Cryptocurrency has a strange reputation. Some people see it as the best way to invest and a shortcut to making lots of money very quickly. On the other hand, some people see it as a very risky option that is more likely to lose your money than help you make money.
As usual, the reality is somewhere in between. Some people have made huge amounts of money through cryptocurrency, but taking big swings isn’t the best way to invest through crypto anymore. Instead, it’s important to be aware of potential and risks associated with cryptocurrency so you can make smarter investment decisions.
Whether you’re just getting started or you’ve been playing with crypto for a while, one thing that can really help is to use tools and software to make it easier and safer to invest. Here are some of the best options currently available.
1. Crypto Tax Made Easy
One thing that people often forget about when they jump into crypto is tax. You can’t just earn a load of money through your investments and leave the taxman out. This hiccup has led a lot of people down confusing paths of having to work out how much they’ve earned and how to add that to their tax return.
Crypto Tax Made Easy does exactly what you’d expect by the name, taking a lot of work and stress out of your investment. It’s designed for different types of traders and can manage complicated situations, while working along with other crypto tools and software. This means that you essentially have a crypto tax professional working with you. You can report your earnings and file your taxes easily and without making any potentially expensive mistakes, no matter how complicated your portfolio is.
2. Coinbase
Coinbase is one of the most commonly used tools in crypto. It’s popular mainly because it’s very easy to use and you can get all the information you need all on one page. It’s great for beginners and new investors, and even includes a learning program and courses so you can learn more about how to effectively invest in cryptocurrency.
Coinbase primarily acts as a cryptocurrency exchange, allowing people to invest in a variety of coins. It also has its own wallet, a trading platform, and a dashboard so you can see your portfolio balance and performance. If you only want to use one resource, this is a great place to start.
3. Kraken
Kraken is a responsive tool that can act as a complete command center for traders. It’s best for people who want to be active in the crypto market, as it gives you a lot of information with great responsiveness. You can compare deals and trade quickly, so you can keep track of the trends and, ideally, get ahead of them.
You can use Kraken to trade with a massive variety of currencies, stocks, and ETFs.
4. Exodus
When you trade with cryptocurrencies, you have to be careful to protect your portfolio from hackers or other people who want to access your currency. To keep it safe, you want a crypto wallet. Exodus has a great reputation as a secure, versatile wallet. As well as the big assets, like Bitcoin and Ethereum, you can keep thousands of different assets safe in your wallet.
5. CCi30 Index
Another great tool to have in your arsenal is the CCi30 index. This is a free tool, which is an immediate bonus. It’s simply an index of the biggest 30 cryptocurrencies available at a set time. This can help you to see what the trends are now and how they’ve acted through history.
With crypto and any investment, the best counter to the inherent risk of investing is to gather as much information as possible. The CCi30 index provides that information in an easy-to-read layout.
6. Kubera
Kubera is one of the best options for people who have a particularly varied portfolio. If you’re new to investing, one of the most common pieces of advice you’ll get is to create a varied portfolio. Invest in crypto, sure, but consider investing in other types of assets as well.
Kubera is a great tool to help you manage a more varied portfolio with a lot of different asset types.
7. Delta
Much like Kubera, Delta is perfect for people who want to have a more varied portfolio. You can use it to track decisions made by some of the world’s top investors, so you can make the same decisions as them. You can also track your portfolio and your past decisions so you can see how well you’re doing.
You can download Delta for free for a very simple way to track and manage your complete portfolio, all in one place.
j8. Crypto Pro
Are you more concerned about privacy? In this case, Crypto Pro could be an ideal option for your trading needs. Just like other tools, it allows users to trade coins and track their crypto portfolio in one easy-to-read location.
But it adds a few extra security features so you can be sure that your portfolio and your data are safe from prying eyes. This includes built-in TouchID and FaceID, as well as encryption options.
9. Ledger
Ledger is another step in security, as well as ease of use. It offers hardware wallets, which are more secure than software wallets because they take the form of a physical object. They can’t be accessed online and make sure that your wallet and assets are as secure as possible.
You can also use the Ledger app to not only act as a wallet, but also track the market and crypto insights, so you can make better decisions for your portfolio.
10. Elliptic
Remember, information is power, and Elliptic absolutely runs with this concept. It allows you to make better decisions about your digital assets, using real-time blockchain analytics. If necessary, this means you can undertake deep forensic investigations to make sure that you’re picking the right assets to invest in.