Top 5 Of The Best Crypto Scanners Right Now
People new to crypto will notice one thing within the first couple of months of buying and selling tokens: it can be difficult. There is a great need to observe and manually analyze the relevant price movements.
You also need to take time to understand the fast-paced markets as early as possible. All of these and more can be a real struggle, but with tools like cryptocurrency scanners, both beginners and experienced traders can increase their odds in the volatile crypto market.
With the global market recently flooded with uncertainties and rapid price movements, now’s probably the best time to get the assistance of a good token/coin market scanner. Not to worry, this article is your guide to crypto scanners, their pros and cons, and some of the best ones to use.
Crypto Scanner: An Indispensable Tool To Track Market Changes
A crypto scanner is a tool that traders rely on to track the movements of different assets. Most people use these movements as market signals to execute trade orders and make informed decisions.
You can track many things with a crypto scanner, including an asset’s volume and price. Sometimes, these tools also come with sound alert functionalities that notify users of market-changing movements, allowing traders to place a trade and gain from it.
If you’re an experienced trader who relies on key technical indicators like relative strength index (RSI) and Bollinger bands, you’ll find cryptocurrency scanners especially helpful.
What Is Swapzone?
Swapzone is an increasingly popular instant non-custodial exchange aggregator that helps users collate exchange offers for several supported crypto pairs. The platform monitors some of the best exchange rates for hundreds and even thousands of asset pairs.
Swapzone boasts of requiring no registration for users to use their many services, and the platform’s fees are considered low.
Crypto Scanner vs. Crypto Screener
A quick search for the term crypto screener might bring up as many search results for crypto scanners. This is because the term is used interchangeably with crypto scanners but do they mean the same thing?
For starters, a screener allows you to filter assets based on some user-defined metrics so you can find great trading opportunities to leverage. On the flip side, a scanner allows you to track and spot exchanges and the activities of one or more assets while providing timely alerts necessary for making informed trade decisions.
While both terms differ, they help traders be more intentional and less speculative or disorganized in their trading.
All That Simple? Pros and Cons of Crypto Scanners
Crypto scanners are a superb addition to any trader’s strategy because it saves precious time you would have spent figuring out the best time to make trades. While this tool is useful, you must consider the pros and cons before concluding if it is perfect for you. Here are some benefits and drawbacks to using them.
- They help you maintain your trading discipline.
- A great way to significantly reduce emotional trading that could lead to losses.
- Enhances market entry positions.
- They provide price alerts and market data in real-time.
- Some options or features aren’t free
- Not free from random slips like downtime
- Some platforms might prove too sophisticated for beginner traders to adapt to when they need quick help.
Exploring Deeply: How Does a Crypto Scanner Work?
Scanners observe data of several exchanges while identifying and following key moving indicators such as asset price and trading volume. It also looks at momentum indicators like RSI or the Relative Strength Indicator and other technical indicators that help traders. Here are some other things that scanners allow you to do:
- Easily find and recognize coins with the greatest volume and price percentage changes for one particular period or more. With such information, traders can quickly hop on and leverage waves of market movements.
- Indicators like the percent down or up can help traders identify how much a particular token has moved since the previous day’s trading. With this information, traders can discover tokens with high volatility and those whose prices have fallen or are losing value but are capable of giving high returns.
- Traders and users can also set a bid-ask ratio filter that displays a particular ratio between the bid and ask orders on level 1. On higher levels like 2 to 3, users can get notifications about tokens or coins where the best bid orders are 2 or 3 times bigger than the ask order.
Crypto scanners are a fantastic way to become more time-efficient in trading the market. Users can also request notifications about changes in some indicators they want to monitor via alerts.
Cryptocurrency Trade Alerts
Crypto trade alerts are a great way for traders to identify the appropriate time to buy or sell their assets and cut losses. These alerts send notifications to traders on technical conditions, price actions, or even financial results that influence the value of an asset.
These are some of the more common types of alerts traders use and what they signify:
- Price Alerts: These alerts notify a trader when the crypto market or a particular digital asset/token increases or decreases by some percentage.
- Economic Result Alerts: Economic Result Alerts notify a trader of impending news or economic events capable of triggering a move in the market. These upcoming or expected events could be new interest rate announcements or investor purchases.
- Technical Indicator Alerts: These alerts effectively notify traders when a particular indicator or parameter satisfies a certain condition. An example is RSI (Relative Strength Indicators) overbought or oversold.
Are Crypto Scanners the Real Deal? Here’s What We Think
Data is the most important thing for every trader, and crypto scanners make them available to you in an analyzed format.
Although volume and price are two of the most basic parameters traders track, crypto scanners will also help you keep an eye on trade histories, overbuys, oversells, etc. So in our opinion, it’s a million shades of the real deal.
No doubt, the stress of scanning through dozens of exchanges for even the slightest hint of favorable movements can be a daunting task. Still, scanners enhance a trader’s effectiveness in getting the movements.
However, despite all they can help you accomplish, they are only a part of the formula you need to succeed as a crypto investor or trader. You’ve got to commit time and resources towards understanding how the market works, buyers’ sentiments, and factors that influence price movements.
It is always important to be consistent and persistent in discovering opportunities and tools that will give you a fighting chance to succeed in the market.
What Are the Best Cryptocurrency Scanners Right Now?
The best scanners for cryptocurrency are the ones that will significantly improve your trading. While there are many scanning software in the market to choose from and use, you need to find the one that is more suited to your trading needs.
That said, below are six of the best cryptocurrency scanners right now:
TradingView is one of the best scanners for cryptocurrency, with impressive charting tools that beginners and advanced traders can leverage to view and share trading ideas in real-time. The platform and its browser-based charts allow users to do their research from wherever they are without needing installations or setups.
Need to analyze tough price patterns or search for the latest prices? TradingView is your go-to website, offering over 50 smart drawing tools, market analysis tools, trading alerts, connections to hundreds of data feeds, financial data, and professional news.
Scanning The Best Rates: Swapzone Exchange Aggregator
Traders looking for some of the best prices the volatile market offers often use exchange aggregators like Swapzone. Although Swapzone may not be considered a scanner in some traders’ books, the exchange aggregator is a very important tool.
The non-custodial platform compiles more than 15 exchanges and over 700 assets into one superb platform. Swapzone simply sends users’ inquiries in, receives the deals directly from their partners, and sorts them by speed, rating, and rates.
In the end, the platform allows users to make more informed buying decisions without leaving its website.
Crypto.com is an all-in-one scanner that allows users to trade, invest, and track hundreds of digital assets. With this platform, you can keep an eye on tons of asset price changes and price targets via a mobile application.
And if you need interest-bearing accounts that let you amass tokens over time for cool rates that banks won’t give, this platform is for you.
altFINS is big on educational tools that make learning about trading and building a portfolio of several assets easy. In addition to offering scanning services, the platform also offers screeners that traders can leave open.
Traders can also receive Twitter alerts and create watchlists that allow them to stay in the loop with the market’s latest news on their preferred tokens. Its premium and education bundle should give you access to invaluable knowledge on scanners.
With Altrady, you get to save time while using a convenient and intuitive platform where users are capable of screening and trading dozens of digital assets. Real-time market data means you never miss out on updates on trades, prices, and order books as they occur.
You can also monitor markets and manage a portfolio of diverse assets across different exchanges via Altrady’s portfolio manager.
Its tools help traders easily find good entry points in the market, while timely price alerts on your mobile or desktop will help you make informed decisions. The platform has a 14-day free trial sub, after which you can choose from three plans.
5. Cointelegraph Markets Pro
From the stables of Cointelegraph news platform comes a resourceful data-driven tool, Cointelegraph Markets Pro. Cointelegraph Markets Pro help professional and retail traders find crucial asset information and trade whenever they need to.
The platform offers a scoring tool, the ability to gauge sentiment on Twitter, token analysis, and a Discord server with an informative and enthusiastic community. Cointelegraph Markets Pro also offers traders valuable information on real outlook price, tweet volume, confidence & elevation, and asset volume.