A portfolio tracker is a financial product that lets people follow their investments or trades in an easy way. The tracker can be used in a web browser or in both Android and iOS applications. In this article, we will explain how portfolio trackers work and highlight some of them.
How portfolio trackers work
A portfolio tracker is a product that is designed to track investments from one or more brokers and exchanges. This process is possible because most of these companies have an Application Programming Interface (API) that lets other developers integrate their data.
Whenever you buy cryptocurrencies, you can easily check their price movements and portfolio performance directly in the application. However, at times, you may need to use an external application for several reasons.
First, you may have used several brokers to purchase your cryptocurrencies. As such, checking multiple brokers can be time-consuming and ineffective.
Second, at times, you might have a portfolio made up of multiple assets that are not offered by one broker. For example, you may have cryptocurrencies in Binance and Coinbase and stocks in Schwab and Robinhood. Therefore, in this case, the portfolio tracker will help you keep these assets in check.
Third, in addition to offering portfolio tracking solutions, these tools have other solutions, such as news and analysis on multiple assets. So, here are some of the top portfolio trackers you can use in cryptocurrency trading.
Bitsgap
Bitsgap is a small and fast-growing company that helps more than half a million people from around the world become better and more effective traders. The company has helped facilitate trades worth over $500 billion.
The company’s flagship platform is one that helps traders automate their trades in an easy way. Bots are expert advisors that open and close trades after doing automated analysis. Today, it has created all types of bots. Some of the most popular ones are grid trading bots, Dollar Cost Averaging Bots, and futures trading bots.
Bitsgap offers its product for a fee, although it has a free trial. Its cheapest package starts at $24 per month while its most expensive package goes for about $127 per month.
Delta Investment Tracker
Delta Investment Tracker is a relatively new company that works with tens of brokers across all industries. Its goal is to help investors track investments across the crypto, stocks, and non-fungible tokens (NFT) industries. People can track thousands of assets through its easy-to-use platform. According to its platform, Delta Investment Tracker has over 3.5 million users globally.
Users love Delta because of how easy it is to use and the advanced data analytics it has in its ecosystem. Most importantly, the platform helps to analyze multiple assets, including newer ones like Bored Ape Yacht Club and Otherdeed. Delta is free to use, although one can pay about $50 per year for more advanced features.
CoinTracker
CoinTracker is another portfolio tracker that is widely used globally. At its peak, the platform had millions of users who enjoyed its advanced features. The platform works in a browser and across all types of mobile applications.
One of the key benefits of using CoinTracker is that it has advanced tax benefits. It is one of the few platforms that help people calculate their crypto taxes automatically. This means that it will automatically check the performance of these assets and then advise you on the right amount of money that you should pay in taxes.
Indeed, the company is the official tax partner of leading companies like Coinbase, OpenSea, H&R Block, and Turbotax.
The screenshot shows how it summarizes crypto taxes. Its taxes service costs between zero and $200.
CoinStats
CoinStats is another advanced cryptocurrency tracker that has some of the best features in the industry. It is a web and mobile platform that lets people track the prices of cryptocurrencies and the performance of their portfolios.
It works by using APIs to connect both centralized and decentralized exchanges like Uniswap and PancakeSwap. One can also connect popular wallets like Ledger and Metamask. In addition to just checking your portfolio, you can even execute your trades on the platform. As such, you can easily do arbitrage by buying from a cheaper broker and selling to another broker.
CoinStats uses a freemium model. The basic package allows one to connect just five portfolios and 1,000 transactions. The premium package costs about $9 per month and allows people to track unlimited portfolios.
CoinMarketCap
CoinMarketCap is a large enterprise in the financial services industry. A few years ago, the company was acquired by Binance, the biggest player in the sector. The service is well-known for listing thousands of cryptocurrencies and showing their market caps. The company has introduced portfolio trackers that help people to track all their coins.
The benefit of using CoinMarketCap is that it is free to use and tracks more than 20,000 cryptocurrencies. Also, it has highly-rated mobile applications.
WeBull
WeBull is well-known for stocks trading and investing in the stock market. It is a Chinese company that has become popular in the United States. It is loved for the vast number of assets that it provides on its platform. For example, it provides hundreds of digital coins. It is a good platform to track your portfolio since you can track assets in all sectors.
Final thoughts
A portfolio tracker is an important tool that will help you simplify your investment and trading. It can also make it easy for you to file your taxes. In this article, we have looked at some of the most popular coins to track your portfolio. Others that you can use are Coinbase, Kraken, and Binance.
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