Here’s a look at some of the tools that are available for bitcoin and altcoin investors. We rated each one on a score of one to five, based on five factors — whether it serves its target user well, its effectiveness, ease-of-use, its price as compared to its value, and customer service. As time goes on, we’ll be adding to this list.
Research
In investing, knowledge is power. Being able to “deep dive” on a prospectus before committing any capital could be the difference between bringing in a positive return on investment and taking a loss. The best research tools offer an unbiased picture of the investment in a clear and concise manner.
| Product Name | Description | BMJ Evaluation | BMJ Score | |
|---|---|---|---|---|
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CoinMarketCap | The definitive source on altcoins, CoinMarketCap provides historical data on market activity and capitalization for every altcoin that has ever been traded or publicly sold. The beauty in this tool is its simplicity; it offers nothing more than what it advertises in its name. You can use the site to look at current social media feeds about the coins, explore the coins’ blockchain, download historical charts for both coin valuations and daily trading volume, and look at how the coins performed on individual markets. |
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4.25/5 |
 |
Bitcoin Market Journal | Yes, we are reviewing and recommending ourselves. However, we must present an unbiased picture of the toolset available to the investor. Truth be told, Bitcoin Market Journal is one of the few all-in-one repositories available to the altcoin investor. On the same site, you can research frequently asked questions on altcoins, look at current and recently-concluded ICOs, examine investment trends and tools, and stay ahead of the current investing news. |
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4.4/5 |
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Coin FYI | A news aggregator, Coin FYI provides a free, filterable newsfeed for both current news and current prices for any altcoins you wish to place on your wish list. The application prides itself on its simplicity. |
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3.9/5 |
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YouTube | YouTube’s user-submitted content tends to be a convenient forum for subject-matter experts to not only share their take on altcoin investing trends and news but to also offer tips and demonstrations. A quick view of the search term “altcoins” on YouTube will offer a litany of advice for the casual and budding investor. |
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3.6/5 |
Portfolio Management
While it might be simple to keep track of a single altcoin wallet, it becomes a challenge when your portfolio contains multiple altcoins. It becomes even harder when your altcoins span different protocols, such as Litecoin/Ripple/Ethereum Classic.
| Product Name | Description | BMJ Evaluation | BMJ Score | |
|---|---|---|---|---|
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BlockFolio | BlockFolio is an iOS and Android app that allows for easy charting of over 80 exchanges and over 3,000 altcoins in more than 60 fiat currencies. With customizable news feeds, price alerts, and development alerts from altcoin leadership teams, BlockFolio is one of the top management apps available. |
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4/5 |
 |
Coinbase | For the novice investor, CoinBase is the definitive tool. CoinBase not only provides simplified buying of bitcoin, Litecoin, Bitcoin Cash, and Ether, but also provides wallets for each of the coins. Coinbase also offers simple charting and access to a professional-level exchange platform. |
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3.4/5 |
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Trezor | It is strongly advised that you do not leave inactive altcoins online. Doing so leaves these coins open to being seized or stolen. A good option to offloading your altcoin is “cold storage” or the storing of altcoin keys on a removable hard drive. One of the best “cold storage” drives comes from Trezor. |
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4.2/5 |
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Coinigy | Coinigy allows an investor to trade on more than 45 exchanges simultaneously, eliminating the need to juggle with multiple apps and portals. Coinigy also allows for simple charting with more than 75 technical indicators. |
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3.4/5 |
Exchanges
Exchanges are to traders as the gridiron is to football players; it is where you play the game. It is essential that you are able to have trust in your exchange – especially if you are taking controversial positions, such as buying short.
| Product Name | Description | BMJ Evaluation | BMJ Score | |
|---|---|---|---|---|
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Bitfinex | Despite a false start, Bitfinex is the top exchange for Ethereum and a major exchange for most coins. Bitfinex is very fluid, especially for ERC20 coins. The app allows fiat currency purchasing of altcoins via bank wires. |
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3/5 |
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Poloniex | With the support of over 80 coins and support for margin trading, Poloniex is the exchange that best mirrors traditional stock exchanges. |
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2.2/5 |
Charting Tools
Trading is a speculative activity. That means that you will need to be able to guess how the market will move and when trends will end. The way many professionals do this is through charting apps, which can track both current and historical pricing patterns.
| Product Name | Description | BMJ Evaluation | BMJ Score | |
|---|---|---|---|---|
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TradingView | The most commonly-used charting platform, TradingView has support for the most popular exchanges. Designed for commodities trading, TradingView only added altcoin support recently. |
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3.6/5 |
 |
CoinTracking | A dedicated altcoin charting platform, CoinTracking allows users to chart the trends of over 5,500 coins, review nine years of historical data, list trades and fees by exchange, and prepare capital gains tax declarations. |
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4.4/5 |
These are just some of the top tools for altcoin investing. We will update this list as other tools are rated and reviewed, so check back frequently! If you want more information about how to invest in altcoins the smart way, be sure to subscribe to the Bitcoin Market Journal newsletter!
