If a worker wants to do his job well, he must first sharpen his tools. --Confucius

If you want to gain a competitive advantage in this rapidly changing market, having the right tools is crucial. In this article, I will combine my many years of trading experience in the industry to share several free currency trading software that I use. If you still only use the exchange to read the market, then this article is worth your collection.

First of all, there are several reasons why I don’t recommend only using the exchange to read the market:

1. The depth of each exchange is inconsistent. If you are a novice, you may not know the specific status and strength of your exchange. After all, there are currently more than 200 exchanges on the market, so if you only use one exchange to read the market, you may not be able to fully see the market liquidity and strength. Other data changes and the opportunity for comprehensive analysis is lost.

2. The data and indicators of the exchange are too simple. Almost every exchange only uses basic data indicators. These indicators are used by almost everyone. They belong to the public consensus and it is difficult to gain a trading advantage.

3. You cannot find arbitrage opportunities such as funding rates and spreads by looking at the market on a single exchange. These operations need to be found across platforms.

4. The current currency market is closely related to TradFi, and you need to understand the changing trends of the entire financial market horizontally. For example, macro fundamental analysis, you may need to understand the impact of foreign exchange and stock markets and other important economic data on the market, so as to find trading advantages based on correlation.

Okay, without further ado, I will analyze the advantages and disadvantages of each tape-reading software.

Cryptowatch

This is a little-known split-screen currency trading software. The interface is very simple. If it is not set up and opened, it will be a nine-grid cryptocurrency observation interface. But I usually set up my own observation list based on the relevance and follow it at the same time. For market changes in different markets, you can monitor the altcoin index, DEFi index or ETH/BTC, and check the changes in various foreign exchange markets or US stocks at the same time.

Advantages: free, simple, can span different markets, data and indicators are based on tradingview

Disadvantages: Cross-market needs to be set up by yourself, which is difficult for novices. There is no other information or community content, and it is impossible to see other people’s opinions.

Coinglass

This is a currency circle data website produced by a Hong Kong team. Their team uses a distributed approach to work. Recently, they have done a lot of data improvement and added many effective market filters. It is currently available for free. They mainly rely on API interfaces and Website advertising monetization. Currently, the website has 20,000 daily active users every day and supports on-chain data analysis, exchange data, and CME data. I think that for traders in the currency circle, there is no doubt about the depth of this website.

Advantages: It is also free and has many data types. The K-line chart supports many indicator data only for the currency circle, such as: various funding rates, long and short ratios, and position status. It can also monitor abnormal movement alerts of different currencies. These are things that exchange watchers don’t have, and even Tradingview doesn’t have it, and it supports split screen. In addition, Coinglass supports mobile APP, which can easily reach users.

Disadvantages: Although Coinglass can also see data such as the US dollar index, Grayscale and CME, the data from TradFi is still insufficient to achieve the purpose of global market monitoring. The website has no built-in community and no channel to provide market insights, which requires switching to a third-party platform.

Dextools

Friends who like to play in the primary market will be familiar with this website. Nearly 100,000 people trade on this website every day. It can be said that it is currently the leading website for viewing the primary market. Currently, the website has 13.5 million monthly views. , more than most second-tier exchanges.

Advantages: This is a free market-reading software focusing on the Defi market. You can check the liquidity data of each trading pair and list the corresponding K-lines. The website can score the reliability of each project and can also monitor the latest online trading pairs.

Disadvantages: It is only applicable to the primary market, the indicators are all basic indicators, and it cannot provide TradFi information. The website does not have an embedded community. There are too many idiots on the website, and the quality of the projects varies, making it unattractive to secondary market and derivatives traders.

coinalyze

This is also a niche currency market viewing website that supports viewing indicators such as open positions, funding rates, and liquidation status. It also supports viewing different levels of averages and RSI overbought and oversold data, and also provides various K Alert prompts for line patterns.

Advantages: Like coinglass, it supports currency-specific data indicators, but provides data charts for checking RSI and moving averages as well as K-line combination tips, which coinglass does not have.

Disadvantages: There is no TradFi-related content, no split-screen function, no community and market views, and may not be very practical for Chinese people.

Icon

Aicoin is a currency trading software that has been around for many years. It supports on-chain data, market data, US stock indexes, precious metal prices, grayscale data, options, etc. It is also a market analysis software that most currency KOLs are accustomed to using. However, The free version only supports basic data indicators, and the advanced version requires a fee of at least 70U.

Advantages: You can directly connect to exchange KPIs for direct trading, provide real-time market information and economic data, view the market views of other analysts and provide embedded community communication. Supports split-screen viewing, allowing you to monitor market changes in different markets at the same time. Support mobile users.

Disadvantages: It can only support a few basic TradFi data (USD Index, Nasdaq 100, etc.) but the types are still not rich enough. For example, if I want to monitor the situation of related stocks and ETFs in the crypto market, it cannot be realized. In addition, it does not support viewing indicator data of funding rates and other derivatives.

Tradingview

This software is familiar to any trader. 2.3 million people use this software every day. TradingView provides a wealth of chart types and technical indicators, allowing users to conduct in-depth technical analysis. It supports a variety of chart types, such as K-line charts, area charts, line charts, etc., as well as more than 100 commonly used technical indicators. Supports payment to unlock more data indicators.

Pros: The platform has built-in social features, allowing users to share ideas, charts, and analysis with other traders. This social communication helps exchange learning, share insights, and benefit from the experiences of other users. TradingView provides real-time market data, including stocks, cryptocurrencies, foreign exchange and other markets. Users have instant access to the latest price, volume and market depth information, as well as instant updates on news and events. The platform provides flexible personalization and customization options. I can adjust chart styles, indicator settings and timeframes, watch lists, etc. to suit my specific trading strategies and preferences.

Disadvantages: Compared with coinglass, it provides less derivatives data and does not have so much specific encryption market data.

Summarize

In fact, there are many software that can list the crypto market conditions, including Coinmarketcap, CoinGecko, Feixiaohao, mytoken, coinpaprika and other market tools that are only for the currency circle, as well as website charts such as Yingwei Finance and Bloomberg that are combined with TradFi. , and even the more alternative MT5, but these are not tools that I am used to, and may not be popular with simple traders and data analysts. I think the above software can meet the needs of anyone looking at the crypto market.

Original link: https://t.co/fI0yt8kVZn

Note: All content represents the author’s personal views only and is not investment advice, nor should it be construed in any way as tax, accounting, legal, business, financial or regulatory advice. Before making any investment decision, you should seek independent legal and financial advice, including advice on tax consequences

Organization: KeplerResearch

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