INTRODUCTION
The crypto market can be a difficult place to navigate, especially for a new investor or trader in this sector. There are various things one need to unlearn coming from a different asset class and then learn anew. Even understanding this revolutionary new industry needs a fresh perspective and knowledge that takes time to pick up. And to further add to that, there isn’t a lot of history to this space either with Bitcoin – the oldest crypto asset out there to be launched as recently as 2009, right in the wake of the devastating 2008 financial crisis and the recession that followed right after.
Thus it becomes imperative for investors and crypto traders to quickly learn, and continuously adapt to the ever-changing market situations and never try to maintain status quo. To help crypto traders in that direction, this article lists out some of the best free crypto trading tools out there in the market right now that you can take advantage of to be better informed before taking your first trade in the crypto market.
TOOL |
BRIEF DESCRIPTION |
| CoinMarketCap | CoinMarketCap is practically one of the most popular and well-known crypto websites in the rapidly growing nascent industry that is referred to by everybody in the industry. |
| CoinGecko | Similar to CoinMarketCap, CoinGecko is yet another crypto tracking terminal website that allows retail users to access more information about crypto projects. |
| TradingView | TradingView is one of the most popular online, web-based charting tools out there in the market. |
| DefiLlama | DefiLlama is the website that you go to for all things decentralized finance (DeFi). It contains all kinds of data points with regards to DeFi protocols in the market ranging from total-value-locked (TVL), to in-depth information and data for specific protocols too. |
| Chainalysis | Chainalysis provides free coverage of Bitcoin flows across the globe, from exchanges to wallets and gives retail users a top-down view on the entire behind-the-scenes world of crypto trading. |
Additional Read: Top 5 Crypto Research Tools
COINMARKETCAP
CoinMarketCap is one of the most popular and highly referenced crypto site in the world of crypto trading. Arguably, it is the most viewed crypto analytical and data aggregation site for crypto assets and related metrics. It provides a very accurate and easy to understand interface for crypto traders to grab much of the essential information they need to know before taking a trade in their crypto asset of choice. CMC is widely referenced by financial and even non-financial news organizations all across the world for all things crypto and is one of the most trusted sources of digital asset data by retail users and institutions too.
It was launched back in the year 2013 with the objective to make crypto easily discoverable on the internet, providing live and updated information to the public and striving to empower retail users with unbiased and accurate information to help them make their own conclusions. It also contains details about these crypto projects, handy references to their whitepapers for users to peruse through, and even a forum where users can interact.
COINGECKO
Next up is CoinGecko. Built with a similar mission and a use case as CoinMarketCap, CoinGecko is yet another crypto asset tracking portal that allows retail users to access more information about crypto projects and see a live price feed. CoinGecko works in a similar method as that of CMC – ranging from tracking crypto projects, and price feeds, and help provide a platform for uninterrupted access to crypto data.
CoinGecko provides a helpful alternative in the space, against the behemoth monopoly garnered by CMC – and especially so since it is now owned by Binance’s investment arm. It was founded back in 2014 with the mission to democratize access of crypto data and empower users worldwide with actionable insights. The firm also does deep dives into the crypto sector to provide these valuable insights for users on their platform through reports and various other kinds of publications like newsletters and more.
Read More: Top 10 Blockchain Projects & Startups in India 2023
TRADINGVIEW
Now changing tracks, TradingView is another tool that crypto traders must know about. TradingView is one of the most popular web-based charting tools in the market and it covers all major investment asset classes from various countries and exchanges, and also includes cryptos. While there is a paid version that provides access to a few premium features and functionalities for professional traders, the free version too is without a doubt a very good place to start for a newbie in the industry.
TradingView has an incredible repository of technical tools built into the software, which includes everything from charting techniques like candlesticks to Heiken Ashi and line charts. It also consists of tools to mark trendlines on the chart and analyze technical and price behavior through patterns to understand underlying asset behavior and also consists of hundreds of free accessible technical indicators for you to apply and come to an informed decision before trading in any crypto asset.
DEFILLAMA
DefiLlama is yet another free web-based crypto data analytical platform. DefiLlama is the ultimate website that you go to for all things decentralized finance (DeFi). It consists of all kinds of data points when it comes to DeFi protocols in the market ranging from total-value-locked (TVL), to in-depth information and data for specific protocols on various chains too. Since, TVL is one of the most commonly used on-chain metric when it comes to evaluating a DeFi protocol running on any blockchain network, DefiLlama becomes a very useful tool to have for any trader in the industry.
CHAINALASYS
Chainalysis is yet another blockchain data aggregation platform that provides insights into various cryptos in the market. They too have a free and a paid version of their product, however, the free version too is a great jumping-off point for any crypto investor. Especially so in their market section, they provide free coverage of Bitcoin flows across the globe. You can see whether Bitcoin is moving to or from exchanges and to which regions – and gives you a top-down view of the entire behind-the-scenes world of crypto trading. It specializes in Bitcoin but has access to tools for other cryptos as well.
They also publish regular reports on the crypto market with data and insights for retail investors subscribed to their newsletters which also act as a handy reference for those who want to participate in the space but don’t have the time to do the heavyweight research before investing or trading. Thus this becomes a huge helping hand.
Find daily on chain analysis on CoinDCX latest crypto news section!
CONCLUSION
In the world of blockchain and Web3, data in openly and freely available. However, blockchains being a tech-heavily subject matter – it becomes very difficult for average retail investor to gather these kinds of information and data points directly from the original source. This is where crypto analytical tools come into the picture to help retail investors make better decisions in the market.
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