Best Bitcoin Trading Tools Every Crypto Trader Needs

Best Bitcoin Trading Tools Every Crypto Trader Needs

Gianluca Lombardi July 13, 2023
9 min read

Greetings, future Bitcoin traders! Ready to dive into the wild of crypto trading?

I’ve been in the Bitcoin game for years now and experienced both the joys of success and the lessons of failure. And in that time, I’ve discovered that being armed with the best crypto trading tools is an absolute necessity for anyone looking to trade Bitcoin successfully.

What you’re about to read is a distillation of those years of thrill and lessons learned, often the hard way.

I’ve prepared a list of best bitcoin trading tools to use in 2023. With the right combination of trading platforms, analysis software, and other aids, you’ll have an advantage in trading bitcoin and other cryptocurrencies.

These aren’t just tools; consider them your allies in understanding the market, securing your investments, boosting your profits, and evolving as a trader.

So, are you game? Let’s get into the crypto trading tools details.

Best Cryptocurrency Trading Tools: Understanding the Market in 2023

bitcoin trading tools illustration

Crypto trading is an adventure unlike any other. It’s about buying and selling Bitcoin in a cryptocurrency market with the goal of making a profit. It’s akin to trading stocks, but here’s the kicker: the Bitcoin market never sleeps.

It’s alive and kicking 24/7, so you can trade anytime, anywhere.

The Bitcoin market is notorious for its volatility. Prices can soar and crash within minutes. It’s a trader’s dream and nightmare all rolled into one. But here’s the thing: volatility is not your foe; it’s your playing field. It allows you to buy when prices are low and sell when they’re high. But this game requires vigilance, fast reflexes, and a deep understanding of the market.

My early days of Bitcoin trading were a mixed bag of anticipation and nerves. The market’s volatility seemed like a two-sided coin, tempting me with high returns while keeping me on edge with the risk of significant losses.

But you know what? Over time, I’ve learned to respect this volatility.

My journey in the Bitcoin seas has taught me that while intuition and a bit of luck can help, successful trading is all about strategy, understanding market trends, and risk management. And the right set of tools can make all the difference. It’s a bit like having the right sails, compass, and map when you’re out in uncharted waters.

1. Cryptocurrency Exchange: picking the best crypto trading platform

The first stop in your crypto trading is a crypto exchange platform, one of the best crypto trading tools. It’s where you can buy, sell, and trade digital currencies. Imagine it as a bustling digital marketplace brimming with a variety of cryptocurrencies, including Bitcoin.

When I first started, I felt like Alice in Wonderland, bewildered by the multitude of exchanges out there. But then with the experience I realized what I need to look for in a good exchange:

  • Security measures
  • Transaction fees
  • User interface
  • The range of available cryptocurrencies
  • Customer service
Exchange Liquidity Fees Security Interface Trading Tools
Binance Excellent Low Excellent Good Advanced
Gate-io Good Average Good Good Basic
Bybit Excellent Low Excellent Advanced Pro-Level

I strated my trading with Coinbase, a platform known for its user-friendly interface and stringent security. As I became more comfortable and confident, I switched to Binance for its advanced trading features and way lower fees.

I have put my thoughts and experience about Binance in this review.

The choice of an exchange depends on your specific needs and comfort level.

Each exchange is unique, with its strengths and weaknesses. The trick is to pick an exchange that aligns with your trading ambitions. Remember, what’s good for the goose isn’t always good for the gander. Find what works for you.

Here are some more options:

bitget logo
Exchange

ecoinomy rating:

8.9/10

Max Leverage 100:1
Deposit Fees Debit card 3-4%
Trading Fees 0.1%
Regulations
Cryptocurrencies 500+ BTC logo CriptovaluteETH Criptovalute logoIOTA logoBCH logoRipple logoDASH logoADA logoEOS logoLTC logoTezos logoNEO logoXLM logoZEC logoETC logoOmise-Go logo
Payment Methods Crypto, Visa, MasterCard, Bank Transfer, SEPA
Number of Users 2.000.000+

Security

Fees

Ease of Use

Customer Service


Go to Bitget

bybit logo
Exchange

ecoinomy rating:

9.0/10


Max Leverage 100:1
Headquarters Dubai
Deposit Fees Card 2%
Trading Fees 0,075%
Cryptocurrencies 370 BTC kryptowaluta logoETH logo della criptovalutaBCH logo della criptovalutaRipple криптовалута логоADA криптовалута логоLTC криптовалута логоTezos криптовалута лого
Payment Methods Crypto, Visa, MasterCard
Number of Users 3.000.000+

Security

Fees

Ease of Use

Customer Service


Start here

gate.io logo
Exchange

ecoinomy rating:

8.9/10

Max Leverage 10:1
Deposit Fees Debit card 2-3%
Trading Fees 0.145% - 0.2%
Regulations
Cryptocurrencies BTC logo CriptovaluteETH Criptovalute logoIOTA logoBCH logoRipple logoDASH logoADA logoEOS logoLTC logoTezos logoNEO logoXLM logoZEC logoETC logoOmise-Go logo +1400
Payment methods Crypto, debit and credit cards, bank transfer, Banxa, SEPA, Apple Pay, Google Pay
Number of users 10.000.000+

Security

Fees

Ease of Use

Customer Service


Go to gate

2. Secure Wallet – Your Treasure Chest Crypto Tool

Once you’ve purchased Bitcoin, you need a safe place to stash it.

Now is perfect time to get to know Bitcoin wallets before you proceed.

Much like how a physical wallet safeguards your cash and cards, a crypto wallet looks after your Bitcoin. But it’s more than just a storage unit; it allows you to send and receive crypto too.

You’ll find two primary types of wallets: software wallets and hardware wallets. Software wallets, like the ones provided by your exchange platform, are super convenient and user-friendly. But they’re like low hanging fruits for online hackers.

Cold wallets (hardware wallets), on the other hand, are your personal fortress. They offer unmatched security, but they can be a little daunting for beginners to navigate.

For further help, check out this article on how to setup a hardware wallet.

I learned the importance of wallet security the hard way, losing a small batch of Bitcoin in a phishing scam in my early trading days. Since then, I’ve switched to a cold wallet – the Ledger Nano S, now replaced by Ledger Nano S Plus.

This hardware wallet has been a faithful custodian, ensuring that my crypto is safe from prying digital eyes.

Here are some more models to chose from:

Best overall
LEDGER NANO X

LEDGER NANO X

  • Display - 128x64 px
  • Control - Two buttons
  • Dimensions - 72 mm x 19 mm x 12 mm
  • Weight - 34gr
  • Connection - Bluetooth e USB
  • Compatibility - Windows 8.1+, macOS 10.14+, Linux, iOS 13+, Android 7+
  • NFT support
Functional
TREZOR MODEL T

TREZOR MODEL T

  • Display - 240x240 px, a colori 
  • Control - Touchscreen
  • Dimensions - 64 mm x 39 mm x 10 mm
  • Weight - 22gr
  • Connection - USB
  • Compatibility - Windows 10+, macOS 10.11+, Linux i Android
Best price-quality
LEDGER NANO S PLUS

LEDGER NANO S PLUS

  • Display - 128x64 px
  • Control - Two buttons
  • Dimensions - 62.39mm x 17.40mm x 8.24mm
  • Weight - 21gr
  • Connection - USB
  • Compatibility - Windows 8.1+, macOS 10.14+, Linux, Android 7+
  • NFT support
Budget option
TREZOR MODEL ONE

TREZOR MODEL ONE

  • Display - 128x64 px
  • Control - Two buttons
  • Dimensions - 60mm x 30mm x 6mm
  • Weight - 12gr
  • Connection - Micro USB
  • Compatibility - Windows 10+, macOS 10.11+, Linux i Android

3. Crypto Portfolio Tracker- Your List of Crypto Investments

A portfolio tracker is like your personal financial guru. It gives you a snapshot of your investments, helping you understand your portfolio’s performance. It’s an invaluable tool for monitoring your profits and losses and spotting trends.

There’s a wide variety of portfolio trackers to choose from. My go-to is Delta. It’s intuitive, thorough, and supports a vast range of cryptocurrencies. Plus, it has this nifty ‘watchlist’ feature that lets me keep tabs on potential future investments.

Remember, knowledge is power. The more you understand your portfolio’s performance, the better equipped you’ll be to make savvy trading decisions.

4. Charting Tools – The Basics of Charting and Technical Analysis

Ah, technical analysis – our fourth must-have tool. Now, you might be thinking, “Isn’t that something only Wall Street pros use?”

Well, not anymore!

With crypto trading, everyone has the chance to play detective and make sense of the market’s twists and turns.

Technical analysis is the Sherlock Holmes of trading. It’s all about studying past market data, primarily price and volume, to forecast future price trends.

You’re essentially looking for patterns or indicators that can help predict how crypto will behave in the future.

Here are some of the top software tools for bitcoin technical analysis:

  • TradingView – Leading online charting software with ability to analyze multiple assets across different timeframes and customize indicators.
  • Coinigy – Trading platform with extensive charting capabilities, market data, and ability to trade on multiple exchanges through one interface.

Today, platforms like TradingView make technical analysis accessible to everyone. They offer a range of tools for charting and analysis that can help you decipher the market’s language.

When I first heard about technical analysis, I was skeptical. The charts looked like an abstract artist had a field day. I mean, what was I supposed to see in all those candlesticks, lines, and oscillators?

But as I went deeper, I realized that these confusing charts could speak, tell probabilities of where Bitcoin’s price will head next.

I remember this one time when I spotted what’s known as a “Bullish Divergence” on the RSI indicator for Bitcoin. Essentially, this happens when the price creates a new low, but the RSI doesn’t follow suit.

It was like a lightbulb moment for me. I made my move, trusted the charts, and ended up with a nice profit. It felt like cracking a secret code!

When analyzing bitcoin charts, key technical indicators to incorporate include:

  • Moving Averages – Measure price momentum and trend direction
  • Bollinger Bands – Gauge volatility and overbought/oversold levels
  • RSI – Assess momentum and identify potential reversals
  • MACD – Identify changes in trend and strength of moves
  • Ichimoku Cloud – Spot support/resistance and momentum
  • Fibonacci Retracements – Find support/resistance levels based on Fib ratios

Utilizing charting platforms with robust indicator options gives a bitcoin trader an analytical edge.

When you crack your first pattern and see it play out in reality, it’s a feeling of triumph like no other. That, my friends, is the power of understanding technical analysis.

5. News & Market Trend Analysis Tools

coin panic view
CryptoPanic news aggregation view

In crypto trading, knowledge is your most powerful ally. The crypto market is extremely sensitive to news and events. A single tweet can set off a tsunami in crypto prices.

Finally, to keep up with global crypto news, I rely on CryptoPanic. Knowledge is your best defense in this fast and unpredictable market.

coinmarketcal view
CoinMarketCal view

To keep my ear to the ground, I use CoinMarketCal. It tracks important events that could stir the crypto sea. For an in-depth analysis of these waves, I turn to TradingView.

 6. Crypto Trading Bots and Automation Tools

Bitcoin trading bots are software programs that automate your trading strategy by placing and managing trades on your behalf. Bots enable you to execute advanced strategies 24/7 without manual oversight.

Some top bitcoin trading bots include:

  • 3Commas – Automated trading platform working across multiple exchanges. Smart order routing and dozens of bots available.
  • Cryptohopper – Cloud-based platform to automatically trade cryptocurrency. Easy to set up bots with backtesting capabilities.
  • HaasOnline – Sophisticated trading bots with extensive backtesting, technical indicator tools, and risk configuration options.

Key factors to evaluate when choosing a bitcoin trading bot:

  • Supported Exchanges – Number of exchanges integrated the bot platform can trade on.
  • Bot Strategies – Variety of preset bot strategies and customization options available.
  • Backtesting – Ability to test your bot’s strategy on historical data to gauge performance.
  • Cost – One time or monthly subscription fees for access to bots.
  • Ease of Use – User interface and ease of setting up, configuring, and running your trading bots.

Automated bitcoin trading with bots allows you to strategically trade even while you sleep!

Additional Bitcoin Trading Tools and Tips

Here are some final useful bitcoin trading tools and tips to give you an edge:

  • Risk management – Use stop losses, position sizing and risk-reward ratios to manage your trading risk. Never risk more than 1-2% of capital per trade.
  • Trading journal – Keep a journal or use software to track your bitcoin trades, performance metrics, lessons learned. Identify improvements.
  • Whale Alert – Live tracker of large crypto transactions from whales and institutions. Gives insight into big money moving cryptocurrency markets.
  • Educational resources – Read trading books, take online courses to continually improve your trading skills and strategies. Master bitcoin technical analysis.
  • Hardware wallet – Store bitcoin and private keys offline in a hardware wallet for maximum security, e.g. Trezor or Ledger devices.

With the right trading tools and education, you can excel at trading bitcoin and maximize profits. Use this guide of the best bitcoin trading platforms, analysis software, bots and resources to give yourself an advantage.

Maximize Your Crypto Trading Potential with the Right Tools

Now that you’re well-equipped with the knowledge of the best Bitcoin trading tools, you’re ready to take a big leap in your crypto trading journey. But let’s not forget why you’re here. You’re here to achieve results – profitable trades, enhanced financial acumen, and a strong foothold in the dynamic cryptocurrency market.

The right trading tools, from a robust cryptocurrency exchange or online trading platform  to an intuitive portfolio tracker and insightful market trend analysis tools, are not just gears in your trading machine. They’re the stepping stones towards unlocking your full potential.

When you trade with the top Bitcoin tools, you’re not only facilitating transactions; you’re making informed decisions that align with market trends. You’re not only protecting your digital wealth; you’re ensuring a secure and prosperous financial future in the cryptocurrency realm. You’re not merely surviving the volatility; you’re riding the waves of fluctuation towards consistent profits.

In short, the best crypto trading tools empower you to trade with confidence, safeguard your investments, capitalize on market trends, and most importantly, unlock trading opportunities.

Final thoughts

Crypto trading is not for the faint of heart. It’s a wild ride with unexpected turns. However, with the best Bitcoin trading tools in your arsenal, it can also be immensely rewarding.

These tools have been my steadfast companions throughout my trading journey. I hope they prove to be equally valuable in yours.

Gianluca Lombardi

Gianluca is the editor-in-chief of this site. A finance graduate, he is an active trader who has tested all trading platforms and knows all their secrets. Technology is his passion; he spends much of his free time in the metaverse. Gianluca loves learning new things, researching, discussing and writing about technology, especially when it comes to cryptocurrency and blockchain technology.