With thousands of crypto tradeable assets available, it is hard to keep track of your crypto portfolio these days. Even if you’re just buying and selling one or two different coins, you can quickly lose track of things, especially if you’re using several exchanges. Not to mention if you’ve been dabbling around in DeFi.
That’s why it is important to know your positions in an easy way, and there is no better way than to use an app or software solution.
You need to know where you stand at all times:
- to keep track of your overall investment
- to be prepared when tax time comes along
Here are my favorite portfolio tracking and tax preparation tools.
CoinTracker is the most complete portfolio tracker on the market. They have automatic import from exchanges built-in, and the interface is very clean. Their support is fantastic, and best of all, everything is free for those with few transactions. This is the system I would have built if I had to build a tracker myself.
If you’re a power user then there are several well-priced tiers that are completely affordable.
Of course, CoinTracker also calculates crypto taxes every year for you. Given that it’s still so hard to find competent accountants who understand crypto (plus it would be very expensive), it’s well worth it to pay for a tool like this that prepares everything for you. At any point, you can review your tax summary, and download the reports you need to file your taxes. Cointracker is seamlessly integrated with TurboTax and your accountant’s software. Full support is offered in US, UK, Canada, Australia, and partial support for every other country. They are adding full support for other countries too, so check out the CoinTracker site for the latest list.
You can not only connect it to your exchanges to pull in all the data about trades you’ve made, but you can also mark transfers to your Ledger Nano or other cold wallets so that they are not deducted from your overall balance.
In terms of exchanges, they practically support every exchange out there, including my favorites Coinbase, Kraken and Binance. You can import your data automatically via API or upload a CSV of all your trades. Cointracker uses read-only access to your exchange accounts to protect your funds. That is very very important as it means that Cointracker will never have any permission to operate with your crypto.
CryptoView provides an all-in-one solution that brings the process of crypto portfolio management to a whole new level. The platform is easily one of the best cryptocurrency portfolio managers currently available on the market, suitable for novice, experienced traders and even professional fund managers.
In its core, CryptoView is a multi-exchange trading and portfolio management platform equipped with a handful of useful integrations such as various cryptocurrency trading tools, portfolio analytics, a multi-source news aggregator, crypto events calendar and an outstanding interface allowing endless customizations. CryptoView is not just a cryptocurrency portfolio tracker but a fully functional trading platform with various useful integrations.
CryptoView is a cryptocurrency portfolio manager and trading platform which offers an all-in-one solution for novice and advanced traders. With the help of API connections, CryptoView synchronizes balance data and trading history from all connected exchanges and offers a single portfolio balance overview.
By utilizing API connections to the world’s largest exchanges, CryptoView’s platform grants instant data synchronization with all connected user’s exchange accounts and wallets. Users’ data such as current exchange balances, trading history, current opened orders and external wallet balances are synchronized into a single functional portfolio.
Here is a growing list of supported exchanges: Binance, Bitfinex, Bittumb, Bitmex, Bitstamp, Bittrex, Cexio, Coinbase, CoinbasePro, CoinEx, HitBtc, Huobi, Kraken, Poloniex, OKeX. For more detailed information visit the Supported Exchanges section.
Cryptocompare has a clean interface, and while it doesn’t have any exchange integrations (meaning you have to enter all trades manually), it does give you a very clear idea of how your portfolio is performing. You can also add more than one portfolio.
The big issue and deal-breaker is when you need to sell some crypto. There is no way to just enter the crypto you sold and select which cost basis to use.
Let’s sidetrack for a minute and talk about cost basis. Since Bitcoin is taxed as personal property, like shares of stock, investors theoretically have the option to sell their assets on a first-in-first-out (FIFO) basis, a last-in-first-out (LIFO) basis, or to sell those specific tax lots that are most efficient under the “specific share identification” method used for stocks.
Going back to Cryptocompare, imagine you made 60 purchases of varying amounts of Bitcoin, but always less than 1 Bitcoin. At a future point in time, you decide to dispose of 30 Bitcoin at one go. You would imagine that you would be able to open up your portfolio and enter the sale of 30 Bitcoin as a single transaction and have the tracker calculate your gains or losses based on all the other smaller previous purchases. But alas, this is not the case. The Cryptocompare portfolio expects you to select the original purchase transactions, and for each of those transactions record a corresponding sale. This gets very messy, very quickly. I was very disappointed by this situation, as I had spent a significant amount of time entering all the purchase trades manually, only to be stopped in my tracks by this issue when I made a sale.
I am still hoping that the Cryptocompare guys fix this issue by allowing us to select which cost basis to use, then enter sales trades separately from the original purchases. Until this is fixed, I wouldn’t recommend using Cryptocompare to track your portfolio, unless you are exclusively buying cryptos and not selling.
Crypto Pro is a comprehensive portfolio tracker with a focus on privacy. Users can automatically import their balances from over 90 exchanges and 190 cryptocurrency wallets. All personal data is encrypted and stored on your device.
The app is available on Mac, iPhone, iPad, and Apple Watch, and supports synchronization through iCloud. This makes it convenient to track your portfolio across multiple platforms, even when you’re on the go.
Other cool features include real-time price updates, news curation based on portfolio, macOS menu bar widget, exchange specific price alerts, and Siri shortcuts. Coinformant has more coverage on the shortcuts.
This is a social platform mixed with a portfolio tracker. I don’t really care about the social elements, but the interface is very nice. It’s a very new tool that is currently free but will have a price attached in the near future. The biggest issue I have with it is that it doesn’t do automatic imports from Kraken, only Bittrex and Poloniex.
This is the oldest and most complete portfolio tracker. It has a bunch of features and is also available in several languages. Unfortunately, it also looks very old and is nowhere as slick as the other two options above. Its import facilities are unparalleled, however, so if you can forgive the ugly interface, it’s a usable option.
Have you used any other portfolio solutions to track your cryptocurrency? Let me know if you have found something ideal.
Cryptocurrency Portfolio Trackers on iOS and Android
Have you thought about trading crypto?
n these volatile times, there is a big opportunity to make some money just trading Bitcoin. The idea is to buy when the price is suppressed and sell when it is rallying.
If you’re not confident doing that yourself, you can make use of a service like CopyTrading from eToro.
With CopyTrading, trades will be automatically copied to your account allowing you to manage your portfolio in a simple and transparent way. With over 3 million traders to choose from, you can interact with and copy multiple traders.
To get started, create your free eToro account. All information you submit is protected by the latest encryption technology and will not be shared with third parties. Once your account is created, select one of the available payment methods to fund it.
Use the eToro People page to find eToro’s best traders. Make sure to check the traders’ portfolios and trading stats. To base your copy trading portfolio on specific markets (i.e. crypto), use the eToro Markets page to see which investors are trading in the market of your choice.
Once you’ve found the crypto traders you want to copy, simply click on Copy to start copying their positions. You will be asked to specify the percentage of your funds you want to allocate for copying. The amounts for the copied trades will be calculated accordingly.
The trades made by those you’ve chosen will be automatically recreated in your account. You retain full control of your account and can take the trade over, or stop copying a trader altogether, at any time. Finally, always be on the lookout for new trading stars to add to your copy trading portfolio!
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 67% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.
Cryptoassets are volatile instruments that can fluctuate widely in a very short timeframe and therefore are not appropriate for all investors. Other than via CFDs, trading crypto assets is unregulated and therefore is not supervised by any EU regulatory framework. Your capital is at risk.
Hope you found this post useful. Be sure to check out my list of cryptocurrency resources for more resources on learning more about this asset class.