Beginner’s guide to keep tab on crypto investments

0

Crypto investment has been witnessing a surge since the last couple of years. Increased adoption of crypto, the potential of higher returns than traditional investment vehicles, and also talks of regulation are some of the major factors behind the rise in crypto investment lately. But, crypto investment is not something that you would put money in and forget. Rather, you need to keep track of your cryptocurrency investments at regular intervals to monitor the up and down in the investment portfolio.

But how would you keep a tab on your cryptocurrency investments? Well, you can always do that manually but what if you have invested in multiple cryptos? Well, in that case, you have to seek help from crypto investment portfolio trackers.

Crypto investment portfolio trackers

These trackers are usually mobile applications that are dedicated to monitor cryptocurrency investments portfolio. These applications link up with investors’ wallets and track the status of your crypto asset investments in real-time. Some of them are even designed to link up with cryptocurrency exchange platforms.

Good thing is, most of the trackers available today can be installed and used completely free of charge.

Why to use portfolio trackers?

Makes tracking easier

This is the fundamental benefit of investing in a portfolio tracker for your valuable cryptocurrency investments.

When you have invested in multiple cryptos, you have multiple accounts to keep tab on. And that can be quite a complicated process, especially when you would have to do that in the long run. Some days you might not wish to do the tracking and that might lead to a missed trading opportunity. Crypto portfolio trackers assure relief from all these complexities and hassles, and disappointments.

One of the best aspects of the trackers is that it brings data of all the crypto assets- that you have invested in- on one convenient dashboard. This way, it becomes a more comfortable, faster, efficient, and hassle-free process to keep track of cryptocurrency investments.

Handles the legwork

It’s no mean feat to keep track of cryptocurrency investments at regular intervals. The process involves daily monitoring, research, and calculation of losses and profits. In other words, manual tracking is an extremely time-consuming and laborious process- especially, when you have cryptocurrency investments in multiple cryptos.

The best part about the tracker apps is that these applications are designed to shoulder the entire legwork of tracking and monitoring of your precious cryptocurrency investments. This way, these applications help you to save a good lot of time that you can dedicate to other more important tasks- without compromising on the tracking part. It’s a busy world today and every smart investor needs a portfolio tracker to stay updated on the status of their investments – without putting in too much hard work.

Real-time data and notifications

Crypto portfolio tracker apps offer real-time details on the latest status of your invested crypto assets. You will be able to find live market prices of the assets as well as loss/profit incurred by your cryptocurrency investments.

Additionally, the tracker will also send you notifications about your cryptocurrency investments. This way, you will get alerts if there is a sudden change in price in the crypto assets and perform the needed actions right on time. The crypto tracker will help to ensure that you do miss out on a lucrative opportunity with your cryptocurrency investments.

Some of the highly advanced versions will even handle the tax calculation for the user.

How to select portfolio tracker apps?

There is a wide range of portfolio tracker applications in the current market but not all would be equally compatible for you. Thus, before you install one, check out these tips below to land up with the most efficient and reliable crypto investment portfolio tracker application for your cryptocurrency investments.

Long list of aggregators

It’s worthless to install a tracker that would only be able to keep track of just one part of your cryptocurrency investments. The goal of investing in a tracker is to ensure complete monitoring of your entire gamut of cryptocurrency investments.

Now, these tracker apps work in tandem with 3rd-party aggregator APIs. These APIs help them to link up with various data feeds so that the trackers can execute efficient and extensive monitoring. But the problem is not all aggregators are able to work for all countries. If your tracker aggregators are not compliant with all the crypto exchanges you have investments in, then, it won’t be suitable for tracking your portfolio.

Thus, look for a reliable portfolio tracker app that comes with a vast and versatile range of aggregators. A diversified range of aggregators will help the tracker to cover exchanges from almost all the countries out there.

While choosing a tracker, make sure to check the list of markers it can work on.

Security

This is certainly one of the most vital points to remember when it comes to choosing a credible tracker for your cryptocurrency investments. Don’t forget, the tracker will stay linked to your exchange account as well as wallet. Thus, make sure your chosen tracker is able to assure you cutting-edge security measures.

The most credible tracker apps in the market today deploy state-of-the-art encryption technology and also adopt 2-FA authentication. Try to look for tracker applications that don’t directly access account credentials of users.

Simple to use

As mentioned above, one of the major goals behind use of crypto investment trackers is less manual work. But, if a tracker only induces complex operation, it’s certainly not worth your time.

Rather, focus on trackers that are driven by automation to make the operation a breeze for the users. These applications are excellent time-savers and just the thing you need to keep regular and quicker track on the cryptocurrency investments.

However, some trackers might be able to provide help with automation but won’t be handy for international traders. Stay away from these apps. Look for the ones that offer support for international traders as well.

Finally, make sure your chosen tracker application is backed by rave reviews and ratings both from users and experts.

Leave A Reply

Your email address will not be published.