CMC Hot List: Top 10 Tools for Newbies

With every new market cycle, a fresh wave of crypto adopters emerges. For those just getting started, having the right tools in your toolkit can make a difference in navigating crypto.

This hotlist sets you up for trading success by rounding up ten essential crypto tools covering everything from prices to decentralized exchanges. Consider it your crash course in equipping yourself with the analytical firepower needed to thrive in your crypto journey.

Here are the 10 best tools for crypto newbies:

1. CoinMarketCap

The first essential tool for any crypto journey is CoinMarketCap (CMC). As the Home of Crypto, CMC tracks over 2 million digital assets and is the most trusted source of crypto data and insights worldwide.

With an intuitive website and mobile app, CMC puts the power of the world's most reliable crypto data, insights, and community at your fingertips.

Effortlessly look up the latest prices, market caps, volumes, and more of all your favorite coins in one place. Connect with other traders in our community chat for insights and advice.

2. TradingView

When it comes to charting tools and technical analysis, TradingView has been a trusted platform for stock traders for years. In 2022, they officially opened doors to crypto.

With over 50 million users globally, TradingView lives up to its motto - "Look First, Then Leap." Their tools allow traders to thoroughly analyze market conditions before making any moves.

For crypto newbies, TradingView provides an invaluable lens into market data to help inform your trading. Their charts and community insights allow you to spot opportunities, pinpoint entry/exit points, and avoid costly mistakes.

3. Binance Academy

If you're new to crypto, Binance Academy offers free educational resources to help build your knowledge base. Their Blockchain 101 courses provide lessons that cover fundamental crypto concepts in a straightforward format.

For more advanced users, Binance Academy publishes regular market reports analyzing the latest narratives and developments in crypto.

If you want to deepen your crypto knowledge base, Binance Academy is a helpful educational portal in your toolkit.

4. DappRadar

Think of the blockchain as one giant app store full of decentralized programs called dApps. And DappRadar is your portal into this ever-expanding universe.

Whether you want to track rising metaverses, discover promising NFT projects early, or find the next explosive DeFi protocol, DappRadar offers the right intel to make that happen.

5. Dexscreener

At its core, Dexscreener is a price-analysis platform, allowing traders to access real-time data from numerous decentralized exchanges in one view.

Dexscreener makes it easy to toggle between Ethereum, BNB Chain, Polygon, and other top blockchains to analyze liquidity, pricing, volumes, and more across major DEXs. This consolidated view saves you from checking individual DEX sites separately.

Whether you're looking to spot arbitrage opportunities, identify price discrepancies, or gauge overall market momentum, Dexscreener gives crypto traders an essential macro view of the emerging multi-chain DEX universe.

6. ICO Drops

To understand ICO Drops, you first need to know what an Initial Coin Offering (ICO) is - it is when a crypto project raises funds by selling tokens to investors.

This is where ICO Drops come in - think of it like an ICO calendar meets a rating system. It tracks upcoming, active, and ended ICOs so you can discover promising token offerings.

ICO Drops go beyond flashy marketing to offer a neutral analysis of each ICO using their proprietary rating system. This helps users evaluate which token sales show more long-term potential vs short-lived hype.

7. NFTScan

For those interested in NFTs, tracking this fast-paced market across multiple blockchains can be challenging. NFTScan is a multi-chain NFT explorer that indexes real-time activity to provide transparency.

NFTScan gives users a unified dashboard showcasing listings, trades, floor prices, owners, and other data points from top NFT marketplaces on Ethereum, Polygon, BNB Chain, and other networks.

In addition to market analytics, NFTScan enables users to consolidate their multi-chain NFT holdings to simplify portfolio monitoring and management. By centralizing collection over multiple blockchains, it aims to help users optimize buying, selling, and lending decisions.

8. CoinDesk

CoinDesk is a leading news source for timely, in-depth reporting on innovations, trends, and events shaping the blockchain industry. With 24/7 coverage, CoinDesk offers a resource for those looking to keep pace without getting lost in the noise of social media headlines.

If you want to avoid being glued to Crypto Twitter constantly tracking every new development, CoinDesk offers a quality news source to stay informed on major crypto innovations, trends, and events. It delivers timely reporting and analysis without information overload.

9. CoinTracking

Cryptocurrency taxes can be complicated, with every trade being a taxable event. As regulatory compliance increases, detailed record-keeping is essential.

CoinTracking offers a solution to help simplify tax reporting for crypto users. By importing trade data from linked exchanges, it can automatically calculate total gains, losses, and tax liabilities across currencies. This eliminates the need for manual calculations.

For those less familiar with tax rules, CoinTracking generates a comprehensive report summarizing key information for an accountant. This simplifies compliance so investors can focus less on paperwork and more on trading strategies.

As regulations continue evolving, detailed tax records are essential. By centralizing data and determining tax implications on users' behalf, CoinTracking aims to make compliance easier for crypto traders.

10. Etherscan

In theory, blockchain data is publicly accessible. But for those less familiar with raw transaction logs and smart contract codes, it can be confusing. This is where Etherscan comes in - as a Rosetta Stone for decoding Ethereum's complex on-chain data into transparent and understandable insights.

As a free block explorer, Etherscan enables anyone to explore what's happening under the hood on the Ethereum blockchain. Users can track transactions and wallet balances, analyze smart contract performance, and extract other valuable metrics and activity.

For newcomers, learning to utilize Etherscan's suite of tools does require an initial time investment. But that commitment pays off by allowing you better to grasp concepts from gas fees to whale movements.

As regulations and mass adoption continue evolving, being able to analyze on-chain data yourself using Etherscan directly gives individuals more financial freedom.

We hope you enjoyed this roundup of 10 essential crypto tools for newcomers. Of course, many great platforms are out there, but we aimed to highlight some of the best resources to equip your crypto journey.