Essential and best crypto trading software tools for crypto traders

The proliferation of mobile trading apps and automatic trading software has already changed how the modern cryptocurrency market works. It is virtually impossible nowadays for a trader to be competitive and rely only on their brain, eyes, and hands without extensive software assistance.

But what constitutes the basic, essential tool kit a modern trader needs? We tried to answer this question today.

Automatic trading software from exchanges

Most major crypto exchanges fully embrace the idea of automation and encourage traders to use automatic trading apps as much as possible. Many even have built-in marketplaces where users can get approved robots from third parties or bots provided by crypto trading platforms themselves.

Such auto trading software does not have compatibility issues with the exchange and does not carry excessive security risks.

Binance Bot Marketplace

Binance, one of the most important crypto trading platforms, is heavily invested in automation. One of the exchange's most stunning features is Binance Bot Marketplace, where users can access over a hundred thousand auto trading bots with almost $6 billion invested in them.

In other words, if you think of a strategy, multiple robots in the marketplace implement it. You only have to pick the one with the best pricing and tweaks for you.

Another major factor is that Binance is used extensively by both professional and casual traders. If you use the platform anyway, it makes sense to fully utilize its crypto trading bots marketplace and other products.

Uniswap

Uniswap is the undisputed leader among decentralized cryptocurrency exchanges (DEXes), so it is an obvious choice for hardcore decentralization enthusiasts. At the very least, it has no liquidity issues that plague smaller DEXes.

Uniswap’s mobile trading app is widely considered one of the best-thought-out and well-supported. The developers promptly react to bug reports and users’ feedback, making the app secure and easy to use. Moreover, there are plenty of third-party software designed to work together with the app or be directly integrated with it. Uniswap grants access to hundreds of third-party crypto trading bots with various strategies.

The Uniswap trading app is very similar to Binance’s offering but for a decentralized platform.

Mobile trading apps

There is no need to rely solely on large crypto trading platforms for high-quality automatic trading software. Plenty of developers offer standalone products that are worth trying out. Some don’t require installing a separate app and can run via a messenger like Telegram.

Unibot

Unibot is the current leader in Telegram's crypto trading software market. It grows rapidly in popularity and, according to Google Trends, is the most searched-about among all Telegram-based automated crypto trading platforms.

Unibot shares part of its revenue with UNIBOT token holders and enables liquidity providing, but its main focus is trading.

Unibot is among the best crypto trading bots in terms of analytics and trading functionality. It has limit orders, dollar-cost averaging, plenty of indicators, and copy-trading – all the advanced features modern auto trading apps tend to have.

The Fail Guard system, which simulates transactions before sending and prevents potentially failed transactions from being broadcast and wasting gas on fees, is an exciting concept. However, it still requires a lot of polishing. Currently, it lacks reliability and draws a lot of criticism.

3Commas

3Commas’ popularity has grown rapidly recently, especially in North America. This bot has a lot to offer experienced traders.

• First, it works with over two dozen major centralized cryptocurrency exchanges, including Binance, Coinbase, Huobi, Kraken and others, granting access to plenty of trading opportunities.

• Second, it has extensive trading functionality, from a robust analytics suite to dollar cost-averaging orders and trailing stops.

• Third, it has automatic tax reporting functionality for US and Canadian residents.

• Finally, its pricing is tailored towards active traders: unlimited trades are $59 a month, while 50 trades a month will cost $37,

Maestro

Maestro is the trading terminal of choice for traders who are confident in their experience and interested in both trading and investments.

Operating since 2022, Maestro was instrumental in shaping the modern Telegram crypto trading bots market. Many of the features and approaches introduced by Maestro are now the industry standard.

Maestro has a fully functional trading terminal, but its primary focus is on liquidity sniping, pre-sale sniping, and similar methods of profit generation. In addition, Maestro users can contribute to pre-sales on the PinkSale platform earlier than the general public, so they are in an advantageous position regarding investments.

Maestro also offers a special “God mod”, which gives the user great control over trades. For example, it enables block delays and slippage adjustments. Naturally, the increased level of control increases risks, but for experienced traders, it may be a worthwhile trade.

For every successful trade, Maestro users pay a 1% trading fee. For $200 per month, users can upgrade to “Maestro Pro Bot,” which offers more indicators, more active trades, and higher execution speed.

What wallets are the best for traders?

Nowadays, there are hundreds upon hundreds of different wallets available. Some are more compatible with crypto trading platforms than others, some are focused on long-term storage and security, some specialize in working with DeFi products, and so on. Any decent trader should master various wallets and know which is the best for every task.

Here is a brief overview of the main types of wallets available today, with links to articles that provide more detailed information about specific products.

Hot wallets

Online wallets that require an Internet connection are often called “hot” wallets. Such software solutions are obviously the most convenient – sending transactions using such a wallet is very easy. But this ease of use comes at a cost – " hot” wallets are much more vulnerable than their “cold” counterparts since hackers can exploit constant Internet connection.

There are many forms and kinds of hot wallets, including desktop apps, browser extensions and web wallets, so everyone can find a suitable solution.

Here, you can learn in detail about wallets, their differences, and compatibility with auto trading software.

Hardware wallets

Hardware wallets are the most secure of all. These standalone devices store your private keys in an encrypted form, enabling you to sign transactions without a direct Internet connection. A signed transaction is transferred to another device with an active Internet connection and then broadcast to the blockchain network. This air gap ensures reliable protection from hacking, but it also makes using the device rather cumbersome.

Thus, it is common practice to rely on a “hot” wallet for everyday tasks and keep the bulk of cryptocurrency savings in a “cold” wallet, transferring funds as needed.

There is a wide variety of hardware wallets. Some focus on portability, while others ensure security even if the device is lost. We have a separate article dedicated to such devices.

Exchange wallets

In theory, it is possible to use cryptocurrency exchange accounts as wallets. However, we strongly recommend against it. It is unsafe; you can’t use earning opportunities that rely on funds being sent back to your wallet, plus there are withdrawal fees for every transaction. The private keys of such wallets are also never in your possession, so the platform has controls the funds, not you.

Standalone wallets developed by exchanges are another matter entirely. Most major crypto reading platforms, including Binance, Coinbase, Huobi, and others, offer high-quality standalone products. These wallets are usually non-custodial, so you fully control your funds.

Their main advantage is the integration with the exchange’s ecosystem. In other aspects, they are not so different from other offerings on the market. Thus, if you like working with a specific exchange, like Binance or Coinbase, using a wallet from the same ecosystem is a good option - it will be cheaper and easier for you to interact with the crypto trading platform’s products.

However, these are still “hot wallets,” requiring an active Internet connection. Thus, it is still not recommended to use them for long-term storage.

You can learn more about specific online wallets offered by crypto trading platforms and other companies here.

Extra Tools

The crypto trading software tools mentioned above only cover the basics. Depending on personal preferences, trading style, or volume, a trader may need additional tools. The two most common categories of such tools for cryptocurrency traders are automatic trading platforms for other assets and crypto reporting software.

Free trading bots for other assets

It is possible that after getting some experience in cryptocurrency trading, you’ll become interested in trading in general and venture out to other markets. Fortunately, free crypto trading apps allow users to engage in multiple markets at once.

Two great examples of free crypto trading platforms are eToro and Uphold. These apps allow users to trade crypto, fiat currencies, stocks, derivatives, metals, and other assets. This approach is especially suitable for traders striving to be flexible – all opportunities are concentrated in one app.

Reporting software

Tax reporting is a very complicated matter regarding cryptocurrency income. And it is impossible to ignore it – the taxman always gets what he wants, and digital currencies are no exception.

Cryptocurrency trading income is especially difficult to report correctly due to the large number of transactions and problematic regulations for different types of digital assets. Thus, tax reporting software is very popular among cryptocurrency traders.