Free Tools That Can Help You Master Cryptocurrency Trading as A Beginner

Cryptocurrency trading can seem overwhelming at first, especially for beginners just starting out. The array of coins, exchanges, charts and technical jargon is enough to make anyone’s head spin. But with the right knowledge and tools, anyone can learn the ropes and start trading crypto successfully.

You don’t necessarily need to spend a fortune on expensive trading software or courses to get started. There are plenty of free resources available that can help you gain the skills and confidence you need to trade like a pro. In this post, we will list out some of the best free tools for beginner crypto traders.

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1. CoinMarketCap

One of the first things any aspiring crypto trader needs to get a hand on is market data – the current prices, trading volumes, market caps and circulating supplies of the various cryptocurrencies out there. CoinMarketCap is the go-to site for this essential info. Simply search for any coin and you’ll get real-time price data from hundreds of exchanges, along with historical charts, key metrics, a newsfeed, and links to each project’s website and social channels.

But CoinMarketCap isn’t just a price tracker. It’s also an educational resource, with a wealth of beginner guides explaining the basics of blockchain, crypto, trading, and more. Their Alexandria learning hub features articles, videos, a glossary of key terms, and helpful tools like a fiat-to-crypto calculator. Whether you’re learning what market cap means or how to read candlestick charts, CoinMarketCap remains the ideal tool.

2. TradingView

TradingView is a social charting platform that lets you view real-time price data, create custom charts, and share trading ideas with a community of millions of investors worldwide. While a premium plan unlocks advanced features, the free version is more than sufficient for beginners to analyze the markets.

With an intuitive interface, you can easily plot technical indicators like moving averages, RSI and Bollinger Bands on price charts for any crypto or traditional asset. TradingView supports data from hundreds of exchanges and lets you create watchlists to track your favorite coins. You can even backtest trading strategies and set custom price alerts.

But perhaps the most valuable aspect of TradingView is its social features. You can view the trading ideas and analyses published by experienced traders, ask questions, and learn from the collective wisdom of the crowd. Many professional analysts share charts and market breakdowns on TradingView, giving you access to high-level insights without the cost.

3. Coinigy

Coinigy is an all-in-one crypto trading platform that connects to more than 45 exchanges, including Binance, Kraken, Bitfinex and more. This means you can manage all your crypto trades and portfolios from one central dashboard. Coinigy offers a free 30-day trial, after which paid plans start at $18.66 per month.

Some of Coinigy’s most useful features for beginners include:

Consolidated portfolio tracking across all connected exchange accounts
Real-time price data and customizable charts for 5000+ trading pairs
Ability to place limit, market and stop orders directly from the platform
Email and mobile push notifications for price alerts and trade confirmations
Free educational resources and customer support

While not entirely free, Coinigy is an affordable and powerful tool for anyone who is just starting crypto trading

4. Crypto Twitter

Twitter is a goldmine of information for crypto traders, if you know where to look. Many of the industry’s top influencers, analysts, and traders are highly active on Crypto Twitter, sharing market insights, trading ideas, and commentary on the latest news and trends.

Some must-follow accounts for beginner traders include @CryptoCred, a professional trader and market analyst; @Tradermayne, who shares educational content on technical analysis and risk management; and @TheCryptoLark, a popular YouTuber who breaks down market moves and interviews key figures in the space.

Of course, it’s important to take everything you read on Crypto Twitter with a grain of salt, as there’s no shortage of noise, shilling, and outright scams. Be wary of anonymous accounts promising get-rich-quick schemes or guaranteed returns. Focus on learning from reputable traders who freely share knowledge and aren’t constantly trying to sell you something.

5. Reddit Forums

Reddit is another great resource for beginner crypto traders looking to soak up knowledge and engage with more experienced peers. There are dozens of crypto and trading related subreddits, but some of the most helpful for new traders include:

r/CryptoCurrency – One of the largest crypto forums with 1.7M+ members. A wide range of content covering news, analysis, and beginner Q&A. Be aware that the forum can be prone to hype and tribalism around certain projects.

r/CryptoMarkets – More trading focused than r/CryptoCurrency with daily discussions on market moves and technical analysis. A good place to ask beginner trading questions.

r/CryptoTechnology – A forum for more in-depth discussions on the technical side of crypto and blockchain projects. Great for learning how the technologies behind crypto actually work.

r/BitcoinBeginners – A welcoming space for newcomers to ask basic questions about Bitcoin, wallets, exchanges and security best practices.

As with Crypto Twitter, apply a critical lens to everything you read on Reddit and never send crypto to someone claiming they will double your money or share trading secrets. But if you find the right subs and contribute to the discussion, Reddit is a great way to crowdsource knowledge on crypto trading.

Also Read: Best Binance Trading Bots for 2024

Becoming a successful cryptocurrency trader takes time, practice and continuous learning. While there’s no shortcut to mastery, taking advantage of free tools and resources like the ones outlined here can help you build a solid foundation of skills and knowledge.

Frequently Asked Questions

Do I need to pay for expensive trading tools or courses to succeed as a crypto trader?

While there are many paid tools and courses available, it’s entirely possible to learn and succeed as a crypto trader using free resources. The tools and communities mentioned in this post provide a solid foundation of knowledge and skills for beginners. As you progress in your trading journey, you can consider investing in premium tools if they fit your needs and budget.

Be cautious of anyone claiming to have insider knowledge, guaranteed returns, or secret trading strategies. Trustworthy influencers are transparent about their backgrounds, share their ideas and analysis freely, and emphasize the importance of doing your own research. They encourage critical thinking and don’t make outlandish promises. If something sounds too good to be true, it probably is.

Can I start trading crypto with a small amount of money?

Absolutely. One of the advantages of crypto is that you can start with very little capital. Many exchanges have low minimum trade amounts and some even offer fractional shares of high-priced assets like Bitcoin. That said, never invest more than you can afford to lose. Start small, learn the ropes, and scale up your position sizes gradually as you gain experience.

How much time do I need to devote to crypto trading as a beginner?

The amount of time you spend trading crypto is up to you. Some people start out dedicating just a few hours a week to learning and placing trades, while others dive in full-time. The most important thing is consistency. Set aside regular time to study, practice, and refine your strategy. Treat it like a skill that requires ongoing development.

What’s the most important thing to focus on as a beginner crypto trader?

Risk management. Learn to manage risk before concerning yourself with making big profits. This means understanding position sizing, setting stop losses, diversifying your portfolio, and never risking more than a small percentage of your account on a single trade. The most successful traders are masters of preserving capital and controlling downside risk. Prioritize these principles from day one.