Crypto trading relies equally on having the right tools and on strategy. Even experienced traders understand that utilizing better software and security can significantly impact performance. Whether you’re charting the next big move or handling multiple trades in a single day, advanced platforms and devices can provide you with an extra advantage.
In this comprehensive guide, we assume you are already familiar with the fundamentals of trading and cryptocurrency; here, we concentrate on the tools that intermediate and advanced traders employ to enhance their competitive edge. We’ll examine leading charting platforms for technical analysis, robust day trading terminals and bots, crucial hardware wallets and security protocols, and how crypto prop trading (with a focus on HyroTrader) can boost your earnings.
Let’s dive in.
Best Tools for Technical Analysis
Technical analysis is a cornerstone of active crypto trading. It involves reading price charts, spotting trends, and using indicators to inform your next move. To do this effectively, traders rely on robust charting platforms and market indicator tools. Here are some of the best options, from user-friendly interfaces to feature-rich platforms for the advanced.
TradingView – The Ubiquitous Charting Platform
If you have been trading crypto (or any other asset) for some time, you’ve likely come across TradingView.
TradingView is widely recognized as the preferred platform for charting and technical analysis among traders at all experience levels. It features a user-friendly interface that includes over 10 different chart types, more than 100 built-in technical indicators, and a variety of drawing tools for chart annotation. For intermediate traders, the free version offers sufficient functionality to chart major cryptocurrencies, utilize popular indicators such as RSI or MACD, and even set basic price alerts.
As you become more skilled, TradingView adjusts to your needs – a paid subscription allows for more simultaneous indicators per chart, second-based timeframes, and expanded watchlists. A notable feature for advanced users is TradingView’s Pine Script language, which enables you to code custom indicators or automated strategies. This allows you to create and backtest your own trading signals directly on the chart. Additionally, the platform’s extensive community shares public scripts, making it easy to find specialized indicators or strategies contributed by fellow crypto traders.
In summary, TradingView offers a combination of user-friendliness for the casual chartist along with the depth and customization options required by the experienced analyst – it is often deemed an essential tool for crypto traders.
Coinigy – Multi-Exchange Charting and Trading
Though TradingView excels at charting, Coinigy enhances technical analysis by integrating it with trade execution.
Popular among cryptocurrency traders, Coinigy connects to over 45 crypto exchanges, allowing you to track a wide range of coins from a single platform. Its charting interface actually utilizes TradingView’s charts and indicators, providing familiar analytical tools while enabling actions across exchanges.
For intermediate traders wanting to expand beyond a single exchange, this is essential. You can avoid the hassle of managing multiple tabs or different exchange UIs – Coinigy allows you to view your portfolio across exchanges and even place orders directly from the chart on supported exchanges.
Picture identifying a pattern on a lesser-known altcoin chart and instantly executing a trade on Binance or Kraken from the same interface.
Additionally, Coinigy provides alert features, including SMS notifications for price changes, helping you stay informed about market movements without constant monitoring. Advanced traders find value in Coinigy’s ability to consolidate a complex multi-exchange workflow into a single dashboard. There is a subscription fee (post-free trial) for full access, targeting serious traders who will benefit from its comprehensive features.
Advanced Charting Tools and Indicators:
Apart from well-known options like TradingView and Coinigy, there are several technical analysis tools designed for the specific needs of advanced traders.
One such tool is GoCharting, an emerging platform that accommodates both crypto and stocks. It allows users to create custom scripts using its proprietary language, Lipi, to develop tailored indicators and strategies. This approach is akin to TradingView’s scripting but serves as a viable alternative for those wanting to explore different options.
Another notable platform is TrendSpider, which is recognized in stock trading for its automated trendline detection and pattern recognition features, now enhanced with crypto data. Advanced crypto traders may utilize this tool to automatically identify chart patterns, such as breakouts or Fibonacci levels, which can be tedious to find manually.
Moreover, many traders use indicator scanners to filter through numerous crypto assets and identify specific technical configurations. Tools like altFINS offer scanning capabilities that can, for example, isolate coins that have just experienced a bullish MACD crossover or those reaching new 30-day highs with increased volume. Such scanners are invaluable for advanced users managing extensive watchlists to swiftly identify prospective trades.
While intermediate traders may focus on a select few preferred coins and rely on manual analysis, advanced traders typically gain from a broader approach, highlighting the usefulness of specialized technical analysis tools.
Key Takeaway
A strong charting platform is essential for analyzing cryptocurrencies technically. If you’re at an intermediate level, begin with a tool like TradingView to hone your skills in chart reading and using indicators.
As you progress, consider combining your analysis and trading on multi-exchange platforms such as Coinigy and looking into custom indicators or automated analysis using scripting. The aim is to evolve from merely viewing charts to effectively utilizing them—setting alerts for your specific conditions, backtesting your strategies, and managing various markets smoothly.
The best tools for technical analysis will save you time, uncover opportunities, and enhance the accuracy of your trading decisions.
Best Tools for Day Trading
Day trading in cryptocurrency is quick and often high-stakes. It involves entering and exiting positions within hours or even minutes, with the goal of capitalizing on immediate price fluctuations. In this high-energy setting, the tools you choose for executing trades and managing your workflow can greatly influence your outcomes. Let’s explore some ideal tools for day traders, ranging from intuitive trading terminals to sophisticated automation platforms.
Trading Terminals – One Dashboard for All Your Trades
Most intermediate traders begin by executing trades directly on exchange websites such as Binance, Coinbase, or Kraken. Although these exchanges provide functional interfaces, managing multiple platforms or accessing advanced order types can become tedious. This is where dedicated trading terminals excel.
A trading terminal is a platform, typically a web or desktop application, that consolidates your trading activities from various exchanges into a single interface. For instance, 3Commas is a well-known smart trading terminal that connects to over 20 major exchanges, offering a cohesive trading experience by bringing all your accounts together.
With a tool like 3Commas, you can view and trade your Bitcoin on Binance alongside your Ether on Coinbase without having to log into each exchange separately. This integration across multiple exchanges not only saves time but also enables quicker responses to market fluctuations.
For example, if you notice a price discrepancy between two exchanges, a trading terminal allows you to take advantage of it swiftly, as you are already linked to both. In addition to connectivity, these platforms often offer advanced order types and portfolio monitoring.
Intermediate traders will value features like simultaneous stop-loss and take-profit orders (which not all exchanges support natively), trailing stops, and a visual interface for order adjustments on charts.
Another noteworthy trading terminal is Altrady, which also integrates multiple exchanges and includes user-friendly features such as portfolio analytics and a panic sell button for rapid exits. Utilizing a trading terminal can enhance an intermediate day trader’s setup, creating a more professional and efficient workflow. Instead of being restricted to the interface of a single exchange, you gain a comprehensive view of the market and your holdings.
Automation Tools – Trading Bots and Algorithms
Human reaction times and availability are limited, but crypto markets operate continuously. This is why many day traders utilize automation tools to manage the 24/7 volatility of crypto or to implement strategies without being swayed by emotions.
Automation in day trading can vary from simple algorithms for trade execution, such as rebalancing a portfolio daily, to sophisticated AI-based bots that capitalize on market fluctuations. Beginners in automation can use platforms like TradeSanta, which features user-friendly preset bots like grid trading and DCA (Dollar-Cost Averaging) bots that can be set up in just a few clicks. These options are ideal for intermediate traders looking to experiment with automated strategies without needing programming knowledge.
On the more advanced side, Cryptohopper is a well-established platform offering comprehensive bot trading features. A notable aspect of Cryptohopper is its marketplace, where seasoned traders can share or sell their bot configurations and signals. This allows intermediate traders to subscribe to successful strategies developed by others, effectively mirroring the trades of more experienced algorithmic traders while maintaining control.
This platform effectively bridges the gap between novices and experts, enabling less experienced users to benefit from the wisdom of veterans. For advanced users, Cryptohopper provides extensive customization options: you can create your own trading bot logic, incorporate various technical indicators as triggers, and run multiple bots simultaneously tailored to different market conditions.
Another effective tool for automating day trading is 3Commas.
In addition to being a trading terminal, 3Commas has built a strong reputation for its automation capabilities. It offers a variety of pre-built bot strategies, including long and short Grid bots, DCA bots, and options for personalized rules. Many traders appreciate its interface for creating conditional logic; for instance, you can automate a strategy that purchases a coin when RSI falls below 30 (indicating oversold conditions) and sells when RSI rises above 60, all without manual input.
A significant advantage of employing such bots is their reliability: they execute the plan exactly as designed, around the clock, impervious to emotions like fear or greed. In fact, experienced day traders frequently rely on bots to manage the tedious tasks of market monitoring and executing recurring trades, allowing them to concentrate on refining their strategy or exploring other markets.
Learn more: Crypto trading bots
It’s important to mention that automation tools can connect to exchanges through the API keys you provide, enabling you to operate them across multiple exchanges simultaneously. Some advanced traders even deploy their bots on VPS (virtual private server) services located near exchange data centers to minimize latency—a strategy aimed at ensuring their orders reach the market milliseconds faster, which can be crucial in high-frequency trading scenarios.
Risk Management and Analytics
Successful day trading relies heavily on effective risk management and learning from each trade. Modern trading platforms are equipped with tools designed for this purpose. If you’re an intermediate trader using platforms like 3Commas or Altrady, utilize features such as portfolio stop-losses to limit daily losses, or calculators that help you determine how much to trade based on your risk per trade.
Advanced tools frequently include analytics dashboards that detail your performance, such as win rates, average profit versus loss, and longest winning streaks. For example, some traders utilize Edgewonk, which is a non-crypto-specific trading journal software, to document every trade and evaluate their trading behaviors.
While not strictly a trading tool, many advanced traders advocate for using a journal or analytics tool to foster continuous improvement. Although multi-exchange platforms offer basic analytics, dedicated journaling tools can be integrated via API to provide deeper insights.
Key Takeaway
Efficiency and speed are crucial for effective day trading. Intermediate traders can enhance their experience by adopting a multi-exchange trading terminal like 3Commas, which simplifies trade management across multiple platforms. On the other hand, advanced traders often automate parts of their workload using services like Cryptohopper or custom scripts, allowing them to execute strategies around the clock and seize opportunities even while asleep.
Regardless of your experience level, make sure to leverage the risk management capabilities these tools provide, such as automated stop-loss, take-profit, and performance analytics. The right day trading tools not only execute orders but also help maintain discipline by adhering to predefined rules.
Learn more: How to take profit in crypto
In a nonstop market, balancing real-time control with automation is key to staying engaged without experiencing burnout.
Hardware Wallets and Security Solutions
Trading expertise holds little value if your valuable crypto assets are not protected. Thus, essential tools for any dedicated crypto trader include security solutions—specifically, hardware wallets for cold storage and two-factor authentication to safeguard accounts. Both intermediate traders who begin to build larger portfolios and advanced traders managing substantial amounts must emphasize security equally with profit. Here, we will explore the best practices and tools available.
Hardware Wallets (Cold Storage)
Cryptocurrency allows you to be your own bank. A hardware wallet acts as a vault for this bank—it’s a physical device that securely stores your private keys for crypto addresses offline. Keeping these keys offline adds a crucial layer of security. Even if your computer or phone gets infected with malware or hacked, a hardware wallet prevents hackers from accessing your crypto since the keys remain on the device.
Transactions must be approved directly on the hardware wallet, meaning a thief would require the physical device (and often a PIN or passphrase) to make any moves. For intermediate traders, transferring funds to a hardware wallet might initially seem inconvenient, but it’s regarded as best practice once your holdings exceed a modest amount.
Among the most trusted hardware wallets are Ledger and Trezor. Devices from Ledger (such as the Ledger Nano X) and Trezor (like the Trezor Model T) support various cryptocurrencies and come with companion apps for portfolio management. Ledger, in particular, has gained popularity, reporting over 6 million devices sold and claiming to secure around 20% of all crypto assets globally—this highlights the growing importance of these devices for crypto investors.
Advanced users may utilize multiple hardware wallets to separate their funds (for example, one for long-term storage and another for “hotter” trading or DeFi assets). When using a hardware wallet, it’s crucial to securely back up your recovery phrase (the 24-word seed). This phrase is the essential key to your funds if the device is lost, so keep it in a safe, offline location (not on a computer).
Some traders opt to split their seed phrase or use durable metal storage devices for added protection against fire or flood. Ultimately, investing in a hardware wallet is a minor cost for greatly improved security. It’s akin to placing your crypto in a safe, making it a necessary step for any significant amount.
Two-Factor Authentication (2FA) and Authentication Devices
While hardware wallets safeguard your crypto holdings, many active traders also maintain funds on exchanges to ensure trading liquidity. Securing your exchange accounts and trading platforms is essential, too. This is where two-factor authentication (2FA) plays a vital role.
2FA requires an additional code or device, in addition to your password, to access your account or carry out significant actions. This means that even if someone guesses or steals your password, they cannot gain access without that second factor.
For intermediate traders, the initial step is to activate an authenticator app, like Google Authenticator or Authy, on every exchange or service you utilize. These apps generate time-based one-time codes that you must enter for login. It’s crucial to avoid relying on SMS codes whenever possible, as SIM swapping attacks are a real threat, with hackers impersonating phone owners to seize control of their numbers. Authenticator apps provide enhanced security since they are linked to your device.
Advanced users typically take an additional precaution by using hardware 2FA keys. Devices like YubiKey (by Yubico) serve as a physical key that you can connect to your computer or tap on your phone for authentication.
Many major exchanges, including Coinbase and Binance, accept WebAuthn/FIDO2 security keys as a 2FA option. Crypto exchanges endorse this practice; for instance, Coinbase’s security team has stated that YubiKeys offer the highest level of authentication security available and recommend their use to prevent phishing attacks.
Hardware keys are particularly effective because, while a phisher might persuade you to input an app code on a counterfeit site, they cannot easily simulate a tangible key press, preventing authentication on fraudulent sites. As phishing scams targeting crypto users surge, exchanges unequivocally suggest using security keys in conjunction with hardware wallets for maximum protection.
If you’re an advanced trader with significant assets on exchanges, a $50 investment in a YubiKey is well worth it for peace of mind. Additionally, it’s advisable to secure the email linked to your exchange accounts similarly—with hardware 2FA or at a minimum, app 2FA—since email is often used for account recovery.
Other Security Best Practices
In addition to hardware wallets and two-factor authentication (2FA), incorporating a few more tools and habits can enhance your security. Consider using a password manager, such as LastPass, 1Password, or Bitwarden, to create and securely store strong, unique passwords for each exchange or cryptocurrency service. This practice prevents credential reuse, as many breaches occur due to weak or recycled passwords.
A password manager’s encrypted vault ensures your credentials remain safe and accessible. Additionally, be cautious of phishing links. A common tactic involves sending traders emails or messages that mimic communications from exchanges.
Always verify the URL of any site where you enter your credentials. Some traders install browser security plugins or DNS filters to block known phishing sites. For experienced users who hold significant amounts, exploring multi-signature wallets for long-term storage could be beneficial.
Multi-signature wallets require multiple private keys to authorize a transaction (for instance, requiring 2 out of 3 keys to sign). This setup allows one key to be stored on a hardware wallet, another on a different device, or with a trusted individual or institution, which greatly diminishes the risk of a single point of failure.
Services like Casa or Nunchuk provide user-friendly multi-signature configurations, though these may be excessive for all but the most high-stakes users.
Key Takeaway
Securing your cryptocurrency is essential, not optional. If you trade actively, utilize a hardware wallet to keep the majority of your assets offline, safe from thieves.
Always enable two-factor authentication for the funds you retain online, ideally using a hardware security key for enhanced protection. While these security measures may seem inconvenient, they pose minor challenges that deter most attackers.
Consider a hardware wallet and 2FA as the locks and alarm system for your “crypto house.” They allow you to concentrate on trading and investing without the constant fear of someone draining your account. As your portfolio expands, enhancing your security is not just sensible – it’s imperative.
Crypto Prop Trading to Enhance Earnings (HyroTrader)
We’ve discussed tools for market analysis, efficient trade execution, and asset security. Now, let’s explore a different tool to boost trading performance: capital. Specifically, crypto proprietary trading firms (prop firms) offer skilled traders funded accounts.
The concept of prop trading is straightforward – if you’re consistently profitable, you can trade with more capital from the firm and split the profits. This improves your earnings potential without risking large amounts of your own money. In crypto prop trading, one notable name is HyroTrader, known for its crypto-focused approach and favorable terms.
What is Crypto Prop Trading and Why Consider It?
Traditional prop firms have thrived in forex and stock trading for years. They assess traders through demo challenges and fund those who pass with substantial accounts. Crypto prop trading is a newer variant, specifically for cryptocurrency traders.
Successful traders can apply strategies that work on smaller accounts, like $5,000, to larger accounts of $50,000 or $100,000, keeping most additional profits. This allows leveraging skills rather than borrowing – the firm offers capital, and you bring expertise.
For intermediate traders with steady results on small accounts, prop firms can accelerate earnings. Advanced traders can scale up without seeking outside investors or loans. However, prop trading requires passing evaluation exams to manage risk, and firms take a share of profits. But if you are confident in your trading abilities, prop trading can be a powerful way to grow faster.
HyroTrader – Crypto-Focused Prop Trading
Among various prop firms offering crypto funding, HyroTrader has quickly become a top choice for crypto traders. HyroTrader focuses exclusively on digital assets. This focus allows you to trade on real cryptocurrency exchanges like Bybit via API, rather than using simulated price feeds. This means you execute trades with actual market liquidity and conditions, avoiding the slippage or quirks found in internal simulators.
Your skills translate directly since you’re trading under real conditions. Account options are substantial, with funded capital starting at up to $200,000 depending on the plan. HyroTrader also provides a scaling plan: if you trade profitably over time (e.g., 4 months), your account can grow by a certain percentage, potentially reaching a seven-figure account for top performers, indicating the firm’s interest in long-term partnerships, not just a one-off evaluation fee.
HyroTrader’s solid profit split allows traders to keep 70% of profits initially, with HyroTrader taking 30%. This aligns with industry standards, but successful traders can increase their share to 90%. As you demonstrate success, HyroTrader’s portion decreases, enabling you to retain a larger share.
A 90/10 split means $900 of every $1000 profit is yours, while $100 goes to the firm. Achieving this split typically requires meeting specific milestones or consistent trading, rewarding longevity and skill.
HyroTrader allows quick payouts, letting you withdraw anytime profits exceed $100. This contrasts with firms that pay monthly or after waiting periods. For example, if you earn $500 in a week, you can cash out 70% or more immediately instead of waiting until month-end.
Payouts are processed quickly (often within 12-24 hours) in stablecoins like USDT or USDC, making it convenient for crypto traders to reinvest or move funds without banking delays. Additionally, HyroTrader refunds the challenge fee after your first profit withdrawal, emphasizing their trader-focused approach.
Evaluation Process
HyroTrader maintains a straightforward evaluation process for funding. You select an account size (larger accounts incur higher fees and slightly different rules). Next, you trade on a demo account following HyroTrader’s risk management rules until achieving a target profit (e.g., 10% of the starting balance) without exceeding drawdown limits.
HyroTrader’s rules aren’t overly restrictive; you can trade any crypto pairs at any time (24/7), without needing to close positions overnight or over weekends. This flexibility is vital as the crypto market often experiences significant price movements during those periods, where traditional firms may prohibit holding trades. HyroTrader understands this and imposes no time restrictions. Whether you’re a scalper making numerous trades daily or a swing trader holding positions for weeks, HyroTrader supports your strategy.
The primary rules emphasize risk: maximum daily loss and maximum total drawdown, ensuring you don’t deplete your account. These rules protect both the firm’s capital and foster good risk management habits in traders. Many participants in prop trading challenges find that strict loss limits enhance their discipline and overall trading practices, serving as a beneficial side effect.
Once funded, you trade on a real exchange account via HyroTrader’s platform (with API connectivity). This is similar to trading on Bybit or other integrated platforms, allowing the use of familiar advanced order types and analysis tools. HyroTrader integrates with Bybit (a leading crypto derivatives exchange with deep liquidity) and CLEO (an institutional platform using Binance’s liquidity) for a broad range of assets, providing access to diverse crypto markets with reliable execution. You can trade through volatile events and weekends, benefiting crypto specialists who know significant moves can occur anytime.
In summary, HyroTrader enhances opportunities for proficient crypto traders, offering tools akin to a larger trading firm – substantial capital, high leverage if needed, and specialized infrastructure – with only the initial evaluation fee required.
Its exclusive focus on crypto ensures that all processes and technology are suited for the 24/7, high-volatility environment of digital assets. There’s no need to feel limited by a small account or capital restrictions on positions.
Promoting Good Habits and Growth
One last note – a prop firm like HyroTrader can also accelerate your growth as a trader not just financially but skill-wise. The structure of evaluations forces you to be methodical and disciplined, traits that will benefit your trading long term. Additionally, HyroTrader fosters a community (they have a Discord and educational resources) where you can learn from other funded traders. Being part of a prop program can give a solitary crypto trader some sense of camaraderie and shared purpose. With rapid payouts and supportive policies, HyroTrader seems to position itself as a partner in your trading journey, not an adversary. When you win, they win – so the incentives are aligned to help you succeed. If your goal is to make a living from trading or just significantly ramp up your returns, exploring crypto prop trading could be the next logical step, and HyroTrader is a compelling option to consider for doing so.
Conclusion
In the cryptocurrency trading world, staying ahead requires the best tools and resources.
We highlighted technical analysis platforms—charting software and indicator suites that help decode market movements and inform trades. A reliable charting tool (like TradingView) is essential for spotting trends and timing entries. We also explored day trading tools, where speed and efficiency rule. Whether it’s an all-in-one trading terminal or automated bots operating on your behalf, the right setup streamlines your operations. Moreover, we emphasized security tools, essential for protecting your investments. Using hardware wallets and robust 2FA methods can prevent losses from breaches.
We examined crypto prop trading as a means to enhance and scale your earning potential. It’s a tool providing capital and a framework for professional trading. HyroTrader’s crypto-centric approach and generous profit splits illustrate how partnering with a prop firm empowers traders.
Every trader’s journey is unique. You may rely on some tools more than others, depending on your style. An analytical swing trader may focus on custom indicators, while a high-frequency day trader may prioritize automation. The key is to stay open to enhancing your toolkit.
In conclusion, better tools don’t guarantee success—it hinges on your strategy, mindset, and risk management. However, they can give you an edge by saving you time, providing insights, safeguarding against disasters, and unlocking growth opportunities. For a serious crypto trader, this is vital. Equip yourself wisely, keep learning, and enhance your trading performance with these tools.