Every serious cryptocurrency trader or investor knows about cryptocurrency portfolio trackers. They are websites, apps, or platforms that allow investors to manage their crypto investments and keep track of their valuations. Some of the best cryptocurrency portfolio trackers link with the user’s wallets and exchanges, providing a comprehensive platform that provides information if the portfolio changes in value.
Crypto portfolio trackers are some of the most useful tools in a large-scale trader’s arsenal. They can be ideal for investors who have more than 3 actively traded cryptocurrencies in their portfolio. There are some crypto portfolio trackers which function as cryptocurrency trading platforms. Similar to a standard portfolio tracker, a tracking exchange assigns the user an individual wallet key that they can use to import and hold cryptocurrencies. They can also use it to buy and sell supported cryptocurrencies directly from the platform.
Different cryptocurrency portfolio trackers sport different features. While some may allow traders to buy and sell coins, they do not support all the important cryptocurrencies. Others may allow traders to purchase several cryptocurrencies but don’t come with tracking features. Thus it is important for an investor to consider each and every portfolio tracker on an individual basis before they take a decision.
How to select the best cryptocurrency portfolio tracker?
As mentioned before, no cryptocurrency portfolio tracker has all the features needed by every type of trader or investor. While each one of them is catered toward an individual niche that appeals to a specific group of traders, there are some basic features that are absolutely necessary to find the best cryptocurrency portfolio tracker.
- Degree of security provided
Cryptocurrencies were created using blockchain technology which makes Bitcoin and other cryptocurrencies exceptionally difficult to trace and track. It is also very difficult to find ownership details of wallets. Finally, a cryptocurrency transaction once initiated cannot be reversed.
As a result, it is important for any investor to choose a cryptocurrency portfolio tracker which prioritizes security over everything else. This is even more important since a large majority of cryptocurrency trackers link within the exchange or the user’s bank account. This leaves it exposed to a single hack or data leak which can empty a bank account or exchange wallet. Some of the best cryptocurrency portfolio trackers have two-factor authentication and multi-layer encryption.
- Clean layout
The main function of a portfolio tracker is to view all of a portfolio’s assets quickly and see the change in values. Some of the best cryptocurrency portfolio trackers can provide information on the total value of a portfolio within one or two clicks. Additionally, many cryptocurrency portfolio trackers provide a companion mobile app for investors to check their portfolio value on the go.
To make things clear, the tracker should always be simple to operate and easy to understand so that investors and traders do not struggle to find the value of each individual token. This is why some of the best cryptocurrency portfolio trackers have a clean and crisp layout that is both appealing to look at and easy to operate.
- Number of available coins and exchanges
A cryptocurrency portfolio tracker should provide a comprehensive platform for all the coins. It thus needs to connect with all the coins and exchanges that the investor or trader is using. The best way to make an informed decision is to check what the platform offers before signing up.
- Portfolio unification
Diversifying into various different cryptocurrencies can provide a strong portfolio but can make tracking tough. To find the best cryptocurrency portfolio tracker, investors and traders should go beyond offerings that cover crypto only and look for more robust solutions that are capable of unifying the entire portfolio.
Some of the best cryptocurrency portfolio trackers can condense the net worth of an investor or trader into a single dashboard for convenience.
Conclusion
Cryptocurrencies are an exciting new investment front whose nature differs from other traditional trading instruments. To make effective trading and investing decisions, getting a good cryptocurrency portfolio tracker is necessary especially when there are several cryptocurrencies being launched almost frequently.
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