Whether you’re new to investing in cryptocurrency or you’re an advanced trader, you should consider using a crypto portfolio tracker. These web/app applications give you a way to track all your progress, keep track of global trends, calculate differences, and sometimes even do your taxes. Let’s examine the best one we have been able to find (and we tested a few ones…). We are talking about a piece of software here, which comes from a quality German coding house. We searched for a crypto portfolio app with accurate prices and calculated numbers, convenient polling of our trades per API, a proper tax reporting export and a user interface that a)gives you all the info needed and b) doesn’t annoy you with functional bugs. That’s how we found cointracking.info.
Crypto Portfolio Tracker – The trader’s and investor’s best friend
Perhaps, you’re new to investing, and you think that it’s easy enough to keep track of your small portfolio on a piece of paper or in an Excel spreadsheet. There is a point to be made there; it is easy. Every time you make a trade, scribble down a few notes in your trusty crypto notebook.
As simple and seemingly easy as it may be, however, you’re definitely not doing yourself any favors. You see, what your pen and pad can’t provide is:
- Advanced market analysis
- Up to date trends and coin prices
- Accurate graphs
- A permanent digital record of your trades (which really comes in handy around tax time).
Every crypto trader starts off with a simple portfolio. A little bit of Bitcoin here, maybe a couple of Litecoins. However, after a few days, you’re bound to become bored of this, and ultimately you’ll discover the “wonderful world of Altcoins” (which is the umbrella term for all the other cryptocurrencies out there).
Before long you’ll be hitting the exchanges and trading like Gordon Gekko. You’ll be swapping back and forth and investing in several new tokens/coins a week. It’s very easy to get caught up in all of this trading, and then come to a point weeks later where you have no idea what you’ve actually accomplished.
How much money you’ve made (or lost), your weekly percentages, and all of the juicy info that gives you an accurate picture of your history as a cryptocurrency trader.
This is where having an application to keep track of your coins comes in. It does all of these for you. All you have to do is click a button, and all your trading history will be laid out in front of you. That comprehensive dashboard alone is one of its kind:
Hopefully, we’ve piqued your interest. One of the best applications out today is called “cointracking.info.” It started out as a small startup project by Dario Kachel. He was tired of tracking all of his investments through an Excel spreadsheet and wanted to solve the problem both for himself and his friends.
He launched his startup in 2013, and it quickly gained popularity across the board from professionals and beginners alike. It has some really great features and recently caught our eye as well. Let’s take a look!
The Capabilities A Crypto Portfolio Tracker Should have
When comparing portfolio tracking applications, there are a few features and capabilities that you want to look for. The first is mobile compatibility so that you can track your portfolio on the go. After that, you want to look at the basic calculators, ability to import wallet data from several exchanges, and tax reporting features.
Android and iOS Compatibility
The first thing that really sticks out about cointracking.info is that they have fully functional Android and iOS apps. Crypto traders are notorious for always checking up on the latest coin prices. With cointracking.info you will be able to log into your account from most smartphones and check up on your portfolio, no matter where you are in the world.
Some crypto portfolio trackers only have a “lite” version implemented into their mobile application. They’re only hosting a mobile app because it makes their company look good. Often it is just a stripped down version of the website, sloppily coded into an app with $100 dev costs, realized by a company that usually finds their clients by “email acquisition”. This is unfortunate because it causes people to stop caring, and eventually stop using the application altogether.
The cointracking.info app is different. Their mobile application is already in mature state and allows you use every feature that you would otherwise be able to use on their website. You sacrifice nothing.
Their app allows you to see real-time coin prices with second by second updates. They have their famous pie chart graph of your portfolio that makes it easy to understand and translate, with both day and night modes for increased visibility. And yeah, for the nervous screen unlockers, this crypto portfolio app offers a mobile widget that you can install directly onto your home screen.
A Crypto Portfolio Tracker To Stay Updated On Market Trends
Every investor knows that it is important to stay on top of their game, they have to know all of the latest coin prices. That doesn’t mean last weeks price or even yesterdays price. It means real-time updates. Cointracking.info actively tracks the exact cost of over 4,000 different coins and assets from Bitcoin all the way down to small ICO tokens you’ve never even heard of.
Not only do they give you live prices, but they also give you live charts and graphs of recent activity. This can be from help if you know your TA stuff to catch a coin when it’s about to “go to the moon” or to be aware when a drop is possibly going to occur, so you can liquidate your tokens before you lose money.
Once you’re able to understand the charts, you’ll be able to look closely at the data and micro-analyze all of the latest trends. It’s a lock like stock investment in this way. The more accurate the graph is, the better investments you’ll be able to make. Out of all of the trackers we’ve looked at cointracking.info had definitely rock-solid ones. They seem to use the same charting script like Bittrex, so might be quite familiar.
A Crypto Portfolio Tracker with Tax Reporting
In the beginning, when cryptocurrency was in its fledgling stage, the government didn’t pay it too much attention. Crypto traders, however, have never been known for their modesty. It wasn’t long before 17-year old kids were flaunting their brand new electric blue Lamborghini’s on their small suburb streets. The computer geeks who everybody made fun of in grade school finally had their revenge. They were rich and wanted everybody to know it.
The current crypto market also has a current value of over $550 billion. That market cap has been doubled over the past two years and shows no sign of stopping. Within five years it could be well over several trillion dollars.
Whether you want to blame the guys driving the Lamboghini’s or you want to blame the market cap, you can’t deny that the government has taken in interest. First sought to stop it. Some countries have even been successful in criminalizing further Initial Currency Offerings. Good old Uncle Sam, however, took the route that he’s always taken- taxation.
Love them or hate them, taxes are an unavoidable part of being a citizen, and the government doesn’t care how “decentralized” your currency is. They now expect you to fully report all of your cryptocurrency investments and assets on your yearly taxes. The IRS is also pretty good at finding out when you’re trying to pull one over on them as well, so it’s best just to bite the bullet and comply. There’s no point in being a crypto millionaire if you’re in federal prison. We wrote about the crypto taxation topic a while ago. Furthermore, the reporting has an extra-feature called “Tax-free coins” to help you save taxes by selling it after a certain period of time.
Calculation of tax-free coins (Long) and taxable coins (Short) for a specific date and period by FIFO.
Coins that have been held for longer than one year are displayed in the “Long” table and can be sold free of tax at the specified date.
Coins where the holding period has not been reached, appear in the “Short” table and would be taxable at the specified date.
This is just one of the many outstanding USPs in comparison to other portfolio trackers: Cointracking.info has a wonderful feature that keeps track of every purchase and trade that you’ve ever made, as long as you have properly imported your wallets and exchange API’s (we’ll get into that next).
Not only does it keep track of your trading, but cointracking.info offers a function that automatically converts all of this information into a convenient tax sheet. That means you have to do almost no calculation on your end. Just enter the data from the tax sheet into the appropriate location when you file for your next tax return or export a file out of your dashboard and hand it over to your tax advisor. Case closed.
A Portfolio Tracker with API and CSV, XLS Importing From Wallets and Exchanges
This is the feature that makes cointracking.info really shine. The application can import the API’s from many wallets, external exchanges, and even other portfolios you may have had in the past.
Maybe you got lost at the word API. It’s okay, a lot of people use technology without knowing how it actually works, but since this is an in-depth article, we’re going to take the time to explain it to you.
API stands for Application Program Interface. It is the set of protocols and functionality which make up an applications user interface. The user interface is just a fancy way of describing the screen that the user can visually see and interact with.
By “importing” an external application’s API into your existing application, what you’re doing is making a call across the network, and “asking” to access another application’s data, authorization records, and it’s user interface.
For example, if you’ve ever downloaded an app and it gives you the option to log in with Facebook, then that app is making use of Facebook’s API. It’s accessing all of your personal information (name, email address, country, phone number, etc.) from Facebook’s database, and using it to create your account on their application. This saves you the trouble of filling out a long form.
So now, that you have a good idea of how API’s work, let’s explain how cointracking.info uses them. On every exchange that you use, if you look at your private account details, there will be an API key listed. This is your private key that our portfolio tracker can use to access your account details and update your portfolio.
Now copy this API key, then head over to your cointracking.info account, hit the ‘Enter Coins’ drop-down menu, select the ‘Exchange API Imports’ submenu and then click on the exchange you wish to import. You will then be prompted to enter your API key as well as some additional privacy authorization depending on what exchange you’re using.
Here you can see which exchanges and wallets are supported by cointracking.info:
Important for the most convenient import art the API pulls. The portfolio tracker pulls automatically data from these
- Exchanges: Binance.com | Bittrex.com | Bitcoin.co.id | Bitfinex.com | Bithump | Bitstamp | Bitmarket| Bleutrade | Cex.Io | Coinbase | Coinspot | Cryptopia | Gatecoin | Gdax | Hitbtc | Independent Reserve | Kraken | KuCoin | Liqui | Livecoin | Luno | NovaExchange | Poloniex | QuadridaCX | TheRock | Tidex | Wex | WhaleClub | Yobit
- Wallets: All major Bitcoin, Ethereum and Altcoin Wallets (You simply select the coin name and fill in your wallet address)
The portfolio tracker will then access all of your recent trade history, your online wallets from that exchange, and add it to your portfolio, graph the data, and begin running calculations. As of January 2018, it has the ability to import and track thirty different exchanges, and eight major digital wallets. There is also a feature that allows you to import CSV and Excel spreadsheet files. Of course, if you prefer good ole footwork you can enter your trades manually.
Once you’ve imported all of your accounts, you can then decide how you want them displayed. Under the ‘Reporting’ drop-down menu you can choose whether you want to view all of your investments displayed together, or whether you prefer to see them separately listed by exchange.
Coin Price Calculator
When you’re trading a bunch of different cryptocurrencies, it’s very easy to get lost in the details, and you’ll find yourself quickly forgetting prices.
Cointracking.info makes it easy with their built-in coin price calculator. Whether you’re just trying to calculate the price of a number of coins into fiat, or whether you want to see their value in other cryptocurrencies, all you have to do is enter the amount, select the currency you wish to convert to, and the calculator will give you an answer based on real-time price updates. For example, you 25 Strat at a particular date with ETH as the ETH price was down and the BTC price up. Now you want to sell for BTC because it plummeted in relation to Strat you could use this calculator to find out if you would be profiting with the current scenario.
A really neat feature that the application has is a bitcoin analysis algorithm. Of course, no algorithm is ever going to be 100% correct, but this one has a history of being fairly accurate. It even has a handy visual aid that it calls the ‘Bitcoin Risk-O-Meter’ that shows the probability of strong price fluctuation over the course of the next few hours. It can give you a rough indicator when to purchase or sell you next bitcoins or give you an overview of the overall sentiment and what might happen with your altcoins soon. Sure, the Algo is not perfect, but the hit rate is quite impressive.
Concluding Review of Cointracking.info
We hope we’ve been able to convince you of the merits of using a portfolio tracking application. Cointracking.info provides one of the best that we’ve ever seen, which is why we’re recommending it to you.
There are a few other decent trackers out there, but they all fail in at least one area. Some of them display horribly incorrect prices, which will result in you waking up to your $1,000 portfolio having a value of hundreds of billions of dollars. Others have mobile applications that are more of a hindrance than a help and only offer a fraction of their web application’s functionality. Their easy to use mobile application is where this tracker really comes in handy. You’ll be able to take your portfolio with you everywhere you go, so you can act when the time is right, and make the most out of your trading day.
By using a crypto portfolio tracker like this you will not only have a better idea of where your investments stand, but you’ll be able to see real-time coin prices, data displaying the latest market trends, and even Bitcoin price predictions.
What we liked the most is the huge amount of tools, that make an actual sense and we are sure you won’t find a stack like that anywhere else. Yes, the price is steep, but in this case, you really get what you pay for. Working with cryptos can be a pain – that constant dealing with many decimals, calculations in satoshis, trading fees in satoshis, the multiple wallets you maintain scattered all over the web all that makes it really hard to do an efficient profit/loss calculation. Keeping the overview of realized and unrealized gains is almost impossible if you are not in bed with Excel. Cointracking.info takes this all for you. You need about one hour of initial concentrated work and you will get clarity as a result. The fog will be lifted and you will see clearly what you are actually doing with your trades, how profitable you are and how to tweak your actions to perform better. Cointracking.info is so much more than your average free android app of a crypto portfolio tracker.
Cointracking.info offers a free lite version of its portfolio tracker with limited features. Download it to test out the water and get addicted! Once you are amazed by the free features, you can increase that excitement by adding the advanced features, they are totally worth it and if you took the link above you will be able to purchase with a cute 10% discount.