The Best Crypto Tracking Apps For Managing Your Portfolio In 2022
Crypto tracking apps like Blockfolio/FTX, Delta, Coin Market Manager, CoinStats, and Lunch Money can help you do more with your crypto portfolio.
There’s a lot to be excited about when it comes to decentralized finance, but all the decentralization can make diving deep into the world of crypto investing a little, well, disorganized. If you’ve invested in more than just Bitcoin, you probably have various coins floating around in different wallets and exchanges, and this lack of centralization can make it difficult to track and manage your investments.
Enter crypto tracking apps. Whether you’re new to crypto investing or a seasoned trader, you could probably benefit from a good crypto portfolio tracker. The best crypto tracking app should help you keep track of all your crypto assets and their prices while also providing you with a level of analysis that can help you make smart investment decisions. That said, here are some of the best crypto portfolio trackers in 2022.
Coinbase: For Those Just Getting Started With Their Crypto Portfolios
Coinbase is a great tracker for investors with crypto portfolios, specifically.
There are several features that make Coinbase an ideal fit for crypto investors who are just learning the ropes. The simple, clean design makes it easy to use there is no shortage of helpful documentation from the company and the platform even has an educational program from which users can earn crypto just for taking classes to learn about different coins!
In addition to a simple-yet-clear dashboard that enables users to track their portfolio, Coinbase is also a cryptocurrency exchange with a wallet, meaning you can also invest in a wide variety of coins from right inside the app.
Here weâll note that not every crypto tracker is also an exchange, but youâll notice as you go through this list that itâs decently common among the more robust options.
How Do Crypto Portfolio Trackers Work
Each app works differently, but the best crypto portfolio trackers monitor price changes of your crypto assets, show you the total value of your portfolio, and pinpoint prices each time you make a transaction.
Depending on which one you choose, the tracker might offer different features and integrations. For example, a tracker might sync your transactions across multiple crypto networks and blockchains, meaning it could capture more crypto exchanges than apps that focus on only one blockchain at a time. It may also sync with popular exchanges and multiple types of crypto wallets to get a big-picture snapshot of your crypto activity.
Just like with individual stocks or selling physical assets, crypto investors should expect to pay capital gains taxes when they profit from the sale of virtual currency. What makes crypto different is the lack of consistent reporting by exchanges to the IRS though there have been signs over the past year that more rules could help clarify this in the future.
One thing thats clear is the more trading activity you have, the more complicated the tax reporting can be, especially if youre tracking your activity manually. Portfolio trackers can help investors keep accurate records that will ensure youre paying the right tax rate based on your activity.
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If You Receive Cryptocurrency As Payment For Goods Or Services
Many businesses now accept Bitcoin and other cryptocurrency payments. If someone pays you cryptocurrency in exchange for goods or services, the payment counts as taxable income, just as if they’d paid you via cash or check. You owe taxes on the fair market value of the cryptocurrency on the day you received it.
Where To Find The Right Information And How To Track Your Profits
Once you invested in cryptocurrencies, its very important to manage your portfolio. In order to do that you need to stay informed and also to track your profits. You will see in this article what you can do in order to keep an eye on your investment.
This article is part of my Learning challenge where Ilearn about one topic each month. As you can imagine, this month, I was learning about trading & cryptocurrencies. I based this studies on a book and a few article and ended up investing 1000 on cryptocurrencies. if you want to know more about my methodology.
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Is Cryptocurrency Taxable In Canada
Yes. You’ll pay tax on your cryptocurrency in Canada.
Cryptocurrency isn’t seen like a fiat currency in Canada. Instead, it’s viewed as a commodity, which is a capital asset – like a stock or a rental property.
Why do you need to know if it’s classed as a capital asset from a tax perspective?
Because this explains how cryptocurrency is taxed in Canada.
Scrum Technique To Create A Cryptocurrency Portfolio Tracker
This is an Agile project, therefore, I recommend the Scrum technique, which is suitable for iterative development. The PM is the Scrum master, whereas a Product owner provides the requirements in a Product backlog document.
The Scrum team is a small and cross-functional team where developers and testers work together. The team estimates the requirements which are prioritized. The Sprint, i.e., iterations are planned with these inputs, in a Sprint planning meeting.
The team conducts a status meeting called the Daily stand-up meeting. When the features are ready, the team holds a Sprint review meeting to demonstrate the features. The project stakeholders approve the sprint in this meeting, however, the team also conducts a lessons-learned meeting later. Thats called the Sprint retrospective meeting. Read our guide How to build a Scrum development team to know more.
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Lunch Money: Best For Budgeting
With Lunch Money, you can track your overall net worth, track spending habits, and connect your accounts with popular wallets and exchanges like Coinbase, Kraken, Trezor, Ledger, and more.
In an effort to make your data easy to interact with, they’ve opted with a web-first approach, so Lunch Money doesn’t have a mobile app.
Price: $10 per month or $100 a year
Lunch Money Pros & Cons
Best For Crypto And Stocks: Delta
Delta is one of the most user-friendly options, making it another one of the best crypto tracking apps for beginners. You can connect various crypto exchanges as well as your personal crypto wallets to Delta. The app supports live prices for over 5,000 crypto assets, and you can also track other popular assets like stocks, ETFs, bonds, mutual funds, and more.
Delta is free, although there is a paid PRO version that unlocks additional capabilities. It’s available as a mobile app on iOS and Android.
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Intuitive Design And User Experience Features
Some crypto portfolio trackers have new features that come out periodically as the need arises, while others provide a more basic set of features. Make sure that the program you choose has everything you need to get the information required.
The ability to customize your dashboard is also something that youll want to look out for. Many of the applications out there will allow you to create a customized design and look, which can better suit your needs and preferences.
How To Track Your Cryptocurrency Portfolio: Criteria For Choosing The Best Tool For The Job
The biggest problem in the cryptocurrency portfolio tracking world today is that there are just too many of them on the market â all of which are vying for your attention without really explaining which of their features actually make them a good fit for the job.
Thatâs why, in this section, weâre going to give you the key criteria against which to compare your options when youâre searching for your cryptocurrency portfolio tracker.
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Benefits Of Using A Personal Finance App
Many people find it beneficial to use apps to help with their personal finances. If you’re not yet using one, you may want to start. Here are some of the top advantages of using these apps:
- Easily track money while on the go
- View all of your financial accounts in one place
- Clearly see where your finances stand at any given moment
- Avoid overspending by budgeting your expenses and tracking purchases
- Track debt as you work to pay it off
- See which bills are coming up to avoid missing payments
- Track your savings goals and view the balances of your linked savings accounts
- Be able to make more informed financial decisions
How Do You Keep Track Of Your Investments
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The Ability To Integrate With Other Tools
When choosing a cryptocurrency tracker, youll want to make sure that the application allows for third-party tools and reports to be integrated with it.
Some options allow you as the user to access APIs from exchanges where you can download all your financial assets history, so you can keep track of your investments more easily.
Moreover, the best tools use a DeFi aggregator to bring together several trades performed over different platforms.
In addition, some crypto portfolio trackers also allow you to integrate with bitcoin mining software in order to keep track of any potential additions to your portfolio through this method.
What Are Cryptocurrency Portfolio Trackers
As the name implies, crypto portfolio tracker apps help you monitor all of your crypto portfolios and balances in real time, with one centralized app.
Once youre logged in and have all of your crypto portfolios, APIs and accounts added, your portfolio tracker will automatically update and show your digital currency balances in one place.
Similar to apps like Mint, Personal Capital or Quicken for your traditional bank and investment accounts, crypto portfolio trackers save you a ton of time when you have multiple crypto portfolio balances to check. If youre a serious crypto trader, you likely have multiple crypto exchange accounts, a hardware wallet and perhaps a paper wallet sitting in a fireproof safe for good measure.
Using a crypto portfolio tracker, you can see the holdings of all of your portfolios with just a tap on your phone or click on your computer. Thats a convenient and fun way to track your crypto assets and a major time saver too.
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Crypto Mining Tax Canada
The CRA guidance on crypto mining tax all revolves around the scale and intentions of your crypto mining activities. If you’re seen to be acting as an individual, you’ll only pay Capital Gains Tax when you dispose of mined crypto. If your mining is more akin to business income, you’ll pay Income Tax instead.
How To Calculate Crypto Income Tax
Unlike crypto capital gains where only half your profits are subject to Capital Gains Tax, the same isn’t true for crypto income. When it comes to Income Tax, you’ll take the fair market value of the crypto in CAD on the day you received it and apply your Federal and Provincial Income Tax rates to the entire amount to calculate how much Income Tax you’ll pay.
You can find your Federal and Provincial Income Tax rates in the tables above. Let’s look at an example.
You live in Vancouver, British Columbia.
You earn $60,000 in taxable income from your job – youve already deducted your personal allowance. You also earn $10,000 in crypto income.
This puts you in the 20.5% Federal Tax Rate band for your crypto earnings.
Your Provincial Tax Rate band is 7.7%.
20.5% + 7.7% = 28.2%. This is your crypto tax rate.
28.2% of $10,000 is $2820. This is what youll pay in Income Tax on your crypto.
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If You Sell Or Spend Cryptocurrency
If you mine, buy, or receive cryptocurrency and eventually sell or spend it, you have a capital gain or loss just as you would if you sold shares of stock. This is where cryptocurrency taxes can get complicated.
For example, let’s say you receive $200 worth of the cryptocurrency Litecoin in exchange for services on January 15. Six months later, on July 15, the fair market value of your Litecoin has increased to $400, and you use it to buy plane tickets for a vacation. On your tax return for that year, you should report $200 of ordinary income for the payment of Litecoin in January and a short-term capital gain of $200. That’s the $400 value of your Litecoin when you purchased the plane tickets, minus your $200 basis when you received the Litecoin.
Those two cryptocurrency transactions are easy enough to track. But imagine you purchase $1,000 worth of Litecoin, load it onto a cryptocurrency debit card, and spend it over several months on coffee, groceries, lunches, and more. If, like most taxpayers, you think of cryptocurrency as a cash alternative and you aren’t keeping track of capital gains and losses for each of these transactions, it can be tough to unravel at year-end.
The 5 Best Crypto Portfolio Trackers
Over the past few years a huge number of new crypto platforms offering various services have exploded onto the scene. With all of these new exchanges, DeFi tools, wallets, and services, portfolio trackers that can keep track of your assets across all of your various platforms have become more and more in demand. In this guide, weâll walk through the best crypto portfolio trackers and apps available on the market today.
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Trading As A Day Trader
Meanwhile, if you’re seen to be trading at the same scale and frequency as a day trader – you’ll pay Income Tax on 100% of the profits from your trades. Like above, you won’t pay tax when you open a position in a margin trade, derivative or another CFD – you’ll pay tax at the point you close the sale.
Unlike with capital gains, where only half your gain is taxed – you’ll pay tax on 100% of your profits at your current tax rate.
Best For Frequent Traders: Coinstats
CoinStats is a popular crypto portfolio tracker app among regular crypto traders, and its easy to see why. CoinStats website claims it has managed hundreds of millions of transactions and has well over a million users worldwide.
In addition to all of the trading features one expects to see from a major player in the crypto market, but its API connection allows you to add wallets from multiple exchanges including Finance, Ethereum, MetaMask, Trust and more. CoinStats also allows you to fund trades with fiat currencies.
The free version of CoinStats only offers limited features, but frequent traders can level up to the Pro account for $3.49 per month or $4.99 per month, without a 12-month commitment.
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Start Using A Trading Journal
A trading journal is a log in which you keep track of what trades you make, your reasons for making them, and their outcomes. It can be as uncomplicated as writing everything down in a dollar-store binder, or it can involve using in-depth software.
Trading journals are particularly popular with traders who focus on complicated trades, such as those on the foreign exchange market . But anyone who wants to play the stock or options markets can benefit.
Now, one of the biggest misconceptions about a trading journal is that you use it just to log which trades you made and whether or not you profit. That’s not the point.
The point of a trading journal is to help yourself become a better trader. It’s not about giving yourself a pat on the back when you do something right. It’s about learning from both your successes and your mistakes. It’s about analyzing what you’ve done so that you can perform better in the future.
Further Reading: How to trade stocks
Selling Crypto For Crypto
It doesn’t matter what you’re selling your crypto for – either way the CRA see it as a disposal from a tax perspective. You’re still getting rid of one asset, even if you’re replacing it with another. So selling crypto for crypto is subject to Capital Gains Tax.
To calculate your capital gain or loss, subtract the cost basis of the asset you disposed of from the fair market value of the asset on the day you traded it in CAD.
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You Dont Find A Reliable Community To Learn With
Online communities will be handy when you experience any difficulty in the cryptocurrency space.
Whether you struggle to use an exchange or have a question about the fundamental value of Bitcoin – or anything else, surrounding yourself with like-minded people is essential.
These communities can also provide you with a consistent flow of cryptocurrency sentiment to keep a pulse on the industry.