When you are getting started with crypto investing you will find plentiful articles on investing frameworks like DCA, pareto principle, Crypto Portfolio Diversification methods, and Arbitrage techniques. All of this already sounds like a big task and drifts away newcomers from entering into crypto. In this article, I will take you through simple tools that will not cost you a dime nor will it take too much of your time. I know it sounds too good to be true, but trust me after being in crypto for over 4 years I am offering some real info in the article.
Let’s dive in.
To get started with understanding these tools just remember all you need is a smartphone with internet connectivity. That’s it.
Following are three tools/ platforms you can get started with
Check Your Bags Crypto Sentiment
We all know two metrics that are common in any investment market – bulls and bears, Greed and Fear index – a metric that overrides the former. But, how does one understand the sentiment of a certain crypto community in a global market like crypto? That’s actually tough. But with ‘Check Your Bags Crypto’ you can track the overall sentiment of cryptocurrencies by looking into real-time community activity on various platforms like Reddit, Telegram, and Discord.
Of course, this tool is not for primary research of cryptocurrencies but it should be seen as a community tracker tool. The platform uses complex combinations for data aggregation and analytical data extraction.
If you are someone who heavily relies on market data reports for crypto, then it’s about time that you get to know how much skin do people have in the crypto game. Check out the app here The app is in Beta right now. If you want to access it you can join their Discord and get your API key to get free access.
Join Reddit Channels like DeFi
I have to admit that I have missed so many crypto opportunities that I could have seized only if I had known that Reddit could be a goldmine for crypto investment learning. Unlike other platforms, Reddit does not promote the shilling of cryptocurrencies. You get the real deal behind crypto projects.
I’d like to share an example of what I learned when I joined Reddit. I came across an interesting article on Liquidity Pool Averaging – the doppelganger of Dollar Cost Averaging. The idea is as simple as DCA. In DCA, we look at the average profit that one makes by investing in the cryptocurrency at intervals, LPA is the average return of your investment in the liquidity pool.
Now, I hadn’t thought that this too could be implemented in DeFi. Turns out it was the best thing I ever tried. So, do yourself a favor and join Reddit to explore what people are doing in the industry. We hear DYOR but where to start with DYOR is often left unanswered. Check out the subreddit DeFi here
Crypto Alerts via Crypto Exchange Apps
The last tool is opting in for a centralized exchange and I will tell you why you should try it.
So, imagine you want timely price alerts on a certain cryptocurrency, how would you start? If you are an Indian investor in crypto, you can opt for CoinDCX. I am not saying invest via them. But, you can definitely opt-in and set price alerts on the app. The UI of the app is great and the overall experience is quite good too. If you know about other crypto investing apps that allow you to set price alerts, do it.
Wrapping Up
Winning at crypto takes time. It is absolutely fine to get yourselves equipped with basic tools and platforms that can help you in exploring your investing journey. Crypto investing is often shown in a bad light and there are tons of groups that advertise themselves as signal experts in crypto. If crypto was this easy, each one out there would have been raking in millions. Some are because they have taken the pain to understand this market. So, while you are here understanding the whimsical world of crypto, take it cool and breathe in breathe out.
Personal Note From MEXC Team
Check out our MEXC trading page and find out what we have to offer! There are also a ton of interesting articles to get you up to speed with the crypto world. Lastly, join our MEXC Creators project and share your opinion about everything crypto! Happy trading! Learn about interoperability now!
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