12 Essential Trading Tools for Crypto, Stocks & ETFs

That means traders could potentially profit whether the market moves up or down. Derivatives also allow traders to gain more flexibility in managing risk and to hedge their exposure against unexpected price fluctuations. This kind of flexibility is why derivatives are a widely used tool across both traditional finance (TradFi) and decentralized finance (DeFi) markets alike. 

Derivatives can be especially valuable for active traders looking to fine-tune their exposure or build more advanced strategies. For those ready to incorporate derivatives into their workflow, Kraken Pro includes access to crypto futures for eligible users in select regions.

A candlestick's body shows the range between its opening and closing prices within a given period of time. The wicks (or shadows) reveal the highest and lowest prices the asset reached during that period. Together, these critical pieces of information help traders visualize the direction and size of a given asset’s price movement.

Interpreting candlestick chart patterns is a key skill for technical analysis, especially in fast-moving markets. The visual clarity these charts provide makes it easier to spot signals that might not be obvious from raw numbers alone. Identifying and acting upon the signals provided by trading chart patterns can be a helpful tool that informs an effective trading strategy.

Beyond fundamental and technical analysis tools, portfolio insight tools allow traders to more easily track diversification, risk exposure and individual performance across their holdings. Together, FA and portfolio tools support a strategy that prioritizes long-term growth and risk management.

For instance, traders might use fundamental analysis to identify a strong, but undervalued investment, then use technical analysis to pinpoint an optimal entry point. Once they’ve entered their position, they can use portfolio insight tools to monitor performance and track how different investments fit with their overall strategy.

Tools like the Fear & Greed Index distill multiple data points across a variety of factors into a numerical value. This index helps represent the real-time sentiment of the market and whether it leans towards risk-taking (freed) or risk-aversion (fear). This kind of pulse check is especially valuable in the crypto space, where trading psychology and momentum amplify price swings.

A variety of other platforms go deeper into market emotions and narratives by offering sentiment scores, trending asset lists and live chat streams. That said, sentiment data doesn't replace traditional analysis. For those investing in crypto, equities or both, sentiment data offered by trading tools such as the Fear and Greed index allows traders to tap into collective market behaviors and helps anticipate momentum or trend shifts.

Traders can build and run their own custom trading bots by integrating with Kraken Pro through its flexible and robust REST API. This gives experienced users the flexibility to design strategies that operate more independently. Automation tools like this can offer an edge for investors aiming to remove bias and increase efficiency.

Comparison charts enable side-by-side analysis of multiple assets or indicators, offering context for how one market may be influencing another. Charting tools and overlays, on the other hand, help identify key levels or highlight important patterns. 

These capabilities are especially valuable for technical traders who rely on visual cues to guide their entries and exits. When precision matters, a detailed chart can reveal what raw price data alone might miss.

On Kraken Desktop, traders can use advanced comparison charts, drawing tools and pattern recognition features to enhance their analysis. For even more customization, integrations with charting platforms like TradingView unlock access to community-built indicators and backtesting environments — tools that can support strategy development from idea to execution.

Platforms like CoinTracker integrate with exchanges such as Kraken to generate detailed tax reports, track portfolio performance and apply different accounting methods (like FIFO or specific ID). Some even support international filing standards, making them useful for a global trading audience.

These tools are ideal for traders who don’t need constant access to their crypto but want full control over it. By storing assets offline, investors remove them from vulnerable hot wallets, reducing the risk of unauthorized access.