The cryptocurrency markets are completely different from a normal stock market. The trend is more volatile and unpredictable than ever before. That’s why lots of traders have decided to trade cryptocurrencies, but they don’t have all the tools required to be successful. This guide will show you all the crypto trading tools that every trader needs to have in order to keep up with the crazy world of crypto.
Here are my Top Crypto Trading Tools:
- You’ll need a Crypto – FIAT exchange
- Primary Crypto Trading Platform (to practice in a simulator and for live trading)
- Crypto Tax Software to manage your crypto tax payments
- Crypto Hard Wallet for more security
- Staking Accounts
- My recommended Crypto Educational Resources
- My recommended Crypto Trading Books
- Crypto forums to join and be updated on latest trends and discussion
Note: Some of the links below are affiliate links, so we may get a commission if you choose to use these companies. They are all companies we use and love. Thanks for supporting Don’t Want A Boss!
Resource 1: Crypto to FIAT Exchange
The very first resource that I recommend is having a good place to buy and sell your crypto with respect to FIAT (FIAT is whatever your local currency is although usually, it’s in reference to USD). You need something that’s fast, easily accessible, and that you actually know how to use quickly and efficiently.
- For the US, I recommend Coinbase.
- For Canada, I recommend Shakepay or Canadian Bitcoins.
- Outside of the US and Canada, I recommend Crypto.com.
It can be a little bit annoying with Coinbase because there are automatically calculated limitations on how much you can put in but it’s by far the easiest and fastest of the 3.
If I want to buy or sell Bitcoin right this second, I can literally go into Coinbase and either take money from or deposit money to my checking account in seconds.
You don’t have to use one of these 3 if you find something better, I just haven’t been able to. But whatever you decide, just make sure you have something that’s fast, easy and you know how to use it.
You can just Google search “Bitcoin to FIAT exchange” or “Bitcoin to AUD exchange” replacing FIAT with your local currency. If you have certain requirements that you want to meet or if you have a financial adviser, you may be asking them what kind of platform they think would be the best and/or safest.
So my personal recommendations are above based on my experience – I’ve used all 3 of them. Coinbase is my favourite other than its automatic limits. Canadian Bitcoin is my second favourite because it’s more expensive but you can’t withdraw with Coinbase in Canada.
Resource 2: Primary Cryptocurrency Exchange
Now that you have your exchange set up where you can buy and sell Bitcoin (or other currencies) in exchange for FIAT, number two is having a place where you trade most of your coins. This is where you are going to be day trading on leverage on a day-to-day basis.
You need to have one major exchange that you go to rather than functioning on three or four different exchanges all the time.
Of course, I might use another exchange just a newer coin I can’t find anywhere else every once in a while but if my major exchange has the coin, I will always try to use that one first. The reason why this is so important is that you can get lost and confused and annoyed with how many exchanges there are out there. It’s best to have 1 main one and then only the coins you can’t find there do you go to other exchanges to buy.
My major exchange is also the only exchange that I’ll keep any real amount of crypto on or at least I try my best to keep it that way. Most of my crypto I actually keep in an offline wallet because it’s just so much safer that way. I only keep on the exchanges what I’m trading at the time.
I have 4 recommendations that I’m going to share with you. But, keep in mind that no exchange is perfect. Some exchanges might work for your preference, some might not. That is why with the following exchanges I write down below, I also wrote 4 Leverage Crypto Exchange platforms, to give you a clearer guide about their pros and cons, as well as how to use them.
Personally, I recommend Bybit- I love Bybit. It has never given me any issues, it keeps a great history of all of your transactions, deposits, and withdrawals and it will export them into a nice spreadsheet for you. You can also easily integrate it with tax software, which I’m going to be talking about later on in this post.
It also has a TON of coins and almost all of the main ones.
Unfortunately, you can’t deposit in or withdraw in FIAT (unless you’re using upwards of 100k I believe might be the exception although I haven’t tested this out) but this does make it super easy to validate your account.
Resource 3: Crypto Tax Software Makes Your Life a Lot Easier
You need to make sure that you have a good way of doing your taxes with cryptocurrency that isn’t going to make you want to rip your hair out.
It examines your trades and produces in-the-moment information on your profit and loss, coin value, realized and unrealized gains, tax reports, and much more. You’ll always have a full picture of the prices for 20,411 coins and assets.
The reason why I like it is that it’s compatible with a ton of different exchanges, namely Binance and you can import all of your transactions. Then it will automatically generate a tax report for you and you don’t need to do anything else!
I highly recommend investing in an Accountant that can handle your Crypto Taxes more securely
Other than importing transactions from exchanges, I’ll also make sure that I have a spreadsheet with all of my holdings off of the exchanges (like in Trezor) and I’ll give that to my accountant as well as my exchange reports. That way, she has a complete account of all of my transactions and holdings.
A little trick (I’m using Bitcoin in this example but you can translate this to whatever base currency you’re using) you can ask your accountant to do is always use the lowest price point Bitcoin was at in a day for any buy transaction (buying any coin with Bitcoin) and use the highest price point Bitcoin was at in a day for any sell transaction (selling any coin for Bitcoin). That way you’re making it look like you’re making the least amount of profit that was possible for that day and you can pay less in taxes.
Just to make it clear, I would very highly recommend you get a professional accountant familiar with cryptocurrency to go through this with you.
Resource 4: At $5000? Get a Crypto Hardware Wallet
Those were the top 3 major resources. From here on out, we’re talking about stuff that really helps but isn’t essential to be able to trade.
To keep your assets safe if you’re trading over $5000, I would highly recommend getting a hardware wallet.
- I recommend Trezor
My personal favorite is Trezor but there are other options like Nano Ledger and a couple of other ones that are apparently also very good. I’m pretty sure Trezor is the most expensive or one of the most expensive options but I love it because it’s super secure and has so much space. I also like the interface, the way it works, and the fact that it interfaces with MyEtherWallet.
My biggest complaint is that it doesn’t currently support Ripple but hopefully, they will add that soon!
Another hard wallet that I want to share with you is:
The Ledger Nano S Plus is a hardware wallet for securely keeping cryptocurrencies, including non-fungible tokens (NFT), offline. It is a long-awaited addition to the brand’s crypto wallet for beginners, targeted at those who want to protect their crypto assets personally. As a result, its purpose is to hold cryptocurrencies in an offline storage room where hackers cannot access them as long as your hardware is protected.
The hardware wallet was simple to set up and the directions for each step along the way were simple to follow, and the entire process flowed well.
- You need to download and install Ledger Live, from the company’s website or a mobile app store. It is available on both a desktop (Windows and Mac) and a mobile version (iOS and Android). After you’ve installed the software, use the included cable to connect the flash drive to your computer. The Ledger features a Type-C port, and the cord has a conventional USB plug on the other end.
- Set the PIN code, which should be between four and eight digits in length. It works in the same way that a phone’s unlock code does. It will be required each time you turn on the hardware wallet and verify each transaction. The Seed Phrase follows, which consists of 24 randomly-generated words. The app will prompt you to verify the seed phrase by selecting the proper option from a list of four options. If something goes wrong with the gadget, the seed phrase is your preventative measure. If your hardware ledger is lost or damaged, you can get your money back by buying a new Ledger device and importing your account using the 24 seed phrases.
Resource 5: Get Staking Accounts
Staking cryptocurrency is an interesting topic in the market right now, and I’m sure many of you are interested in learning more about it. I’ll be creating a series of posts to answer some of your questions and explain this type of crypto earning approach. It is the act of securing cryptocurrency holdings in order to receive incentives or earn interest. Cryptocurrencies are based on blockchain technology, which involves the verification of crypto transactions and the storage of the generated data on the blockchain.
Here are some awesome staking accounts that I recommend:
My FAVORITE staking account:
I love Aqru because there’s no maximum balance for the 12% APY on stablecoins and there are no fixed terms.
It may be good to compare crypto staking to putting money in a savings account. While the money is in the bank, the depositor obtains interest as a reward from the bank, which utilizes the money for other reasons (lending, etc.). As a result, staking coins is analogous to earning interest.
Resource 6: How to Learn To Trade & Invest Crypto
I’m not a big fan of courses BUT I do think that mentorship can be helpful. If I was looking to get into crypto right now, that’s how I would want to learn.
Other than all the knowledge I give away for free on Tiktok, here are all the ways I can hopefully help you reach your financial goals:
Resource 7: My recommended Cryptocurrency Books
Many people have asked me, “What are the best cryptocurrency books to read?” I know that I personally love learning new things about crypto. If you are still at the stage of asking yourself this question, or even if you have started down this path but want to learn more, then I have put together a list of the top-rated books that are currently available in order to help you on your journey.
I would recommend reading around trading psychology as your focus.
- Mastering Trading Psychology by Andrew Aziz & Mike Baehr
- The Mental Game of Trading by Jared Tendler
- Trading in the Zone by Mark Douglas
Are you looking for a Mobile App that can help you with your trading psychology?
It’s normal to experience stress and be overwhelmed. These sensations may be unfamiliar to some, while others may be seeking new strategies to cope with or control current emotions or problems.
Whatever your degree of worry or unrest, trying your hand at meditation to keep your mental health in check can be beneficial. And this is the app I would strongly suggest!
Calm is a mindfulness app for beginners and experienced meditators alike. It can assist users in achieving inner peace and coping with life’s stresses, and this would help you also in managing your stress in day trading, which you wouldn’t want to happen.
You can read my full review here: Calm App Review [with BONUS!]
In terms of my entry strategy, I invented it so there’s no literature around it, unfortunately. I can recommend an excellent book on day trading equities that have a lot of the same risk management principles and may help understand the technicalities of trading in general.
- How to Day Trade For A Living By Andrew Aziz
- Advanced Techniques in Day Trading by Andrew Aziz (If you want to learn about some typical equity trading patterns although it won’t be directly relevant)
Resource 8: Crypto Forums to Join this 2022
You probably heard about crypto forums, I mean, what blockchain enthusiast or crypto trader doesn’t? Many of the people in these forums are business entrepreneurs, coders and developers, and other IT specialists.
But what makes crypto forums so special and different from others is that the audience of the crypto forums is quite diverse; it is mostly because crypto forum members can be anonymous.
Click here to see my Top 10 Crypto forums to join, whether you’re a beginner or a seasoned trader.
Remember, We’re in this together!
We will do this thing together – on this crazy crypto journey! To find out more about my trading strategy and tips, just click on the button below:
Happy trading 🙂