Have you ever wondered how some crypto investors stay consistently profitable? You might think they have some secret weapon, but the truth is far more simple.
To win in crypto you need to have an edge over other market participants, and the only way to do so is by using the best crypto tools.
Seasoned crypto veterans experiment with all kinds of research, automation, and analysis tools to improve their skills. They might have a news aggregator on-hand, a charting tool to analyze assets, or even an on-chain research app to discover discrepancies on the blockchain.
Experimenting with various tools is an important step you need to take in order to upgrade your crypto experience once and for all and transform from a noob into a pro.
In this guide, I will present you with a comprehensive list of the best crypto tools for 2023 that will revolutionize the way you engage with the crypto market.
Exchanges represent your entry point to the crypto market. Choosing a trustworthy, reputable, and functional exchange is as important as choosing the assets you invest in. You have three aspects that distinguish a good exchange from a bad one:
Liquidity refers to the ease with which an asset can be purchased or sold. High liquidity ensures that a buyer or seller is always available to fulfill your order request. Low liquidity leads to slippage, which causes you to lose money.
Security is the next crucial factor. By depositing your funds on an exchange, you are placing your trust in their ability to safeguard your assets. It is essential to ensure that their security measures are robust, as exchanges are frequently targeted by malicious actors.
Fees play another significant role. Those who trade with size have to consider fees when calculating their profits as fees can have a major impact on your profitability. A good exchange should offer low fees to all traders, and reward those who trade with more liquidity with even lower fees.
Binance is the world's largest cryptocurrency exchange. They have the highest daily trading volume, ensuring high liquidity for almost all trading pairs. Binance also offers some of the lowest trading fees in the market. The exchange is also highly reliable and has a track record of prioritizing customers rather than profits.
Bybit is an exchange with a wide range of trading tools that became popular for its high liquidity for derivatives contracts and extremely user-friendly interface. The exchange frequently hosts trading competitions in which users can compete to win prizes. Bybit also offers robust support and customer care for its VIP users.
Coinbase is a leading U.S. crypto exchange created in 2012. Coinbase serves over 43 million users across more than 100 countries, providing them with a secure and user-friendly platform to access crypto markets. Coinbase is also recognized for its institutional services, offering professional trading and custodial services to businesses and investors.
Kraken is a prominent exchange founded in 2011 and based in San Francisco. Kraken has developed a reputation for its comprehensive security measures, deep liquidity, and a broad selection of listed cryptocurrencies.
WOO X is a relatively new zero-fee CEX that's built for traders seeking the best liquidity, fees, and price execution. The exchange features over 90 spot markets and 73 futures markets, boasting a total daily trading volume of over $250 million. Along with non-existing fees and deep liquidity, WOO X also offers powerful tools for traders.
Decentralized exchanges fulfill the same role as centralized ones, except that they feature a decentralized blockchain-based framework within which traders can interact with the market from a non-custodial wallet.
The benefit of using decentralized exchanges lies in the fact that users are not required to deposit funds into exchanges, allowing them to keep their assets secure in their own wallets. This sort of asset management is self-custodial, meaning that investors control all the risks of holding their assets.
In theory, investors are more secure using DEXs as they have full ownership and liability over their assets. The problem with these platforms is that they tend to be more challenging to navigate and generally have lower liquidity.
Uniswap is a popular DEX that kickstarted DeFi by launching an automated market maker (AMM) protocol. The exchange operates on the Ethereum blockchain and allows anyone with an ETH wallet to swap different ERC-20 tokens directly from their wallet app. Rather than using a traditional order book, Uniswap uses a formula to automatically determine the price of a trade.
This model removes the need for buyers and sellers to create liquidity, as the protocol itself provides this. The introduction of the UNI token in 2020 also added a governance structure to the Uniswap protocol, allowing holders to vote on changes to the platform.
SushiSwap is another Ethereum-based DEX utilizing the automated market maker (AMM) model. SushiSwap was launched in August 2020 as a fork of Uniswap. SushiSwap is known for its yield farming opportunities, where users can stake their crypto to earn rewards, and its innovative features like BentoBox, a lending platform, and Miso, a launchpad for new tokens.
IDEX is an Ethereum DEX that combines the efficiency of a centralized exchange with the security of blockchain settlement. Unlike some other decentralized exchanges, IDEX uses a hybrid model, with a centralized trading engine and transaction processing arbiter for speed, but decentralized fund custody for security. This allows for real-time trading similar to traditional, centralized exchanges, but with the user maintaining control over their funds.
IDEX also features advanced trading options, such as market orders, instant order books, and high transaction throughput, providing a comprehensive trading experience for its users.
1inch is a DEX aggregator operating on Ethereum and, more recently, on the Binance Smart Chain. Launched in May 2019, it sources liquidity from various exchanges and is capable of splitting a single trade transaction across multiple DEXs. This innovative feature ensures users are getting the best possible trading rates.
dYdX is an Ethereum DEX created in 2017 that allows investors to trade, borrow, and lend cryptocurrencies. Unlike other DEXs, dYdX supports advanced trading features such as margin trading and derivatives, aiming to bring these sophisticated financial tools to the decentralized finance (DeFi) space.
Crypto research tools are platforms that provide users with comprehensive data and analytics on cryptocurrencies, blockchain networks, and market activities. They help investors and traders monitor market trends, evaluate asset performance, and conduct in-depth research on projects and tokens.
Crypto research tools empower users to make better-informed decisions by offering valuable insights into the crypto ecosystem, reducing the risk of loss and enhancing the potential for profits.
Messari is a leading crypto research platform that offers a wide range of data and insights on cryptocurrencies, blockchain projects, and market activities. It features detailed information on token metrics, asset performance, and project development. With its user-friendly interface, Messari enables users to access essential data on various projects and tokens, aiding in the decision-making process for both novice and experienced investors.
Nansen is a sophisticated on-chain analytics platform that helps investors make informed decisions by analyzing blockchain data and wallet activity; creating insights into trends and behaviors within the DeFi space and wider crypto ecosystem. The platform offers features such as wallet profiling and labeling, token flow visualizations, and DeFi project analytics.
Glassnode is a renowned on-chain data and analytics platform that focuses on providing insights into blockchain network activity. It offers a wealth of information on various aspects of network health, such as transaction volume, active addresses, and mining metrics. Glassnode's data helps users understand the underlying health and performance of different blockchain networks, enabling them to make informed decisions on investing in specific cryptocurrencies.
Dune Analytics is a powerful analytics tool that specializes in providing data and insights on decentralized finance (DeFi) and Ethereum-based projects. It allows users to create custom dashboards, charts, and visualizations, making it easy to track and analyze various DeFi metrics, such as liquidity, trading volume, and user growth. Dune Analytics is especially valuable for users interested in exploring the DeFi ecosystem, as it offers extensive data on popular platforms and tokens.
Crypto is the only market where a single headline can make or break prices. It’s highly recommended to keep up with the latest news and events in order to have an edge over other market participants and potentially avoid crashes.
Many crypto blogs out there report on the latest news. Some of them even provide free educational content that helps you better understand the complicated blockchain industry.
CoinDesk is a leading digital media platform dedicated to covering the world of cryptocurrencies, blockchain technology, and DeFi. Founded in 2013, it provides high-quality news, information, and insights about the digital currency and blockchain technology industry. CoinDesk's offerings include a mix of news articles, reports, podcasts, newsletters, and an extensive learning section for those new to the world of digital assets
Additionally, Coindesk hosts industry events, including the annual Consensus blockchain technology summit. CoinDesk is recognized as one of the most authoritative news sources in the crypto and blockchain space.
The Block is a website that educates investors by delivering news, research, and data for crypto investors of all skill levels. The team behind The Block has the mission to help investors understand digital assets and make informed decisions. It also features a tool called 'The Block Pro,' a flagship product providing a library of over 2000 in-depth research and analysis reports.
99Bitcoins is an educational platform dedicated to simplifying the world of cryptocurrencies for beginners and non-technical users. Founded in 2013, 99Bitcoins provides a wide range of easy-to-understand guides, tutorials, and explainer videos covering various cryptocurrency topics. These include buying and selling cryptocurrencies, using different types of wallets, understanding blockchain technology, and more.
The Bitcoin Magazine is one of the oldest and most established news websites in crypto. It provides insights, research, analysis, and education about blockchain technology and cryptocurrencies since 2012. The website covers the latest news and events while also producing its own content highlighting the most important narratives in the market.
The cryptocurrency market is seemingly alien at first. But with the right resources, you can conquer our beloved disruptive industry in no time.
Education is the first step to financial independence. This section is dedicated to some of the most brilliant crypto authors in the world that churn out content day and night for you to better understand cryptocurrencies.
Guy Turner is the co-founder of Coin Bureau, a Youtube channel and blog that informs investors about the latest updates in the crypto market on a daily basis. The blog's mission is to pave the road towards mainstream crypto adoption through education delivered in high-quality and unbiased content.
Ivan Lijeqvist is a blockchain educator, data scientist, and software developer. His world-famous Youtube channel Ivan on Tech educates the masses about the wonders of blockchain technology by explaining complex concepts in an entertaining and exciting way.
Although more of a blockchain developer than an author, Andre Cronje is well known for his sporadic publications on Medium that give investors an in-depth insight into the world behind DeFi. Cronje, the creator of Yearn Finance and several other protocols, writes content more suited for veteran investors who are interested in a behind-the-scenes look into the life of a DeFi developer.
R.J. Weiss is a certified financial planner that founded The Ways To Wealth, an online blog dedicated to helping people understand how to make money, save money, and invest money wisely. Although the blog leans more towards TradFi, you can still find an extensive list of crypto guides more suitable for the average Joe.
For Shrimpy, Weiss had the following things to say about his life as a financial planner:
"As a financial planner, what I enjoy most is the direct impact I can have on improving people's quality of life through better financial management. Even small changes can have a significant positive effect on one's overall financial health and well-being. While many financial planners focus on high-net-worth clients, I find it fulfilling to share my knowledge and expertise with all types of readers online because everyone can benefit from even the simplest financial improvements."
Crypto charting tools are software or platforms that provide graphical representations of market data, such as price movements, trading volumes, and technical indicators, for cryptocurrencies.
These tools enable users to analyze historical and real-time data, allowing them to identify trends, patterns, and potential trading opportunities. By using various chart types and technical analysis techniques, crypto charting tools help traders and investors develop strategies and make better-informed decisions in the volatile cryptocurrency market.
TradingView is the most popular charting tool for traders and investors alike. The tool provides an overview of various markets, including stocks, forex, futures, and cryptocurrencies. TradingView provides a comprehensive suite of tools for technical analysis, allowing users to plot various indicators, draw trend lines, and even script their own indicators using the platform's proprietary Pine Script language.
In addition to its charting capabilities, TradingView hosts a social network of traders and investors, enabling users to share their analyses, trade ideas, and strategies. The platform also provides real-time data, market news, and alerts.
Cryptowatch is a cryptocurrency trading and portfolio management platform known for its real-time market information and comprehensive charting tools. The platform provides data from various cryptocurrency exchanges, allowing users to track and analyze price movements, volume, and other relevant market information across multiple cryptocurrencies.
In addition to its data visualization features, Cryptowatch offers a trading interface that allows users to trade directly on the platform, supporting various exchanges. Users can also set up alerts for price movements and other market indicators.
You can execute tens of thousands of crypto transactions and trades during your crypto journey, which you all need to report to the IRS. Calculating your profits and overall taxes can be time-consuming and confusing. The best way to calculate your taxes is by using a crypto tax tool that’ll completely automate the process for you.
Koinly is a cryptocurrency tax software platform designed to simplify the process of calculating and filing taxes on digital assets. Koinly offers a solution that consolidates transaction or trading data and generates tax reports compliant with the laws of over 100 countries. The platform supports more than 300 exchanges and blockchains, and it can handle a broad range of transaction types, including trades, staking rewards, and DeFi activities.
Beyond its tax reporting features, Koinly also provides a portfolio tracking tool that helps users monitor their assets' performance.
Coinpanda is a cryptocurrency tax software that simplifies the complex task of calculating taxes for Bitcoin, Ethereum, and over 6000 other cryptocurrencies. The platform is designed to automate the process of tracking and logging transactions from various blockchains and exchanges, thereby helping users accurately calculate their capital gains and losses.
Coinpanda supports over 500 exchanges and blockchains, and it can generate tax reports in line with the specific rules of over 65 countries. In addition to its tax reporting functions.
Accointing is a comprehensive crypto portfolio tracking and tax management platform. The tool simplifies the process of tracking your cryptocurrency transactions, providing insights into your portfolio's performance, and generating tax reports that comply with local regulations. Accointing supports over 300 exchanges and wallets, allowing users to import their transactions via API or CSV files.
The platform also offers a mobile app for on-the-go access to portfolio performance and market trends. The tax reporting feature supports a range of countries with customized reports according to specific national tax laws.
CoinTracking is a comprehensive platform for tracking your cryptocurrency portfolio and generating tax reports. Since its inception in 2013, it has become a popular choice for tracking trades, gains, losses, and the value of cryptocurrency portfolios in real time. CoinTracking supports over 5,000 digital currencies and can import data from more than 100 cryptocurrency exchanges.
Its tax reporting feature is compatible with the tax laws of many countries and can generate tax reports in various formats, including CSV, PDF, and other tax software-compatible files.
TokenTax is a cryptocurrency tax software platform designed to simplify the complex process of calculating and reporting taxes on digital assets. The platform can import data from virtually any crypto exchange, as well as income from mining, staking, and airdrops, making it a comprehensive solution for tax reporting.
TokenTax's algorithm calculates capital gains and losses on cryptocurrency trades, and it can generate tax forms for several countries, including the U.S., the U.K., Canada, and Australia. The platform also offers a suite of tools for portfolio tracking and analysis, allowing users to monitor their investment performance.
As the cryptocurrency market continues to evolve, safeguarding your digital assets becomes increasingly important.
A cryptocurrency wallet is an essential tool that allows users to store, manage, and transact their digital currencies securely. Selecting the best wallet for your needs plays a vital role in ensuring the safety and accessibility of your crypto assets. In this section, we will discuss the importance of choosing the best wallets and how they contribute to a secure and seamless crypto experience.
MetaMask is a popular Ethereum-based wallet and browser extension that allows users to interact seamlessly with the Ethereum blockchain. Users can store and manage their Ethereum (ETH) and ERC-20 tokens, and connect to various dApps with just a few clicks. Launched in 2016, MetaMask has been instrumental in the rise of Ethereum's DeFi ecosystem, providing an easy-to-use interface for accessing DeFi platforms directly from a web browser.
MyEtherWallet (MEW) is a free and open-source Web3 wallet that allows users to interact directly with the Ethereum blockchain. Launched in 2015, MEW provides a simple and secure way to create Ethereum wallets and store, send, and receive Ether (ETH) and ERC-20 tokens.
While it's an online tool, it generates and stores the wallet's private keys on the user's device, ensuring that MEW itself has no access to users' funds or private keys. In addition to basic wallet functionality, MEW also allows users to interact with Ethereum smart contracts and dApps.
Trust Wallet is a secure, multi-chain wallet that supports a wide range of digital assets, including Bitcoin, Ethereum, Solana, Chainlink, Ripple, and others. Launched in 2017 and acquired by Binance in 2018, Trust Wallet is highly regarded for its security features, user-friendly interface, and commitment to maintaining user privacy — it does not collect any personal data from its users.
Beyond its primary function as a wallet, Trust Wallet also allows users to interact with decentralized applications (dApps) through its integrated Web3 browser, making it an essential tool for engaging with the decentralized finance (DeFi) ecosystem.
Exodus is a versatile, user-friendly cryptocurrency wallet that supports a wide array of digital assets. Launched in 2016, Exodus allows users to securely manage and exchange cryptocurrencies directly from the wallet's interface. Known for its intuitive design, the wallet provides a clear overview of your portfolio, live charts, and a transaction history feature, all presented in an easy-to-understand format.
One of Exodus' key features is its built-in exchange functionality, which allows users to swap one cryptocurrency for another directly within the wallet, a feature that streamlines the trading process.
Ledger is a leading hardware wallet provider known for its high-security standards in storing digital assets. Founded in 2014, Ledger's main offerings, the Ledger Nano S and Nano X, allow users to securely store a wide variety of cryptocurrencies offline, safeguarding them against potential online threats. These devices isolate users' private keys in a secure element, a locked-down chip that prevents extraction of the keys, making them resilient to potential online and offline threats.
Besides storage, Ledger wallets also enable safe cryptocurrency transactions and are compatible with several web interfaces and software wallets for broader utility.
Web3 is all about decentralizing the internet. One important aspect of Web3 is to bring internet users together inside immersive and rich virtual worlds within which they can interact and express themselves.
Although there is no definitive metaverse out there, several projects are working towards creating the futuristic worlds that we're imagining today. The list below features some of the most ambitious metaverse projects in Web3 today.
VulcanVerse is a massive multiplayer online role-playing game (MMORPG) developed by the Vulcan Forged team. The game incorporates non-fungible tokens (NFTs) to enable players to interact with a digital world in which they retain ownership over their in-game items.
VulcanVerse players can create quests, enage in PvP combat with other players, and forage for NFTs. They can also use the native PYR token as a unit for settlement, to stake, and exchange items.
A defining feature of VulcanVerse is its complex lore and world-building capacity, divided into distinct themed quadrants: Underworld, Wildlands, Arcadia, and Boreas, each with its own set of fauna, flora, and design styles.
Users can develop and customize their land according to the quadrant's established lore or create unique structures and storylines using the platform's advanced building tools.
Decentraland is a virtual reality platform built on Ethereum, which allows users to create, experience, and monetize content and applications inside a metaverse. It represents a fully immersive 3D world, with parcels of land that can be bought, sold, and developed by users. Decentraland's native cryptocurrency, MANA, enables users to participate in the digital economy within this virtual world.
Over the years, Decentraland has grown into a bustling digital metropolis, boasting a diverse array of content created by its users. There are digital art galleries, gaming districts, and virtual marketplaces where users can buy and sell digital goods and services.
Sensorium Galaxy is an ambitious social VR metaverse that has been gaining attention for its revolutionary approach to immersive digital experiences. Designed to facilitate high-quality VR content, Sensorium Galaxy is envisioned as a multi-user platform where individuals can interact, consume media, and express themselves in novel ways. The project is backed by some prominent names in the entertainment industry, bringing a level of credibility and excitement to the platform.
A distinguishing aspect of Sensorium Galaxy is its focus on creating stunning virtual worlds that are connected with music, dance, and other forms of artistic expression. The platform features different 'islands', each with its own thematic universe and offering a unique VR experience. For instance, the PRISM world is dedicated to music, hosting concerts from world-class artists in a stunning visual environment. Users can not only attend these performances but also interact and communicate with other users in real-time.
The platform's native cryptocurrency, SENSO, is used to purchase tickets for events, avatar customization options, and other in-world transactions. Much like Decentraland, Sensorium Galaxy utilizes blockchain technology to ensure transparency and enable user ownership within the platform.
The best way to find out which set of tools can help you the most is by constantly experimenting. I recommend discovering a niche that matches your skills and personality so that you can optimize your experience as an investor and utilize your full potential.
After experimenting long enough and trying out different tools you'll find a routine that suits your style as an investor or trader. At this point, you can continue to optimize your experience by writing down do's and don'ts for your style.
If you’re new to the crypto sector, I recommend checking out our following beginner-friendly resources:
Each day Shrimpy executes over 200,000 automated trades on behalf of our investor community. And joining them is easy.
After you sign up and connect your first exchange account, you’ll deploy an investment-maximizing strategy in as few as 5-minutes.
Whether you create your own rebalancing strategy or completely custom automation, the ability to walk your own path belongs in the hands of every crypto investor.
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