Tracking cryptocurrency can be a daunting and time-consuming process, especially if you have a large portfolio. This comes due to the invention of new cryptocurrencies in the crypto space on a daily basis. It is not really possible to keep up with all of them, and even if you did, it would not be easy to track your entire portfolio in one place.
Portfolio trackers are a must-have for both novice and seasoned cryptocurrency investors, as they allow you to keep track of market fluctuations at all times of the day and over time. This is important, as it allows you to buy and sell when the time is right, as well as monitor your portfolio’s overall performance.
Any investor can tell you that it’s essential to track your assets’ portfolio. But when those investments are in digital forms, like cryptocurrency, how do you go about doing so? This article will explore using a coin price tracker as well as the factors and rationale involved with this process.
What is a cryptocurrency price tracker?
A cryptocurrency portfolio tracker is a digital platform or app that lets investors view the current value of their cryptocurrency assets as well as track the changes in real time. These platforms also offer a range of features and tools to help investors make informed decisions about when to buy or sell their cryptocurrencies.
The greatest crypto portfolio trackers show your assets in your local fiat currency. This is a desirable characteristic since exchanges don’t always offer it. If you’re located in the United States, for example, your portfolio app would display the total value as well as earnings and losses in dollars.
Not all crypto portfolio trackers are built equally. Some have more features than others. The core feature that most people look for is support for a wide range of assets. The ability to see the value of your assets in fiat currency is also important.
Ways you can track crypto portfolio
There are various methods one can use to track their digital currency portfolio. Here are some of the methods to use when choosing a cryptocurrency portfolio:
High-Level Security
When selecting a portfolio tracker, it is significant to choose one with high-level security standards that will protect your account from unauthorized access. Keep in mind that tracking cryptocurrency transactions can be tricky. In other words, if your account gets hacked, the hackers could potentially empty out your entire savings. To prevent this from happening, make sure that the platform you’re deciding on is compatible with all the exchanges where you have investments.
Pricing
Some portfolio trackers provide free versions, although the finest features are generally only accessible through paid packages. Unless you are happy with the free service your platform provides, you will eventually have to sign up for a paid package. Therefore, it’s crucial that you take into account how much the chosen subscription costs before committing to it.
Automatic portfolio tracking
A crypto portfolio tracker should make your life easier, not harder. You shouldn’t have to manually type in information like the execution price and time of trade for every transaction- that completely defeats the purpose.
A platform that automatically tracks your trades and prices gives you an up-to-date portfolio overview, and provides historical data is a must.
Crypto portfolio trackers
Below is the list of top crypto trackers to use:
Coinstats
CoinStats is a premium crypto portfolio tracker that offers customized crypto news, analytics, and the ability to manage your portfolio on PC and mobile. By utilizing API keys, CoinStats grants support for an array of wallets and exchange accounts. Upon setting up, you will receive important information straight to your email inbox-making investment decisions a breeze.
CoinTracker
Taxable investors using Tax zoom’s Tax CoinTracker may check the performance of their investments and portfolio allocation in real-time. The platform supports over 300 cryptocurrency exchanges, as well as 10,000 different cryptocurrencies.
You can easily download your crypto tax report in minutes when you need it, no matter where you are in the world. The platform provides full support for clients from the United States, India, the United Kingdom, and Australia and partial support for others.
CoinGecko
CoinGecko is one of the best crypto portfolio trackers for people transacting less frequently. It’s a great platform for those who want to track their portfolios and get an overview of the market. The tracker has a clean and user-friendly interface, with all the data you require just a click away. This tool lets go of automation and relies on good old-fashioned manual entries: you will be entering all your transactions to get the details right.
Crypto App
The Crypto App is a highly-rated smartphone-only crypto portfolio tracker and news aggregator. This application enables you to connect top exchanges and native blockchain wallets. However, the majority of individuals appear to enjoy its widgets, which allow you to stay up to date without ever having to open the app.
Is a crypto portfolio tracker useful in filling out my tax forms?
Many services mentioned above do a fantastic job of displaying the value of your crypto portfolio. However, most crypto portfolio tracking applications do not provide crypto tax reporting to their users.
It’s crucial to note that a crypto tax solution can save you hours of time during tax season. You’ll be able to import all of your prior trades and transactions in minutes, much like a portfolio tracker. With the click of a button, you may generate your required crypto tax reports and papers for reporting your taxes.
Conclusion
Some people still go with the traditional spreadsheet way of managing their portfolios. However, as the crypto market becomes more complex and volatile, portfolio trackers become increasingly useful in managing one’s investments.
Be sure to consider your needs when selecting a crypto portfolio tracker-there is a tool out there for everyone. However, these tools may be useful when you get bigger and hop around a bit more. Additionally, always remember the importance of keeping an eye on your investments and knowing when to sell. No portfolio tracker can do that for you.