Sunday, July 3, 2022

How To Track Cryptocurrency Portfolio

Number Of Supported Exchanges

Track your cryptocurrency portfolio in an Excel Spreadsheet, with live pricing data

Another crucial factor to consider is the number of supported exchanges that are on your crypto portfolio tracker.

Some applications will only let you keep track of your coins that are traded on one or two exchanges, while others will give you access to data on multiple exchanges.

If you have coins on various trading platforms, its important to choose an application that can cover all of these markets so you dont miss out on any timely investment data.

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.

Benefits Of Owning Cryptocurrency

The cryptocurrency was a new phenomenon to many when first appeared in 2009. However, cryptocurrency has withstood the test of time and many people have labelled it as the best alternative to fiat. Cryptocurrency offers multiple benefits to its holders including easy transactions, enhanced safety, short settlement times and low fees, and more.

It is no secret that cryptocurrencies have gained widespread recognition in the last few years. Global crypto leader Carl believes that one of the best reasons to invest in cryptocurrency is that there is no physical institution involved, which enables individuals from any country to transact with ease. He has started an unprecedented crypto-funded charity in collaboration with Campos Team and Ralph Boschung for Formula 2 Season 2022 and said, I will utilize every race to spread the word about crypto. Carl believes that cryptocurrency presents the best alternative to fiat and has huge growth potential. He is building mass awareness around cryptocurrency through his YouTube channel, The Moon.

Recommended Reading: How To Get Into Bitcoin Trading

Its Ok But Nothing Seems Better Yet

This app is pretty good, though i think it is displaying some data from apis wrong. Some cost averages are incorrect as well as a few other things. Also, no support for voyager. I really do use this app all the time, but they need to up their game. Id love to have better statistics on all of my portfolios. That whole feature kinda of seems like no thought was put into it. Also, providing better charts would keep me in this app longer, instead of hopping to trading view and tbh staying in that app longer. The coinstats charts are weak and could be improved. I like the api integration and its great that it tells cost average, as some exchanges/brokerages dont show this and i need to do my own math to find it. Those are the 2 reasons keeping me on this app. Tbh, if a newer shinier portfolio app comes around with trading view chart integration and better stats, ill move in an instant. For now, i guess i have to just hope coinstats are working on some nice uptatesFor the cost of this app, it could be a lot better.

You Are In Good Company

Cryptocurrency portfolio tracker

Wallmine is the favorite tool of many professional and retail investors.

Screeners

Screen for cryptocurrencies and stocks based on hundreds of criteria

Insiders trading

Browse recent SEC Form 4 filings with ease

Explore the performance of different market sectors and industries

Alerts

Receive price move notifications and reduce the time spent checking

News

Review the latest headlines relevant to your holdings

Advanced charts

Watch and interact with the advanced technical indicators

Read Also: Which Cryptocurrency To Buy Now

What You Need To Know About Cryptocurrency Portfolio Management

skill of using the right tools and right mental models

Applying introspective and becoming a better investor with the help of technology is an overlooked aspect of crypto investing. The correct tools and knowledge are freely available on the internet and using them is not difficult. However, staying consistent is.

Most people get carried away by their emotions when investing or trading and sabotage themselves in that way. Cryptocurrency portfolio management will help you keep your emotions in check, track your performance, and identify your strengths and weaknesses when investing.

What Is Cryptocurrency Portfolio

According to Tech Slang, a crypto portfolio is best defined as software that helps investors handle their crypto investment inventory. This tool is beneficial to people who want to know the progress of their assets and whether it is on a downward or upward trend.

Moreover, it aids the person in analyzing the performance of the virtual currencies within a certain time frame. Besides these tasks, this system could also release live updates from several crypto exchanges. If you want to know the latest news about the crypto market, it will notify you of what is coming next.

The report also wrote that investors should create a versatile crypto portfolio. If you only stick to popular cryptocurrencies like Bitcoin and ETH, you cannot explore more options.

To mitigate the possible losses of investments, it’s important to spread your cryptocurrencies in various places. The experts reminded the investors to only invest in fully understanding things.

Related Article: ‘Wolf of Wall Street’ Jordan Belfort Calls Meme Cryptocurrencies Like Shiba Inu and DogeCoin as ‘Illegitimate’

Recommended Reading: How To Buy Shiba Crypto

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 Is A Crypto Portfolio Tracker

Track your cryptocurrency portfolio and plan your take profit exit strategy in Excel

A cryptocurrency portfolio tracker is a website, app or another type of platform that allows you to manage your investments and keep track of how the value of your coins are changing.

Trackers link with your wallets and exchanges its a one-stop shop for everything you need to know about how your portfolio changes in value. Cryptocurrency portfolios are most useful for large-scale traders who have more than 3 coins they actively trade in a portfolio.

Some cryptocurrency portfolio trackers also function as cryptocurrency trading platforms. Like a standard tracker, a tracking exchange assigns you an individual wallet key you can use to import and hold cryptocurrencies. These trackers also allow you to buy and sell cryptocurrencies supported on the platform. Leaving your coins inside of your cryptocurrency exchange is convenient for frequent and new traders but its considered unsafe as a long-term solution because exchanges are more frequently hacking targets.

Plan to invest in cryptocurrency for months or years at a time? Its better to use an exterior wallet and tracker.

Also Check: How To Start Crypto Exchange

A Clean And Clear Layout

The purpose of having a portfolio is to quickly view all of your assets and see how the value of your portfolio changes. A good portfolio tracker shows you the total value of your portfolio on its front page or with 1 or 2 clicks.

Your tracker should be simple to operate and understand, and you shouldnt struggle to find the value of each individual coin in your portfolio. Look for a tracker with a crisp, clean layout that you enjoy looking at and using. This will save you time, stress and eye strain when using your portfolio tracker.

Delta: Best For Mobile

Delta is a crypto tracker founded in 2017 and acquired by eToro in 2019.

Delta has apps for iOS and Android devices and features a simple interface that won’t be too complicated for those already familiar with mainstream crypto apps.

At time of writing, they support over 7,000 cryptocurrencies and stablecoins, including popular coins like Bitcoin and Ethereum. They also support over 300 exchanges, like Coinbase, Kraken, Gemini, and more. It’s also compatible with crypto wallets like Ledger.

You can keep track of important details regarding your holdings, including where you acquired them, where they’re stored, your most-used exchanges, your trades, and investment status. Delta also lets you track stocks.

Delta can also divide your account into multiple portfolios, for example, making ones for different family members or particularly risky investments.

Sync up to 2 devices with basic membership or 5 with the paid pro plan, which also gets you unlimited exchange connections.

Price: Free for the Basic plan, $58.99 per year for Delta Pro

Delta Pros & Cons

  • Track crypto and stocks in one place
  • Connects to over 300 exchanges
  • Basic is free to use
  • App only, no desktop version
  • Pro plan costs $58.99 a year

Read Also: How To Integrate Blockchain Into Your Business

Best For All Of Your Money: Lunch Money

If you want to track all of your bank, investment and cryptocurrencies in one place, there are a couple of apps available. My favorite of the lot is Lunch Money. While this cryptocurrency portfolio tracker charges a fee of $10 per month or $100 per year , you get access to tracking for all of your financial assets.

In my account, I connected to my Coinbase and Coinbase Pro accounts easily but had a little more trouble with my hardware wallet. Crypto connections come through a partnership with Zabo, while bank and investment data comes from Plaid.

You dont get the most in-depth analysis, but new features are added regularly, and I expect investment and cryptocurrency analysis will be on the roadmap. If youre willing to pay a modest fee to track all of your money and crypto in one place with an easy-to-use interface, Lunch Money is a great choice.

Help With Your Crypto Tax Returns

How to Track Your Cryptocurrency Portfolio

Crypto investors are obligated to keep track of their gains and losses for tax purposes. Luckily, most applications also include this feature.

If youre looking at an application that does not offer support for cryptocurrency taxes, you might want to consider choosing one that comes with crypto tax software included. The last thing you want is to overpay/underpay on your taxes because of a slight oversight.

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How To Easily Prepare Your Crypto Taxes

So youve followed fallen down the crypto rabbit hole, started buying and selling some Bitcoin, then bought some Ether, and perhaps even ventured further to buy some other altcoins.

After some time, seeing that youre profiting massively, you decide to sell some of your tokens. Sometime later, you decide to buy a new token that you believe will revolutionize the world.

The problem is, of course, keeping track of all these purchases and sales. You want to keep track of whether youre actually turning a profit or not, plus you need to calculate what you owe your countrys taxman at the end of the year.

Crypto taxes are a complex topic, but Ive done my best to summarise the situation in several major countries, so check out my post on how Bitcoin and other cryptos are taxed around the world.

So what are your options for crypto tax preparation?

You could keep track of things manually using a tool like Excel, but this quickly gets out of hand, especially if youre trading on multiple platforms or have multiple wallets.

The better solution is to use an online crypto tax preparation tool.

All the tools mentioned in this post can help you in preparing your taxes apart from acting as a handy crypto portfolio.

If youre preparing your crypto taxes for the first time, I would suggest you check out my favorite portfolio/tax preparation tools:

Take Profit And Stop Loss Orders

It is always smart to use stop losses in your crypto portfolio. These will limit the potential losses if the price of the crypto drops.

You can set up orders as either stop losses or take profits. The take profits order allows you to exit when the price goes up to a certain point. It lets you ensure you make a profit, even if the crypto rises a bit more then falls. The stop losses order leads you to exit the crypto position when the price has dropped to a certain point, so you dont lose more than you are willing to.

Read Also: How Is Money Made In Cryptocurrency

Coinstats: Best Across Devices

Unlike many of its competitors, which are either mobile or desktop only, CoinStats users can track their portfolios across a variety of platforms.

They have applications for web, Mac desktops, iOS and Android, a Google Chrome extension, and even an app for the Apple Watch.

They’ve grown to support connections to over 300 exchanges, dozens of wallets, and tracking of over 8,000 different cryptocurrencies.

And with CoinStats, you can trade on all of your own various exchange accounts from one place without granting withdrawal access.

CoinStats has its own crypto and DeFi wallet, where users can buy, sell, swap, track, and earn interest on their coins.

Price: $3.49 per month for Pro, $13.99 per month for Premium

  • Track across multiple platforms

AltradyAltrady is a smaller-scale trading platform, with a base of around 50,000 users.

Their primary feature is the ability to trade on multiple exchanges from one place by connecting all of your accounts. Once your trading accounts are connected, Altrady lets you track them together.

At time of writing, they supported connections with 10 popular exchanges, including Binance, Coinbase Pro, Kraken, and Bittrex.

They have apps for Mac, Windows, iOS, Linux, and an in-browser version as well.

They have Basic , Essential , and Premium plans .

Coin Market ManagerCoin Market Manager is a crypto portfolio and trade tracking platform whose aim is to help you make better trading decisions by understanding your own strengths and weaknesses.

How Do Crypto Portfolio Trackers Work

How to use Blockfolio to track your cryptocurrency portfolio

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.

Read Also: How Much Bitcoin Should I Own

How To Manage Your Crypto Portfolio

Firstly,tap on the Portfolio tab on the bottom left of the screen to view yourcurrent portfolio. To get started or to add a new portfolio simply tapping onthe + icon at the right of the screen and select Create New Portfolio.

Youcan manually add in your trades as you like or opt to import your details froman API or wallet. Our Wallet Import Guide covers the process of importing yourwallet and you can also check out our guides that walk you through how toimport the API keys from Binance, Coinbase, Coinbase Pro, Kraken, and others.

To fine-tune how Crypto Pro App interacts with your exchange APIs, you can head to the Settings tab and select Exchange Import. From here you can choose how much time passes before the connection is refreshed with the intervals ranging from 15 to 60 minutes.

Onceyou have set up your portfolios, you can access additional features by tappingon the three dots to the left of the + icon, and choose to duplicate, rename,or clear your portfolios as desired, and there is also the option to exportyour details as a .CSV file.

Oncethey have been created, your portfolios will always be available by tapping onthe Portfolio tab on the bottom left of the screen and you can navigatebetween each particular portfolio or choose to view them all at once.

Hitting The Road Block And The Search For Perfect Cryptocurrency Portfolio Manager

Very soon you will realise that keeping track of all your cryptocurrency investments is not an easy job and it cannot be done by making entries in your spreadsheet. I hit a similar roadblock around 2 months ago. I did some google searches and read up on various cryptocurrency portfolios. After some digging up I came across Cointracking. I spent some time digging around their portfolio web app and I was convinced that this portfolio should be sufficient for the next two years. Since there was a limit of 200 trades on the free account I went ahead and bought the one year membership. I have found a couple of features that I use frequently and helps me sleep better that I have a handle on all my cryptocurrency investments.

If you have asked any of these questions to yourself or in any forums in the last couple of months then read further

  • What is the best bitcoin tracker or
  • Which cryptocurrency portfolio tracker tracks all my purchases, transfers and trades
  • Which bitcoin portfolio tracker tracks all my trades automatically
  • Which bitcoin transaction tracker also tracks all altcoin trades and balances
  • Which is the cryptocurrency trading/tracking software
  • How can I track the fees I pay across exchanges
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