Having only a few cryptocurrencies to trade is a thing of the past. Managing various crypto portfolios has also become more complex, with thousands of options available to investors across a variety of exchanges. In response to this, crypto portfolio trackers have been developed to reduce the complexity of portfolio management across different wallets and exchanges. The solution works for both beginners and expert traders.
So we’ll explain why it’s important to have a cryptocurrency portfolio tracker, and then we’ll show you five of the best.
What exactly is a cryptocurrency portfolio tracker?
A crypto portfolio tracker is a digital tool that allows you to keep track of the value of your various coins to properly manage your portfolio. The tracking platform connects to your many crypto exchanges, wallets and crypto services, allowing you to better manage your coins.
Why do you need a Crypto Portfolio Tracker?
Many cryptocurrency traders have funds spread across multiple wallets and exchanges. And, like traditional currencies, the value of each cryptocurrency is constantly fluctuating. The fact that the crypto market is always open does not help matters. As a result, the more assets you add to your portfolio, the more time you need to spend on asset management. Managing tens of assets across several exchanges becomes a demanding and inefficient process.
Portfolio trackers allow you to monitor price movements and keep track of your investments in one place. With them, you don’t have to log in repeatedly on different platforms. This solution works for different traders regardless of their experience level.
It will be easier to manage your investments if they are all on one platform. In addition, you will also be able to make more informed investment decisions when your portfolio is well organized.
4 Features to Consider When Choosing a Crypto Portfolio Tracker
Now that you understand the purpose of a portfolio tracker, let’s consider some criteria for choosing which one to use.
1. Pricing
Many portfolio trackers have free plans, but the best features are usually locked into their paid services. You will ultimately have to choose a paid service unless you are satisfied with the free service that the platform of your choice offers. For this reason, you must consider the amount charged for the desired package before subscribing to it.
2. Integration of multiple crypto exchanges
There is no point in choosing a crypto portfolio tracker that accepts the exchange(s) you hold your portfolio with. Crypto portfolio trackers connect to the APIs of several third-party aggregators to get information and data streams to track your assets. Their services may at times be regional or they may specialize in certain exchanges. Make sure you choose a platform that can integrate multiple platforms for ease of use.
3. Security at a high level
Since the portfolio tracker will have access to your account, you must choose a tracker with high security standards that prevent unwanted access to your account. Keep in mind that cryptocurrency transactions are complicated to track. As a result, if your account is hacked, you may not be able to get your money back. This is why you should ensure that any platform you choose works for all the exchanges in which you have your investments.
4. Automatic portfolio tracking
Some cryptocurrency portfolio trackers require you to manually enter each transaction you’ve made and include the execution price, time of the trade, and other information. Such claims defy the ease expected from a crypto portfolio tracker.
A platform that automatically tracks your trades and prices and gives you an updated portfolio overview should be a priority. A good portfolio tracker will also provide you with historical data that you can use to refine your investment strategies.
5 Different Crypto Portfolio Trackers
Below are 5 top crypto portfolio trackers you can use
1. CoinTracker
CoinTracker allows you to view your investment performance and portfolio allocation in real time and for tax purposes. The platform supports more than 300 exchanges and 10,000 cryptocurrencies.
CoinTracker has tools to help you comply with crypto tax rules and is one of the best apps to help you file crypto taxes. You can easily download your crypto tax report in minutes when you need it. The platform also provides full support for customers from the US, India, UK and Australia and partial support for others.
The CoinTracker service is available in a variety of packages. There is a free package, an enthusiast package ($14/month), a pro package ($99/month) and a custom service. The customized service is more suitable for electricity users and businesses, and the fee varies from user to user.
2. Coinstats
Coinstats provides a comprehensive toolset to manage your crypto, NFT and DeFi assets in one place. The service supports over 70 platforms and allows you to connect to exchanges such as Binance, Coinbase and Bitmex, as well as wallets such as Metamask, Ethereum wallet, Celsius network and many more.
Coinstats has a free package, which allows you to connect only five portfolios without access to many other benefits. The premium package is the experts’ choice and costs just $7.49 monthly. The platform also allows you to get a customized package of personalized features on request.
3. Coin market manager
Coin Market Manager (CMM) is not just a portfolio tracker. It also offers automated journaling services and analytical tools for crypto traders, thus helping you build your crypto trading diary. The platform is compatible with five exchanges: Bybit, Binance, Bitmex, Deribit, Bittrex and FTX. All you need to do is create your account and link your exchange account to start tracking.
CMM offers a 14-day free trial for its customers to enjoy full access to all features. You will not be required to enter your card details to start the free trial. After the 14-day free trial, you can continue with the free account or subscribe to its professional account or business account, priced at $68.99 and $89.99 per month, respectively.
4. Shrimpy
With Shrimpy, you can connect to more than 30 exchanges and wallets, including Binance, Kucoin, Coinbase, Metamask and Kraken. Apart from connecting your account, you can also backtest your strategies, automate a crypto portfolio rebalancing strategy and even copy other traders’ strategies.
Shrimpy services come in three plans: Starter, Professional, and Enterprise. The starter is for those just starting out and the service costs $19 monthly. The professional account is for active traders who want better control over their investments and costs $63 monthly. At the same time, the business plan works best for companies seeking portfolio management at business level. The plan is priced at $299 monthly.
5. Coin tracking
CoinTracking analyzes your trades and imports data from more than 70 wallets and exchanges to generate reports on profit and loss, the value of your coins, taxes and much more. The platform allows you to group your trades based on the specific exchanges you use, making it easy to keep track of all your trades across different exchanges.
CoinTracking has different pricing plans ranging from $65 to $1,090. The free package allows you to import up to 200 trades and is more suitable for new traders.
Track all your crypto trading activity
Thanks to crypto portfolio trackers, managing the growing number of crypto investment opportunities won’t be difficult. These trackers also have additional benefits like performing analytics, getting reports and other services that can help your trades. You should try each recommended app to see which one works best for you.
