Even experienced traders and successful investors seek support and collaboration to generate trade ideas and make informed decisions. TradingView offers the opportunity to combine charts and indicators to trade in real time. The development team is inspired by ideas and insights shared by its active community members. However, TradingView is not without its flaws. In this article, we will discuss the pros and cons of TradingView and other cryptocurrency platforms to explain why TakeProfit.com is the best alternative to TradingView for succeeding in cryptocurrency trading.
What is TradingView?
TradingView is a cloud-based platform designed for traders, offering a robust suite of tools such as advanced charting, social networking features, and technical indicators. It supports a wide array of financial assets, including cryptocurrencies, stocks, ETFs, and forex. One of the standout features of TradingView is its ability to facilitate collaboration among traders. Users can share their charts, trade ideas, and strategies with a global community, making it a popular choice among both beginners and experienced traders. The platform’s extensive library of technical indicators helps traders perform in-depth market analysis, enhancing their trading strategies.
Why Do Users Look for TradingView Alternatives for Crypto?
- Limited focus on crypto. TradingView is a trading platform that was not originally created as a cryptocurrency platform. It is primarily designed for traders who trade stocks, commodities, currencies, and in recent years, cryptocurrencies.
- TradingView does not provide access to the full market picture. In particular, some cryptocurrency pairs are not available, especially when it comes to new or little-known tokens.
- High subscription cost. TradingView offers a line of fee-based plans, which is convenient for professionals who have already achieved success. However, by no means every beginner will pay up to $60 per month. The platform does offer a free plan with some essential tools, but its features are quite limited. This makes it less appealing for more or less advanced traders.
- When it comes to trading (this applies to any market, from stocks and real estate to cryptocurrencies), information becomes outdated very quickly. TradingView is known for delays in providing up-to-date information. This can mislead traders and cause them to miss out on profits. There are a large number of complaints about this issue on Reddit and other social platforms.
For those seeking different tools, exploring the best TradingView alternatives can provide platforms with more up-to-date information and features tailored to their needs.
Where TradingView Wins and Falls
| TradingView Wins | TradingView Falls |
| The company claims to serve over 70 million active traders almost all over the world. | Lack of integration with smaller platforms where new altcoins or, for example, DeFi tokens come up frequently. |
| Over 100 built-in indicators for a thorough analysis of the market dynamics (market data, detailed technical analysis, etc). | Absence of tools that are essential for cryptocurrency trading (wallet tracking and on-chain data analysis). |
| Cross-market support for those who diversify their trading activities and prefer to trade assets from different markets. | Weak focus on sentiment analysis, which is essential when dealing with highly speculative markets such as crypto. |
| Integration with Binance, Coinbase, Bitfinex and other major crypto exchanges. | Pine Script is too complex for non-programmers. As a result, traders are forced to spend extra money on freelancers or give up many features. |
Overview of Crypto Platforms: Pros and Cons
Cryptocurrency platforms provide a number of opportunities for traders. Some are more focused on charts, technical tools, fundamental analysis, while others emphasize social trading and portfolio management. For those seeking a streamlined experience, a comprehensive platform with robust features tailored for cryptocurrency trading is essential.
Coinigy
Coinigy is the result of a business collaboration between an investor (W. Kehl) and a programmer (R. Borden) who combined their knowledge, money and efforts to create a trading algorithm. After achieving success, they created a convenient portfolio tracker and terminal, calling it Coinigy. Today, the platform allows you to manage cryptocurrencies, study news and use various tools for arbitrageurs. Additionally, Coinigy provides access to historical data, enabling users to refine their trading strategies through backtesting and informed decision-making.
| Coinigy Advantages | Coinigy Disadvantages |
| Broad exchange integration | High subscription costs (up to 99.99 per month) |
| Native mobile app | Basic charting, limited customization |
| Robust portfolio tracking | Touch sensitivity on smartphones (often reported on Reddit) |
| Fast and responsive customer support | No option for automatic trading |
CryptoCompare
As the name suggests, CryptoCompare is a platform where investors and traders come together to access industry news, market forecasts and data on over 5 thousand coins and over 240 thousand cryptocurrency pairs. It also offers various tools and solutions specifically designed for retail trading, enhancing the trading experience and efficiency for individual traders.
| CryptoCompare Advantages | CryptoCompare Disadvantages |
| Huge number of currencies and cryptocurrency pairs. | An overabundance of information about the cryptocurrency market, which is time-consuming and far from helpful. |
| Well-designed educational resources that are useful for both beginners and pros who are transitioning into the cryptocurrency market. | Excessive advertising (promotions for casino and horse racing betting on the main page). |
| Customizable portfolio tracking which allows users to build and track their portfolios by combining assets and transactions of different types. | The functionality is too complex and confusing, not just for beginners. |
Shrimpy
Shrimpy is a tool for automating trading strategies, rebalancing your portfolio and tracking its performance. With it, you can analyze market conditions and participate in social trading by duplicating other people’s strategies. Understanding various fees associated with trading platforms can help you make financially sound decisions that align with your trading strategy.
| Shrimpy Advantages | Shrimpy Disadvantages |
| Sophisticated social trading tools for quick and efficient strategy duplication | No mobile app, only web version |
| Rebalancing your portfolio to diversify risk and increase returns (dollar-cost averaging strategies, etc) | The free version has a number of limitations, so it is essential to buy the paid plan for more comprehensive use |
| Option to automatically adjust your portfolio according to predetermined instructions | Does not provide crypto-bot scripting |
Quadency
Quadency is a portfolio management and crypto trading service based in the United States. It was founded in 2018 and since then, it has managed to attract over 100 thousand cryptocurrency enthusiasts.
| Quadency Advantages | Quadency Disadvantages |
| Well-designed portfolio management features. | The integration with smaller crypto exchanges is either limited or not offered at all. |
| Automated trading with the help of Quadency’s own feature which is called Smart Order. | Because it requires a certain level of expertise in algorithmic trading, a trading bot can be quite overwhelming for novice traders. |
| Wide range of technical indicators and charting tools to better analyze trends and manage your portfolio. | Quadency does offer a free plan, but with that comes a really limited set of features. |
Why You Should Consider TakeProfit.com
Takeprofit.com is an innovative platform for cryptocurrency traders and investors that is characterized by its high user-centricity.
It provides clients with cross-platform trading and convenient management of their assets.
TakeProfit.com is constantly evolving and offers the following key features:
- Access live quotes (almost all major cryptocurrency exchanges are on the list). This makes it possible not only to stay informed but also to make smart and fast decisions.
- Wide selection of options, futures, perpetual contracts. This opens up an opportunity to greatly diversify one’s investment portfolio to reduce risk and increase profitability.
- Advanced features (charting tools include multiple charts, drawing tools, various chart indicators to ensure flexibility, security and efficiency).
- Easy to comprehend and use Indie programming language allows you to code your own scripts and indicators. It’s a really powerful tool that offers a wide range of opportunities without the complexity of other platforms.
- Lucrative affiliate program for authors, content creators, social media influencers and other partners who want to earn some extra cash and recommend TakeProfit.com to their friends and followers. With its help, almost anyone who likes the service can increase their influence in the trading community while earning a side income.
- Everyone can turn a partnership with TakeProfit.com into the main income. The more customers you bring in, the higher your level as an affiliate and the higher the affiliate commission.
Charting and Visualization
TakeProfit excels in providing a comprehensive charting and visualization toolset, which is crucial for technical analysis. Users can create custom charts and analyze market trends using a wide range of technical indicators, drawing tools, and chart types. The platform supports everything from simple line charts to complex candlestick patterns, catering to the needs of all types of traders. Additionally, users can create and share their own custom indicators and chart templates, further enhancing the platform’s functionality. This flexibility makes TakeProfit an ideal choice for traders who rely heavily on detailed technical analysis to make informed decisions.
Trade Execution and Markets
While TakeProfit itself does not support direct trading, it can be seamlessly integrated with various brokerage accounts, allowing users to execute trades directly from the platform. This broker integration provides access to real-time market data and supports a variety of financial markets, including etfs, stocks, and cryptocurrencies. Users benefit from detailed technical analysis and market insights, which are essential for making informed trading decisions. The ability to connect with multiple brokers and access comprehensive market data makes TakeProfit a versatile tool for traders looking to enhance their trading efficiency.
Market Data and Insights
TakeProfit offers a comprehensive market data and insights toolset, providing users with real-time market data, news, and analysis. The platform sources its market data from reputable providers, ensuring accuracy and reliability. Users can access detailed technical analysis, including charts, indicators, and drawing tools, to help them identify market trends and make informed trading decisions. This wealth of information is invaluable for traders who need to stay updated with the latest market developments and adjust their strategies accordingly. The combination of real-time data and advanced analytical tools makes TakeProfit a powerful resource for traders.
Stock Screener
The TakeProfit.com Stock Screener is designed to get in the way of your workflow. Its biggest advantage is that it sits in any workspace so you can switch between charts, financials and other tools without interruption. Perfect for going from screening to analysis to potential trade execution.
Pros: unlimited watchlists, easy watchlist creation and integration with TakeProfit’s Widget Hub which connects screener results to charts, financial data and other widgets for a complete view. Easy to use for all levels of traders, technical and fundamental.
Expert Advisors and Automation
Although TakeProfit does not offer traditional expert advisors (EAs) or automated trading bots, it provides a range of tools and features that can be used to create custom trading strategies and automate trading decisions. Users can develop and share their own custom indicators and chart templates, leveraging the platform’s flexibility. Additionally, TakeProfit’s API allows for integration with external trading bots and automation tools, enabling users to implement automated trading strategies.
Conclusion
While TradingView is one of the largest trading platforms for the trading community, it does not fully meet the needs of all crypto traders. Customers need alternatives. The TakeProfit.com team is constantly working to ensure that every trader has access to the best tools!
I also advise you to read the article TradingView Alternatives For Budget Conscious Traders if you are looking for a TradingView free alternative. And remember: the effectiveness of a trading platform doesn’t always depend solely on the platform itself. For example, in high-frequency trading, a stable internet connection is essential. Therefore, for effective trading, all the components and tools you use must be balanced.