Crypto Portfolio Tracking & Why You Need To Do It
Managing your crypto portfolio effectively can be the difference between hitting your financial goals and getting lost in the noise of market volatility. Whether you're a beginner or an experienced trader, crypto portfolio tracking is an essential part of trading crypto. We’ll cover what portfolio tracking is, why it’s important, and some of the best dApps, including 3Balance and DeBank, to help you stay on top of your investments.
What is Crypto Portfolio Tracking?
At its core, portfolio tracking means monitoring the performance of your crypto holdings over time. This involves:
- Keeping an eye on the value of each of your assets
- Understanding how market changes affect your portfolio
- Tracking your gains, losses, and overall allocation
Does that sound like a lot, especially with quick fluctuations in the crypto market? That’s where a portfolio tracker comes in! Portfolio trackers help you stay organized and informed so you can make smarter decisions.
Why is Portfolio Tracking Important?
There are several reasons why portfolio tracking is essential for finding success in the cryptoverse.
- Stay Informed. The crypto market moves fast. Tracking ensures you always know your portfolio’s current value and allocation.
- Optimize Your Strategy. By regularly analyzing your portfolio, you can identify underperforming assets or rebalance them to align with your investment goals. It helps you make better, data-driven decisions about your portfolio.
- Reduce Emotional Trading. Having a clear picture of your holdings can help you make logical decisions rather than emotional ones—especially when the market is volatile!
- Tax Reporting. Many apps for tracking provide detailed transaction histories, making tax season less stressful.
What Are The Best Apps for Crypto Portfolio Tracking?
These are some of the top tools (and their features!) to help you track your crypto portfolio effectively:
1. 3Balance
Designed for traders and investors of all levels, 3Balance is more than just a tracker—it’s a powerful tool for managing and optimizing your portfolio.
Key Features:
- Visualize your portfolio with allocations
- Use the built-in rebalancing calculator to adjust allocations based on percentages or specific numbers
- Explore different allocation strategies to maximize returns
Why It’s Great:
It’s especially useful for traders focused on portfolio rebalancing and planning long-term strategies. It is approachable for new investors but robust enough for seasoned traders to find value in the dApp.
2. DeBank
DeBank specializes in decentralized finance (DeFi) portfolio tracking, offering insights into your holdings across multiple wallets and protocols.
Key Features:
- Track DeFi investments, including liquidity pools and yield farming
- Comprehensive transaction history for on-chain activities
Why It’s Great:
DeBank offers a lot of detailed portfolio tracking and is known for its community. However, they require a subscription to access their premium services, such as comparing asset changes in time or viewing an analysis of your transaction history.
3. CoinGecko Portfolio Tracker
A free, beginner-friendly tracker that integrates with the popular crypto data platform.
Key Features:
- Manually input holdings to track value
- Access real-time price updates
Why It’s Great:
It’s a simple, lightweight option for those just starting their crypto trading journey.
4. Shrimpy
Shrimpy focuses on social trading and portfolio automation.
Key Features:
- Automate portfolio rebalancing based on pre-set strategies
- Monitor multiple exchanges from a single dashboard
Why It’s Great:
It’s ideal for traders looking to streamline portfolio management on a single platform but across multiple exchanges.
5. Zapper
Zapper aggregates your DeFi and NFT holdings, giving a comprehensive view of your on-chain portfolio.
Key Features:
- Monitor DeFi activities like staking and farming
- Manage multiple wallets from one platform
Why It’s Great:
Zapper is perfect for investors with diverse on-chain assets.
Tips for Choosing the Best App for Crypto Portfolio Tracking
When deciding on a crypto portfolio tracker, you need to think about the following:
- Features: Does it support manual entries, exchange connections, or DeFi tracking?
- User Interface: Is it intuitive and easy to use?
- Cost: Many apps offer free versions with premium upgrades.
- Security: Look for platforms with solid encryption and no unnecessary permissions.
For many traders, combining tools like 3Balance for rebalancing and DeBank for DeFi insights provides the best of both worlds.
Managing Your Portfolio Over Time
Tracking is only the first step. To truly manage your portfolio effectively, you’ll need to set goals, diversify your portfolio, rebalance regularly, and monitor trends.
The more informed you are about market developments, the better you’ll manage your portfolio. When you add the right tools to the mix and know your ultimate goal for the cryptoworld, you’ll make informed, non-emotional decisions that build an innovative, well-balanced, and successful portfolio.
Let’s Start Tracking!
A crypto portfolio tracker is an invaluable tool for traders and investors. Whether you’re tracking DeFi investments, rebalancing, or simply monitoring your assets with a free tool, having the right app for tracking is key to staying ahead.