Hi Crypto Network,
Blockchain brought about the rise of cryptocurrencies, which have revolutionized the finance industry. One of the common investment applications of cryptocurrencies is in trading. Most people use it as trading instruments to make a profit.
Since trading is more challenging when it is done manually, there are automated systems to make it easier for the average trader. With trading, you always have to be in touch with the changing market conditions, and automated systems make that very simple.
Blockchain evolution challenges crypto-traders
Crypto Trading Tools and problems
Even though crypto trading is profitable, it also comes with its challenges. Although cryptocurrencies were developed with the concept of challenging the norm by increasing financial inclusion, profitability and transparency, there are still many challenges faced in the crypto world. Some of the challenges faced by crypto exchanges include:
New traders with no knowledge or experience of the market/actionable trading skills
There are many traders who get on the exchange platforms with unrealistic expectations. They do not have knowledge or skills, and are not willing to spend their whole day analyzing charts to understand trades and markets. Most of them fail to understand that they have to be strategic in order to make profits, and thus enter the trades without having strategy. Due to that, they are unable to make enough profits.
Most exchanges do not offer the appropriate tools such as portfolio monitoring
As much as many exchanges want the best for their customers, they do not offer them the right tools such as portfolio monitoring tools. There are also not adequate risk management tools which obliges traders to maintain a low inferior risk to reward ratio. That makes traders not to make much as it is inconvenient for them to seek other tools or go to other platforms to learn about making the most out of trading.
Many tools are used in crypto trading. They include:
Chartism tools: This is whereby charting and analytics, are used to study the market for trading. Through data analysis, you can do price predictions, and know the direction the market will take. There are many Chartism platforms that one can use.
Event calendars: Event calendars can also be used in price prediction. For example, the anticipated Bitcoin halving will have an impact on the price of Bitcoin. That has also been used as a tool of the trade.
Market Data: Market data can be used in making predictions. Through the history of data and the current trends, it is possible to make a prediction.
News Aggregators: Through news aggregators, one can get the relevant information that they can use in decision making.
Portfolio trackers: A portfolio tracker will help you with tools that will help you to track and analyze your portfolio even when you are trading.
Signal provider: Signal providers will help you have access to their trading data so that you can copy them and make your trading decisions.
Trading bots: Trading bots are computer programs that will do the trading on your behalf by using indicators and signals, helping in saving your time.
Getting started with crypto trading
There are many dimensions involved in crypto trading that makes it have a thin line between profits and loss. That makes it very challenging for newbies to train themselves on the subject, to be constantly updated on the market, and to design a proper trading strategy. Luckily, many tools can make it easier for anyone.
Is Crypto Trading Time consuming and profitable?
When it comes to crypto trading, it is all about the strategy that you use. When you are strategic, you will not use a lot of time, but at the same time, you will attain huge profits.
Some traders are attracted by this new opportunity but don’t want to spend their day doing technical and fundamental analysis. Others with more experience need sophisticated parameters to automatize their strategy that is often missing in trading bots.
What tools are available to assist Crypto traders
The attractiveness of the market place brought more and more players to offer services for crypto traders.
Best Crypto Tools
As mentioned earlier, the best crypto tools are Bots, Signals & Technical Tools. Different people have different preferences, depending on their needs. In some cases, people use several tools at a go to achieve tremendous results.
One solution that plans to solve these issues – UPBOTS
Different traders have different needs, and not all platforms are meant to address the needs of all traders. Upbots is a platform that has been made with all traders in mind. It gathers all kinds of investment assets (Crypto, forex, and traditional market) and the best tools and services so that you can have 360-degree trading experience.
Unlike many platforms, Upbots is based on the blockchain, for more security, trust, and transparency. The platform was made by experienced experts with a vision of quality and excellence.
Upbots covers different types of TRADING TOOLS – its features include:
For those who prefer to control their trade, they can enjoy a complete easy to use trading interface, with a large set of trading and risk management tools. They can select an easy mode or the advanced one if they want to make sophisticated trade or to create personal bots.
For those who don’t have too much time or don’t feel confident to trade by themselves, they can invest in an existing validated strategy (follow copy trader, follow an algo bot developed by our experts or by the community, subscribe to carefully selected signal providers….)
For those who wish to master the art of trading, they will be able to find quality learning materials in our market place.
Upbots started with the crypto sector because it’s a market they have mastered and have an active community, but their ambition is to cover all kind of assets making Upbots the place to be for traders
Hopefully, you have enjoyed today’s article. Thanks for reading!
Have a fantastic day!
Live from the Platinum Crypto Trading Floor.
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