Since cryptocurrency is burgeoning, investors should make it a point that they manage and track their numbers. Tracking and managing your investment is essential for a number of reasons. The ultimate reason is for you to know if you are performing. When you manage and track, you’ll know the how’s, why’s and what’s of your investment. You also need to know what you’re paying in fees and for you to be able to adjust your portfolio if you need to.
It is suggested that long-term investors should take a perfunctory look every two or three months, once every six months or even just once a year. Any of this is sufficient. But not daily. You can choose what works for you and stick to that frequency. This is mainly to make certain that you are on track to achieve your financial goals.
Tracking and managing your bitcoin investment can be done without a sweat with a variety of cryptocurrency-specific investment-tracking tools. Listed below are the tools you can use to keep track of your investment if you are hoping to continue investing in Bitcoin or other cryptocurrencies now and in the following years. But if you learn successful crypto trading strategies, a well-renowned and successful crypto trading platform like Bitcoin Era has the answer.
- Coin Tracking
This is a free, automated tax tracking tool that has a bunch of very helpful features. The total value of your coins, all your trades, and the current bitcoin price are shown on the dashboard. It also shows your portfolio broken down by specific altcoin and bitcoin types and the platform you’re using for most of your trades.
Tax return documents are also offered in this tool which is a big help to those who are investing at tax time. Coins and trades are entered manually, uploaded from various coin exchanges, or used by the automatic API importer. Notably, coin tracking is the pioneer in crypto portfolios that’s been around for nine years already.
- Personal Capital
Because of the increase in the number of assets they connected in 2020, Personal capital is now offering the ability to track your cryptocurrency. This app is used to monitor all your investments, retirements, finances and manage your accounts, all of these in one place! You can see your total income and total expenses across all your accounts- months over months on the interactive cash flow tool. Planning for your retirement will also be very convenient with its Retirement planner feature. This budgeting app can be downloaded and used for free.
- Altpocket
Creating an alt pocket account is simple; all you have to do is to go to their website, log in through your existing Google/Coinbase profiles if you already have an account, or create a new account using your email and password if you still don’t have one.
This tool works when you add your API keys from your various cryptocurrency wallets. After you link your bank to your wallet, all your transactions are automatically synced. It’s a cool, social network-looking app. It is best for people who want to do business and entertainment at the same time. It was created in the spring of 2017 by a group of Swedish engineers and entrepreneurs led by the founder Edwin Flataunet (CTO) and Jonathan Svensson (CEO). Altpocket has both mobile and web applications.
- Coinbase
Coinbase is one of the popular cryptocurrency exchanges in the United States and is widely known across the globe. Nearly 1000 cryptocurrencies can be accessed in this tool. Funding an account is also affordable for as low as $2 and is insured in the event of hacking. It also makes it easier for you to convert your cryptocurrency to another.
To use Coinbase, you can link your bank account and easily make transfers of fiat currency in and out of your account. You can also buy different cryptos, including Bitcoin, Ethereum and Litecoin. To buy and sell is easy, plus you can withdraw your funds anytime. Coinbase is headed by CEO and Founder Brian Armstrong and is said to be a decentralized company- meaning no headquarters.
- Blockfolio
This is a crypto price-tracking application that’s connected to FTX’s trading system. It was designed to help altcoin investors to track various types of coins and trades on various exchanges. It tracks your current investments and creates charts from that information. It also gives you the latest bitcoin and altcoin news stories on its newsreader. Blockfolio was founded in 2014 in California, USA and is still in beta testing.
- Coinstats
If you wish to keep track of your day to day activities on the crypto-verse, coinstats is the best app for you! Real-time crypto prices, news updates and project developments are in the news feed. It also allows you to access more than 100 cryptocurrency exchanges and wallets.
In setting up your account, you need to sync all your cryptocurrency accounts. It also syncs with Binance and Coinbase. This can be downloaded for free and is compatible with iOS, Android, as a web app, and on Apple TV.
Which Tools are Right for You?
Each tool mentioned above has its own features, so you have to determine which one suits your needs as a crypto investor. You may also consider shifting from one tool to another when the circumstances allow. There are plenty of resources out there where you can also explore other options. Seriously, it’s a matter of identifying your needs at the outset and setting that as your standard in choosing the right tracking and management tool for you.
Keep this in mind:
Not all of the aforementioned tools are used for tracking all cryptocurrencies. If you need to see a snippet of your portfolio, you have to go with other investment-tracking platforms. Mint.com is one popular tool. This tool offers bill payment tracking, budgeting and free credit score checking. It offers an API connection with Coinbase accounts.
Tracking of altcoins investments is limited but imports the values and transactions automatically. However, Coinbase doesn’t recommend this merger with Mint, so be mindful of the potential risks before you link your Coinbase and Mint accounts. Mint is downloadable for free on your iOS and android devices.
Final Thoughts!
Tracking and managing your investments has indeed become easier through the aforementioned tools. But there is always a shady side to things. Everything involving cryptocurrency is complex and risky, which disables you sometimes from tracking your portfolio in one app.
It is also a good option to track them separately from your budget and other investments, then add up the balances manually to your chosen and most trusted online budget and investment tool so you are aware of your overall net worth.
