Cryptocurrency is slowly becoming popular as an investment asset and more and more people are getting attracted to it. While they promise high returns over the long term, investing in cryptocurrency is definitely not a game of week hearted as the asset is investment volatility and risk. And the mad upward rush 2017 and then the steep drops of 2018 has just given a lot of investors a scare of their lives. While many speculators who had entered the market in 2017 in the greed of making quick money have moved away, while the ones that remain are long term investors. And they are always in hunt of tools that can keep them in the game and make wise decisions. And to make those wise decisions investors need to equip them with the best tools out there and one of those tools is a good cryptocurrency portfolio tracker/management app, that we are going to review today.
Rise of Altcoins
2017 was not just the year of price rises, it also bought a lot of altcoins into the game. These were subdivided into Utility Tokens, Security Coins, Privacy Coins etc but ultimately expanded the altcoin market making it difficult for the investor to choose and hold the one that could give the most returns. Today there are thousands of altcoins and the number is slowly and steadily increasing daily.
A Portfolio Approach to Crypto Investing
Every person that has traded any markets knows the power of having a portfolio approach. A portfolio approach is considered to be the basis of long-term, successful money management.
If we go to define, Portfolio Approach is predicated around creating a customized investment portfolio that reflects the investment needs throughout the various stages of life. A lot of people demand expertise as to how one should create a portfolio in cryptocurrency, the learned on the street suggest some thumb rule for a long-term investment in cryptocurrency. According to many any coin that is picked up in a portfolio should have the influence of these traits.
- Market Share: Market Share can be defined as the proportion of market capitalization that a cryptocurrency has. A large market share typically indicates dominance.
- Utility value: When determining if a cryptocurrency will be here in a few years from now one needs to ask and find answers to questions like- Is the cryptocurrency useful? Does it have a users’ market? These questions are important because they are the most useful cryptocurrencies that are likely to be widely adopted.
- Transaction volume: In order to determine whether a cryptocurrency is actually being used, one can take a look at its transaction volume. This indicator also speaks about the long-term usage of the currency.
- Market News: Market news does affect the price of one’s cryptocurrency and would have a retrospective effect on the portfolio, so it is imperative that you should be ready to react. Overall, one has to stay up-to-date with market news involving cryptocurrencies so that one can make informed investment decisions.
If one applies these filters to the complete list of coins, he may find himself surrounded by a lot of coin suggestions and that is how should be approaching it by diversifying his or her investment.
The Need for Portfolio Trackers
With institutions moving into the crypto game, the advised “crypto” portfolio management will be on the rise and a lot of people would be holding a lot of coins as part of their portfolio where they follow the portfolio approach or not.
Monitoring these holdings in a variety of coins is slowly becoming a challenge for people and with changing scenarios this bound to increase. This is where a lot of players are trying to create portfolio trackers using technology just as the one available in equity and other asset classes.
What is Portfolio Tracker?
A portfolio tracker is a program or service that allows investors, users, and traders to trace the price movements of the assets they hold as part of their individual holdings. This program provides the user the insight as to how his current allocation is placed and stacked up along with his or her long-term financial goals and decisions. This also provides an idea to the investor as to how their crypto portfolios are doing compared to the rest of the market.
The investor needs to add portfolios from their trading or investment accounts to automatically import or create portfolios manually to test out particular strategies. While doing this one must always keep in mind that the trackers are a good solution to monitor their portfolio at any given point of time but to keep checking the portfolio regularly may lead to excessive trading. But if one wants to keep your asset allocation on the right path, a portfolio tracker is a simple and effective way to monitor it.
Most crypto exchanges have some sort of tracking and research tool but you can only use accounts affiliated with that exchange. Hence a lot of third-party trackers have entered the crypto space to the provided custom solution to crypto investors to keep a track of their portfolio.
Qualities of a Great Crypto Portfolio Tracker
Great portfolio trackers have a large pool of investment tickers and information indicators which allows the users to draw from and provide great and easy to use research tools. While it’s a very personal choice which program suits whom according to his or her want, there are some standard criteria that apply to many and help us draw the best trackers. These include-
- Cost: While most crypto portfolio trackers have a free option to get started, some of the good ones have add-ons that can be purchased to enhance the experience. It is advisable for starters to use the free method and test the trackers before taking anything advanced and expensive.
- High number of trackable assets: What good is a portfolio tracker if an investor can’t track his complete digital asset portfolio? A good tracker will let you follow all types and size of coins, tokens and even newly added coins.
- Speed: Time is a precious component in crypto trading. A minute here and there and the investor may find himself in a position he may not want to be in. Hence it is obvious that he would want a tracker that loads quickly onto his phone or laptop, and also updates prices quickly. A crypto portfolio tracker should be in a position to post real-time (or close to it) price quotes as the investors or traders you can’t trade if prices are delayed.
- User-friendly interface: A crypto portfolio tracker should be easy to use and simple enough that users of any age group can adapt to it and flawlessly operate it.
Best Crypto Trackers Available
Delta is one of the best-known crypto portfolio apps which is widely available on desktop (macOS, Windows, and Linux) and iOS/Android mobile platforms. The App is very clean modestly describes itself as “the best Bitcoin, ICO and Cryptocurrency tracker. Everywhere.” What clearly stands out for Delta is that it tracks a vast array of tokens (2000+) in support of its claim to have the largest library of supported coins. It has exchange support (175+), API connection functionality (to 13 exchanges) and a user-friendly interface. While the overall experience is highly compelling, the tracker lacks some rather limited charting and notification options.
- Large range of tokens and exchanges
- Standalone desktop app
- Trading fees tracked
- Multiple portfolio support
- Limited charting
- Unlimited exchange API connections limited to Pro version
One of the most popular sites which provides complete information and has a great portfolio tracker is Cryptocompare. The website is a professional, and data-focused hub suitable for organizations and individuals alike. While currently, the app is available on the website and Android phones, there is still silence on its IOS versions. The team behind the app has worked very well on the interface making it very impressive, surfacing a huge amount of data on each asset. As CryptoCompare provides enhanced insight by way of news, articles and forum posts, it is highly recommended in the crypto community. The site also has a timeline function which shows the journey of every coin and the key milestones it has achieved along with its Social media insights.
- A vast amount of information available
- Nearly 5000 coins and corresponding 240,000 trading pairs are covered
- Established Platform with Robust updates.
- No iOS app
Coinstats is again a popular app which is available for iOS, Mac OS and Android. While the user interface of the app draws down on a little of the refinement, it has some great functionality on its side. The app supports and provides details of 1800 coins, with live prices from more than 80 exchanges. Automated exchange portfolio import functionality is available for impressive 30+ exchanges. Its news aggregator tracks a wide range of sources (40+), including Reddit and Twitter for each coin. Coinstats alert settings are also a differentiator, with the ability to receive notifications based on not only price but also market cap and volume.
While the app is available free, it has a Pro version priced at £27.99 a year which allows multiple portfolios and auto alerts of price changes.
- Good exchange integration
- News Updates
- Price Alerts Notification
- Pro account takes away the best feature
- The interface needs a bit of cleaning.
Blockfolio is a self-styled “world’s most popular Bitcoin and Cryptocurrency Portfolio Management App” While it is supported on iOS and Android mobile, the app definitely draws down on the fact that it does not have a desktop version of the same.
It has impressive charting abilities also boasts support for 207 exchanges, with more no doubt in the pipeline. Another drawback to the app is that it misses out on some common trading pairs, such as USDT. Other key features of the app that it provides instant alerts on when a specific price level is hit. Also resides in the app is a news aggregator tab which provides a useful way of staying on top of the latest happenings. The latest addition is the updated Signal Feature which provides instant updates from the development teams of your portfolio teams, although some may find these notifications a little distracting.
- Amazing Charting Tool
- News Tab acts as an added advantage
- Price Alerts Notification
- No Desktop app is a huge drawback
- Exchange support and API access missing
Coinmanager is an app which not only tracks portfolio but also provides arbitrage function which tracks price differential between exchanges. The app has API links to Binance, Bittrex, Bithumb, and Coinone allowing trade directly through the app. The app is available in both iOS and Android versions and offers some impressive and unique features. Charting, for example, is powered by the industry-leading Trading View.
- Tradingview powered charting
- Arbitrage function
- In-app trading
- No social logins
- Difficult interface and takes a while for the user to master it
Cryptopanic is a powerful news aggregator that also offers portfolio and alert features. It is available on both iOS and Android platform as well as has an amazing desktop version. The Pro version of the tracker is priced at USD 99 which provides instant coin alerts and the also empowers the user with the ability to customize their news page by adding their own news feeds and switching off default news sources. While the charting abilities — provided by Coinmarketcap.com — are relatively limited, most users will be coming to Cryptopanic for its ability to display the latest news by coin ticker. This is something it does very, very well indeed.
- Great interface for news
- The pro option allows great customization and alerts functionality
- Portfolio tracker element lacks functionality compared to other apps
Altpocket is one of its kind apps which stands out because of its ability to combine an active community and ICO listings together with the functionality of a portfolio tracker. The tracker has an enticing web version while its apps for Android and iOS are yet to be launched. The app has announced that it would be also launching the forums and ability to vote on polls will attract those looking for unique views and insight.
- Community functionality
- Enticing Desktop UI
- Auto-imports currently limited to Bittrex, Binance, Coinbase and Poloniex
- No Mobile Apps yet.