Best Free Crypto Tools

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Contributor, Benzinga
October 24, 2022

Want to jump straight to the answer? Altfins, TradingView, Lunar Crush and Crypto Bubbles are some of the best crypto trading tools.

Despite the cryptocurrency industry’s rapid growth in recent years, cryptocurrencies are still widely classified as high-risk investments. Cryptocurrencies are inherently volatile, often fluctuating by large amounts within a short period of time. High risk isn’t necessarily bad or good for an investor. Risk can work both ways, meaning that each investment into crypto carries the risk of significant failure and the benefit of significant success. 

The best way to navigate the innately risky cryptocurrency market is through high-quality research. Prudent investors should analyze project fundamentals, white papers, market sentiment and historical price action, among other things, to prevent impulsive decision-making and mitigate risk. However, this is easier said than done. 

In 2022, you could buy over 19,000 recorded cryptocurrencies in more than 100 sectors. Unless you are part of a seasoned team of analysts, thoroughly analyzing a multitude of cryptocurrencies while simultaneously staying on top of the fast-changing market is close to impossible. There is too much data to be digested.

However, with the right crypto research tools, even novice investors can tackle the expanding cryptocurrency market. Crypto tools refer to a whole range of products and services that assist investors to monitor, build and manage their cryptocurrency holdings. Crypto tools can help you reduce risk, identify lucrative opportunities and block out the irrelevant noise in the cryptocurrency sector. The following article will discuss the best tools you can use to stay ahead of the game.

Disclosure: eToro supports the following currencies: BTC, ADA, DASH, DOGE, EOS, ETH, LTC, NEO, XLM, XTZ, TRX, ZEC. eToro USA LLC; Investments are subject to market risk, including the possible loss of principal. T&Cs apply. *The bonus is available to Benzinga readers in the US for open states only. Served by eToro USA LLC.

Types of Cryptocurrency Tools

Cryptocurrency tools come in all shapes and sizes. Some tools are specifically designed to help you take a deep dive into niche areas of research, while others are designed to provide holistic insight over a broad range of criteria. For instance, some crypto tools focus on on-chain data while others may focus on sentiment analysis or news aggregation. 

What to Look for in the Best Crypto Tools

You will want to consider multiple factors when determining if a crypto tool is right for you. Characteristics include:

  • Ease of Use: The complex cryptography, game theory and financial information associated with digital assets leave many feeling like cryptocurrency is too steep a learning curve. Effective crypto tools will provide straightforward interfaces and seamless on-site navigation to reduce user friction.
  • Depth of Data: Given the abundance of different cryptocurrencies and the total number of unique transactions, it is pivotal that a crypto tool is able to collect and present all relevant data to users, updated in real time. 
  • Pricing: You can find lots of free, high-quality information on the internet. A notable example of this is Twitter, which is one of the most vibrant social hubs for the cryptocurrency community, in which multiple reputable sources share a wide range of information and alpha. As a result, if a crypto tool charges a subscription fee, it is important to double-check if it’s worth paying and whether you can obtain similar if not identical data from a free source.

Best Crypto Tools for Technical Traders

The volatility of the crypto market is what makes it one of the riskiest investment classes. Investors with experience can leverage this extreme volatility to make sizable profits. However, a large number of novice investors enter the market without any training or instruction. To close this gap and give every type of investor the knowledge they need to make better trading decisions, technical tools are a perfect solution.

Altfins

Altfins is a fantastic platform for both technical, high volume traders and everyday HODLers alike. With Altfins, you can access a wide range of extremely useful tools like crypto market indicators, insights, strategies, screeners and more. Here is a small example of the kind of tools you can find on Altfins showing the top gainers in the crypto market this week:

TradingView 

If you have spent any amount of time trading, whether it be in the traditional markets or crypto, you’ve definitely heard of TradingView. As one of the best charting tools on the market, TradingView allows traders to overlay charts with just about every technical indicator and trading alert that exists. New users can leverage the free version; however, premium versions are also offered, each with a wider range of features.

Crypto Bubbles

Crypto Bubbles is an innovative crypto tool that allows traders to simultaneously see the major price movements of major cryptocurrencies. Each cryptocurrency is represented by a bubble. Green and red are used to denote if the cryptocurrency is up or down on the day, with the magnitude of each bubble corresponding to the size of each price movement. The tool is a great option for traders looking to evaluate a wide range of potential trading setups in a short period of time.

Best Crypto Tools for Fundamental Traders

Fundamental analysis gives investors a bigger picture of what’s going on in the crypto markets. Investors can expect to identify large trends and be able to differentiate valuable tokens from those with low potential. Here are useful two tools for fundamental traders:

CryptoQuant

CryptoQuant is one of the leading on-chain analysis tools in the cryptocurrency space. On-chain analysis involves examining information from a blockchain ledger to determine market sentiment and predict future price movements. CryptoQuant helps investors analyze crypto markets and find data-driven opportunities to reduce investment risk.

Messari

Messari is a cryptocurrency data aggregator that empowers investors to make better trading decisions. It has a screener with a variety of filters, such as price, market cap and sector, in addition to comprehensive analytical profiles of a variety of cryptocurrencies.

Best Free Crypto Tools

For those unwilling or unable to spend money on crypto tools, look no further. Here are two free crypto tools that will elevate your research to the next level:

CryptoPanic

CryptoPanic is a leading news aggregator platform indicating impact on price and market for traders and cryptocurrency enthusiasts. News aggregators provide updates and information from a variety of sources in a systematized way, which is particularly important for cryptocurrency investors given the fast-paced nature of the market.

CoinGecko

CoinGecko is a go-to crypto tool for investors of all skill levels. It provides fundamental analysis of the digital currency market, allowing investors to easily navigate price, volume, market capitalization and major events associated with cryptocurrency. The tool allows users to track live portfolios as well as sort cryptocurrencies by categories. 

Best DeFi Crypto Tool

Decentralized finance (DeFi) is an umbrella term for a variety of financial applications in blockchain positioned to disrupt financial intermediaries. 

DeFi Llama

DeFi Llama is one of the best total value locked (TVL) aggregators used to track popular chains and their decentralized applications (dApps). TVL is an indicator of the level of activity or overall health of a protocol. The higher the TVL, the more active the protocol or dApp is. DeFi Llama is a useful tool for determining which protocols are the largest, which are overvalued or undervalued and how they are developing over time. 

Best Sentiment Crypto Tools

Crypto sentiment refers to crowd psychology in the cryptocurrency market. Compared to other markets, sentiment analysis is even more important in the cryptocurrency market given that the prices of many projects are largely influenced by speculation. 

Lunar Crush

Lunar Crush is a crypto tool that enables users to harness real-time social insights into their favorite cryptocurrencies and non-fungible tokens (NFTs). Lunar Crush collects and shares data on crypto influencers, including social influencer activity, engagement, frequency and impact across thousands of cryptocurrencies. 

Final Thoughts

Crypto tools are a great way to enhance your performance in the cryptocurrency market without having to dedicate excessive time or energy. Before allocating money to a particular cryptocurrency project, familiarize yourself with one or more tools. Using multiple tools in combination will further mitigate risk and help you develop a more nuanced understanding of the cryptocurrency market. 

Disclosure: ²Sum of median estimated savings and rewards earned, per user in 2021 across multiple Coinbase programs (excluding sweepstakes). This amount includes fee waivers from Coinbase One (excluding the subscription cost), rewards from Coinbase Card, and staking rewards. ³Crypto rewards is an optional Coinbase offer. Upon purchase of USDC, you will be automatically opted in to rewards. If you’d like to opt out or learn more about rewards, you can click here. The rewards rate is subject to change and can vary by region. Customers will be able to see the latest applicable rates directly within their accounts
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