As with any investment, cryptocurrency investment is a risk, but there are ways you can minimize these risks. One of these ways is by keeping track of your portfolio. In this article, we will look at various tools you can use to keep track of your cryptocurrency portfolio and profits.
What is a crypto portfolio?
A cryptocurrency portfolio is a collection of cryptocurrency investments on a platform or tool like an app, website, or excel sheet. You can have as many cryptocurrencies in your portfolio as long as you have researched and understood them.
One of the main ways you can build your portfolio is through diversification by keeping high, medium, and low-risk investments. You can also include stablecoins to provide liquidity to your portfolio, as well as cryptocurrency stocks.
Why is crypto portfolio management important?
Managing your crypto portfolio is a great way to bring some form of stability to your investments. It gives you a sense of predictability in the unpredictable crypto market, help you gain more control of your assets, and ensures they are meeting your short-term and long-term financial goals.
Another benefit of tracking your portfolio comes during the filing of taxes. If your government taxes cryptocurrency, you must report your cryptocurrency activity.
Crypto portfolio trackers
Crypto portfolio trackers help you deeply understand your cryptocurrency assets. These trackers can link to different exchanges and wallets and enable you to have all pertinent information in one place, and you can track your profits and losses. Tracking your assets will help you learn how to weigh the pros and cons and mitigate any risks that arise.
What to look for in a tracker
A cryptocurrency tracker is an important tool to have, especially if you are planning to be or already are a long-term investor. Some trackers allow you to hold, buy, and sell your cryptocurrencies. Besides this, there are other factors you should consider when looking for a crypto tracker.
User-friendly interface
A crypto tracker should be simple to use. You should be able to understand the platform and access all you need in one place. A great tracker should also have a dashboard where you can see the value of your assets and any changes.
Safety
The security of a tracker is an important feature to review when looking for one. There have been several terrifying incidents of hacking and the tracker you go for should be very secure.
Support
A great crypto tracker should also offer support for its users. Apps face downtime and other malfunctions. Consequently, you should be able to find help when you face a challenge. If you are new to the game, you need all the support you can get.
Crypto tracking platforms
There are certain cryptocurrency trackers you can use to track your portfolio and profits.
CoinTracker
CoinTracker is a crypto tax software that supports over 500 exchanges and 10,000 cryptocurrencies. You can check it out for free, then it will cost you between $14 and $99 every month.
The Crypto App
The Crypto App is an android and iOS mobile-only tracking app that supports wallet and exchange integration. You can also customize it manually if you do not want to add your wallet or exchange. It also enables you to set up technical indicators and track market trends in real-time. It has a free plan and subscription plans that cost $8.99 a month and $14.99 a month.
CoinTracking
As a tracker, CoinTracking is a secure platform with powerful analytics and reporting capabilities. For beginners, all the information can be a bit overwhelming at first. However, if you continue with it, you can view coin charts and trends, import your trading tools and get professional help with detailed tutorials and video guides. As a benefit, you can also use it for tax reporting.
Kubera
Kubera is a comprehensive wealth tracker used to track your global bank accounts, cryptocurrencies, stocks, and DeFi. You can try it for free at $1. However, plans start from $150 per month.
Coin Stats
Coin Stats is a premium portfolio management software for iOS and Android used to link crypto wallets and exchanges. It has a free plan where you can connect up to 10 portfolios and a paid plan with a free trial with unlimited connected portfolios. This plan costs $7.49 a month.
Coin Stats supports over 90 wallets and exchanges, such as Binance, Coinbase, Ethereum, Ledger, and MetaMask.
CoinGecko
Though CoinGecko is a crypto price aggregator it has a free tracking tool you can use if you track your investments less frequently. It is completely free and allows you to create multiple portfolios, track over 12,000 coins and sync across the web and mobile.
Cryptosheets
If you do not want to use an app, you can consider Cryptosheets which you can use on both Excel and Google Sheets. It also supports hundreds of exchanges and over 200,000 cryptocurrencies. It has a free plan and paid plans that cost $29, $129, and $250.
Conclusion
Cryptocurrencies are a volatile investment. Therefore, every cryptocurrency investor must keep track of all investments. When you properly manage your portfolio, you can better handle this implied volatility and any other investment crisis
Disclaimer: Investing can be quite a wild ride – especially when you don’t know the terrain! To keep things from getting too rocky, take some time beforehand to get familiar with all of the risks involved. Our site is here to up your investor game by providing all available intel about platforms and trends, but we don’t take responsibility nor can we be held accountable as advisors. That being said, it’s still important for you to make educated decisions that match what works best for YOU – just remember: no amount of savvy will guarantee success or protect against loss so invest money you can spare.
