Cryptocurrencies have become important tools for diversifying investment portfolios. Investors are always spoilt for choice in a market with hundreds, if not thousands of digital assets to invest in. Therefore it is common for people to invest in three or more digital currencies at any given time.
In addition, some people store their funds in multiple blockchains. The use of different wallets to handle different types of cryptocurrencies is common. Tracking these cryptocurrencies can always be a challenge, given that most of them come with other blockchains and are stored in different wallets. A crypto portfolio may offer the way out of the stalemate.
What is a crypto portfolio tracker?
Crypto portfolio trackers are important tools that allow people to monitor price changes of various crypto holdings in portfolios at any given time. Regardless of the wallet in which the vital currencies are stored, the tracker is an ideal tool for knowing the crypto value and whether it is safe. In addition, it makes it easy to track the total amount and value of crypto holdings across various wallets, exchanges, and even blockchains in real-time.
The apps also make it easy to track historic transactions involving different crypto holdings, their worth, and destinations. The fact that they track the actual price of different digital assets also makes them ideal for knowing how an investment portfolio is doing. Some of the apps stand out partly because they enable trading assets held in multiple exchanges.
How to select the best crypto portfolio tracker
Crypto portfolio trackers come with unique features and workings that make them stand out depending on their design. While some allow people to add wallet addresses to monitor where their crypto holdings are stored, others make it easy to track the amount and value of different virtual currencies.
While selecting these apps, there are a number of things that people should pay close watch to.
User-friendly
An ideal tracker is one that comes with a user-friendly interface that makes it easy to track all cryptocurrencies at a click of a button. The fact that you might need this tool to track whether your cryptocurrencies are safe and valuable is important to settle on a tool that is easy to navigate. The app should also come with unique features such as price alerts, news feeds, and how to handle tax season.
Supports a wide pool of wallets, cryptocurrencies, and exchanges
The best is one that has added support to an array of cryptocurrencies. It should also offer support to various wallets used to store virtual currencies. Given that different exchanges support different coins, the app should also have integration with these exchanges for easy tracking of price. Always dive into the app’s documentation to ensure it supports all the currencies you are invested in.
Device compatibility
In addition, the apps should work across various platforms and across various devices. Being able to track crypto holdings on iOS or Android devices would be much better than being restricted to one particular platform. In addition, the crypto portfolio tracker should not be restricted to computers but also have support for mobile devices, making it easy to track crypto holdings while on the go.
Analytics
In addition to tracking the value and amount of various cryptocurrencies, it should provide an in-depth analysis of the various coins. This would make it easy to know whether to continue holding the assets or offloading them.
Security and privacy
Given that the cryptocurrency sector is still in the early stages of development, it is important to be extremely cautious. When it comes to dealing with wealth management tools, it is important to settle on tools that accord total security and data and ensure privacy.
Crypto portfolio trackers benefits
Organizes scattered information
Crypto portfolio trackers are essential tools for anyone involved or invested in multiple digital assets. They pool scattered information into one pool, making it easy to know how an investment portfolio is doing.
In addition, they make it easy to understand financial information and holdings.
Understand crypto holdings
The fact that most of them come with price alerts makes it easy to understand the value of crypto holdings in real-time. Instead of flicking into various exchanges to get insight into how crypto is doing, the tool provides all the information on one page.
Track market changes and opportunities
The ones that carry out in-depth technical analyses of various coins make it easy to track changes in the overall market. In addition, they make it easy to spot opportunities as soon as they crop up and provide ways of taking advantage of them.
Affirm diversification
The ability of a crypto portfolio tracker to track multiple cryptocurrencies in real-time makes it easy to diversify an investment portfolio as everything is pooled together. The best tools on this front allow investors to pursue diversification without being overwhelmed or losing track of their previous holdings.
Top crypto portfolio trackers
CoinStats: it is one of the best suited for people looking to track a massive portfolio made up of various cryptocurrencies and decentralized finance assets. It connects to multiple exchanges and wallets and comes with enhanced security measures.
Pionex: Suited for people new to the crypto world and would like to engage in trading using bots. In addition to making it easy to track the amount and value of coins, it is suited for buying and selling cryptocurrencies. Conversely, it is highly suited for high-volume investors.
Coin Market Manager: A one-of-a-kind tracker for carrying out in-depth, actionable analytics and tracking the value and amount of various crypto holdings. The analytics tools on offer should improve the decision-making and overall performance of any investor.
Kubera: A one-of-a-kind that lets people track all their accounts and cryptocurrencies in a single platform. It makes it easy to understand how individual coins are doing and an investment portfolio.