5 Must-Have Cryptocurrency Apps for Day-Traders
Like the traditional financial markets, the cryptocurrency market has its ups and downs. Hence, if you have any investments in the crypto asset space then keeping track of them is of paramount importance. As a cryptocurrency day-trader, staying informed of market movements allows you to make that split second decision that can make the difference between today being a profitable or a unprofitable trading day.
To cater to these needs, there are a number of applications that facilitate the easy tracking of the cryptocurrency markets and market-moving information as well as on-the-go order execution.
In this article, you will discover the five must-have cryptocurrency applications that will help you with your day-to-day trading decisions.
Coinigy is a digital currency trading application that is available as both a web-based and a mobile-based platform. It is currently available on Android with a soon to be released iOS version on its way. The platform is unique as it allows you to have access to over 45 of the leading exchanges and wallets from just one Coinigy account.
To use the US-based platform, you must pay a monthly fee of USD 15. It does, however, offer a thirty-day free trial where you are able to use all its tools within timed sessions. Coinigy supports exchanges such as Bittrex and Poloniex as well as smaller regional exchanges.
In addition to facilitating secure access to your accounts on different exchanges, the application has a wide range of technical tools that allow you to track the performance of your coins. Moreover, it is possible to trade directly from the chart, allowing quick trades to capitalize on intra-day price movements.
Coinigy monitors your portfolio 24/7 and will send you alerts through your email address or through text messages. You can also enable in-app price alerts. Furthermore, the platform supports a large number of third-party apps and plugins. Examples of these are Bitcoin Chart Scanner, Google Sheets, and CryptoTicker, among others, which enable you to further track your investments.
Coinigy employs SHA-256 encryption as well as enterprise-grade multi-tiered architecture that ensures the utmost security, according to the company’s website. Furthermore, the application does not store your funds, as they remain within your wallet or exchange. It is also possible to access customer service 24/7 through a live-chat function on the platform if you require any assistance.
TabTrader is a favorite amongst cryptocurrency traders as it is a mobile trading platform that is completely free. It is available for both Android and iOS. Using fully encrypted API (application programming interface) keys, it is possible to link the accounts on exchanges to the TabTrader app so that you can trade on-the-go.
On the app, you are able to buy and sell cryptocurrencies, analyze charts as well as view your portfolio balance. However, the platform does not have the permission to withdraw any funds. This adds a layer of security to your funds.
In order to make the best use of the app, it is best to have some knowledge of trading and the cryptocurrency market, however, it is easy to learn how to use the app as it has a simple and easy-to-use user interface.
In addition to providing access to over 20 exchanges, TabTrader offers indicators such as Bollinger bands, MACD, Moving Averages, and RSI, among others. It also provides a charting tool that enables users to analyze price movements. You can trade directly from the charts or manually input trade orders. Moreover, the application has no advertisements, which allows you to trade without any time-wasting interruptions.
To further enhance your security, you can set it to require a pin before allowing access. TabTrader does not take up much space on your phone and can alert you to market movements through push notifications.
CoinStats is a simple but highly useful crypto portfolio tracker. This mobile app is available for both Android and iOS devices. It features an easy-to-use interface and a pleasant design. CoinStats helps you to easily keep track of your portfolio as you are able to view the amounts you are holding in each digital currency. You are also able to view how much your crypto portfolio is worth in accordance with market movements.
Moreover, you can set it to send you an alert when the price goes lower or higher than your desired amount. CoinStats also features a converter that helps you to figure out what an amount in a certain currency, say bitcoin, is in other digital currencies.
If your portfolio is less than USD 5,000 then the application is free. However, once you surpass this amount, there is a five dollar per month subscription fee that is charged.
Following the growth in the initial coin offering (ICO) market in the last year, cryptocurrency traders have been able to capitalize on this new emerging area within the digital asset market. ICOAlarm is a mobile app available for Android that helps you keep track of all upcoming ICO’s.
ICOAlarm helps to find new ICOs, research them, and get notifications about ICO deadlines.
While the app should not be the only research you do before investing in a project, it is a good place to start as it includes key information on most major ICOs.
CoinTracking is an essential application especially if you are looking for a way to keep track of your cryptocurrency portfolio for taxation purposes. To use the platform, you must link your account on your exchange to your CoinTracking account. It is possible to do this through APIs or CSVs (comma separated values).
Once connected, the platform allows you to use its features to view the number of trades you have made as well as the different coins you are trading in. Moreover, the platform can create profit and loss tables throughout your trading timeline. CoinTracking will show you where you acquired profits while alerting you to any unrealised profits.
The website has supporting data on over 5000 digital currencies. It will allow you to classify your trades based on different exchange accounts, which is important for bookkeeping, especially for locations where you are required to tax on your cryptocurrency earnings. It is also possible to track ICO earnings as well any cryptocurrency gambling profits.
The platform can generate a tax report. Depending on your location, it will generate the relevant report as it currently supports all tax jurisdictions. The platform does not require access to your funds and features full encryption. It also features SSL (Secure Sockets Layer) certification for greater security.
The platform is free for less than 200 trades but charges a fee after that. It also recently developed mobile apps for both Android and iOS.