Crypto investment has been gaining a strong momentum since the last couple of years. With crypto prices running low currently after the May 2022 crash, smart investors are lining up even more for crypto purchase. The crypto investment scene has been witnessing growing interest from institutional investors as well. The first rule of crypto investment is to choose cryptocurrency by market value to find the crypto with highest potential. The second rule is to maintain a diversified portfolio as it helps to offer a backup solution when one coin takes a dip. But, if you have a diversified portfolio, it is often a challenge to keep track of the price swings of each coin. This is one place where crypto portfolio tracker apps will come to help. Know more
There is a wide range of crypto portfolio tracker apps available today- however, not all could be worth a shot. The post below will offer a brief on the tips to follow to choose the right crypto portfolio tracker â but before that, letâs delve into the importance of crypto portfolio tracking as well as significance of the tracker apps.
Why to keep tabs on crypto investment portfolios?
Crypto market is wildly volatile where prices fluctuate every now and then. Then, unlike traditional asset markets, the crypto market is open round-the-clock and throughout the year. Thus, the rate of fluctuation is even greater and more frequent. In that light, if you donât keep constant track of your crypto investments, you might lose out on potential trading opportunities. Tracking of the investment portfolio will keep you updated about the price changes and many related data about the overall crypto investment portfolio so that you donât miss out on trading opportunities.
Benefits of installing crypto portfolio tracker
It might not be too arduous to keep track of one crypto investment on a regular basis. But, if you have got investments in multiple cryptos, then, the process could be too daunting and time-consuming. And, more so, when you would have to do that on a regular basis. You have to keep a tab on multiple price movements and probably from various exchanges. We live under a packed schedule today. We barely have the room to allot a considerable amount of time every single day on tracking multiple crypto investments. This is one major place where crypto portfolio tracker apps would come handy.
The best part about crypto portfolio tracker apps is that these applications are designed to shoulder the entire legwork of tracking multiple crypto investments. These apps will track and bring the data under one platform so that you donât have to hop from one platform to another to find information about each of your crypto . In other words, crypto portfolio tracking applications make the whole tracking thing a faster and more convenient process than ever.
Another great aspect about the crypto portfolio tracking apps is that these applications enable users to trade as well as generate reports about loss and profit in real-time. You will get complete information about constantly changing price movements, the right opportunity for trading, unrealized and realized loss gains, taxation reports, and so on. Put simply, these applications are the key to most efficient crypto investment portfolio management.
These portfolio tracking apps work by connecting with usersâ crypto wallets. Some of them would even work by linking up with your account in crypto exchanges.
Guide to find a reliable portfolio tracking app
Now, we have reached the central part of our discussion. Here is a brief on pro tips that will enable you to land up with a credible and efficient tracking app for your diversified crypto investment portfolio.
Compatibility with wallets and exchanges
There is no dearth of investment portfolio tracking apps today but not all would be equally suitable for you. Itâs because not all such apps out there would be compatible with all kinds of crypto feeds. Thus, itâs extremely important to check beforehand whether or not your chosen tracker app would be able to work with your chosen crypto wallets as well as exchanges.
Try to look for apps with a wide network of API aggregators. A small network might not be able to connect with all crypto exchanges from various countries of the world. Thus, leading tracking apps work with a huge network so that it can cater to a vast and versatile range of user needs.
Crypto scams and crimes are at an alarming rise of late. In 2021, crypto crimes reached their ATH! Your portfolio tracking app will directly communicate with your account in crypto exchanges and wallets. If any malicious force gets into play through the app, the entire portfolio of investment could be at stake.
Thus, you should be extremely careful about the security aspect of the portfolio tracking application. Make sure that the app always wraps the data in state-of-the-art encrypted protection. Then, a reliable tracking application will always use 2-FA for optimum security as per latest security standards.
Ease of automation
The primary agenda behind installing a crypto investment portfolio tracking application is ease of tracking. But, it wonât be that convenient if the application involves daunting and complicated operations. Thus, you would need to look for an application that can assure easy use through automation.
The portfolio tracking apps are available in free as well as paid versions. There is no need to put money in paid versions as the free ones are pretty capable of taking care of the necessary functions that you want from a reliable crypto investment portfolio tracking app. The mobile apps are available in both iPhone and Android versions. Know more criptomonedas
Just one thing to check before we go- make sure to carry a thorough review on at least 5-6 portfolio tracking applications before you make the final settlement. Donât just settle with the very first name you would come across online. You have to study both expert review and user ratings before you sign up with a portfolio tracking application.