There are around 10,000 cryptocurrencies available on the market. However, it is not possible to buy every coin. Just as every stock on the stock market has fundamentals that will help determine whether a stock is worth buying, so do cryptocurrencies. You should always do your own research before choosing to buy a cryptocurrency. Looking into the crypto research tools available to you will help you make informed decisions.
There are many crypto research platforms available for you to use to conduct your own research. We will look into three of these crypto research tools that are available.
Crypto Research Platforms for Beginner Crypto-Traders
It can be challenging to choose the right cryptocurrency research tool, as there are many options. We discuss various benefits of using the three tools below:
Token Metrics is an AI-driven crypto ratings and price prediction platform, which interprets data into actionable investment insights. Their algorithms scan over 6k cryptocurrencies and provide crucial info to find high-potential coins early.
How Does Token Metrics Work?
Token Metrics’ expert team conducts in-depth investment research to evaluate over 20 fundamental analysis components such as liquidity, scarcity, etc. Then, various weights are assigned to each of these components and back-tested repeatedly using machine learning models.
After simulating 100 different weighting schemes, the model then chooses the #1 most accurate investment scheme to create new generations. Consequently, each generation drastically improves the accuracy of the model.
Token Metrics price prediction models help investors decide when to buy or sell crypto. These models can be quite accurate, and they can provide a crucial leg-up against the generally emotionally driven population.
The Token Metrics platform offers four membership options, including Basic, Advanced, Premium, and VIP.
To learn more about Token Metrics, you can read their tutorial post here.
TokenMetrics Pros & Cons
● Technical indicators
● Four different subscription plans
● Proven results
● Outstanding research
● Excellent for trading or holding
● Trustworthy team
● No mobile application
TrendSpider is a stock analysis software, and an automated technical analysis program for investing, day trading, and swing trading. It aims to assist you in spotting and exploiting trends faster than average traders and track price movements and indicators.
This software premiered in 2016 and is a fully customizable trading platform. For example, the platform’s Raindrop Chart is their latest feature with innovative functionality. TrendSpider also supports crypto exchanges, forex, and U.S. stocks.
How Does it Work?
The platform’s tools allow traders to automate their technical analysis. It makes it easy to do stock research and analysis, and it also:
- Detects and highlights more than 40 candlestick formations with mathematical precision
- Draws and calculates automated Fibonacci retracements
- Recognizes candlestick patterns
- Supports trendline analysis
- Draws trendlines
This software automates technical analysis, which allows you to eliminate bias and emotions from trading.
TrendSpider Pros & Cons
● Technical indicators such as moving averages
● Automatic price gap detection
● Watch lists
● Advanced Fibonacci retracements detection
● Price charts featuring over 40 candlestick patterns
● Dynamic price action alerts
|● A bit slower than software solutions|
CoinGecko, an independent cryptocurrency data aggregator, tracks more than 9,000 cryptos across hundreds of global exchanges. This service allows you to choose when, and for what purpose to trade your cryptos. CoinGecko does not function as a trading platform; instead, it offers charts and information about everything crypto-related.
How Does it Work?
The platform has numerous unique features that make it easy to compare cryptos. Users can classify assets according to the criteria they value, and sort viewing options by last hour, day, week, or month. All this make CoinGecko useful for day traders, scalpers, and hoarders.
The “Markets” tab contains the software’s most popular feature, including a listing of cryptocurrency pairs and exchanges that offer them.
CoinGecko Pros & Cons
● Trusted industry name
● Leading source to track the crypto world
● Unbiased, live market data
● Low prices
● Caters to all levels of traders
|● Available information does not include crypto lending interest rates|
Implement your strategies with CEX.IO
The CEX.IO ecosystem offers a range of instruments for crypto trading, starting with regular market and limit orders, and expanding into comprehensive API solutions.
With CEX.IO API tools, customers can automate their trading process and place orders, even when they’re offline.
Benefits of CEX.IO API:
- Most popular APIs available: REST and WebSocket
- Automated trading 24/7
- Over 200 cryptocurrency pairs
- High rate limits
- Low latency and fees
The CEX.IO Exchange offers some of the lowest trading fees among crypto platforms. Additionally, high-volume traders can receive an even lower trade fee rate. Learn more on our Fee Schedule page.
Crypto research tools are a dime a dozen nowadays, meaning it’s difficult to make the right choice. Regardless, many traders find the three tools mentioned above affordable and effective. Even so, you’re welcome to continue searching for the best fit. Good luck!