Investing in cryptocurrency can be an adventure. Once you have created an account with a cryptocurrency exchange and determined how (and where) you want to store your crypto assets, you will need to maintain control over your investments. And since the crypto industry is relatively young, some services are not as user-friendly as you might hope.
Luckily, there are plenty of tools available to make the journey easier. Here are a few free ones that stand out.
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1. The CoinMarketCap portfolio tracker
It can be difficult to keep track of your cryptocurrencies, especially if you use more than one exchange or wallet.
The solution? Use CoinMarketCap’s wallet tool to track your coins. Whenever you buy or sell, you will also need to add the transaction to your wallet. It takes a few more seconds, but it’s worth it.
You can see:
- Overall performance of your portfolio by day, week, month, etc.
- Activity of specific cryptocurrencies, including your percentage of profit and loss, plus the average purchase price
- The best performing and worst performing cryptos
With CoinMarketCap’s tracker, you can also set up a watchlist to watch for coins of interest – and use its other tools to research cryptocurrencies and dive deep into the industry.
2. CoinMarketCal event tracking
This is a useful tool for anyone who thinks they are often one step behind big crypto events and only find out when they are in the headlines. Not to be confused with CoinMarketCap’s myriad of products, CoinMarketCal is a separate website with a calendar of coin-related events.
Select a period and filter by type of event, part, exchange and even keyword. The information is added by the members of the community and the payload is voted on. You will have to experiment to get a feel for what kind of data is useful to you.
Suppose you want to know about the major projects for the next few months from the pieces on your watchlist. You can select all rooms and filter by news types, such as partnerships, team changes, and white paper updates. Additionally, you can search for new parts that will be listed on a certain exchange. Or just watch the highlights and find out which pieces the community believes might have potential.
3. Courageous Navigator
Your attention is precious and online advertisers love to take advantage of it. Brave’s browser is blockchain technology in action: it takes the middleman out of internet advertising. You – not an anonymous company – are rewarded for the advertisements you watch online.
The rewards come in the form of Basic Attention Tokens (BAT) that users can redeem each month. It also protects user privacy and loads pages faster.
The wrong side? Brave actively removes ads from the pages you visit and replaces them with ones that pay you. This means that small websites that rely, for example, on Google ads, will not receive any money. However, you can actively support the content providers you use regularly by choosing to contribute BAT to them every month.
4. Monitoring of Gas Now transaction costs
Many applications, including decentralized exchanges, run on the Ethereum network. Users pay for every trade, whether it’s trading or staking, and the fees are higher when there is a lot of activity.
Unfortunately, grid congestion has pushed transaction fees (known as gas costs) to new heights this year. Average fees per transaction peaked at over $ 60 in May. They have dropped considerably since then, but these costs can still add up. As such, it may be worth the wait and perform non-urgent activities during off-peak hours.
Gas Now’s browser extension helps you do just that. Install it to monitor gas costs and minimize your transaction costs.
5. Monitoring of CoinCheckUp development activities
One of the difficult aspects of investing in cryptocurrency is that the industry is so new and there are so many coins that it can be difficult to choose which ones could survive in the long term. Research is crucial – and there are great sources of information.
If you want to go beyond press articles and reports, it can be useful to look at developer activity levels. GitHub is a repository for much of the open source coding used in cryptocurrencies. The number of updates – called “commits” – made to a currency’s code can be a good indicator of that coin’s activity and the number of developers involved in the project.
Check out CoinCheckUp to see GitHub activity levels on the coin you are considering. If a room has very few commits, it could mean that not much is happening behind the scenes. For example, in the week starting July 11, there were:
- 51 Bitcoin commits
- 16 commits on Ethereum
- 0 commit on Dogecoin
This is not a perfect system as the numbers can be skewed when a currency splits in half as part of the GitHub community takes a slightly different direction. But it’s an interesting metric to have in your toolbox.
I’ve picked my five favorite free tools, but they’re just the tip of the iceberg. If you have the crypto bug and want to expand your wallet, there are hundreds of apps and sites to help you on your way. Don’t be afraid to explore and experiment.