Best Crypto Trading Software Tools for New Investors: A Comprehensive Guide
Are you a rookie trader who wants to have the right start? Then you have to be equipped with the basic knowledge and relevant tools to build your crypto wealth. Although there are considerable risks involved in this venture, don't doubt your capacity to succeed.
Unlike years before, beginner traders nowadays can have a strong start. That's because of the many developments coming in the crypto sphere.
Let us look at some of the most popular and promising crypto trading tools and softwares in 2023 that could help you make the right investment decisions and take the right trading actions.
What is crypto trading software?
Crypto trading software is a specialized program that allows users to execute trades on digital currency exchanges automatically. These programs are designed to help traders make more informed decisions and improve their overall trading performance.
What are the benefits of crypto trading software?
Automated trading: One of the most significant advantages of using crypto trading software is that it allows users to automate their trades. This means they can set up specific parameters, such as the price at which they want to buy or sell a cryptocurrency. The advanced trading software will automatically execute the trade when those conditions are met. This can help traders save time and effort, as they don't have to manually monitor the market and place trades.
Improved accuracy: Another benefit of using crypto trading software is that it can help improve the accuracy of a trader's trades. Many of these programs have advanced algorithms and machine-learning techniques to analyze market data and identify trading opportunities that a human trader might miss. Using crypto trading software, traders can make more profitable trades and avoid costly mistakes.
Increased efficiency: Crypto trading software can also help traders improve their efficiency by managing multiple trades and exchanges simultaneously. This can be especially useful for those who trade on various exchanges or have many open positions. With crypto trading software, traders can easily monitor their trades and make adjustments as needed without switching between different platforms or manually managing each trade.
Risk management: One of the key challenges of trading cryptocurrency is managing risk. The market is highly volatile, and prices can fluctuate wildly quickly. Crypto trading software can help traders manage their risk by allowing them to set up stop-loss orders, which automatically sell a cryptocurrency when it reaches a specific price. This can help protect traders from significant losses and will enable them to limit their exposure.
Let us look at some of the most popular crypto exchanges and promising crypto trading tools and software in 2023. These platforms could help you make the right investment decisions and trading actions.
8 Best Crypto Trading Software Tools for Starters:
Automatic Take profit and Stop loss based on % and allow you to close with buying to base or selling quote. - This would then send you notifications of when this happens.
Start conditions based on price.(conditional order)
Real-time crypto alerts are considered to be among the fastest in the market.
It also has a Crypto Base Scanner market scanner that sends thousands of crypto signals for manual and automatic trading 24/7.
The Altrady crypto trading academy, blog, and community also provide avenues for crypto learning among users.
Support 24/7 through the chat function
Altrady does not have trading fees. Users only pay for plan subscriptions with different pricing for each package—prices with a 30% discount for an annual subscription.
A 14-day free trial that includes signals, smart trading, bots, and portfolio management
FREE Paper Trading Plan Forever
€17,47 monthly for the Basic package
€31.47 monthly for the Essential package
€55.97 monthly for the Premium package
"The World's Leading Cryptocurrency Exchange"
Binance is considered the world's largest crypto exchange platform based on trading volumes. Its daily trading volume goes over $2 billion. This cryptocurrency exchange also processes over 1.4 million trading transactions per second.
Binance takes pride in its entire cryptocurrency ecosystem that encompasses various aspects in the crypto industry, such as:
Blockchain Technology Infrastructure Development through Binance Lab
Cryptocurrency Analysis through Binance Research
Tech Startup Funding & Token Research through Binance Launchpad
Crypto Education through Binance Academy
Social Aid through Binance Charity Foundation
Crypto Payment through Binance Card
Cryptocurrency Storage through Trust Wallet
Accessible trading through a mobile app, desktop, web, and API versions;
Supports margin trading; and
Fund insurance through SAFU or Secure Asset Fund, which allocates 10% of trading fees for the protection of user funds during extreme cases.
Binance offers 24/7 support services.
Binance Fiat Gateway allows the purchase of digital currencies using fiat currency. Users pay through credit or debit cards, and the crypto purchased is immediately deposited to the Binance wallet.
Binance OTC Trading or over-the-counter trading provides a personalized way of trading for those who want to trade large blocks securely and quickly.
Binance has different trading fees depending on the VIP level of the user, which is determined by the 30-day trading volume and/or BNB balance.
The lowest VIP Level has to pay 0.1% trading fees. This could go down as the trader reaches a higher tier at the VIP level.
Deposit fees are primarily free of charge, while different withdrawal fees depend on the coin to be withdrawn.
"Global Leader in the Blockchain Revolution"
Bittrex is a Zurich-based cryptocurrency exchange platform that provides an institutional-grade experience for beginner and professional traders. It operates within the European region's blockchain framework that requires compliance to KYC (Know Your Customer) and AML (Anti Money Laundering) policies.
Secure exchange platform with multiple layers of protection for the fund and transaction safety;
A custom-built trading engine that allows users to complete their orders in real-time;
Fast deposits and withdrawals powered by an automated monitoring platform for updated information on account balances and trading orders;
Supports over 220 cryptocurrencies;
Charting tools by the Trading view.
Fiat (US & EUR) to crypto deposits through debit and credit cards;
Crypto to fiat withdrawal;
Responsive customer support & Zendesk knowledge base;
Bittrex charges a 0.2% commission fee on trades;
Maker and taker fees are ladderized based on the 30-day trading volume of the user;
Visa top-up fee or deposit is at 3%;
The withdrawal fee depends on the currency to be withdrawn with Bitcoin at 0.0005 BTC, Ethereum at 0.01 ETH, and Litecoin at 0.01 LTC, among others.
"The Legendary Crypto Asset Exchange"
Poloniex is among the top cryptocurrency exchange platforms and is registered in Seychelles. It allows the trading of digital currencies using secure technology.
Poloniex has over 60 cryptocurrencies or digital assets listed the exchange;
Over 100 spot trading pairs;
Over 25 margin trading pairs;
Now allows the purchase of Bitcoin with credit and debit cards through the Poloniex wallet.
Live chat customer support;
Margin lending and borrowing allow borrowers to trade on borrowed funds and lets lenders earn interest.
Poloniex has a tiered trading fee structure based on the average 30-day trading volume of the user. For the lowest tier, maker fees are about 0.15%, while taker fees are about 0.25%. This significantly goes does as the trading volume increases.
"The Most Trusted Platform for Trading Cryptocurrency"
Coinbase Pro is formerly known as GDAX and was established in 2015. It is owned by Coinbase, a California-based digital currency wallet and exchange platform that was founded in 2012. It allows individual users to trade various cryptocurrencies on a secure and insurance-backed exchange.
Coinbase Pro Features
Coinbase Pro has an easy and intuitive user interface;
Has advanced trading tools for experienced traders who make high-volume trades;
Has strong security and regulatory compliance with extensive Know Your Customer (KYC) procedures;
All its digital assets stored online are fully insured to protect its users of up to $250,000 (in USD balance) per customer; and
It has a crypto learning course that allows users to know more about cryptocurrencies and earn for every completed course.
Coinbase Pro Services
Coinbase Pro provides real-time crypto market data through its WebSocket feed.
It has a trading API that enables the development of trading bots.
Institutional investors can opt to use Coinbase Prime for higher trading volumes.
Coinbase Pro Fees
Coinbase Pro's trading fees are based on a tiered structure dependent on the 30-day USD trading volume. The highest fees go around 0.50% for both the maker and taker. This rate decreases as trading volume goes up the ladder.
"Safe Bitcoin Transactions Start on KuCoin"
KuCoin is among the most popular crypto exchange platforms and was launched in 2017. This Hong Kong-based exchange has over 5 million registered users from more than 200 countries and regions. Its institutional investors include IDG Capital and Matrix Partners.
KuCoin supports a wide range of cryptocurrencies with over 200 listed digital assets and 33 fiat currencies;
Has over 400 trading pairs;
Offers accessible trading through web and mobile apps;
Supports multiple trading order types to cater to different risk appetites;
Allows purchase of cryptocurrencies using fiat through Simplex, Banxa, and OTC;
KuCoin has live chat support for concerns and queries.
It offers VIP membership services where traders can climb up the ladder to get certain benefits.
KuCoin Instant Exchange allows traders to make fast, one-click exchanges of up to 10 cryptocurrencies.
KuCoin trading fees are dependent upon the membership level of the trader. The different criteria, such as 30-day trading volume on KuCoin, 30-day trading volume on KuMEX, 30-day holding of KCS, and average 30-day total assets, determine this.
The trading fee rate for members of the lowest tier is 0.1%. This can go as low as 0.013% for maker fees and 0.04% for taker fees as soon as the user reaches the highest membership level.
"We Put the Power in Your Hands to Buy, Sell and Trade Digital Currency"
Kraken was established in 2011 by Jesse Powell and is recognized to be among the oldest and most highly respected Bitcoin exchanges in the world. It is known for offering a high level of security and deep liquidity.
Kraken has a comprehensive approach to protecting the funds of its users, with 95% of its deposits stored offline, servers caged and under surveillance 24/7, and all sensitive information encrypted, among others;
Has set up multiple levels of security for account logins, withdrawals, monitoring, and trading;
Availability of fiat funding options for traditional currencies like USD, EUR, CAD, JPY, GBP, and CHF through banking deposits;
Allows margin trading;
Allows futures trading;
Has two market views that reflect cryptocurrency prices:
Real-time indices and spot rates are accurate updates second by second based on compiled order book data from top crypto exchanges.
Reference rates and settlement prices are updated once daily and are computed using transaction data from various crypto exchanges.
Offers crypto funding options for corporate clients;
Offers personalized over-the-counter (OTC) trading services for the execution of large trades;
Offers account management for advanced traders who want the assistance of personal account managers;
Has live chat support
Kraken follows a tiered fee schedule that is based on the 30-day trading volume of users. The highest rates are 0.16% for maker fees and 0.26% for taker fees. These fees are charged per trade, and discount tiers are assessed after every trade.
Coinigy is a Milwaukee-based crypto exchange and wallet management platform established in 2014. It was built to access the global financial markets of the future easily.
Coinigy has automatic portfolio tracking that allows users to keep track of assets 24/7 without the need for manual edits;
Trading in connected exchanges using the Coinigy app;
High-definition charting with 75 technical indicators;
Supports more than 45 exchanges; and
Has a multi-tiered server architecture.
Offers SMS and email price alerts;
Has extensive crypto charting tools;
Offers account integration through the use of API; and
24/7 live chat support and help desk.
Coinigy has different pricing schemes for each of its plans:
The starter account is free.
Pro Trader account $18.66 per month for an annual payment
API Developer Pro account is $99.99 per month
Choosing from the Best Crypto Trading Software Tools
Even with this summary of the main features and services of the 8 best crypto trading software tools, you could still ask yourself, "Which one should I use?"
The answer would depend on many factors, such as the following:
Digital Assets to Invest In - Each exchange could differ on the number of listed digital currencies and trading pairs. It is always best to do your research first about the cryptocurrencies to invest in, including the developer behind the token, the historical growth and stability of the coin, and the average trading volume. You could also visit forums and join crypto communities to have an idea about trends for each market.
Availability of Crypto Exchange in Your Location - Not all exchanges could be available. You can check which platform covers your state or country from the crypto exchanges above.
Purchase of Fiat to Crypto - Since you are just starting to invest, you probably hold only traditional currencies. Some of the exchanges above offer direct purchases of crypto using fiat currencies. You can choose this route if it is available in your local currency or you can first buy or exchange your fiat for crypto in other platforms.
The Number of Exchanges You Will Use - Some starters stick to one crypto exchange, but some spread their assets and trades in a few exchanges for diversification and fund safety purposes. If you are pursuing the latter option of spreading out your trades in many exchanges, then it would help a lot if you chose a crypto trading platform where you can manage multiple exchanges such as through Altrady or Coinigy.
Security - Research about the security history of these crypto trading software tools to protect your funds.
Customer Support and Community - As a beginner, it is always best to choose crypto trading platforms and tools that would give you immediate help and support when things are confusing or challenging to understand.
Remember, the first steps in your trading journey will determine your success in the future. So make the right decisions and use the right crypto trading software tools!
Catalin is the co-founder of Altrady. With a background in Marketing, Business Development & Software Development. With more than 15 years of experience working in Startups or large corporations.