An investment portfolio is simply a range of assets you hold. There are portfolios for specific asset classes, too. For example, crypto portfolios are made up of all the cryptocurrencies that someone holds.
Cryptocurrencies such as bitcoin are unique in the sense they trade 24/7. The prices of cryptocurrencies are also highly volatile when compared to other assets such as government and corporate bonds.
For these reasons, it can be hard to track how your crypto portfolio is going. To make this easier, many crypto investors and traders use crypto portfolio tracking apps. Keep reading to learn all about crypto portfolio tracking apps.
Portfolio Trackers For Bitcoin & Other Cryptocurrencies
Crypto portfolio tracking apps are exactly what they sound like. That is, apps that let you monitor the real-time value of your portfolio of cryptocurrencies from anywhere in the world. To use these apps, all you need is an internet connection and a mobile phone, tablet or computer.
It is true that there are numerous websites that track the prices of cryptocurrencies. However, what distinguishes crypto portfolio trackers is the fact you can see fluctuations in the value of your overall crypto portfolio rather than just individual cryptocurrencies.
Note that these portfolio apps aren’t for storing your private keys. That’s what crypto wallets are for. Instead, all they are is a tool you can use if you’re interested in checking in on how the cryptocurrencies you own are performing from a price standpoint.
So long as the cryptocurrencies you hold are listed on a crypto exchange, you can reasonably expect that any semi-decent crypto portfolio tracker app you download will let you monitor their prices.
As you’ll see below, you can typically download a crypto portfolio tracker app on your phone, tablet or computer. Once downloaded, the app will ask you to enter the amount of units of each cryptocurrency you hold. Doing this enables the app to update your crypto portfolio’s value with precision.
Why Download A Crypto Portfolio Tracking App?
To be sure, crypto portfolio tracking apps aren’t for everyone. Some people don’t want to monitor the value of their crypto portfolios day in, day out. That’s totally fine. These people tend to be those who plan to be invested in cryptocurrencies for many years.
For those who choose to download a crypto portfolio tracking app, they typically do because they enjoy checking in on how their crypto portfolio is going in terms of its value in terms of their local fiat currency.
Crypto traders are another type of crypto portfolio tracker app user. Often, crypto traders will split their crypto holdings into two buckets: one for investing and the other for trading. This not only helps when it comes to working out cryptocurrency taxes, it also equips traders with a tool to measure the successfulness of their trading strategies.
Speaking of cryptocurrency taxes, another big reason people download crypto portfolio apps is so they can work out their cryptocurrency tax relatively easily. That’s because these apps let you input cost prices and sell prices. If you were to do this throughout the financial year, working out your capital gain or loss would be a lot easier compared to if you hadn’t recorded anything throughout the year.
Popular Crypto Portfolio Tracking Apps
Below is by no means an exhaustive list of crypto tracking apps, but rather a highlighting of the more popular solutions currently available.
Blockfolio
Blockfolio lets you track the price of over 8,000 cryptocurrencies from over 300 crypto exchanges. With Blockfolio, you can view the value of your crypto portfolio in over 100 fiat currencies including the U.S. dollar (USD), Australian dollar (AUD) and euro (EUR).
One unique feature of Blockfolio is Blockfolio Signal—a way for you to read messages from development teams that are building the blockchain protocols, networks and apps tied to various cryptocurrencies. You can manage Blockfolio Signal notifications to ensure you get notified whenever these teams post a message.
Other in-app features of Blockfolio include interactive price charts, transaction history, profit-and-loss reports per cryptocurrency traded, and price movement alerts.
Delta
With Delta, you can track over 7,000 cryptocurrencies. Similarly to Blockfolio, Delta has a project communication service called Delta Direct that lets you access team announcements directly.
When you use the Delta crypto portfolio tracking app, you can connect your app directly with various exchanges. Because of this feature, Delta can update your portfolio whenever you receive an airdrop from an exchange, for example. Another handy aspect of this feature is it enables Delta to give you a rundown of all the exchange fees you’ve been paying.
Delta also gives you detailed analyses on things such as your crypto portfolio composition, the source of your cryptocurrency holdings, and most frequently used exchanges.
If you want to go further, Delta also offers a premium version which costs US$60–80 per year. When you have this version, you can access new features earlier than free users, deeper analytical tools and unlimited exchange connections. (Delta only permits free users two exchange connections.)
CryptoCompare
CryptoCompare lets you track real-time data on more than 5,700 cryptocurrencies such as bitcoin and Ethereum’s native cryptocurrency, ether.
With the CryptoCompare app and website, you get free access to a crypto news feed, guides, reviews and analytics—all in the one place. This makes it easier for you to keep abreast of the crypto news and the latest developments from the UK crypto scene. (The CryptoCompare team is primarily based in the UK.)
CryptoCompare also provides further insights and analytical tools that you can use to inspect a given cryptocurrency’s recent price action more closely. It also features a handy UK tax guide and examples of how cryptocurrencies are taxed in the UK; a major plus come tax-time, as this is where a lot of crypto investors or traders get caught out.
A unique feature is that the CryptoCompare app is also web-based, so you don’t need to have it on your phone or tablet if you prefer the use of a desktop computer or laptop.
Crypto Portfolio Tracking Vs. Structuring
This resource has focussed on crypto portfolio trackers and included a few leading examples. Knowing how to track your portfolio is one thing, but understanding the different ways to structure it is something else entirely.
When it comes to structuring your crypto portfolio, it’s important to know that there is no single ‘best’ approach. That’s because it all depends entirely on your level of risk tolerance and preferences. For those who are invested in cryptocurrencies, many will have bitcoin as their crypto portfolio’s largest—and perhaps only—holding.
Other types of cryptocurrencies typically held by crypto investors and traders are those that are native to smart contracts platforms such as Ethereum and Cardano. Stablecoins are another type of cryptocurrency that has a spot in many investors’ crypto portfolios.