Best cryptocurrency portfolio tracker / bitcoin trackersteemCreated with Sketch.

in cryptocurrency •  8 months ago

Missing the chance to be an early adopter of Bitcoin and Blockchain

I first heard about Bitcoin back in 2011 and spent some time reading about it. I found it interesting but never considered investing in it. Again in 2013 I had a discussion with a friend about doing something related to Cryptocurrencies. We did some preliminary research and then dropped the idea as the regulations were not clear in India about cryptocurrencies. I did think of investing some amount in Bitcoin but was not very comfortable with all the money being tied to a Private Key which I could end up misplacing somewhere. I had not heard of any Bitcoin exchanges back then and so I let go off my chance to get into Bitcoin Bandwagon when the price of Bitcoin was around 100 USD. I finally invested in Bitcoin in June 2017.

The Adhoc process and the trouble tracking

One of the first learnings you have when entering cryptocurrency markets is that Bitcoin is just the tip of the iceberg there are many alt-coins. You do some research and realise there are different Exchanges and you will need to have accounts in these different exchanges to trade different alt coins. So you create accounts in different exchanges only to realise that you cannot transfer your Bitcoin/Ether to ICOs for you to get new coins that are not yet traded on any exchanges. So in a short span of time you end up with accounts in 10+exchanges, an offline wallet for Bitcoin and an offline wallet for Ether. And if you prefer to keep your alt-coins in offline wallets then you will have one many more offline wallets.

Hitting the road block and the search for perfect cryptocurrency portfolio manager

Very soon you will realise that keeping track of all your cryptocurrency investments is not an easy job and it cannot be done by making entries in your spreadsheet. I hit a similar roadblock around 2 months ago. I did some google searches and read up on various cryptocurrency portfolios. After some digging up I came across Cointracking. I spent some time digging around their portfolio web app and I was convinced that this portfolio should be sufficient for the next two years. Since there was a limit of 200 trades on the free account I went ahead and bought the one year membership. I have found a couple of features that I use frequently and helps me sleep better that I have a handle on all my cryptocurrency investments.

If you have asked any of these questions to yourself or in any forums in the last couple of months then read further

  1. What is the best bitcoin tracker or
  2. Which cryptocurrency portfolio tracker tracks all my purchases, transfers and trades
  3. Which bitcoin portfolio tracker tracks all my trades automatically
  4. Which bitcoin transaction tracker also tracks all altcoin trades and balances
  5. Which is the cryptocurrency trading/tracking software
  6. How can I track the fees I pay across exchanges

Explainer Video

If you are too lazy to read further watch the video to get a gist of what I am saying.

If you watched the video and you are already convinced that you should start using the portfolio tracker use this referral link Cointracking to get a 10% discount. If you use Bitcoin to buy you will get an additional 5% discount. That is another thing I liked about Cointracking. Everybody who is building businesses using cryptocurrencies or around cryptocurrencies should follow this approach to promote their adoption.

Entering/Tracking your trades

The first step to track your portfolio is to make sure that all the purchases, withdrawals and trades are exported from any exchange/wallet you use are imported into Cointracking App. This can be done in three ways Enter manually, Import from Exchanges or automatically via the API if your exchange supports it. I had to use a combination of all these three to keep my portfolio upto date.

  1. Manual
    1. Entry for my balances from Steemit
  2. Imports from exchanges
    1. CEX
    2. Xcoins
    3. Bitshares
  3. Automatic Imports through API
    1. Poloni Exchange (Not using any more and wouldn't share the link)
    2. Bittrex
    3. Bitfinex
    4. Binance
    5. Liqui
  4. Wallet Imports
    1. Sync from my Ether Wallet Address (Using this primarily for ICOs)
    2. I have ordered Ledger Nano and will need to check how to sync with it once it arrives.

Manual Entries

cointracking-bitcoin-cryptocurrency-portfolio-manager-for-tracking-manual-entries.png

Make sure to enter all the relevant details. Remember to enter all the optional data as well as it can save you when you are trying to delete the trades or edit them. Trade Group helps your group one kind of trades and give details comments to remember later why you had to do a manual entry. Follow this diligently and you will thank me later.

Exchange Imports

cointracking-bitcoin-cryptocurrency-portfolio-manager-for-tracking-cex-imports.png

In my case CEX didn't have an API and hence I had to go with exchange import option. Cointracking does a cool job of letting you know what kind of transactions are supported by the export provided by the exchanges. Keep an eye on this. Some exchanges doesn't provide you details about deposits and withdrawals. This can have an effect on your summaries. You might need to keep track of those and create manual entries for those to keep your Dashboard upto date.

cointracking-import-duplicates.png

You need not worry about the duplicate imports as each trade has a unique tradeId and based on it Coin tracking will import only the new trades.

Automated API Imports

Cointracking gives you the details of the supported actions in the API import.
cointracking-import-api-binance-portfolio-track-currenices.png

Be careful if you are using the API for syncing your trades. I would suggest enabling the APIs in the exchanges only after enabling the Two Factor Authentication(2FA) and make sure that you only enable the read access in the API. When I was trying to enable the API for Binance I realised that they have all or none access. So your API will either have both Read and Trade access or none. When I saw the API integration screen of Binance I could see the bold read warning message from Cointracking saying that they do not save the API secret key as it has trading access as well. This was good sign for me and my confidence in Cointracking increased after this incident. It is still foolish that Binance doesn't have access restrictions on their API.

Wallet Imports

I have never been comfortable with Offline wallets as I fear that I will miss my private keys :P I have always held back on creating one as there is no way to regain the stash if you loose your private keys. But I had to create one for ether as I wanted to participate in a couple of ICOs.

cointracking-porfolio-for-crypots-best-import-from-wallets.png

As you can see from the pic Cointracking has support for Electrum and Exodus imports. I hope going forward they will add support for more wallets.

cointracking-porfolio-for-crypots-best-import-from-wallets-notificaitons.png

It also has support for monitoring your Bitcoin, Altcoin and Eth addresses meaning it can track the transfers from wallets and it also has a nifty feature of sending out a notification to you when a transaction happens from your wallet. I think that is very handy.

The Dashboard

Once you have all the integrations set up and imports done you should have dashboard which gives you a overall idea of your portfolio and current holdings.

cointracking-bitcoin-cryptocurrency-portfolio-manager-for-tracking-dashboard-view.png

You can also customize your dashboard and choose three different templates for the dashboards as shown in the image. I think we need to have a few more options and we should ideally be able to select each and every widget we want in our dashboard and be able to save it as a new template. But however the current dashboards is good enough and I don't want to complain :)
cointracking-bitcoin-cryptocurrency-portfolio-manager-for-tracking-dashboard-cusotmize.png

Timeline is one that caught my attention. It gives you a nice grahical view of important milestones in your journey and gives you a feeling of dejavu.
cointracking-bitcoin-cryptocurrency-portfolio-manager-for-tracking-dashboard-timeline.png

Reports

There are various reports provided by Cointracking. I majorly use the following reports.

Trade List

cointracking-porfolio-for-crypots-best-tradelist.png
Use this report to make sure that all your trades are present. Whenever I do a trade I check the next day to make sure that it is there. I am more of a HODLer and hence it is not a problem.

Balance by Exchanges

cointracking-porfolio-for-crypots-best-balance-byexchanges.png
This gives you a quick idea of how your stash is distributed across the exchanges. When something is amiss or transactions seem to be missing, this view can give you a quick idea about which trades are missing.

Fees

cointracking-porfolio-for-crypots-best-tradelist-fees.png
This is something that most people miss out. If you are an active trader keep an eye on this as this number can raise quickly and you wouldn't even notice. Most of the people do the mistake of not considering this when doing their profit/loss calculations. Read this post to know the Irony of trading on Centralised Exchanges

Realised Gains

cointracking-porfolio-for-crypots-best-realised-unrealised-gains.png
If you have bought a stash of a particular coin at low price and have been selling them at every high, it becomes very difficult for you to identify what are you profits over the time. Also at times you will feel like knowing the answer to the question "If I sell the remaining part of my stash will I make a profit, loss or break even". If you have been in that situation before then the Realised and Unrealised Gains report can give you very good insights.

cointracking-porfolio-for-crypots-best-tradelist-average purchase prices.png
Similarly if you have bought at different prices to average out then this report can give you the average purchase price of a coin.

Taxes

cointracking-tax-report.png
Yes you will need to pay your taxes on Cryptocurrencies gains. I am not sure if many are thinking about this right now but this can be a Herculean task. Looks like Cointracking has you covered here as well. With ability to configure various parameters for your tax reports I think this can come handy.

If you are planning to use this portfolio manager use this referral link Cointracking to get a 10% discount and don't miss out on the additional 5% discount if you use Bitcoin for payments.

If you have come across any other portfolio manager do let me know so that I can take a dig at it.


Related Articles

  1. Converting ANS to NEO in your cryptocoin portfolio
  2. Understanding Cryptocurrencies - 001 : Normalised Cryptocurrency Prices
  3. Understanding Cryptocurrencies - 002 : Cryptocurrency Market Cap and Bitcoin Dominance
  4. Will price of Bitcoin rise above 50k USD in the next decade?
Authors get paid when people like you upvote their post.
If you enjoyed what you read here, create your account today and start earning FREE STEEM!
Sort Order:  Trending

We are Indian, So We should help Each Other rather Flagging. So Here I forward my hand for being a friend.

·

If you see my feed you will see that I not only upvote good content, I repost them as well. Also if it is written by an Indian I give them additional preference. But I downvote people who copy others content because they are not only doing injustice to the actual writer but they are also brining a bad name to the other Indians who are creating good content on the platform.

Hoping to see more real authentic content from you. I will be happier to upvote and resteem any good content by you. Please feel free to drop the links in comments .

It looks like it has a lot of features, but it looks so complicated and very user unfriendly. How long have you been using it for?

·

I have been using for 2 months now. API integration saves a lot of manual effort. But since different exchanges have different support some APIs allow syncing the deposits and withdrawals while others don't. So this leads to negative balances for some coins sometimes. In such cases we will need to add a manual trade entry to balance it out. This seems to be a pain. Other than that I like the tool and have purchased the licence for an year.

·
·

I see. That sounds too complicated for me, especially when I don't do daily trading and entering trades manually isn't a big problem. The biggest issue for me is that these portfolio managers don't have "shared wallets". What I mean is that when I buy BTC with fiat and then an altcoin with BTC, my BTC balance doesn't go down. Instead, it's considered as a new deposit. Any chance that you know some that supports this, please?

·
·
·

They have a new feature called "API balance" where you can look at the balances in all your exchanges in which you have enabled API integration. I think that should be sufficient for the scenario you are mentioning.

Also Cointracking already takes care of the deposit purchase issue. Since Cointracking will have the details of all the wallets in your exchange it can identify if you are making a trade or if you are moving funds to your wallets from external addresses.

·
·
·
·

The new transfer function makes it very handy if at least one of the exchanges sends IN/OUT information via API.
SH 2018-01-10 01.59.07 pm.png
It duplicates the transfer and changes buy and sell amount. Some manual actions are totally okay for me :)
SH 2018-01-10 02.02.43 pm.png

·

If you want an easy to use tracker, check out Crypto Portfolio Tracker. It is almost zero-configuration with no manual trade entry - all trades are automatically synced.

https://cryptoportfoliotracker.com/

·
·

Thank you, I'll check.

·

Another option to consider is CoinTracker (www.cointracker.network). It has a pretty simple interface and supports automatically syncing with a wallet address. I'd love to get your feedback on that tool (full disclosure: I built this tool because I was also overwhelmed by the complexity of other existing tools).

·
·

Looks promising and the interface is very clean. The only challenge for you would be to keep up with all the exchanges that are popping up. Cointracking has an impressive list with which they have already integrated. Following you. Would love to see more updates about your app.

·
·
·

Awesome—would love your feedback on which exchanges or features are most important to you. We are rapidly adding features based on overwhelming user demand. Currently have Coinbase, Binance, Bitfinex, Bitstamp, Bittrex, GDAX, Gemini, Kraken, Liqui, and Poloniex, but please let us know what we can add to make https://www.cointracker.network more useful to you!

·
·
·
·

That is a great list you have got there. I checked the site today briefly and with the new exchanges and wallets integration it looks promising. When you get time let us chat on https://steemit.chat/direct/gokulnk

·
·
·
·
·

Up to 13 exchange integrations and growing — would love to hear about any other ideas you have about how we can improve the service.

·
·

DUDE! Thats an awesome tool!
Love the UI and feel.
Good work mate!

guter Beitrag, danke

·

You are welcome.

I purchased a membership, but I am looking for a report that shows purchase price and current price with profit/loss. Is there such a report?

Thanks

·

Yes there is one. Check the realised, unrealised gains report.

If you prefer something more simple and beautiful have also a look at f0lio :)
https://f0l.io

[]

·

It seems to be simple and cool. I wish they had a web version too. BTW do they also autoimports like Cointracking does?

Very nice article, I have never tried this. Is this better than excel spreadsheet? I have very nice made excel file with almost all the information's.

·

Making updates to the spreadsheet was a repeated task and I was loosing the track quickly. This app has made things much easier for me.

Great post thank you

Now that you've been using it for four months, would you consider updating your article with a more specific guide on how to handle and balance all the quirks of the different imports and how to solve some typical issues you've had?

I've tried the service and I could never get all the trades from 4-5 exchanges to add up correctly. Now I've been looking at Altpocket and some other trackers but I'm not happy with them either. Considering going to back to cointracking but I feel I need more troubleshooting help.

·

What's your detailed problem? I had loads of problems in the beginning but Cointracking is really the best tracker so far...
I made custom excel sheets and that's working really great.
my telegram ID is the same: avtr108

·
·

Are you using cointracking or are you using spreaksheets? I am a little confused which approach you are taking based on your comment.

·

Most of the times the issues are generally from the API end. I generally look at balances by Exchange report every week and if there are any differences I add manual entries to make sure that the balances match. Most of the times the issues are generally with deposits and withdrawals. Adding manual entries fixes those issues.

On Steemit you can't update the articles. I will make a new post with "a more specific guide on how to handle and balance all the quirks of the different imports and how to solve some typical issues you've had?" as you have suggested.

Hey I have a blog just on portfolio allocation of cryptocurrencies check it out for 2018 buy and hold HODL strategies. I highly recommend cointracking.info too it's my best tool

A really informative post - thank you! Upvoted!

If you are looking for a tracker that provides complete data privacy without compromising on features, checkout Cryptorai on Google Play and iTunes. We do not access or store user data on our servers. We are connected with 50+ exchanges and have

  • Exchange API and CSV imports,
  • Cloud back up and sync across unlimited devices,
  • Advanced analytics and charts,
  • Realized and unrealized gains,
  • Exchange transfers, Fiat deposits and withdrawals,
  • News and market data.
  • Price alerts
    and many more features to make crypto investing easy .

cryptorai_1.png

·

Do they have a website where I can check it out?

It is a great solution to calculate taxes. But for simple portfolio tracking, check my free tool www.mycryptos.io

Thanks for that ! I came up with a review of the best softwares to track your crypto portfolio hopefully it could be of some use !