What are Crypto Alerts & Why You Should Use Them
The evolution of computer science and artificial intelligence has brought a massive change in how people do business these days. Now, it’s possible for almost everyone to sell and purchase products online beyond their specific locations.
However, while you’re growing your business online, you must’ve felt the necessity of a uniform transaction system throughout the world. Things have become easier for you now, thanks to cryptocurrency.
It’s a virtual currency that lets you do the transaction online for any goods or services. Crypto has a decentralized structure, meaning that it’s free from the control of the central authorities, as well as the governments.
Like other currencies, the value of cryptocurrencies varies, so you need to know the right time to sell or purchase them. In that case, Crypto alerts can be your rescuer.
What are Crypto Alerts?
As the name suggests, crypto alerts are a type of trading alert, which sends you notifications about the price hike, economic results, as well as technical issues that might have an impact on the value of the crypto.
With a cryptocurrency alerting system, you can create customized alerts for percentage movement, market price, exchange listings among other things.
There are two types of crypto alerts. Depending on whether you want to buy or sell cryptocurrencies.
Crypto Market Buy Alerts
Buy alerts are generated when the crypto coin is experiencing positive momentum. Upon receiving the notification, you might need to close a short position or open a long position in the crypto market.
Crypto Market Sell Alerts
You will receive the crypto sell alerts when the coin is experiencing negative momentum. It requires you to open a short position and close the long position on a crypto market.
You will receive the following alerts based on the type of the software or platform you are using
You will receive the price alerts when there’s a change in the price for different cryptocurrencies in the market, such as Bitcoin, Etherium, etc. Receiving this alert will help you to choose the right crypto, as well as to decide whether you should buy, hold, or sell them.
Technical Indicator Alerts
This option allows you to create alerts using some of the popular indicators, such as trend following, oscillators, volatility, and support/resistance.
Trading crypto with indicator alerts lets you make the right decision about your coins and makes your trade a successful one. Considering the type of your business, you need to choose the right indicator.
Economic Result Alerts
Any economic event, such as an announcement on interest rate from the central bank can affect the value of your crypto coins. But, how are you going to know that?
Setting alerts for economic results can help you stay updated about such events. As soon as the announcements are released, you will receive macroeconomic figures, that will help you to stay informed.
Benefits of Crypto Alerts
Investing in cryptocurrency seems to be quite lucrative since there’s a better chance of making a good amount of money. However, it’s a risky business and can put you in huge trouble if you’re not careful.
Using an alert service can help you stay updated about any changes and notify you if there’s anything suspicious. Besides this, there are some other benefits also you can get from the crypto alerts.
Decide What You Should Do With Your Coins
If you’re new in the cryptocurrency business, you may often get confused in deciding whether to buy, hold, or sell the cryptos. You can only make the right decision if you’re aware of the change of price or other indicators that may have affected the cryptos.
Opting for an alert system helps you get notification about any change in the market in real-time, which allows you to make the right decision about your existing coins.
They are Convenient
Most crypto alert systems come in a form of software or mobile applications, you can choose either of these systems or decide to stay with one.
Since they are compatible with many devices, you can receive notifications via SMS, email, push notifications, among others. It means there’s no chance for you to miss any notification that might cause you a great loss.
Besides, these apps are quite simple and easy to use. Most of them come with a lot of built-in options. All you need to do is to choose the right options and let the app do the rest of it for you.
Learn About New Coins
Most people make a common mistake when they deal with cryptocurrencies. They always go for the old and renowned ones, thinking that it will be safe and profitable. But, they are wrong.
There are a number of new cryptos that can provide you with a great cash value. It will be a smart move to Trade for some of those coins with your existing one.
One of the best parts of using crypto alert software is that they will let you know whenever there’s a new coin in the market, along with all the important details about them.
Protection for Your Coins
As the online world is evolving, so are the hackers and intruders. Once invented as a secure and transparent way of transaction, cryptocurrency has now become quite vulnerable and easy to breach.
Crypto alert apps can save you from such breaches. Most of the apps nowadays come with a secure wallet feature that allows you to store your coins safely. You can protect the app with a pin code, which you can remotely disable if needed.
Things to Remember Before Trading on Crypto Alerts
While you’re excited about using a crypto alert software for your next trading, there are some points you need to keep in mind.
Using an alert as the foundation of your trade is always a great idea, but you should never consider the notification as a confirmation of the market movement.
There’s no guarantee that the notification will always be correct and it will result in a profitable market movement. While the alert will help you to analyze the market, you should always do your own research before making the final decision.
The use of different cryptocurrencies is increasing day by day and making the investment a trickier choice. Your success depends on your ability to cope with the market change and also a lot on how updated you’re about them Opting for a crypto alert system will be your best choice in order to avail all opportunities regarding the current price of any specific crypto. So, choose one or more of such apps and software and always stay up to date.