can feel secure when day trading on CoinMetro since the exchange has never been hacked. So, rest assured that your assets are safe. In addition to a friendly fee structure, the exchange has more day trading benefits. It accommodates many cryptocurrency day trading strategies – even copy trading!

Let’s talk about security. Day trading is a form of investment. Like any investment, this involves risk. So, it is important to keep your assets safe while trading. As security experts put it – your assets are only worth as much as their protecting security system. So, which tools could help you in this?

There are many tools available to help you trade with ease. First, let’s look at storage. Crypto assets are stored in a crypto wallet. The choice of wallet is up to you. In general, hardware wallets are the safest option for storing crypto. Make sure to opt for a reputable wallet provider. Trezor‘s hardware wallet is a popular choice. The wallet stores private keys while not exposing them to a user’s computer directly. This adds an extra layer of security to transactions. The funds are stored offline and the wallet supports 1000+ currencies. Ledger is another popular hardware wallet provider.

Our last recommendation is particularly interesting. So, what are calendar tools? Well, there are a lot of events in the crypto world. For instance, new coin releases, forks, halvings. These events also influence trades. Calendar tools help you navigate all this information. Instead of relying on news sources, calendars combine all information into one. They give you a hassle-free overview of the upcoming events. 

CoinMarketCal is widely known in this space. It displays future events across the crypto world. For example, software releases and upgrades, presentations, rewards and so on. You can filter the results by coin. However, there are plenty of providers. You can pick your favorite crypto calendar based on your preferences. They vary on interface and indicators.

 Now that you know all about day trading crypto tools, it’s time for some practice! Start improving your trading skills by heading over to the CoinMetro crypto exchange! In case you have any questions, our support team is here to help 24/7.