These 3 cryptocurrency tools will change the way you trade
19 Apr, 2019 · 3 min read
The cryptocurrency learning platform CryptoManiaks recently spotlighted CoinTracking.info in one of their in-depth guides for the best Crypto Tools.
The guide is worth a read because it mentions all kinds of useful trading and investing tools– including a few that you may not even know exist, even if you’re an experienced cryptocurrency trader.
Here are just three of the most innovative cryptocurrency apps mentioned by CryptoManiaks:
HaasOnline
If you already use CoinTracking.info, you may already know that we have excellent API support. In other words, you can link all the most popular cryptocurrency exchanges to your CoinTracking account. API integration is convenient because if you use lots of exchanges, you can quickly see how your cryptocurrency assets are performing without having to log into each account that you want to check.
If you want to take your cryptocurrency trading to the next level, you may want to use CoinTracking with HaasOnline Software— a user-friendly platform for setting up and managing trading bots.
HaasOnline’s arbitrage bots help you take advantage of price differences between two different exchange marketplaces. For example, let’s say that the price of Bitcoin is trading for a higher price in Bittrex than it is in Binance. If you were to buy Bitcoin in Binance for cheap and then sell it for a higher price in Bittrex’s marketplace, you would turn a profit.
HaasOnline Software lets you set up an arbitrage bot with ease. All you have to do is select Inter-Exchange Arbitrage Bot from the drop down menu to get started.
Next, pick out the two exchanges that you want your bot to access. Then, select the trade pair that you want your arbitrage bot to analyze.
Lastly, select a trigger level. When the price difference between the exchanges passes this threshold, your HaasOnline bot will execute an order on your behalf.
Source: HaasOnline
That’s pretty much all there is to it. There’s no software to install and you don’t have to type commands into a console. Once you get your bot up and running, you can use CoinTracking to keep track of your bots and monitor your account balances.
Note: for security reasons, HaasOnline bots can’t withdraw or deposit funds from one exchange to another– so you’ll have to do that yourself periodically if you want to keep your portfolio balanced.
CryptoMiso
Anyone with the necessary know-how can quickly copy a coin project’s source code and create their own coin for virtually nothing. As a result, the cryptocurrency market is full of thousands of altcoins– Bitcoin alternatives that claim to improve upon Bitcoin’s core features. Some altcoins really do have something to offer, but many are just scams.
This is where CryptoMiso comes in.
CryptoMiso is unique among cryptocurrency analytical tools because it focuses on development activity rather than price movements.
The vast majority of cryptocurrency programmers use the web-based source code hosting platform known as GitHub to collaborate on development work. CryptoMiso reads the number of commits (code revisions) from each coin’s GitHub and displays that data in graph form.
For example, this CryptoMiso graph provides a high level view of development activity across several different altcoin projects.
A quick look at the graph shows that Insolar (INS) blockchain platform was particularly active at the end of 2018:
Source: CryptoMiso
If development activity on a coin project flatlines, that could be a strong indicator that it doesn’t have much of a future. Coins with no development activity at all are likely to be scams.
CryptoMiso was developed by Bart Claeys, User Experience Design specialist. It’s totally free to use, so definitely check it out– especially if you’re interested in altcoins.
Whattomine
Have you ever thought about getting involved in cryptocurrency mining? If your answer was yes, you should try Whattomine— a free resource that calculates how much money you can expect to earn with various mining equipment.
As an example, let’s say that you’re thinking about buying an S91 Antminer– an 1320-watt, ASIC cryptocurrency miner that has a 14,000 Gigahertz per second hash rate.
To find out how much money you will make, all you have to do is click the ASIC tab on the top of the page. Then, deselect all the mining algorithms except for the ones that are compatible with the miner you want to buy. For the S91 Antminer, you would deselect all the algorithms except SHA-256, since that’s the only algorithm that’s compatible that machine.
Next, type in your machine’s hashrate (14,000 Gigahertz per second) and wattage (1320W). Then fill in the $/kWh box with the rate that you pay for electricity. Finally, click the Calculate button to generate an estimate of how much you can expect to make with your Antminer in a 24-hour period.
Unfortunately, the results show that none of the coins are currently profitable. Even if you pay a very low rate of $0.1 per Kilowatt hour for electricity, your mining rewards would not cover your electricity costs.
In order to turn a profit, you would have to either wait for a more profitable time to mine or invest in a more efficient miner.
Source: Whattomine
Learn more at CryptoManiaks
Follow the link below to learn about 14 more cryptocurrency tools and apps.
Best Crypto Tools: The Ultimate Checklist
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CoinTracking is one of the tools that can help you with:
- Import your trades from 110+ exchanges/wallets.
- Support for DeFi, BSC, and Binance Chain trades.
- 25+ advanced reports.
- Calculate your crypto gains automatically.
- Support for 12 accounting methods (e.g., FIFO, LIFO, HMRC, ACB).
- Generate complete tax reports in your country.
Sign-up to CoinTracking today!
All you need to know about crypto taxes:
Crypto Tax Guide for the United Kingdom
Crypto Tax Guide for the United States
- How to report crypto in your taxes?
- What tax forms do I need for crypto?
- NFT Taxes: The Complete Guide for the US
Crypto Tax Guide for Australia
Crypto Tax Guide for Canada
Disclaimer: All the information provided above is for informational purposes only and should not be considered as professional investment, legal, or tax advice. You should conduct your own research or consult with a professional financial advisor when investing.
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