A cryptocurrency portfolio tracker is a website, app, or other type of platform that allows you to manage your investments and monitor the value of your coins. A crypto portfolio tracker, similar to how a GPS helps you navigate and stay on track when traveling to new destinations, assists you in navigating and staying on track with your cryptocurrency investments in the exciting and ever-changing world of cryptocurrency.
Trackers connect to your wallets and exchanges, providing a one-stop shop for all information about the value of your portfolio. Crypto portfolio trackers are most useful for large-scale traders who trade more than three coins on a daily basis, but they can be useful for any crypto investor.
Some cryptocurrency portfolio trackers also serve as trading platforms for cryptocurrencies. A tracking exchange, like a standard tracker, assigns you an individual wallet key that you can use to import and store cryptocurrencies. These trackers also allow you to buy and sell the platform’s supported cryptocurrencies. Leaving your coins in your cryptocurrency exchange is convenient for both experienced and inexperienced traders, but it is considered risky as a long-term solution because exchanges are frequent hacking targets.
Do you intend to invest in cryptocurrency for several months or years? It is preferable to use a cryptocurrency portfolio tracker.
What Should a Crypto Portfolio Tracker Include?
Regrettably, not all cryptocurrency portfolio trackers are equally useful and secure. Though each portfolio tracker has its own unique niche to appeal to a specific group of traders, every option you consider should have at least these three basic features.
1. Security and safety
Because of the blockchain’s decentralized nature, Bitcoin and other cryptocurrencies are extremely difficult to track and trace. It’s also difficult to determine who owns which wallet, and once a cryptocurrency transaction is initiated, it’s nearly impossible to recover the funds.
As a result, it is especially important to select a tracker that prioritizes security. Because many cryptocurrency portfolio trackers connect to an exchange or your bank account, protecting your coins and money is critical. Because a single hack or data leak can expose your wallet, look for security features such as two-factor authentication and multi-layer encryption in crypto tax in India.
2. Simple and straightforward layout
The goal of a portfolio is to allow you to quickly view all of your assets and see how the value of your portfolio changes. The total value of your portfolio is displayed on the front page of a good portfolio tracker or with a few clicks. Choose one of the crypto portfolio tracker apps available on your phone if you want this to be available on your phone without having to go to an internet browser and sign in.
Your tracker should be simple to use and comprehend, and you should not have difficulty determining the value of each individual coin in your portfolio. Look for a tracker with a simple, straightforward layout that you enjoy looking at and using. When using your portfolio tracker, this will save you time, stress, and eye strain.
3. A diverse range of coins and exchanges are available.
A cryptocurrency portfolio tracker should be able to handle all of your coins in one place. Look for a cryptocurrency portfolio tracker that connects to all of your coins and exchanges.
Examine the coin offerings before opening an account with a platform that combines a tracker and an exchange. You can trade as many coins as you want without having to deal with multiple exchanges or remember passwords.
With the help of Binocs, crypto portfolio management and crypto portfolio tracker do not have to be difficult. However, having a firm plan in place for how much you want to invest and in what assets is critical.
