Trading cryptocurrency is a hobby for some and a livelihood for others. The introduction of digital currencies has revolutionized the currency exchange industry. These digital assets are decentralized, with no influencer or control from governments or big banks.
As with any trading and investing work, having the right tools on hand can make all the difference. A crypto scanner tool can help users keep an eye on the markets and make strategic, data-driven decisions with their cryptocurrency investments.
Here are some key features to look for in a crypto scanner.
The user interface is the top consideration for any tool. If a tool has too steep a learning curve or requires advanced expertise to navigate, then it’s missing user functionality. The goal of SaaS platforms is to make life easier for its users, rather than adding more complexity to an already complex issue.
Look for a crypto scanner that has a simple, user-friendly dashboard that can provide detailed information at a glance. Cryptolume offers a fantastic example of a user-friendly dashboard that summarizes the key details of what’s happening with specific currencies at any given moment. This dashboard includes everything from the 24-hour highs and lows to the rank, circulating supply, and market cap.
It might take time to set up a dashboard that provides the information you need. However, once you have your preferences set, you should be able to pull snapshots of the market in mere seconds.
Indicators and Alerts
Things happen fast in the world of cryptocurrency. As such, indicators and alerts are a must when using a crypto scanner to guide your decision-making.
There are a variety of alerts you might need when trading cryptocurrency. The top priorities are alerts surrounding the rise and fall of volume and price within relevant currencies. Receiving these alerts to your mobile device will help you act fast and maximize the return on your investment.
Other special alerts and indicators should notify you when less pressing changes happen within the industry. For example, when a new currency is added.
Table of Movement
A Table of Movement is a real-time market summary of the top-performing cryptocurrencies. This feature is essential for any respectable crypto scanner, as it will help investors and traders stay up-to-date with the market at large.
The Table of Movement also provides traders and investors with simplified Relative Strength Index (RSI) data. RSI is one of the favored metrics in cryptocurrency trading, making it a must-have for any crypto scanner tool.
Historical Volume Analytics
While cryptocurrency is still relatively new in the grand scheme of things, it’s been around long enough that there’s finally historical data available. Look for a tool that allows you to analyze historical currency data to monitor the changes in volume over time.
By comparing the analytics between various cryptocurrencies, you can see what changes are part of a larger trend and which currencies are deviating from the rest of the exchange.
Cryptocurrency Events, News and Summaries
There’s always something new and exciting in the world of crypto exchange. Having a crypto scanner tool that helps you stay abreast of these changes is a must if you’re serious about trading.
Look for a platform that lists upcoming events and how the price of the currency could be affected by those occurrences. It’s also tremendously beneficial to use a tool that provides summaries about different currencies so that you’re never caught unprepared and unaware.
Finally, look for a tool that enlists social listening to get ahead of trends and notify you of pending changes before they become breaking news.
Investing in a robust crypto scanner tool can help you make data-driven decisions to maximize your return on investment in the cryptocurrency market.