Here is a short list of some of the resources I frequently use as I explore and trade in the cryptocoin space. With no further introduction, in alphabetical order they are:
Bittrex is a US based exchange that tracks 3 markets (BTC, ETH and USD$) with around 200 pairs for BTC. While the verification process can be a bit arduous, the security and large selection of coins to trade make it a top option for trading crypto. The trading interface is easy to use and offers a selection of tools to apply to charts (a lot of bloggers on youtube use Bittrex for their chart analysis). Bittrex has a simple 0.25% commission on all trades and you cannot trade fiat on the site.
A major issue across all exchanges is customer support. With an influx of people moving into the crypto space, sign up times can be long and if you have any problems when on the site it can be quite a wait for any assistance. Always make sure you are 100% sure when executing a trade or moving cryptocurrency to/from the platform.
There are plenty of exchanges to choose from but I like Bittrex for its range of coins, interface and, thus far, good security record. I would never recommend holding crypto on an exchange but the security of exchanges is a key concern and so far Bittrex have proven to be secure.
Binance - https://binance.com (exchange, US based)
Being based in Australia, BTC Markets is currently my go-to resource for getting fiat into the crypto world. BTC offers markets on 6 of the major crypto so to actively trade beyond these you would need to move your crypto to another exchange. The sign-up process is pretty standard for the industry and once set-up it is easy enough to BPAY across money for most major banks. There is a $2,000 cap for BPAY transfers so if you are looking to move into the market, make sure you leave enough time to get your money onto the exchange. Prices are all in Australian dollars. For a while the site was offering POLi pay which should be avoided like the plague. Check out our 3-part guide for more info on BTC Markets and entering the market.
At the moment, this seems to be the best solution for entering the crypto market for people in Australia. The interface is simple and easy to use and there is enough liquidity to get money to crypto easily.
CoinSpot - https://www.coinspot.com.au (exchange, market entry point, AUS based)
Blockfolio is a crypto management App which can be used to track your investments, get market data and prices. As you buy/sell you can update your portfolio to see how you are performing. The interface is easy to use, visuals are good and navigation is pretty intuitive. When looking at a particular market (e.g. BTC/NEO) you can search by exchange and then see High/Low, Bid/Ask, Volume and Change (all 24hrs) as well as the buy/sell trading book. Portfolios can be broken up by total holdings or by percentage.
The App has a news and RSS feature (admittedly I haven’t used it) with a list of sources from CoinDesk to some of the Reddit communities. Not sure what the spam levels would be like, but if you want to stay up to date an RSS feed can be a great option.
Delta - https://getdelta.io (portfolio tracking resource)
Coin Market Cap is a ranking website that tracks all coins available in the market. It focuses on price, market cap and 24-hour change ($+/-). This free resource is almost the first ‘port of call’ for crypto prices. Some people claim that that the fundamentals are incorrect and because of the popularity, CMC can manipulate markets; I use it as just a general reference. The listing of all coins in one place is really useful hence why despite annoying pop-ups and ads I and many others frequent the site.
The ability to quickly find where a coin is listed is great to see where liquidity and volume lies with each asset. If I am looking to move into a position on a crypto, this is great to see which exchange I should be looking at to make the trade.
Bitinfo Charts - https://bitinfocharts.com (market tracking resource)
Cointracking offers detailed reporting on trades and allows you to bring together data across multiple exchanges, wallets and even legacy (closed) exchanges. The nature of crypto means that you can have assets across exchanges and wallets it is often difficult to track everything. Cointracking’s API allows you to import all your data using CSV imports and centralise it all. It can then be exported back out, or you can use the tools for further analysis. The site offers a fully anonymous service for those concerned with privacy. Once you go past 100 trades, there are fees involved with Cointracking.
With the jury still out on how Crypto will be taxed, it is important to keep an accurate ledger of trades. The tax feature allows you to tally all capital gains/losses using a range of measures from FIFO/LIFO etc. While you would see be wise to consult an accountant at tax time, this makes the transfer of the information much cleaner. Your accountant will thank you.
Etherscan is a site for tracking the blockchain on the Ethereum network. Use this to see what is within your wallet without having to access or open it. Essentially, Etherscan is a blockchain explorer so you can have a peak through any/all Ether addresses, as long as you know the seed. After participating in an ICO, I can use it to make sure my ETH got sent (e.g. GAS was right) and that I then get my alt cryptocurrency back on the agreed date.
This is the entire history of the ETH blockchain, indexed. Go see what you can find.
Blockcypher - https://live.blockcypher.com (blockchain tracking resource)
A key concern that is constantly revisited in the crypto world is security and the safe storage of your cryptocurrency. My wallet of choice for offline storage is the Ledger Nano S. Note: this is a physical device, much like a USB.The Ledger Wallet allows you to keep your coins in cold storage (off your computer and/or exchanges) and thus away from prying hands. It allows you to send and receive payments, check your accounts and manage multiple addresses for each currency from the same device. There are other manufacturers out there and each have a slightly different design, interface and will store different crypto. I would advise working out your requirements and seeing which device will be best for you.
As long as you take care with your private keys and recovery phase the Ledgers Wallets have proven to be secure. I would not recommend investing until you have a hardware wallet to store your crypto. Not all crypto can be stored on the ledger so other warm/cold solutions may be required based on your investment strategy.
Trezor - https://trezor.io (secure storage device)
If you are planning to participate in ICOs you need a secure way to transfer your investment to the company. Once again, there are several options where it comes to doing this, but I use MyEtherWallet (MEW). You should not transfer crypto straight from an exchange or cold storage wallet (e.g. Ledger) and MEW allows you to interact with the Ethereum blockchain (a lot of ICOs are running on the ETH platform) before unlocking your wallet. MEW interacts with your wallet and has the extra security layer of requiring another wallet password and private key to move crypto.
Using services like MEW can be scary the first time. Especially when trying to work out what Gas is, double/triple checking addresses and working out how to sync a device or wallet. MEW has a great ‘help’ page which assist with a lot of the ‘how to’ questions.
Electrum - https://electrum.org (BTC blockchain wallet)
OnChainFX is another coin tracking website but lists only a limited number of coins (currently 65 entries). OnChain has lot more investor-minded features (30+ data metrics) and allows you to flag cryptos that you are interested in to build ‘quick lists’. It also allows searching by sectors which is very useful if you want to look at potential competitors in a marketplace. The only issue is that as the site only lists 65 coins, it is not a one-stop-shop.
Check out the option to compare assets on a chart, including non-crypto assets (gold, S&P 500 etc).
Trading View - https://www.tradingview.com (Cryptoasset metrics)
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