How to Track Your Cryptocurrency Portfolio? To be a good cryptocurrency investor, you must keep track of your holdings. With crypto portfolio trackers, you can keep tabs on your holdings in all your wallets, your exchanges, and all of the blockchain networks simultaneously. By utilizing the platform’s sophisticated analytics and trading features, the top trackers allow you to keep tabs on your portfolio’s asset allocation, previous transactions, profit and loss statements, and more. To effectively manage your cryptocurrency portfolio, this post will review the benefits of employing a tracker to help you minimize losses and maximize gains.
Advantages of Using a Crypto Portfolio Tracker
One of the biggest problems for crypto investors is the sheer number of accounts they need to manage, not to mention the dispersed nature of the keys and passwords each uses. Keeping track of their assets, making sense of real-time price updates in relation to their accounts and investing objectives, and avoiding wasting time juggling many browser tabs, exchange accounts, and wallets is a pain for investors of all skill levels.
You can safely and conveniently keep tabs on your investments across various platforms and chain ecosystems with the help of a good portfolio tracker. Track Your Cryptocurrency Portfolio: You can also use it to set performance benchmarks, analyze market trends, and more, which will help you get more return on investment (ROI).
Here are the benefits of using a crypto portfolio tracker:
- Track the performance and value of your portfolio across multiple accounts in one place to monitor your progress and see how your investments perform
- Monitor specific investments to keep an eye on a particular coin
- Create a customizable watchlist of investments to track specific coins before making a decision
- Get real-time data on cryptocurrency price updates and market trends to make timely and informed trading decisions
- Regularly optimize your portfolio by spreading investments across different cryptocurrencies
- Efficient asset allocation and portfolio diversification help mitigate risks and maximize returns
- Identify strengths and weaknesses in your investment approach with real-time information on portfolio performance, transaction history, and market trends.
- Identify patterns, trends, and opportunities in the crypto market through detailed analytics and insights.
- Gain a deeper understanding of market trends, determine investor sentiment, and identify potential investment opportunities using your tracker’s on-chain analysis.
- Get alerts for price changes and other market events to stay in the know.
How to Choose a Crypto Portfolio Tracker?
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Here are some key features to look for when choosing a portfolio tracker:
- Security: Robust security measures should be applied to protect users’ funds and sensitive information from cyber attacks
- Ease-of-Use: Your tracker of choice should be easy to set up and use
- Portfolio and Market Analysis Tools: The tracker should provide multiple tools to analyze your portfolio’s performance vis-à-vis the general market trends
- Alerts: Setting custom alerts about any changes in your portfolio is vital for successful investing
- Supported Exchanges, Wallets, and Tokens: The tracker should support a wide selection of exchanges, wallets, and tokens from multiple blockchain networks
- Cost: Consider the tracker’s value and choose a free or paid subscription, depending on your investment needs.
Additionally, you might want to choose a tracker with additional features based on your investment needs, such as staking, tax reporting functionality, mobile support, etc.
Top 3 Portfolio Trackers for Crypto Portfolio Management in 2024
So that you can find the ideal crypto portfolio tracker for your requirements, let’s investigate a few of the best ones and look at their characteristics.
CoinStats
With CoinStats, an all-inclusive crypto portfolio manager, you can keep track of your NFT, CeFi, and DeFi assets from a single interface. The platform is compatible with various coins, wallets, and exchanges. With CoinStats, you can easily track the progress of your cryptocurrency portfolio, create personalized watchlists and price alerts, and stay up on market news.
The most popular features, including trend analysis, profit/loss calculations, selected news, market insights, interactive charts, real-time price data, tax reporting, staking, and more, are all easily accessible. In addition, CoinStats allows you to view the performance of specific assets and aggregate all of your cryptocurrency holdings in one location.
From the web to mobile (iOS and Android), desktop (Mac), and even Apple TV, CoinStats has an intuitive design that works on nearly every platform. Two-factor authentication and data encryption guarantee the security of all information and funds, with users’ privacy being the top priority. You may access all its features with the $3.49/month Basic version or the $9.80/month Premium version.
Blockfolio
Blockfolio is a well-liked cryptocurrency portfolio tracker that works with over 500 exchanges and 10,000 cryptocurrencies. The Blockfolio Signal news service provides real-time updates from crypto development teams, the most recent news and events, charting tools, customization features, and price alerts. Access important trade data, keep tabs on your transactions, and see how your portfolio has performed.
Following its acquisition by crypto derivatives exchange FTX, Track Your Cryptocurrency Portfolio: Blockfolio also introduced a fee-free crypto trading facility, enabling users to purchase and sell cryptocurrencies directly within the app. However, Users can now buy and sell tokens on leverage for free using the app’s new trading feature. Withdrawals from Blockfolio are free of charge.
Despite not collecting any user data, Blockfolio was compromised in 2021. There was no theft of funds or personal information, but the criminal did gain access to the messaging system and issued vulgar push alerts. The fact that the app displayed erroneous pricing of users’ assets due to data mistakes was another security issue that the Blockfolio community voiced concerns about. You can download Blockfolio for free on both iOS and Android. Nevertheless, advanced analytics and a PC version are missing features.
Accointing
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You may generate tax reports and keep tabs on your cryptocurrency assets using Accointing. You may import all your transactions instantly by Wallet address, API Connect, or manual input; it supports more than 300 exchanges, many decentralized wallets, and a variety of coins.
An informative and easy-to-navigate dashboard is available from Accointing. Including your NFT holdings and orders, the site allows you to monitor the performance of your portfolio. Gains and losses in your portfolio can be examined, as well as your performance relative to other investors and over different periods.
You can use Accointing’s price alerts, cryptocurrency charts, portfolio manager, and sentiment research tools to keep tabs on your investments. The platform handles airdrops, mining, staking rewards, and over-the-counter (OTC) crypto transactions. It guarantees both the safety of transactions and the privacy of users.
The tracker is a fantastic choice if you want to pay crypto taxes but don’t want to deal with difficult crypto legislation. Based on your transaction history, it automatically provides a tax report that complies with global tax standards. Quickly and easily file your cryptocurrency taxes by selecting your nation of origin and using the crypto tax report generated in minutes. However, Users with up to 25 transactions can use the free tax plan. To enable additional transactions per tax return, you must choose an expensive annual subscription plan, with prices ranging from $79 to $299. The Accointing app may be downloaded on both the iOS and Android platforms. The inability to import data and create tax returns is a major drawback.
Conclusion
Cryptocurrency investment can potentially be a highly lucrative and widely practiced activity on a global scale. Despite the extreme volatility, a well-diversified and organized crypto portfolio has the potential to yield returns that are unmatched by any other market. If you want to maximize returns while reducing risks and increasing the value of your Bitcoin portfolio over the long term, a good cryptocurrency portfolio tracker is all you need.