Cryptocurrency trading has grown rapidly to become a major investment in 2023. This has sparked the interest of new investors eager to profit from the best cryptos in South Africa.
However, the crypto market is very volatile, and investing without prior education or knowledge can be risky. This is why you need analysis tools.
Whether a beginner or a veteran crypto investor, cryptocurrency analysis tools can help you understand real-time and historical data. This information will help you make informed trading decisions, reduce risk and increase your chances of profiting from your cryptocurrency portfolio.
- TradingView
Founded in 2011, TradingView is one of the best crypto technical analysis and charting tools. In fact, most popular crypto exchanges, such as Binance, have integrated it to enhance the trading experience of their customers.
TradingView boasts more than 100 pre-built technical indicators and over 100k community-build indicators. With this tool, you can view various charts, use your formulae, test trading strategies, customize charting screens, and much more.
Furthermore, you can create a free account to access basic technical analysis with five indicators and overlays per chart. However, if you are an advanced trader, you might want to opt for a premium version to access all the features.
- Messari
Messari is a market intelligence provider, which mainly deals with crypto data aggregation. It presents data in charts and research reports to help you make better trading decisions.
The tool is ideal for advanced traders because it has a sophisticated interface that might be hard for beginner traders to navigate. With Messari, you can access over 100 charting tools, including market cap, liquidity, volatility, and volume, to help analyze crypto data.
You can use Messari for free, but you will only access basic features. However, to get the most out of this tool, you can upgrade to pro at $24.99 a month, paid annually.
- Glassnode
Glassnode is one of the best crypto on-chain data processing tools. It collects data from different blockchains to measure cryptocurrency network activity. The collected data is then used to report blockchain metrics and help users to understand market movements.
With Glassnode, users can customize their dashboard and compare metrics for various coins. Furthermore, the tool has a free version (Tier 1), but you’ll need to pay $29 or $799 monthly to access advanced features and frequently updated information.
- Cryptowatch
Cryptowatch is another technical analysis tool that enables users to monitor the cryptocurrency market and make trades when conditions are favorable. This includes scanning digital currency prices, tracking market movement, and placing a trade on various exchanges.
The tool allows users to customize their dashboard using charting tools of choice and visualize live data from 800 exchanges, including Binance, Coinbase Pro, and Kraken.
- CryptoSignal.org
As the name suggests, CryptoSignal.org specializes in trading signals. It is a verified service that allows subscribers to receive trading signals with suggested entries, take profit and stop orders.
When it comes to pricing, CryptoSignals.org has four premium packages plus a free version. With the free version, you can only receive three crypto signals weekly. On the other hand, the paid plan lets you receive 2 to 3 signals per day.
In addition, you can join their telegram group where they send trading signals.
- Coinmarketcap
Launched in 2013, Coinmarketcap has grown to become one of the most-referenced price-tracking resources for cryptocurrency. Some of the information you can access on this site include market capitalization, trading volume and circulating supplies of various digital assets.
Since Coinmarketcap operates under the global blockchain company Binance Capital Management, it can get in-depth data, providing tens of millions of users with highly accurate information.
- Koinly
Koinly is a cryptocurrency portfolio management tool suitable for beginners and pro traders. It allows you to track your transactions on different exchanges by providing graphs and charts based on your portfolio and market movements.
Koinly has a free version as well as three different plans—for newbies, hodlers, and traders.
- CryptoPanic
The crypto market is highly influenced by news and major events. For this reason, traders need to stay updated with news to help gauge the market and develop strategies.
CryptoPanic is an aggregator platform for cryptocurrency news. Whether you are looking for signal news, new coins or trending coins, CryptoPanic got it all. Additionally, you also get to follow Reddit threads, Twitter accounts or your favorite Youtube channel to gauge the happenings in the market.
Furthermore, CryptoPanic has apps for both Android and iOS.
Conclusion
Crypto trading can be a highly risky, yet lucrative investment. In that case, you must understand the market before making any investment decisions.
Whether you are a new or experienced trader, using the above tools will help you minimize risk and make better decisions when trading cryptocurrency in Africa.
