Why a Crypto Porfolio Tracker?
While the cryptocurrency market started out with just bitcoin, thousands of new coins and tokens have popped up over the past decade. These new coins create a large amount of opportunity in terms of making money by buying and selling the assets at the right time, but the cryptocurrency market as a whole is also still a bit fragmented in terms of where all of this trading activity takes place.
Due to the need to have accounts at a variety of different exchanges and perhaps even dabbling into the decentralized exchange ecosystem, it can become difficult to track one’s profits and losses in the crypto market. That’s where crypto portfolio trackers come into play. These apps allow crypto traders to track all of their crypto holdings in one app on their smartphone. Many of these apps even integrate with exchange APIs, which means the process of tracking the value of all of the different crypto assets held by a particular user can be completely automated. After going through all of the different crypto portfolio trackers on the market, we’ve narrowed the industry down to a few of the best options for tracking your crypto assets.
The Best Crypto Portfolio Tracker: Blockfolio
Much like bitcoin is the gold standard of the cryptocurrency industry, Blockfolio is by far the most successful and popular crypto portfolio app. While there have been a number of new entrants into the crypto asset tracker market over the years, the reality is that Blockfolio is still the best crypto portfolio tracker due to its sleek interface and longevity. Since 2014, Blockfolio has grown to support over 8,000 crypto assets and 300 different exchanges around the world.
One of the best features of Blockfolio is that it allows a high degree of customization on the homepage. This means that users are able to see exactly what they’re interested in seeing as soon as they open the app. Users don’t need to scroll through thousands of different coins to get to the information they need. Blockfolio Signal also allows users to gain access to breaking developments around any crypto asset as soon as it happens. With this feature, users are able to adjust their crypto allocations as quickly as possible in times of uncertainty. The news section of the app is also highly customizable, which means users are able to track the stories that are most relevant to their own portfolios.
- Supports more than 10,000 cryptocurrencies and 500 exchanges
- Blockfolio Signal for constant updates on coins
- Trade crypto for free from directly within the app
- Complete personalization to fit your crypto portfolios
An Alternative Crypto Portfolio Tracker: CoinStats
CoinStats is the most commonly-used Blockfolio alternative. It contains many of the same features found in Blockfolio, such as a wide range of supported crypto assets and news personalization, but there are some key differences as well. For example, CoinStats has a greater degree of focus on the Ethereum ecosystem. In fact, users are able to track the holdings in their MetaMask wallets from within the CoinStats mobile app.
CoinStats also offers a variety of premium subscriptions that allow users to gain access to additional features. With CoinStats Pro, users are able to can connect 10 exchange accounts, watch 10 different wallets, add up to 1,000 transactions, obtain access to Coin Insights, and gain access to CoinStats on a wide variety of platforms. Coin Insights is a program that allows users to gain access to a number of different statistics related to CoinStats users and the cryptocurrencies they hold. There is another paid tier for users known as CoinStats Premium, which basically just offers much more than the Pro subscription. There is also a unique subscription offering, known as CoinStats Community, which is aimed at trading communities with over 10 members.
While Blockfolio and CoinStats are the two big dogs on the crypto portfolio market, there are a number of other upcoming competitors out there as well. Two of the main competitors to watch for now are Altpocket and Delta.
The key selling point of Altpocket that helps it differentiate itself from the other crypto portfolio applications is that it brings a social aspect to the crypto tracking game. Users are able to track their assets via their smartphone or in a browser on their laptop, and crypto held on the world’s most popular exchanges can be automatically synced with the portfolio tracker. Those who use the app are also able to interact with other users by chatting with them directly or viewing their profiles. Users are even able to follow other users and get notifications whenever they make a new trade. Although Altpocket was only founded in 2017, it’s quickly become the crypto portfolio tracker of choice for traders who need a bit more social interaction with their trades.
For Delta, the name of the game is making everything as easy as possible for those who are new to the cryptocurrency space. If you are buying your first bitcoin or other crypto asset, then this might actually be the best tracker for you to use right now. The Android and iOS app was released in 2017, and they were able to obtained 1 million users within their first year of operation. Users are also able to access their portfolios via a desktop app; however, this version of the app is still in beta. While the free version of this app is perfect for beginners, the Pro version is not a great value. Therefore, users may want to switch to a different app once they get more comfortable with the crypto asset market.
What is a Crypto Portfolio Tracker?
A crypto portfolio tracker is basically your main interface into the crypto asset market. These applications allow you to view your entire crypto holdings on a single screen, and it makes it much easier to view your real-time crypto balances and manage the distribution of your investment into the cryptocurrency ecosystem.
Although everything started with Bitcoin back in 2009, there are now thousands of different crypto assets attempting to decentralize various niches of online finance. While some people like to just buy bitcoin and let it sit in an exchange account or wallet before ever touching it again, more active traders need these sorts of apps to get a clear picture of the status of their cryptocurrency investments at all times.
How Do Portfolio Trackers Work?
There are a few different ways in which a portfolio tracker can work, but the basic premise is that you need to be able to track the cryptocurrency trades you are making at all of the different exchanges you use on a regular basis. Of course, you could just open a spreadsheet on your computer and manually enter the value of every trade when you make it, but the point of a crypto portfolio tracker is that it allows you to automate this process and even gain access to much better analysis of your past trades.
The best crypto portfolio trackers hone in on the features of automation and personalization. When every trade you make can be automatically added to and analyzed by your crypto portfolio tracker, it makes your life much easier. Additionally, when your crypto tracker is personalized to suite your specific portfolio, it makes it much easier to find the exact information you need at the click of a button.
To gain the highest level of automation possible, many crypto portfolio trackers integrate with exchanges to automatically add your trades and create an easy-to-understand graph of your current crypto holdings. Of course, not all crypto transactions are made on exchanges, so users of these apps need to sometimes enter their crypto transfers manually as well.
Are Portfolio Trackers Safe?
Crypto portfolio trackers can be as safe as you desire.
While many of them can be integrated with your exchange accounts or non-custodial crypto wallets, you can limit the amount of power your crypto portfolio tracker has over your crypto funds. While there are some traders who take no issue with giving their portfolio tracker complete control over their exchange accounts, this is a not a requirement of using these apps. In fact, it is much wiser to only use these crypto-tracking applications in view-only mode.
With this setup, the crypto portfolio tracker will be able to see all of your crypto holdings, but it will not be able to actually send those cryptocurrencies anywhere. This helps protect you against the potential for a security issue in the crypto portfolio app from leading to a loss of funds. The whole point of cryptocurrency is that you do not have to trust someone else with your money, so it generally does not make much sense to give these applications access to your funds.
Do Crypto Exchanges Work with Portfolio Trackers?
Yes, many exchanges work with portfolio trackers via their APIs.
Your crypto portfolio tracker can be connected directly to your exchange account. In fact, you are able to do your trading directly from many different portfolio trackers, which allows you to get a full view of the entire market and the prices at a variety of different exchanges from a single interface. That said, it should be noted that putting a large amount of cryptocurrency onto one of these apps is not recommended due to security concerns.
If the company behind the crypto portfolio tracking app was hacked, they could trick the users of that app into downloading a malicious version of the software that is intended to steal customer funds. That said, it is helpful to connect your exchange accounts to your crypto portfolio app in a way that does not allow trading or withdrawals via the API connection. This is a setting that is usually altered on the exchange website rather than the crypto portfolio tracker itself.
It should also be noted that some crypto tracking apps also allow their users to connect their crypto wallets to the app. Much like the exchange account connections, you should probably not allow these sorts of apps to gain access to your private keys, as you’ll have no recourse in a situation where something goes wrong and you lose your money. That said, if you are more of a buy and hold type of trader who does not need to keep funds active on a variety of exchanges, then the view-only version of the wallet integrations can be a very good option for tracking the growth of your crypto holdings over the long term.
What Features Should I Look for in a Portfolio Tracker?
The features that you should look for in a crypto portfolio tracker will depend on your specific use case.
There are many different types of cryptocurrency users, so it’s difficult for one of these apps to fulfill the wishes and desires of every single person who trades cryptocurrencies. For this reason, it’s a good idea to try a variety of different crypto portfolio apps to find the one that best suites your needs. That said, there are still a few features that you should view as prerequisites for a quality cryptocurrency portfolio tracker.
- Personalization – Personalization is the most important feature to look for in a crypto portfolio tracker. Every crypto user tends to have a different set of crypto assets that they’re holding, and they’ll also have different weights assigned to bitcoin, ether, and every other cryptocurrency in terms of the coin’s overall share of the portfolio. When you’re able to adjust the app’s homescreen to focus on only the coins and token that you hold and keep the news and notifications to the coins that matter most to you, then you’ll be getting the maximum amount of value out of the app.
- Automation – Automation is another key feature to look for in a crypto portfolio application because this is the entire point of using the app in the first place. Yes, there will be some situations where you need to manually input a crypto transaction, but your crypto tracker needs to have a wide variety of integrations with exchanges, wallets, and specific coins to be as automated as possible.
- Information – While personalization and automation are the two most important features to keep in mind when choosing a crypto portfolio tracker, access to information is something that also should not be overlooked. This app is your portal into the cryptocurrency market, so you need to make sure that you’re getting access to all of the latest news and developments in the cryptocurrency space as soon as they happen. In most cases, purchasing a Pro or Premium version of a crypto portfolio tracker will provide you access to better information than you’ll find for free on Twitter or elsewhere. The crypto markets are still relatively small, so every second counts if you’re an active trader.