Cryptocurrency can be overwhelming, especially with the amount of crypto tools out there, but simply, what are the simple tools for the long-term cryptocurrency investor?
- Crypto Exchange
A crypto exchange is a platform to buy and sell digital currencies, like Bitcoin, Ethereum, and Dogecoin. A crypto exchange must be secure, i.e., safe from hackers and be liquid which describes the ease at which an asset can be bought or sold. According to Forbes, here are some of the best crypto exchanges as of July 2021, bearing in mind that crypto remains a speculative investment.
- Binance - Best overall crypto exchange
- Coinbase - Best for beginners
2. Crypto Wallet
Just like traditional wallets where one keeps fiat money, a cryptocurrency wallet helps you to store your cryptocurrencies, it is also from this wallet that you transfer crypto to another party and receive crypto. Therefore, anyone who would trade cryptocurrency must have a wallet.
Crypto wallets simply hold private access information for cryptocurrency so that owners can securely and quickly buy, sell, use digital assets as needed. Crypto exchanges typically offer wallets as one of their features. However, some crypto holders use hardware wallets which are the most secure crypto-wallets.
3. Crypto news aggregators
Crypto news can be overwhelming, and Twitter trends are constantly changing. However, you can stay on top of crypto news using aggregators like CryptoPanic.
4. Market data:
Coinmarketcap is most used among many other websites to check the price, volume, and supply of coins based on market cap.
5. Crypto Portfolio Tracker
Cryptocurrencies consist of different digital assets, including Bitcoin, Ethereum, Dogecoin, etc. An individual investor’s portfolio may consist of other cryptocurrencies. Hence the most efficient way to track the changes in the currencies daily or overtime is required.
It is no longer efficient to log into different accounts to track the different currencies. Also, with crypto being a core part of an individual’s financial assets, an all-in-one financial portfolio tracker like Cova is essential for Crypto portfolio tracking.
It takes only 5 minutes to set up a Cova account and start tracking all of your digital and traditional assets in one place now:
- Connect and manage all your crypto exchange and wallets in one place.
- Add notes & documents to each asset.
- See an accurate picture of your net worth.
- Manage your digital vault
- Create a dead man’s switch