As more investors, both retail and institutional, rush into crypto investing to capitalize on the current bull cycle, they are inevitably creating for themselves a more complex stack of storage solutions consisting of onramping tools, exchanges, DeFi platforms, hot wallets, and cold wallets to secure their tokens.
While there are highly valid reasons why investors create such complex structures to store their tokens, including balancing the need for security with ease and speed of offloading tokens, there are many investors who struggle to accurately track the true ROI of their portfolio across such complex configurations especially when dealing in such a volatile market as crypto.
Here we’ve identified some of our favorite free portfolio tracking tools that securely and automatically track the return on investment for crypto enthusiasts across each of their storage, trading, and DeFi platforms.
What is a portfolio tracker?
Portfolio trackers are web-based or mobile apps that link with your wallets and exchange accounts to measure the changes in your portfolio. They allow you to see the overall position and ROI from your investments.
Different portfolio trackers have different features. Some allow you to trade, set stop losses, and implement other advanced strategies whereas others serve simply as a reporting and notification tool.
Safety and Security with portfolio trackers
The immutable and irreversible nature of blockchain technology makes security paramount when connecting any new tool to the storage infrastructure for your tokens. Without the proper precautions, investors risk having their accounts hacked and tokens stolen.
As portfolio trackers by their nature are intended to be connected to each depository of tokens in your portfolio it is extremely important to consider security when implementing a tracker for your portfolio.
We recommend using a portfolio tracker that connects to your exchanges using APIs with read-only privileges, meaning that the tracker will be able to report the position of your portfolio without making trades or selling tokens. It is important to note that many trackers offer customizable API privileges so you may need to adjust the configuration of your tracker to ensure it is read-only.
CoinTracker is arguably the best portfolio tracker available. It provides functionality to automatically import your data from exchanges and wallets and even cold storage solutions like Trezor or Ledger products.
CoinTracker offers tax calculation functionality helping you with end-of-year tax obligations. This can be a huge benefit for many crypto investors given that many accountants are still not competent in understanding the tax implications of crypto investing. Full support for tax is offered in United States, United Kingdom, Canada, Australia, and partial support for every other country.
CoinTracker gives you a clear understanding of your total amount invested and current holding value at any given point in time.
2. Coin Market Manager
Coin Market Manager is one of the highly regarded automated journaling and analytics tools for crypto traders. It let’s you view in-depth, actionable analytics of your trading that assists decision-making and boosts overall performance as a trader.
Coin Market Manager connects securely with all your major exchange accounts using API connections and offers read-only options.
CoinStats is great for any crypto investor because of its easy-to-use yet detailed UI. It offers the ability to connect with over one hundred different exchanges and wallets.
You can easily sync your Binance or Coinbase accounts or even connect to cold storage options like Ledger Nano and have a comprehensive view of your portfolio on one dashboard.
CoinStats gives you the full transaction history on all of your accounts, profit loss analytics, and portfolio analytics. It’s available on iOS, Android, Web, desktop, and even an Apple TV.