Crypto Portfolio for BeginnersJan 4, 2023
Creating a solid crypto portfolio is a real challenge. In one of our blog posts, we elaborate on tips for building a balanced portfolio. This time let's break down what a crypto portfolio is, how to keep track of your crypto holdings, and if you need special software to do that.
What is a Crypto Portfolio?
Crypto Portfolio as a term may relate to two notions:
- All the cryptocurrencies you own and hold;
- A section in your crypto wallet showing holdings in the wallet, total balance, and other related statistics.
Broadly viewed, a crypto portfolio is all the digital assets you hold across every account. With cryptocurrencies being a highly volatile asset class, there is a necessity to monitor currency prices and investments' performance.
Crypto Portfolio Trackers
Advanced cryptocurrency traders store their money throughout several ecosystems/blockchains and use multiple wallets. So keeping track of them all could be a real pain in the neck. Crypto Portfolio tracker — an app or website aggregating data from all connected wallets — can be a handy tool to check the performance of multiple crypto exchanges or wallets.
For that purpose, traders may use Spreadsheets with manual data input, platforms like CoinMarketCap or CoinGecko that offer the option for free, or dedicated apps. As a rule, these tools give you a dashboard with detailed analytics, but you will still have to go to the wallet to take any action.
|Image Source: CaptainAltcoin|
Do I need crypto portfolio tracker software?
Who and why would use a portfolio tracker app?
- Cryptocurrency traders, usually those with short-term thinking, need more detailed records and stats to make fast and profitable decisions.
- Holders with multiple assets spread across various exchanges and wallets.
- Traders that need a crypto tax calculator feature.
Are crypto portfolio trackers safe to use? Trusting your wallet data to third-party providers always involves security issues. Thorough research is a must before selecting an application to trust.
Do I need a dedicated portfolio tracker? If you're a long-term investor and possess a dozen tokens (or less), there might be no need to compromise the security of your funds and resort to extra tools rather than your wallet.
For beginners, the best app to track cryptocurrency is your wallet. Multichain wallets like Arctic allow you to store, monitor, and manage all your funds from different networks.
Arctic Wallet's Portfolio features
✔️ View real-time balance You will always see the total amount of holdings in dollars or whichever currency you choose in Settings.
|Image Source: Arctic Wallet App|
✔️ Monitor asset performance at a glance The wallet dashboard displays daily, weekly, monthly, and annual Profit and Loss in %.
✔️ See price charts and coin performance You get a personalized overview and stats for the whole portfolio and each token.
✔️ Complete transaction history for every token Keep track of all the transactions with the full history of In and Out operations.
|Image Source: Arctic Wallet App|
✔️ React to market behavior Buy more tokens when there is momentum, sell the ones you no longer wish to hold, and swap assets fee-free directly from the app.
Cryptocurrency portfolio management demands always being on alert. Monitoring prices, crypto profit & loss, and seeing all the funds you have in one place is what portfolio trackers have to offer.
Still, your wallet is already a free cryptocurrency tracker. With a non-custodial crypto wallet, users get a convenient and safe mobile or desktop crypto portfolio with all the vital stats in-app. If you feel the need for more advanced analytics, choose the most secure tracking app or platform.
So, what is the best way to track the crypto portfolio? Always pick what works for you!