As cryptocurrencies continue to grow and gain more traction, cryptocurrency portfolio tracking apps are increasingly popular. These are valuable to investors who plan to hold their cryptos on a long-term basis as well as those who trade coins regularly.
There are plenty of emerging cryptocurrency platforms utilizing cutting-edge tech (as with other classes of assets), but which are the best? This guide has all the information you need.
- Understanding Crypto Portfolios
- How Can You Build a Cryptocurrency Portfolio?
- Top Three Cryptocurrency Portfolio Management Apps
Understanding Crypto Portfolios
A cryptocurrency portfolio is a trader’s collection of investments, encompassing various types of crypto coins. So, if a trader invests in 12 coins and crypto tokens, these make up their entire cryptocurrency portfolio.
Investors tend to focus on multiple cryptocurrencies which are well-established, to hold them and keep related activities limited. On the other hand, you can expect day traders’ portfolios to be less stable.
By looking at a trader’s portfolio, you can learn about their risk tolerance, investment preferences, and the main components of their personal market strategy.
How Can You Build a Cryptocurrency Portfolio?
Before you can start putting your cryptocurrency portfolio together, you need to plan. Here are four key steps to make sure you do this effectively:
- Identify the coins/tokens which you can actually afford to buy
- Determine your personal style of investment/trading
- Consider how you’ll allocate the funds you have available for investment
- Research what crypto cluster you think is right for your investment
Feel prepared to start investing in cryptocurrencies? It’s time to:
- Undertake extensive research into any cryptocurrencies that appeal to you
- Evaluate the ratio of price to earnings
- Consider the total amount of return you can expect to make
- Now, start investing in the coins/tokens you believe will work in your favor
The next stage is to practice good portfolio management. Crypto portfolio apps are a fantastic tool for modern investors and traders, as they enable you to keep track of your assets across numerous exchanges and wallets.
Yes, you may be able to oversee your assets directly through wallets and exchanges, but that’s much more complicated than using the best apps.
Avoid time wasting and confusion by using cryptocurrency wallets with a crypto portfolio tracker or platforms featuring wallet synchronization.
Top Three Cryptocurrency Portfolio Management Apps
Below, we explore the top three crypto portfolio apps.
Cryptocompare allows you to compare crypto wallets, read reviews, view analytics, check out mining guides, and more, alongside basic crypto tracking. Most users consider this an entire cryptocurrency ecosystem.
The key features in the cloud-based Cryptocompare platform include:
- Multiple portfolio management
- Choose to keep your portfolio private or make it public instead
- Mitigate dangers with the risk analysis function
- Add notes for reminders, tips, etc.
- Timeline function and ICO tracker
- View total revenue and realized profits & losses
- Cryptocompare is totally free to use
- Multiple versions (across Android, iOS, and the website)
- Tax calculator
- Five thousand coins
- High-quality charting tool
- Gain in-depth information on cryptocurrency markets and your portfolio
- Layout is slightly outdated
- Some bugs may occur
- Execute orders manually
- Lack of exchange API synchronization
CoinTracking is more than a basic spreadsheet packed with details about your portfolio — it helps you to make informed decisions through a variety of features, including:
- Tax calculator featuring 12 methods
- Use API to connect to popular crypto exchanges
- Realized & unrealized gains and losses
- Eight wallet imports are supported
- Check a decade’s worth of historical price information
- Activate alerts for price information and real-time trade profitability
- Interactive charts covering coins and trades
CoinTracking includes a feature for predicting prices (still experimental), which could prove to be a big help in years to come. Prices for CoinTracking’s Pro and Unlimited plans vary from $65 to $1090, or their equivalent in cryptocurrencies. Brief tutorial videos are available on the official CoinTracking YouTube channel.
- Fantastic roster of features
- Versions available for desktop and mobile
- View coin charts and analytics
- Make fast decisions with updated portfolio
- Documentation for tax offices and accountants
- Advanced range of security measures and other functions
- See fees and trades clearly
- CoinTracking may be outside some price ranges
- The interface is a little dated
- The app is unable to function as a standalone product
- The free version has limited options
In general, CoinTracking targets committed crypto investors and those trading full-time, so it’s a great choice if you plan to hold cryptocurrencies over a long period. But the best option for using the crypto portfolio tracker is buying or selling regularly.
More than five million people rely on BlockFolio for crypto portfolio management, and in excess of 400 teams using BlockFolio Signal (such as those from DASH, Ethereum, Monero, and more). You have no ads or hidden charges to worry about, as well as:
- Several portfolios split into different categories
- Updates between cryptocurrency exchanges and portfolio are automatic
- Receive updates from BlockFolio Signal in real-time
- Get notifications on price levels
- Enhanced security courtesy of a secret PIN
- ‘Explore’ section with customization options
- Data can be recovered and transferred in the event of devices being stolen or swapped for another
- Use BlockFolio for free
- More than eight thousand coins and three hundred cryptocurrency exchanges
- A commitment to protecting user privacy
- View coin charts and exchange books
- Quick alerts whenever relevant price changes occur
- UI is intuitive
- Lots of customization to take advantage of
- Helpful tools for communication
- Lack of capabilities for syncing
- Charting capabilities is limited
- Missing web-available functionality
- Users may become distracted by news notifications
Study the benefits and drawbacks of each app explored above to ensure you make the right choice. You’ll keep track of your investments, discover the most valuable opportunities, and make your investments go further.