Regardless whether you are a new or old entrant into the world of cryptocurrency, managing and tracking your crypto portfolio will be of paramount importance. The need for up to date and convenient information becomes even more prevalent as you start to trade on multiple exchanges. It is highly probable that you may purchase some cryptocurrencies on one exchange and continue to purchase other alt-coins or cryptocurrencies on another. Thus, as your portfolio expands, it becomes imperative that you have a central place where you can monitor your coins data and movements- Your portfolio tracker.
There are many excellent options when it comes to choosing your crypto portfolio tracker, from web-based to mobile crypto portfolio apps. Here we will investigate why you need a crypto portfolio tracker and which is best suited to meeting your needs.
Benefits of Using a Portfolio Tracker
Cryptocurrency portfolio management may certainly not have been the first thing which sprang into your mind after purchasing your first Bitcoin or other crypto. It is however, an essential part of the journey. In the same way that your briefcase or bag are essential to your daily working life, your portfolio tracker is the place you will look to for all of the important information you need at a given time.
- Order– It prevents information on your holdings in cryptocurrency from becoming disorganized and spread over a number of different exchange. From this organizational standpoint alone, you can prevent your portfolio from losing money. This is especially true if you have a variety of small, long-term holds. It may seem unlikely, but as you become more involved in the markets, some of these holdings could be forgotten if not for your portfolio tracker.
- Knowledge– Using a crypto portfolio management tool, you have the ability to track the value of your holdings. This also means you have access to a number of charts and graphs to analyze certain data changes and trends. This analysis can prove invaluable in your trading decisions, ultimately maximizing the potential of your cryptocurrency.
- Balance– Using a portfolio tracker allows you to see how heavily your holdings are weighted toward a particular cryptocurrency. This feature can allow you to better balance your holdings if required. This is a fundamental part of risk-management and a function which would otherwise be unavailable without the use of a portfolio manager.
- Convenience– This is a key benefit associated with using a crypto portfolio manager. No longer do you have to log into each wallet or exchange individually, often with complex authentication processes, just to view your holdings. Now you can access all the relevant information, viewable in a user-friendly manner, at the click of a mouse or touch of a button. Thanks to mobile app portfolio trackers, you never have to be out of reach for even a moment.
These are just a few of the key benefits associated with using a crypto portfolio manager. Adding in the fact that many crypto exchanges are not optimized for mobile viewing and it becomes even more of a certainty that you will eventually employ such a tracker. As well as keeping your cryptocurrency data well managed, many of the sites and applications are totally free to download and use.
Are Crypto Portfolio Trackers Secure?
Using a cryptocurrency portfolio tracker is extremely secure. This is of course because they do not store any of your actual cryptocurrency. The purpose of a portfolio manager is simply you provide you with additional information and analysis based on the information you enter. Much like a basic excel spreadsheet. In fact, this is a basic method which can also be used to monitor your portfolio with the correct formulae.
In terms of privacy, you may worry that someone can access your personal information or that related to your financial and cryptocurrency holdings. Firstly, it is important to note that many of the services and applications we feature do not require any registration process or personal information. This means there is essentially no personal data to become exposed to third parties.
For increased person to person privacy, the mobile apps feature password protection which can be simply enabled. Furthermore, there is often a feature to hide your cryptocurrency balance. This means that you can easily show the apps to your friends without exposing your financial situation. In this case, the financial figures will often be replaced with a percentage. This percentage indicates how much of your current holding are in which cryptocurrencies without revealing the actual monetary amount.
Finally, because the services are very often free, there is also never any transmission of your personal financial information such as credit card and banking information. Using a crypto portfolio tracker is as close as possible to being totally risk-free.
Web Based Cryptocurrency Portfolio Trackers
CoinTracking is a web based cryptocurrency portfolio tracker. They also offer a mobile app, though to get the most out of the service, it is recommended to use the web-based option. Here you will find a very thorough and informative range of facts, figures and graphs. The user-interface may not be very pretty, but for what it lacks in design, it makes up for in end product.
CoinTracking allows you to synch data directly from most major exchanges to manage a portfolio of up to 200 cryptocurrencies. You can quickly and conveniently import your holding manually via CSV file or automatically using an API. The service supports approximately 30 of the most popular exchanges and date is regularly updated.
Aside from its feature rich platform, allowing for comprehensive study of trends and even a feature which calculated realized and potential gains and losses, CoinTracking has a tax tracking feature. This feature allows you to ensure that you can remain compliant with any relevant taxes and regulatory issues in that regard. In a few clicks you can have a detailed tax reporting in relation to your crypto holdings if required.
CoinTracking comes in three alternatives. Free, Pro and Unlimited. The major differences here are in the number of trades allowed, 200 and 3500 respectively for Free and Pro options. As well as unlimited trades, the premium option also allows for detailed tax reporting preparation and secures a daily backup of all trades. This option suits a frequent day-trader perfectly.
Cryptocompare is a hugely popular portfolio tracker which is web-based whilst also providing a mobile app. This cryptocurrency portfolio is extremely easy on the eye. As well as the excellent user interface, cryptocompare also features an impressively diverse range of features, suitable for both the new trader and experienced professional.
It supports virtually all available cryptocurrencies and provides a wide-scale range of detailed analytics. These are viewed mostly as charts and graphs which can range from a very basic trading history to a much more advanced level of risk analysis. The fact that cryptocompare even provides a measurement involving risk-analysis is a wonderful feature for any portfolio tracker.
Cryptocompare provides you the ability to add notes to each trade and chart as well as specify where each trade should be stored whilst simultaneously managing a variety of different portfolios. All of this is provided as a totally free service.
This is a great service for all levels of user. That said, it provides the ideal platform for new investors who want a robust web-based platform at minimal or no cost to establish their portfolio and risk management.
Mobile App Cryptocurrency Portfolio Trackers
This is a totally mobile based crypto portfolio manager and tracker. It is widely used, thanks in the most part to its excellent visual appearance and user friendly interface. Downloadable from the Apple app store or for android through the Play store, Blockfolio offers a range of features which is hard to match for a mobile only portfolio tracker.
Blockfolio is a free download and supports an array of exchange options. As a user, it would be difficult to find a trade pairing which is not listed on Blockfolio. This makes it a hugely popular selection among newcomers and experienced traders alike who want to have the most accurate reflections of their crypto holdings available at a seconds notice.
With Blockfolio you can deduct the parent currency used to purchase a new coin if it was purchase through a crypto to crypto trade on exchanges such as Binance and others. This can be a major issue within some portfolio trackers and lead to many inaccurate statistics.
On the analytics front, as well as all of the standard and advanced charts you would come to expect, Blockfolio also allows you to view both the order book and coin chart on the exchange where you have purchased. This is an ideal feature to ensure clarity when trading. The app will also allow you to set alerts for coin prices. If you are a regular trader, this type of feature, sending a push message to your device can become invaluable in saving you both time and money.
Considering the features, design and mobility of Blockfolio, it is extremely impressive in its capability to cater for users. This is heightened by the fact it is a mobile only application and makes it well worth of the acclaim it has received thus far.
Strongly vying for number one spot among the mobile cryptocurrency portfolio trackers is Delta. They are a relatively new entry into the market, but thanks to a dedicated and highly talented development team, have been able to put together one of the most comprehensive mobile-only apps in the cryptocurrency portfolio management sector.
Delta have created possible the most stylish and user-friendly interface on the market. Both the Android and iOS versions are nothing short of visually delightful. Not stopping there, the backend capability of Delta is also very impressive.
With Delta, you can manage a combination of up to 2000 coins on a variety of separate portfolios or even create your own watch list, which the app will then notify you about should there be any significant price action.
Delta comes with both a free version which is highly capable of meeting the needs of most users and also a pro version priced at $6.99/month or $60 annually on iOS and $8.49/month or $70 annually on Android. The pro version is highly recommendable to frequent traders given that is has a capability to synch up to 5 mobile devices and that you can manage up to 10 different portfolios. Highly impressive user reviews have been noted from many subscribers of Delta pro with the huge list of fiat currencies and amazing user interface receiving particularly strong praise.
Without doubt there are a number of considerations to be made when choosing which crypto portfolio tracking or management service to use. These considerations should revolve around your preferred medium of trading, be it web or mobile based, but, a more important consideration should be the frequency and complexity of your trades. If the nature of your trading is to profit as a day trader or short-term trader, a web-based or premium subscription service would be highly advisable. On the other hand, if you are a casual or hobbyist trader, one of the free apps or web-based platforms will likely provide all the statistics and analysis you require to make informed decisions and keep a close eye on your investments.
Regardless of your final decision, it is clear to see that there are a number of great quality offerings available to manage and track your crypto portfolio. Regardless of which you happen to choose, any choice will be providing at least some additional information to assist on your journey in the cryptocurrency market.