What is a Crypto Portfolio Tracker?
Think of it as a financial dashboard that keeps investors updated on the performance of various crypto assets in real-time. Investors can use crypto portfolio trackers to manage cryptocurrencies, non-fungible tokens (NFTs), and other Web3 assets.
With a crypto portfolio tracker, users can keep track of their profits, losses, individual historical asset performance, and the overall health of their investment.
Cryptocurrency portfolio trackers work by tying into the data feed of a cryptocurrency exchange via an application programming interface (API) or by integrating with cryptocurrency wallets like the Trust Wallet.
Many crypto portfolio trackers boast several important features, such as:
- Swap functionality
- Compatibility with smart trading
- Portfolio management system
- Risk management
- Performance Analytics
- Tax reporting
- Diversification analytics, and several others.
The swap functionality enables seamless exchange of tokens in a secure, permissionless environment. The core benefit of this is that it allows investors to retain value for their investments as they can swap one low-performing asset for another easily.
What is the Best Crypto Portfolio Tracker?
While the crypto market is filled with hundreds of portfolio trackers, selecting the best option is often challenging. This section reviews some of the best solutions available.
CoinStats is a dedicated cryptocurrency portfolio tracker. The platform offers seamless portfolio management and swift integration to over 300+ crypto exchanges, blockchains, and wallets like MetaMask and Trust Wallet.
CoinStats provides an organized and comprehensive insight into your portfolio that aids decision-making in line with the investor’s financial goals.
This portfolio tracking software also offers an alert system, notifying users of price swings at preset figures. CoinStats has a free plan that limits the number of portfolios that can be created. The unlimited plan starts at $9.99.
The CoinMarketCap portfolio tracker enables crypto investors to monitor over 2 million digital assets. The platform features a user-friendly crypto tracking dashboard, allowing users to track individual asset prices, review historical performance, and assess the allocation of each asset within their portfolio.
CoinMarketCap is free and also offers real-time price data. The platform supports Binance and OKX API integration. CoinMarketCap also allows investors to connect their crypto wallets. Users can also fill out their transactions manually if none of these options are satisfactory.
CoinGecko provides real-time monitoring for over 11,500 virtual currencies. Investors benefit from free access to high-quality tracking solutions available on both mobile and desktop devices.
Additionally, CoinGecko offers the flexibility for users to create multiple portfolios, enabling the tracking of digital assets in various ecosystems, including decentralized finance (DeFi), centralized finance (CeFi), and others.
However, despite its positives, CoinGecko requires some manual work. The app does not support any form of wallet or API integration. Investors have to manually type out their transactions and submit them to the software for daily monitoring.
Koinly is a specialized software solution designed to offer a tax-compliant monitoring platform for crypto users. In addition to its tax software, Koinly also provides portfolio tracking tools.
The platform enables users to consolidate their crypto assets in one space, providing a comprehensive overview of their holdings.
Koinly offers API integration with the most popular crypto exchanges, including Binance and Coinbase. The platform also supports over 80+ crypto wallets and over 150+ blockchains.
Investors can track their investments and generate free tax reports with Koinly, which supports multiple platforms and asset classes. Koinly’s portfolio tracking service is free to use, but it comes with a usage cap.
Kubera is an all-encompassing wealth-tracking solution.
According to the Kubera team, the solution is the first personal balance sheet software and portfolio tracking app.
This crypto tracker supports automatic integrations with over 120+ cryptocurrency exchanges, wallets, and blockchains. Kubera is quite versatile. The supported tracking instruments cut across cryptocurrencies, DeFi coins, commodities, stocks, and many more.
One feature that makes Kubera stand out from others on our list is the beneficiary management feature. This option allows you to designate a beneficiary to access your crypto portfolio after your passing.
Kubera can be accessed both on the web and on mobile devices.
How Does a Crypto Portfolio Tracker Work?
Crypto portfolio trackers facilitate easy monitoring of asset performance within a user’s portfolio.
To achieve this, these trackers often require data input from a source. This could be from a cryptocurrency exchange or a wallet. Furthermore, some portfolio trackers provide automatic integration with these third-party services, while others require a manual approach.
Portfolio trackers that use the manual approach, like CoinGecko, require the investor to manually fill out their crypto transactions.
This includes the asset, date of transaction, price purchased/sold, fee, and other important details. This can be time-consuming and frustrating for investors with multiple holdings, which is where the automated integrations have an advantage.
Portfolio trackers, who enable automatic integrations with exchanges and wallets, allow investors to swiftly upload their transaction data within minutes. This is done by pairing the portfolio software with a crypto exchange’s API or connecting the wallet to the software.
Once all data has been consolidated, the crypto portfolio tracker initiates the monitoring process.
The best crypto portfolio tracker should provide users with both manual and auto integrations with third-party services, providing investors with a unified repository of their investment in real time.
In addition to these features, the ideal crypto portfolio tracker should provide real-time alerts on market prices, customizable alerts, and analytics tools to identify trends and assess risk levels.
Why Is Crypto Portfolio Tracking Important?
In this section, we explain why crypto portfolio tracking is important and the benefits it can offer to everyday crypto investors.
Monitoring the real-time performance of various crypto assets equips users to make informed decisions. This provides valuable insights into the historical data of each asset, guiding investors on when to increase or decrease their holdings. Additionally, it serves as a strategic tool for rebalancing portfolios in alignment with market trends, enabling optimized returns.
Tax Compliance Simplified
Cryptocurrencies can trigger a tax liability, depending on how it was acquired or when it was sold. Consolidating cryptocurrency transactions simplifies the process of generating the needed data for tax reporting. Some of the best crypto portfolio trackers offer tax reporting features like tax loss harvesting that streamline this process.
Portfolio trackers provide comprehensive insights into the health of an investor’s portfolio. They provide trading and performance charts, average returns, and historical data on supported crypto assets needed for data-based decision-making.
Key Factors to Consider When Choosing a Crypto Portfolio Tracker
Here are some key features to consider when selecting the best crypto portfolio tracker:
- Integration with multiple crypto exchanges, wallet applications, and crypto services to give you a bird’s eye view of your crypto holdings.
- Option to denominate crypto value in local fiat currency to enable easy asset monitoring and fast-track decision-making.
- Automatic synchronization of all crypto assets in the portfolio to save time and minimize efforts.
- Highly secure platform for proper safekeeping of sensitive financial information.
- User-friendly platform with a visual trading chart to monitor the historical performance of each asset.
- Tax reporting option to ensure compliance with annual remittance to the Internal Revenue Service (IRS) when due.
- Check affordability for tracking services and ensure maximum value is derived from making payment.
Crypto portfolio trackers are valuable companions for Web3 investors. They provide a comprehensive view of investors’ digital asset performance, help make decisions, and track investors’ profit and loss, all in real time.
However, trading digital assets involves inherent risks, and investors should do due diligence to ensure they have all the basics covered before taking a plunge.
What is the best crypto portfolio tracker?
How can I track my crypto portfolio for free?
How do you track crypto wallet holdings?
Is CoinMarketCap portfolio tracker safe?
- Crypto Prices and Portfolio Tracker App (Coinstats)
- Use Our Free Crypto Portfolio Tracker (Coinmarketcap)
- Free Crypto Portfolio Tracker (CoinGecko)
- Meet Koinly, the Best Free Crypto Portfolio Tracker (Koinly)
- Master Your Net Worth With Kubera (Kubera)