I used these tools to make my first million in the crypto space
These tools helped me make my first million. Although the million is not USD, it was a high ROI.
The first law to make money is not to lose it. It is essential to understand everything you want to partake in.
I found so many articles listing tools for cryptocurrencies but the problem with many of these listings is that they are just numbers of what there are and not a guided list of how to use this barrage of tools. By reading some articles, a newbie will end up having many tools but little know-how.
This article is not even a list of tools. It is what you should do to be successful in the crypto space.
This article will give you a step-by-step manual to using each of the listed tools.
The following shows you how you can go from knowing nothing to getting the best out of the crypto industry.
Where to get information on most crypto/web3 projects
The first thing to do as a newbie in the space is to check for information on any cryptocurrency you are interested in. If someone tells you XYZ crypto is a great project, the next thing to do is check the evaluation sites to know more.
The following sites will help you get information on what cryptocurrency projects are about, the total supply of crypto tokens, the website of projects, the all-time high and all-time low of the project, the where exchanges where the crypto tokens are traded, etc.
1. coinmarketcap.com
2. Coingeckco.com
3. Worldcoinindex.com
Steps to know more about a project
Go to coinmarketcap, for instance- on the top right corner, you with see the search box and type in the project name you just heard.
Coinmarketcap will bring a lot of information like its price, the website, the contract address, the exchange(s) you can buy the project tokens from, etc.
With the information you have gotten from the evaluation site, you can proceed to the next step.
Now that you have the information on where to buy and the token price. You can start planning on buying your first crypto tokens.
There are two types of exchange to buy tokens on; the centralized exchange and the decentralized exchange.
If the token was on a centralized exchange, it would be easier to buy.
Steps to buying on centralized exchanges
Go to the centralized exchange where the crypto token you want is listed. The popular are 4.Binance, 5.Kraken, 6.Coinbase, 7.Mexc 8.Kucoin, etc.
Do the usual registration, and provide the required information.
You don’t have to do identity verification if the sum of the crypto tokens you want to purchase is not much. But if you are doing high volume, you will have to do some verification with government identification cards.
Once you are done, you can buy through peer-to-peer or connect your card to buy on some exchanges.
Then you have your first crypto token.
If the project is only decentralized exchanges, here are the step;
Step-by-step to buy on decentralized exchanges
Download a decentralized wallet like 9.Metamask or 10.Trustwallet; you can learn how to use this wallet on Youtube.
You have to fund your wallet with either stable (like USDT) or other tokens. You do the funding of your account by buying from the centralized exchange and sending it to the decentralized exchange. Or you buy from a trusted peer offline, and they help you send the tokens to your decentralized wallet.
You can copy the project’s contract address on coinmarketcap or get it from other reliable sources. The contract wallet address is sensitive information, so you have to make sure you get it from the most reliable sources.
Go to the decentralized exchange that was listed when you searched on coinmarketcap. Popular among decentralized wallets are 11.Uniswap on Etherum chain, and 12.PancakeSwap on BNB Smart Chain. If the project is on etherum, you don’t need much setup on Metamask. However, if the project is on other chains, you need to add it to the Metamask wallet. This setup you can get on Youtube (I have never used Trust Wallet, I can say much about it)
Link this to your decentralized wallet (i.e., Metamask or Trustwallet)
Search for the coin you want to buy, but if you can find it in the search, you can copy the address from the coinmarketcap or other reliable source ( this is important because scammers use this to defraud people)
Select the token you have in your wallet to swap with other
Initiate the swap, viola! You have bought your first crypto token from a decentralized exchange.
13.Cointelegraph.com: Cointelegraph will give you all the information you need on the industry and why the market moves in a particular direction.
But do not depend on this website or any other website for trading because they give lagging information. Most of the time, the market would have moved before they release most reports why it does. So depending on such reports will lead to losing trades.
14. Bitcoin.com: this is another site that provides helpful tips for investors and traders alike; you can follow trends and know what is running the market on this site.
Trading Tools
While you now understand the fundamentals, you also need to understand the price action to get ahead with some of the things that drive the market.
14.Tradingview.com: this website is resources filled, not only for the crypto industry but also for stock, forex, etc.
What are the indicators to watch out for on the Trading View?
The USDT Dominance: the USDT dominance is one of the most effective indicators in the cryptocurrency space. As you now know that the USDT is a stable coin. It is like your dollar that does not change in its face value. So if cryptocurrency falls in price, the USDT dominance increases because as people move their money from cryptocurrency, they move it to USDT hence the increase in its dominance. If cryptocurrency price increases, the USDT dominance decreases as well.
The Bitcoin Dominance: The Bitcoin dominance shows the strength or weakness of Bitcoin against other cryptocurrencies. If the Bitcoin dominance increases to a certain point, it will decrease the money available for buying other cryptocurrencies. Hence an increase in the bitcoin dominance, a decrease in other cryptocurrencies.
Chart Analysis Tools
Taking your trading activities to another level is one great idea that can make you earn both in the bear (downtime) and bull (uptime) market, and you can achieve this if you know how to analyse the price actions.
The tool that is great for analysis are the following
Tradeview.com: trading view allows you to see the chart of most cryptocurrencies. You can’t be wrong if you know how to use
It has a paid version and a free version. The free version is sufficient for a beginner and any other person who does not want to overburden themselves with too many indicators.
15. TabTrader: this has been a mobile application for 99% of its existence. Recently, they launched the web version, which is in development. I will advise anybody reading this in 2021 to use the mobile application. Tab trader also has both paid and free versions, and the free version is so good that you may not need the paid version. I have been trading for quite a while (though not a very active trader), and I have been using the free version because it suffices.
16.Poocoin.app: Poocoin is a great analysis tool for everything BNB Smart Chain, polygon, and Kuchain. It works well with new projects not yet captured by the tradingview or tabtrader algorithms. For instance, if a project just launched on BNB Smart Chain but has not been listed on any exchange, you will not see it on tradingview. So to check the chart and do some analyses, you go to poocoin, a fine tool.
17. Dailyclose.com: Knowing the price at which crypto tokens closes is a great tool for predicting the direction of the market subsequently. This tool countdowns the close time for different timeframes. When it completes the countdown you can check your chart to confirm the closing price.
18. Glassnode.com: is your gateway to on-chain data. It shows you the volume of activities onchain. So, if you see high on-chain activities, it indicates either a bull or a bear run in the market.
19. The greed and fear index measures the level of greed and fear in the market. The value runs from 0 to 100, where 0 means “extreme fear” and 100 represents “extreme greed.” The best time to buy in the crypto market is when there is extreme fear, and the best time to sell is when there is extreme greed. Crypto Fear & Greed Index — Bitcoin Sentiment — Alternative.me
The Instant messaging app filled with opportunity
Instant messaging apps provide the opportunity for everyone in the cryptocurrency space. You can track project team progress. You can contribute to the community. You can get analysis from the best crypto trading experts. You can even invest in the newly launched project (I will advise you not to engage in this because there are many scams in the industry).
20. Telegram: this provides a huge opportunity to follow the team behind the cryptocurrency, follow industry experts and analysts, and join an investment group (but DYOR before you join an investment group on telegram, a lot of scams abound).
Most crypto project has a group or an announcement channel on telegram
21. Discord: This is also a powerhouse in the Blockchain space, especially with NFT and metaverse projects.
Social Media Platform
Let us move to the social media platforms that make you ahead of the park.
20. Twitter: if you follow the right people on Twitter, it can be a helpful platform for growth in the space but don’t listen to all influencers. Some influencers are just marketing on behalf of their clients.
21. Reddit: I don’t engage on Reddit as much, but I know it has a lot of resources on cryptocurrencies that can benefit both newbies and other people.
Now you need to stage reading crypto articles to understand the fundamentals and what news is responsible for what the market is doing.
Involvement in launchpad
If you have the fund, you can involve in launchpads that projects that are newly generated their tokens use. With launchpad, you get crypto tokens relatively cheaper than when it becomes available on the exchange.
But some launchpads fail, and you get to buy at a price that is even higher than what you get when it’s available on exchanges. The best time to join a launchpad is in a bull market if you want a fast return on your investment. But you can join launchpads even in a bear market if the tokens you are buying are for the long haul.
22. Polkastarter: is a cross-chain launchpad and is one of the best, with many projects that launched successfully and become winners in the space.
23. BSCpad: this is a centralized launchpad owned by the Binance, and projects that make it on the platform are mostly successful.
24. Firestarter: This is also a very effective launchpad that has seen many successful projects.
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