Keeping track of your portfolio is vital for successful investing in cryptocurrencies. Crypto portfolio trackers enable you to monitor your portfolio’s performance across all wallets, exchanges, and blockchain networks on a single platform. With the best trackers, you can monitor your portfolio’s asset allocation, historical transactions, and P&Ls and manage it successfully using the platform’s advanced analytics and trading tools.
This article discusses the advantages of using a crypto portfolio tracker to efficiently manage your portfolio by minimizing risks and maximizing returns.
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Advantages of Using a Crypto Portfolio Tracker
Crypto investors are greatly challenged by having to keep up with different accounts, and all the passwords and keys for these accounts spread out across multiple exchanges, wallets, and protocols.
Novices and experienced investors alike have to waste valuable time and effort toggling between multiple browser tabs, exchange accounts, and wallets to manage their holdings and put together real-time price updates with their accounts and investment goals.
This is where crypto portfolios come into play.
A proper portfolio tracker puts all your holdings from different chain ecosystems and platforms in one place, helping you conveniently and securely monitor your portfolio’s performance, market trends, gains and losses, and other useful metrics and even get more ROI for them by setting performance benchmarks, analyzing market trends, and more.
Here are the benefits of using a crypto portfolio tracker:
- Track the performance and value of your portfolio across multiple accounts in one place to monitor your progress and see how your investments perform
- Monitor specific investments to keep an eye on a particular coin
- Create a customizable watchlist of investments to track specific coins before making a decision
- Get real-time data on cryptocurrency price updates and market trends to make timely and informed trading decisions
- Regularly optimize your portfolio by spreading investments across different cryptocurrencies
- Efficient asset allocation and portfolio diversification help mitigate risks and maximize returns
- Identify strengths and weaknesses in your investment approach with real-time information on portfolio performance, transaction history, and market trends
- Identify patterns, trends, and opportunities in the crypto market through detailed analytics and insights
- Gain a deeper understanding of market trends, determine investor sentiment, and identify potential investment opportunities using your tracker’s on-chain analysis
- Get alerts for price changes and other market events to stay in the know.
How to Choose a Crypto Portfolio Tracker?
Here are some key features to look for when choosing a portfolio tracker:
- Security: Robust security measures should be applied to protect users’ funds and sensitive information from cyber attacks
- Ease-of-Use: Your tracker of choice should be easy to set up and use
- Portfolio and Market Analysis Tools: The tracker should provide multiple tools to analyze your portfolio’s performance vis-à-vis the general market trends
- Alerts: Setting custom alerts about any changes in your portfolio is vital for successful investing
- Supported Exchanges, Wallets, and Tokens: The tracker should support a wide selection of exchanges, wallets, and tokens from multiple blockchain networks
- Cost: Consider the tracker’s value and choose a free or paid subscription, depending on your investment needs.
Additionally, you might want to choose a tracker with additional features based on your investment needs, such as staking, tax reporting functionality, mobile support, etc.
Top 3 Portfolio Trackers for Crypto Portfolio Management in 2023
Let’s look into some of the top crypto portfolio trackers and explore their features so you can identify the best fit for your investment needs.
CoinStats is a comprehensive all-in-one crypto portfolio manager, allowing you to manage all your CeFi, DeFi, and NFT assets on one dashboard. The platform supports a diverse range of wallets, exchange integrations, and coins.
CoinStats allows you to seamlessly monitor your portfolio performance, set custom watchlists and price alerts, and keep up to date with the crypto market.
All your favorite features, such as historical trends, profit/loss calculations, top handpicked news, latest market insights, interactive charts, real-time price data, tax reporting functionality, staking, and more, can be accessed with the tap of a screen.
On top of all this, you can also use CoinStats to aggregate all your cryptocurrency balances in one place and check the performance of individual assets.
CoinStats boasts a user-friendly interface on practically every device, from the web, mobile versions (iOS and Android), a Mac desktop version, and Apple TV.
It prioritizes users’ privacy and ensures all information and funds are secured with two-factor authentication and data encryption.
You can access its features with the Basic version for $3.49 monthly or the Premium version for $9.80 monthly.
Blockfolio is a popular crypto portfolio tracker, supporting over 10,000 crypto assets and 500 exchanges.
It offers charting options, customization capabilities, price alerts, and the Blockfolio Signal news service with instant updates from crypto developer teams and the latest news and events. You can monitor your transaction history and portfolio’s historical performance and obtain relevant trading data.
Blockfolio also launched a zero-fee crypto trading service, allowing users to buy and sell cryptocurrencies on the app after it was acquired by the crypto derivatives exchange FTX. With the app’s new trading feature, users can buy and sell tokens on leverage for free. Blockfolio doesn’t charge any withdrawal fees.
Blockfolio doesn’t collect user information; however, it was hacked in 2021. While no money or data has been stolen, the offender accessed the messaging system and sent offensive push notifications. Another safety concern raised among the Blockfolio community was the app showing inaccurate prices of users’ assets due to data errors.
Blockfolio is available for free on Android or iOS devices. However, it lacks a desktop version and advanced analytics.
Accointing is a top crypto portfolio tracker and tax report generator. It supports over 300 exchanges, multiple decentralized wallets, and an array of coins, allowing you to import all your transactions automatically via Wallet address, API Connect, and manual input.
Accointing offers a user-friendly and informative dashboard. You can use the platform to track the performance of your portfolio, including NFT positions and orders. You can also review your historical performance across multiple timeframes, compare your performance to other investors, and analyze your portfolio gains and losses.
Accointing features price alerts, crypto charts, portfolio lists, and analysis tools for market sentiment. The platform handles such crypto transactions as staking rewards, airdrops, mining, and OTC deals. It ensures the security of transactions and protects the users’ privacy.
The tracker is a great option for users interested in paying their crypto taxes without dealing with all the complicated crypto regulations. It automatically generates a tax report based on your transaction history that complies with global tax regulations. You can choose your country of origin and use the crypto tax report generated in minutes to file taxes on your crypto returns.
The free tax plan is available for users with up to 25 transactions. You must select a costly annual subscription plan ranging from $79 to $299 to support more transactions per tax report.
Accointing is available as a mobile app on Android and iOS. However, it won’t let you import data and generate tax reports.
Cryptocurrency investing is one of the most popular and potentially rewarding practices worldwide. While the crypto market is highly volatile, it can also offer unparalleled returns for a well-diversified and well-structured portfolio.
Using a proper cryptocurrency portfolio tracker can provide all the help you need to enhance your portfolio’s value with long-term sustainability while minimizing risks and maximizing returns.
CaptainAltcoin's writers and guest post authors may or may not have a vested interest in any of the mentioned projects and businesses. None of the content on CaptainAltcoin is investment advice nor is it a replacement for advice from a certified financial planner. The views expressed in this article are those of the author and do not necessarily reflect the official policy or position of CaptainAltcoin.com