As more and more people invest in crypto, the need for more effective management tools also arises. After all, traders and investors often use different wallets for multiple blockchains. Logging into each of them every time you want to check your assets can not only seem like a hassle, but it also takes a lot of time out of your busy day.
Fortunately, traders and investors now have several tools that can help them oversee their digital assets more effectively. While wallet trackers existed long before, now you can use those that are specifically developed for cryptocurrency.
To elaborate, here is a brief overview of:
- What is a portfolio tracker
- What you need to consider when choosing one, and
- Some of the most reliable tracking options on the market today
SEE ALSO: 6 Tips for Building a Well-Balanced Crypto Portfolio
What is a Crypto Wallet Tracker?
A crypto wallet tracker is any digital platform that allows you to manage your digital assets and helps you stay on top of changes in the value of those assets. They usually take the form of websites, desktop programs, and even mobile apps to make asset tracking easier.
As mentioned earlier, portfolio trackers have been around for a long time, but they are especially useful in the highly volatile crypto market. Prices change all the time, so having a tool that can help you stay on top of the latest numbers is crucial.
Different trackers can have a variety of functions, but most of them allow you to connect to your crypto wallets and exchanges.
For example, if you have invested in Monero and other coins, you can connect your Monero Wallet and the chosen coin exchange to the tracker for easier value tracking. Some trackers also allow you to trade on their platforms, making it even easier for traders and investors to properly manage their portfolios.
Some trackers have subscription fees while others do not. That said, anyone who trades cryptocurrencies with at least three different coins can benefit significantly from having one.
Trackers are particularly useful for high-volume traders and people who practice day trading, as they often need to monitor the market continuously.
Choosing a Crypto Wallet Tracker
When choosing a tool, you must choose the one that suits your needs. Be sure to consider the following factors when choosing a wallet tracker for your crypto needs.
- Privacy and Security – Like any other high-value asset, digital coins are often targeted by hackers. Considering how your tracker will access your wallets, you should choose one that is highly secure and regularly maintained. Therefore, opt for trackers that use layers of encryption and double authentication.
- Feature – As mentioned earlier, each tracker has a different set of functions that cater to the needs of different traders. Some trackers only allow you to monitor your assets while others also allow you to trade coins. There are also trackers with special tools, such as trading robots and analysis tools, which can help you trade more efficiently.
- Usability – Choose a tracker whose layout and interface you can understand and navigate easily. This will help you manage your wallet better and avoid issuing the wrong commands because you pressed the wrong button due to the tracker’s confusing UI.
- Accessibility to parts – Not all trackers connect to all existing wallets or exchanges. Some only connect to certain crypto exchanges, so it is important to know their available coin options before signing up to the platform.
The best portfolio trackers on the market
Here are some of the best performing portfolio trackers you can check out for your investing needs.
Coinstats is a unique management tool that allows you to oversee a highly diversified crypto portfolio, which includes cryptocurrencies and DeFi assets. The tracker displays live prices for over 8,000 digital coins, giving you a wide selection of cryptocurrencies to browse. Coinstats also allows you to trade on its platform and buy coins with fiat currency. It also has a mobile app, making trading accessible as long as you have a secure internet connection.
Parts market manager
Coin Market Manager stands out among trackers for its analytical tools and automated logging. The tracker gives its users an edge in the market by providing detailed trading analytics, making it an extremely useful tool for professional crypto traders. As useful as it is, however, Coin Market Manager does not have a mobile app and does not allow its users to trade. It is also tied to limited coin exchanges, so be sure to check those out first.
Kubera is an all-in-one platform that helps you manage your entire portfolio, including non-crypto assets. Besides coins, you can also add NFTs, stocks, credit card debt, mortgages, real estate, cars, and web domains, among your financial considerations. Although it does not have a mobile app or a trading function, Kubera remains one of the most comprehensive asset trackers on the market and can allow people with many assets – digital or otherwise – to manage them. more efficiently.
There is no doubt about that. Crypto wallet trackers are essential if you want to invest in multiple cryptocurrencies at once. After all, successful portfolio management is highly dependent on your mastery of your investments. By doing so, you can rest assured that your wallet will stay safe and grow over time.
RECOMMENDED READING: Bitcoin was the best investment of the decade, according to Bank of America Securities Report
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