Having only a few cryptocurrencies to trade is a thing of the past. Managing various crypto wallets has also become more complex, with the thousands of alternatives available to investors on many exchanges. In response to this, crypto wallet trackers have been developed to reduce the complexity of portfolio management across various wallets and exchanges. The solution works for both novice and expert traders.
So we’ll tell you why having a cryptocurrency portfolio tracker is essential, and then show you five of the best.
What exactly is a cryptocurrency wallet tracker?
A crypto wallet tracker is a digital tool that allows you to track the value of your various coins to properly manage your wallet. The tracking platform connects to your many crypto exchanges, wallets, and crypto services, allowing you to better manage your coins.
Why do you need crypto portfolio tracking?
Many cryptocurrency traders have funds spread across multiple wallets and exchanges. And, like traditional currencies, the value of each cryptocurrency constantly fluctuates. The fact that the crypto market is still open does not help matters. Therefore, the more assets you add to your portfolio, the more time you will need to spend on asset management. Managing dozens of assets across multiple exchanges becomes a demanding and inefficient process.
Portfolio trackers allow you to monitor price movements and keep track of your investments in one place. With them, you won’t have to repeatedly log in to different platforms. This solution works for different merchants, regardless of their experience level.
It will be easier to manage your investments if they are all in one platform. Moreover, you will also be able to make more informed investment decisions when your portfolio is well organized.
4 Features to Consider When Choosing a Crypto Wallet Tracker
Now that you understand the purpose of a portfolio tracker, let’s consider some criteria for choosing which one to use.
Many wallet trackers have free plans, but the best features are usually locked into their paid services. You will eventually have to choose a paid service unless you are satisfied with the free service provided by the platform of your choice. For this reason, you should consider the amount charged for the desired package before subscribing to it.
2. Integration of multiple crypto exchanges
There is no point in opting for a crypto wallet tracker that accepts the exchange(s) you have your wallet with. Crypto wallet trackers connect to APIs of several third-party aggregators to get insights and data feeds to track your assets. Their services can sometimes be regional or specialize in certain exchanges. Make sure to choose a platform that can integrate multiple platforms for easy use.
3. High Level Security
Since the wallet tracker will have access to your account, you should select a tracker with high security standards that prevent unwanted access to your account. Remember that cryptocurrency transactions are complicated to track. Therefore, if your account is hacked, you may not be able to get your money back. This is why you need to make sure that any platform you opt for works for all the exchanges you have invested in.
4. Automatic portfolio tracking
Some cryptocurrency wallet trackers require you to manually enter each trade you have made and include the execution price, trade time, and other information. Such requirements defy the ease one would expect from a crypto wallet tracker.
A platform that automatically tracks your trades and prices and gives you an up-to-date portfolio overview should be a priority. A good portfolio tracker will also provide you with historical data that you can use to refine your investment strategies.
5 Different Crypto Wallet Trackers
Below are the top 5 crypto wallet trackers you can use
CoinTracker allows you to view your investment performance and portfolio allocation in real time and for tax purposes. The platform supports over 300 exchanges and 10,000 cryptocurrencies.
CoinTracker has tools that help you comply with crypto tax rules and is one of the best apps to help you file crypto taxes. You can easily download your crypto tax report in minutes when you need it. The platform also provides full support for customers from the US, India, UK, and Australia and partial support for others.
The CoinTracker service is available in a variety of packages. There is a free plan, enthusiast plan ($14/month), pro plan ($99/month), and personalized service. The personalized service is best suited for power users and businesses, and fees vary from user to user.
Coinstats provides a comprehensive toolkit to manage your crypto, NFT and DeFi assets in one place. The service supports over 70 platforms and allows you to connect to exchanges such as Binance, Coinbase, and Bitmex, as well as wallets such as Metamask, Ethereum Wallet, Celsius Network, and many more. .
Coinstats offers a free package, which allows you to connect only five wallets without accessing many other benefits. The premium plan is the expert’s choice, costing just $7.49 per month. The platform also allows you to get a custom package with custom features upon request.
Coin Market Manager (CMM) is not just a portfolio tracker. It also provides automated logging services and analytical tools for crypto traders, helping you build your crypto trading log. The platform is compatible with five exchanges: Bybit, Binance, Bitmex, Deribit, Bittrex and FTX. All you have to do is create your account and link your exchange account to start tracking.
CMM offers a 14-day free trial for its customers to enjoy full access to all its features. You will not be required to enter your card details to start the free trial. After the 14-day free trial, you can continue with the free account or subscribe to its professional or enterprise account, priced at $68.99 and $89.99 per month, respectively.
With Shrimpy, you can link over 30 exchanges and wallets, including Binance, Kucoin, Coinbase, Metamask, and Kraken. In addition to connecting your account, you can also test your strategies, automate a crypto portfolio rebalancing strategy, and even copy other traders’ strategies.
Shrimpy services come in three plans: Beginner, Professional, and Enterprise. The Starter is for those just getting started and the service costs $19 per month. The professional account is for active traders who want more control over their investments, at a cost of $63 per month. At the same time, the Enterprise Plan works best for companies that are looking for enterprise-level portfolio management. The plan is priced at $299 per month.
CoinTracking analyzes your transactions and imports data from over 70 wallets and exchanges to generate reports on your profit and loss, coin value, taxes and more. The platform allows you to group your trades according to the specific exchanges you use, making it easy to track all your trades across various exchanges.
CoinTracking has different pricing plans ranging from $65 to $1,090. The free package allows you to import up to 200 transactions and is more suitable for new traders.
Track all your crypto trading activities
Thanks to crypto portfolio trackers, managing the growing number of crypto investment opportunities won’t be difficult. These trackers also have additional benefits such as performing analytics, getting reports, and other services that can help your transactions. You should try each recommended app to see which works best for you.