Steemit Crypto Academy Contest / S7W5 - Cryptocurrency Tools

Greetings, my dear friends on Steemit, how are you all? This is S7W5 of the Steemit Engagement Challenge. Today I am here to take part in the beautiful contest organised by SCA community.

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CRYPTOCURRENCY TOOLS

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As we all know, tools are things that help us do some work, and crypto means digital assets. So cryptocurrency tools refer to things that help us in the crypto ecosystem. These things can be Binance, Coin Marketcap, Trading View, and many other software tools that help us perform certain tasks in the crypto ecosystem. Honestly, these tools are very helpful, and we can never trade without them.

The goal of creating these tools is to make it easier for people to work in the crypto ecosystem. I have been using these tools since I started trading cryptocurrencies, and they have been really helpful for me. And I think if we understand these cryptocurrency tools well, we can be good crypto traders and grow a lot in the cryptocurrency world. These tools can greatly improve your trading skills.

Each tool has a different purpose. For example, crypto exchanges are used to buy and sell various crypto assets such as BTC (the King of Crypto), ETH, and many other altcoins. The Coinmarketcap website, on the other hand, has all the latest cryptographic details, such as its supply, all-time highs and lows, and all other important information about each crypto. I am using some tools that I want to share with you guys.

• CRYPTO EXCHANGES

The first tool I will mention are cryptocurrency exchanges such as Binance, Coinbase, Huobi Global, and many others. These exchanges allow us to buy, sell, and hold our digital assets, but these are the main crypto exchanges. On the other hand, uniswap, dydx, and pancakeswap are some of the major decentralised crypto exchanges.

• COINMARKETCAP

Another tool I will mention is Coinmarketcap, which is one of the biggest websites that provides us with all the information we want to know about crypto. We can learn in depth about each crypto on this website. We can know about crypto ranks, total crypto marketcap, total crypto exchanges, total crypto and many other information with the help of this website. Many crypto users use it because it is really helpful.

• COINGECKO

The third one is the Coingecko tool, which also gives us all the basic details of a particular crypto that we want to know. We can also check the market cap of all cryptocurrencies, the total trading volume, and other interesting things about cryptocurrencies there. It is very similar to Coinmarketcap. It is also a very popular tool in the crypto ecosystem and is a very user-friendly tool.

• TRADING VIEW

If we talk about technical analysis in cryptocurrency, then Trading View is a very good tool for that. I have been using this tool for a long time, and I have improved my charting skills a lot with its help. You can use this tool for technical analysis, and it provides some advanced tools like indicators and many other important things that we can use in technical analysis.

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MY FAVOURITE TOOLS

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Almost all of the tools I mentioned above are my favourite tools, and I want to tell you why I love them. The most favourite ones are Binance, CoinMarketCap, and Trading view.

• WHY I PREFER BINANCE

Although there are many other cryptocurrency exchanges that we can use to sell and buy crypto assets, I prefer Binance over other exchanges because Binance is the number 1 crypto exchange in the world and it is very safe. I prefer it because it is very user-friendly and provides many great options to the users. It is the only tool in which I have any trust, and it has not given me a chance to complain. I have been using and trading this tool since 2021.

• WHY I PREFER COINMARKETCAP

If you want to know the fundamentals of any cryptocurrency, there is no better tool than CoinmarketCap. It's not that I haven't used other tools, but the ease of use that I get from using this tool is something I haven't seen anywhere else, and it's one of the top cryptocurrency websites. I prefer it because many users and my friends also recommend it. I have been using this tool since 2021, when I was a newcomer to the crypto market.

• WHY I PREFER TRADING VIEW

If you want to do technical analysis on cryptocurrencies, there is no better tool than Trading View. It's better than other tools, and I use it more because it's so awesome and has very high-quality options inside it. Whenever I do technical analysis on any cryptocurrency, I don't use any other tool. This tool has a very high-quality technical charting system. I have been using this tool since 2021, and this tool helps me a lot during crypto trading.

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STEP BY STEP GUIDE ON HOW WE CAN SELL OUR DIGITAL ASSETS USING BINANCE EXCHANGE

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In this question, I will use Binance Exchange to sell my crypto assets. After that, I will also tell you guys some features of the Binance exchange.

In the first step, I opened my Binance exchange; after that, I clicked on the "wallet" option.

Step 1	Step 1

In the second step, I clicked the "transfer" option so that I can send my USDT to the funding wallet since we cannot sell our crypto directly from the support wallet. I then selected the USDT amount, which I wanted to transfer from the spot wallet to the funding wallet.

Step 2	Step 2

In the third step, I clicked on the funding wallet option and selected the P2P option from there, so that I could sell my USDT. After that, I saw a lot of P2P buyers' adds that were buying USDT at different rates depending on the amount. I selected the buyer by watching my USDT. You can sell according to your crypto amount.

Step 3	Step 3

In the fourth step, I placed my order to sell 15 USDT and clicked the red sell button. Then I added my account number so I could receive my payment. The buyer then sent me the correct amount, and I checked my account. I received the payment successfully. Please check your account before sending your crypto assets.

Step 4	Step 4

In the last step, I clicked on the option "I have received the payment" and clicked on the confirm button so that I could send my crypto asset to the buyer. After that, my sell order was completed. So this way, we can sell our crypto using Binance. I hope you guys learned something from it.

Step 5	Step 5

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FEATURES OF BINANCE EXCHANGE

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Now I will tell you some of the best features of the Binance Exchange. This exchange has very good features, which is why it is at the top.

• Trading

One of the main features of Binance is that we can trade on it. It allows users to do multiple trading types like spot trading, future trading, margin trading, etc. So any interested users can trade according to their taste.

• Staking

Another important feature of Binance is that it allows users to earn passive income from staking. There are many coins on Binance that we can stake and earn income from staking those coins.

• P2P Feature

Another good feature of Binance is that we can sell each other's crypto assets without any hassle. You can sell your crypto asset and receive payment in any of your bank accounts.

• Secure

Another feature of Binance is that it is a very secure exchange compared to other exchanges. I am very impressed with its KYC method. You can safely trade on Binance without any hassle.

So these are some of the features of binance exchange.

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ADVANTAGES OF CRYPTOCURRENCY TOOLS

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There are many advantages to the cryptographic tools that I have mentioned in the above sections. Some of the most common and most important advantages of these cryptographic tools are given below.

• Market Analysis:

The most important advantage of these crypto tools is that we can analyse the crypto market properly and make appropriate decisions. The cryptocurrency market is very volatile, and proper analysis is very important to minimise the risks. So these cryptographic tools play a very important role in this regard.

• Technical Analysis

Some of the crypto tools provide candlestick charts, and these charts can help us understand the movement of the crypto market. We can learn about different technical analysis tools with the help of these platforms.

• Fundamentals Study:

The script tools can also help us study the different fundamentals of the coins in which we are going to invest our money. In this way, we can minimise the risks and also protect ourselves from the crypto scams that are very popular in the crypto ecosystem.

• News and Updates

Many of the crypto tools provide us with the latest news and updates about the crypto market. Sometimes these stories are very important because they can affect the crypto market highly. We can make appropriate decisions with the help of these news and updates.

• Management of Portfolio:

The most important advantage of the crypto tools is that we can manage our portfolios in the crypto ecosystem. Portfolio management is very important for a safe crypto journey, and these tools help us a lot in this regard.

• Historical Data

Another important advantage of the crypto tools is that we can get historical data about different cryptocurrencies. This is historical data that can help us determine the upcoming moves of the crypto market.

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Effectiveness of These Tools

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Yes, these crypto tools are very effective and help the traders a lot. The highly experienced and successful traders used different cryptographic tools for their crypto market analysis, and thus they made appropriate entries in the market.

As we know that nothing is perfect in this world, there are also some drawbacks to different cryptographic tools. These drawbacks could be in the form of errors, missing features, unconvincing behavior, and so on. But we can never ignore the great advantages that these cryptographic tools are providing to us.

All kinds of needed material can be obtained from the cryptographic tools. So, there is nothing to say that I want to see a new tool in the crypto market. But only one thing is certain: I want to see different effective tools that can provide the application of different strategies and cryptographic patterns on the chart. I hope that I will be able to see some cryptographic tools in this regard.