In crypto, as in all investing, it is always prudent to have a diversified collection of assets in your portfolio. Characteristically, these digital assets tend to fluctuate wildly in price over short periods of time. This introduces difficulties for investors trying to track the value of their holdings in real-time. The remedy is a crypto portfolio tracker, which helps you oversee all your assets on one platform.
Reasons to invest in a portfolio tracker
For one, a tracker will help you set financial goals and track your progress towards the same. The tracker will present all your financial information in an easily digestible fashion, helping with easier account management. This way, you can set realistic goals and stick to them.
Secondly, as aforementioned, crypto prices tend to swing violently, especially in times of high volatility. If you have several holdings, you would have to start over by the time you finished calculating their total value as their prices would have changed. A portfolio tracker shows you the value of your holdings at a glance. This can be especially helpful when you spot a lucrative trading opportunity, as you will be aware of your purchasing power at that moment.
Additionally, the tracker makes for better diversification. By allowing you to see all your holdings on one platform, you can easily tell where you are exposed to risk and take measures to hedge against it. No matter how many coins you hold, the tracker will prevent you from getting overwhelmed or losing track of your holdings.
Top crypto portfolio trackers in 2022
Bitsgap
This is an app that allows you to connect your wallets through APIs, after which it imports all your transactions into one intuitive dashboard. This way, you can easily access and track all your assets and trading history. It will also display your ROI, as well as track the performance of any open positions. What’s more, you can customize it to produce reports only on specific exchanges.
Bitsgap is compatible with more than 25 exchanges, including popular ones like Binance, Kraken, and OkEx. It supports more than 1800 coins and updates your portfolio in real-time. Additionally, it boasts military-grade security, top-notch technology, and a responsive customer support team.
CoinStats
This is an easy-to-use platform for tracking cryptocurrencies, thanks to its breadth of features. It is available on mobile, on Mac, as a web app, and as a Google Chrome extension.
It is compatible with most wallets and automatically computes your profit and loss between the four options below.
- All-time, where the P&L is calculated from all your transactions.
- Current holdings, which compute the P&L from the coins you hold at the moment.
- Last trade, which computes the profit or loss from your most recent trade.
- 24 hours, which computes your profit or loss for the day.
What’s more, CoinStats brings you all major news concerning the tokens you track right on the platform. This helps you make trading decisions and also filters out news irrelevant to you.
Koinly
This is a portfolio tracker that doubles as an automated tax calculator. Since crypto is still a nascent industry, applicable taxes may be confusing to most investors. Fortunately, the Koinly app will generate all applicable taxes in under 20 minutes. It generates a report on all your transactions and offers recommendations on how to improve your future transactions for tax benefits.
Using their superior AI, the app also recommends potential trades. You can connect your wallet through its public address, and Koinly imports the entirety of your transaction history. This includes your margin and futures trades, staking, lending, and DeFi transactions. This helps in the calculation of your profit and loss statement for the year, at no extra cost. It is compatible with over 350 exchanges, 50 wallets, and more than 17,000 cryptocurrencies.
Coin Market Manager
This is a portfolio manager with a journaling tool that lets you keep track of your trades. This tool aids in the improvement of future transactions by providing research-based insights into why some of your previous trades may have performed better for others. It also alerts you to trends and changes in your preferred currency, allowing you to make smarter decisions. You may also create a customized public page with a URL that allows you to share your portfolio and trading history with others.
Coin Market Manager offers a 14-day free trial, after which you would need to subscribe to their paid tiers. Their professional package goes for $500 annually, and the Enterprise for $600 per year. You also have the option of choosing a monthly subscription.
FTX
Formerly known as Blockfolio, FTX is a platform for buying and tracking crypto assets. It supports more than 10,000 coins and features a market and price tracker for when your favorite coins hit a certain price threshold. The app also brings you news on all your favorite tokens.
Their portfolio tracker is displayed on an intuitive interface, containing several charts and graphs for easier tracking. Other than cryptocurrencies, it also supports tokenized stocks and NFTs. Notably, with every $10 that you spend on buying digital assets on FTX, you stand a chance to win a random free coin.
Conclusion
Portfolio trackers are a useful tool for every crypto investor who holds a diversified selection of digital assets. Some of these trackers allow you to trade right on the platform, while others will automatically compute any and all applicable taxes. Before you choose any app, you should consider its ease of use, security, and breadth of supported wallets and cryptocurrencies.
