As more people invest in crypto, the need for more efficient management tools also arises. After all, traders and investors often use different wallets for multiple blockchains. Logging into each one of them every time you want to check your assets can not only feel like a hassle, but it also takes out a significant chunk of time out of your busy day.
Fortunately, traders and investors now have several tools that can help them oversee their digital assets more effectively. While portfolio trackers have existed long before, you can now use ones that are specifically developed for cryptocurrency.
To elaborate, here is a quick rundown of:
What a portfolio tracker is
What you need to consider when choosing one, and
Some of the more reliable tracker options in the market today
A crypto portfolio tracker is any digital platform that allows you to manage your digital assets and helps you stay on top of how the values of said assets are changing. They usually take on the form of websites, desktop programs, and even mobile apps for easier asset tracking.
As mentioned earlier, portfolio trackers have been around for a long time, but they are especially helpful with crypto’s highly volatile market. Prices change all the time, so it is crucial to have a tool that can help you stay on top of the latest numbers.
Different trackers can have a variety of functions, but most of them allow you to connect with your crypto wallets and exchanges.
For example, if you invested in Monero and other coins, you can connect your Monero wallet and chosen coin exchange to the tracker for easier value monitoring. Some trackers also allow you to trade on their platforms as well, making it even more convenient for traders and investors to manage their portfolios properly.
Some trackers have subscription fees while others do not. That said, anybody trading in crypto with at least three different coins can substantially benefit from having one.
Trackers are particularly helpful to high-volume traders and people who engage in day trading because they often have to monitor the market continuously.
Choosing a Crypto Portfolio Tracker
When picking a tool, you must choose the right one for your purposes. Make sure to consider the following factors when singling out a portfolio tracker for your crypto needs.
Privacy and Security – Like any other high-value asset, digital coins are often targeted by hackers. Considering how your tracker will have access to your wallets, you have to choose one that is highly secure and regularly maintained. Hence, opt for trackers that utilize layers of encryption and double authentication.
Functionality – As previously mentioned, each tracker features a different set of functions that caters to the needs of different traders. Some trackers only allow you to oversee your assets while others enable you to trade coins as well. There are also trackers that have special tools, like trading bots and analytics tools that can help you trade more efficiently.
User-Friendliness – Choose a tracker whose layout and interface you can understand and navigate with ease. This will help you manage your portfolio better and avoid issuing the wrong orders because you happened to press the wrong button due to the tracker’s confusing user interface.
Coin Accessibility – Not all trackers connect to every existing wallet or exchange. Some only connect with select crypto exchanges, so it is important to learn their available coin options first before you sign up on the platform.
Top Portfolio Trackers in the Market
Here are some of the top-performing portfolio trackers that you can check for your investing needs.
Coinstats is a one-stop management tool that allows you to oversee a highly diverse crypto portfolio, which includes cryptocurrencies and DeFi assets. The tracker shows the live prices of more than 8,000 digital coins, giving you a large selection of cryptocurrencies to peruse. Coinstats also allows you to trade on its platform and buy coins with fiat currency. It also has a mobile app, making trading accessible as long as you have a secure internet connection.
Coin Market Manager
Coin Market Manager stands out among trackers for its analytics tools and automated journaling. The tracker gives its users an edge in the market by providing detailed trade analytics, making it an exceedingly helpful tool for professional crypto traders. As useful as it is, however, Coin Market Manager has no mobile app and does not allow its users to trade. It is also connected with limited coin exchanges, so make sure to check them first.
Kubera is an all-in-one platform that helps you manage your entire portfolio, which includes non-crypto assets. Aside from coins, you can also add NFTs, stocks, credit card debt, mortgages, real estate, cars, and web domains, among your financial considerations. While it has no mobile app and no trading function, Kubera remains one of the most extensive asset trackers in the market and can allow individuals with a lot of assets – digital or otherwise – to manage them more effectively.
There is no doubt about it. Crypto portfolio trackers are a must if you wish to invest in several cryptocurrencies at once. After all, successful portfolio management highly depends on you staying on top of your investments. By doing so, you can feel assured that your portfolio will stay safe and grow with time.