The 8 Best Crypto Trading Software Tools for New Investors
Are you a rookie trader who wants to have a right start? Then you have to be equipped with the necessary knowledge and relevant crypto trading software tools to build your crypto wealth. Although there are significant risks involved in this venture, don't doubt your capacity to succeed.
Unlike years before, beginner traders nowadays can have a great 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 software in 2020. These platforms could help you make the right investment decisions and take the right trading actions.
8 Best Crypto Trading Software Tools for Starters:
“Making Crypto Traders' Lives Easier”
Altrady is a Netherlands based multi-exchange cryptocurrency trading platform with advanced crypto tools for managing trades, monitoring markets, and keeping track of portfolios across different exchanges.
Traders can connect their exchange API keys to the Altrady crypto trading software to enjoy the following features:
- An all-in-one crypto trading platform that can integrate multiple exchanges so that users can place their buy and sell orders on the Altrady dashboard without the need for opening all their exchange accounts;
- A customizable trading interface with layouts that users can personalize depending on their goals and strategy;
- A comprehensive portfolio manager that allows users to see the distribution of their assets per currency and exchange;
- The desktop app, mobile app, and web-based version of the software;
- Notes widget that can serve as a trading journal of users; and
- A break-even calculator makes automatic computation without the need for spreadsheets as part of its best crypto trading software tools.
- Real-time crypto alerts that are considered to be among the fastest in the market.
- It also has a Crypto Base Scanner software that sends thousands of crypto signals for manual and automatic trading 24/7.
- The Altrady cryptocurrency trading blog and community also provide avenues for crypto learning among users.
Altrady does not have trading fees. Users only pay for plan subscriptions with different pricing for each package:
- 30-day free crypto trading trial that includes signals, trading, and portfolio management
- €9.07 monthly for signals package
- €13.97 monthly for trading package
- €20.97 monthly for advanced trading package
- Altrady offers a 30% discount for an annual subscription
"The World's Leading Cryptocurrency Exchange"
Binance is considered as the largest crypto exchange platform in the world 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:
- Cryptocurrency Trading through Binance Exchange
- 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 user's VIP level, which is determined by the 30-day trading volume and/or BNB balance.
- 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 mostly free of charge, while different withdrawal fees are depending 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 fund and transaction safety;
- A custom-built trading engine which 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; and
- Charting tools by Trading view.
- Fiat (US & EUR) to crypto deposits through debit and credit card;
- Crypto to fiat withdrawal;
- Responsive customer support & Zendesk knowledge base;
- Bittrex charges 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%;
- Withdrawal fee depends on 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 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; and
- Now allows the purchase of Bitcoin with credit and debit cards through the Poloniex wallet.
- Live chat customer support;
- Margin lending and borrowing which allows borrowers to trade on borrowed funds and lets lenders earn interest.
Poloniex has a tiered trading fee structure, which is 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 a variety of 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 provide protection to its users of up to $250,000 (in USD balance) per customer; and
- 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 that is dependent on the 30-day USD trading volume. The highest fees go around 0.50% for both 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 app;
- Supports multiple trading order types to cater to different risk appetites;
- Offers spot trading and margin trading; and
- 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 and one-click exchanges of up to 10 cryptocurrencies.
KuCoin trading fees are dependent upon the membership level of the trader. This is determined by 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.
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 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; and
- 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 on a per-trade basis and discount tiers are assessed after every trade.
"Ultimate Cryptocurrency Portfolio Management Suite"
Coinigy is a Milwaukee-based crypto exchange and wallet management platform that was established in 2014. It was built with the goal of easily accessing global financial markets of the future.
- Coinigy has an automatic portfolio tracking that allows users to keep track of assets 24/7 without 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 their plans:
- 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 in your location. From the crypto exchanges above, you could check which platform covers your state or country.
- Purchase of Fiat to Crypto - Since you are just starting to invest, you are most probably holding only traditional currencies. Some of the exchanges above offer direct purchase of crypto using fiat currencies. You can choose to go 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 there are also those who are spreading out 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 will choose 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 getting confusing or a bit challenging to understand.
We hope that you enjoyed reading the 8 best crypto trading software tools for new investors in the cryptocurrency space.
Remember, the first steps in your trading journey will determine your success in the future. Make the right decisions and use the right tools!