The continuous rise in crypto coins' values has elicited enormous interests from investors seeking to get a piece of the crypto fortune. The rise in the number of crypto investors has made crypto trading increasingly complicated thanks to intense market volatility and coin uncertainty. As such, experienced investors are looking to hedge risk and enhance their profitability by diversifying their portfolios.
Building an effective crypto portfolio is no easy task and requires considering several factors, i.e., risk tolerance, asset allocation, trading strategy, and an individual's trading timeline. A trader must also choose an ideal asset based on the technology behind it and the project's team to add to their portfolio.
However, crypto asset management is challenging and calls for constant attention due to crypto volatility. Worse off, crypto prices always change, and it's almost impossible for traders to manually update their portfolios in line with the real-time changes in the assets' value.
Advanced crypto trading software or crypto trading bot may not make the situation any better since they can fail to track their portfolio. Crypto portfolio management tools come in handy to enable crypto traders to keep track of their assets efficiently. Here is a look at the top tools every smart crypto trader needs to manage their portfolios.
Why Do Crypto Traders Need Crypto Portfolio Management Tools?
The primary goal of crypto management is to grow the value of investments and minimize risks. Crypto portfolio management tools are essential for?
- Comparing coin performance
- Monitoring of trade orders or asset allocation
- Conducting real-time portfolio updates and balances based on crypto price movements
- Enabling crypto traders to conveniently track their crypto investments or trade digital currencies from a single application
Top Crypto Portfolio Management Tools to Consider
- Accointing.com- Best Cryptocurrency Portfolio Tracking and Tax Software
Several countries, such as the U.K., USA, Canada, and Australia, have started charging taxes on crypto-assets such as Bitcoin. Declaring tax for digital assets like cryptocurrencies is quite complicated and a hassle, let alone maintaining tax records. While there are several crypto tax software tools available, not all of them are great at providing and storing up-to-date tax reports.
Accointing is a top of the class crypto portfolio management and tax platform that enables crypto traders to track the portfolios and generate a tax report for a tax period aligned to their country’s crypto tax requirements.
Accointing is an all-in-one solution for seamlessly tracking and compiling tax reports on Bitcoin and other cryptocurrencies. This tool is perfect for professional and novice traders and offers a wide range of features for efficient tracking and managing an individual's crypto taxes.
Some of the platform features include full data set function, real-time market data, guided tax strategies via the Holding Period Assistance feature, and comprehensive tax reports. The tool is available both as a mobile app and web-based and can connect to over 300 wallets and exchanges.
- Shrimpy- High-end crypto portfolio tracker with portfolio automation
Shrimpy is a top-notch, user-friendly crypto portfolio tracker that integrates other features such as portfolio automation and a crypto trading bot. The tool comes with an advanced feature, i.e., Universal Exchange Interface, which offers a seamless way of viewing one's portfolio.
Better yet, the tool allows crypto traders to access five years of historical crypto data from their crypto exchange thanks to a backtesting feature. The platform also packs other functionalities such as automated crypto rebalancing and custom portfolios to better manage users' portfolios.
Another excellent feature on the platform is the trading bot, which enables crypto traders to automate their trading strategies. For instance, you can schedule the Shrimpy trading bot to automatically execute buy/sell orders based on an individual's trading strategy, e.g., buying low and selling high.
Users on the platform can interact and share their trading strategies or ideas. The tool is free, but there is a premium version charging $19 per month.
- CoinStats - Crypto Portfolio Tracker
CoinStats is another outstanding crypto portfolio tracker that enables traders to track their portfolios from a single platform. The platform supports over 8 000 digital currencies as well as 300 crypto exchanges.
Users can sync their crypto wallet or exchange account, enabling them to monitor their portfolio's price movement seamlessly and implement the necessary trading option.
CoinStats also offers personalized crypto news alerts to enable traders to date with the crypto space's latest trends. The crypto portfolio tracking tool is available on Android, Web, macOS, Apple Watch, and Telegram Bot.
- Delta - Leading Crypto Tracker App
If you’re an app enthusiast, Delta is your ideal portfolio tracker app. The app allows you to efficiently manage your portfolio via personalized portfolio graphs that display how your assets have decreased or increased in value over the entire investment period.
On the app, traders can get a clear overview of their total portfolio balance as well as the total loss or total profit over the past 24 hours from the start of their trading period.
What's more, the app features a market watchlist, custom notifications, and a market overview. It also packs trading analysis features, notably segregated trade overview involving asset source, asset location, asset split, and investment status.
In essence, the app is your all-in-one solution for managing your crypto portfolio right from your smartphone. Delta supports more than 7 000 crypto coins and over 300 exchanges, including Bit-Z, HitBTC, Binance, Gemini, Bithumb, and Bitstamps.
- Blox - Crypto tax management tool
If you’re increasingly finding it hard to manage your crypto tax involving multiple assets, then Blox can bail you out. Blox is an automated, precise, and efficient crypto asset management tool with tax management capabilities. In addition to enabling crypto traders to track their portfolios, the platform facilitates auditing and filing crypto taxes.
The tool allows crypto traders to seamlessly track and account for their portfolios by creating various portfolios. The platform, via its API (Application Programming Interface), integrates to popular exchanges and major blockchain networks.
Blox has gained massive traction in the crypto space as an ideal tax calculation tool, and high-end clients are using it in the crypto space, including Nexo, Paxful, and eToro tax calculations. Ideally, Blox is your best crypto tax management tool, especially if you're a business owner receiving crypto as a payment means.
Conclusion
Diversifying your crypto assets is essential for spreading risks and enhancing your profits. However, managing your crypto portfolio is no easy task, and therefore you'll need a useful crypto portfolio management tool. There are numerous crypto management tools, and using them will make your trading more efficient and profitable.
When looking to choose the best crypto management tool, it's essential to consider several factors: your trading strategy, coin watchlist, support exchanges, pricing, etc. As a smart trader, you ought to try out the above-discussed crypto management tools and enhance your ROI.
