Categories: CryptoNews

CoinTracking – A Great Way to Keep Track of Your Crypto Portfolio

Keeping track of how many coins you have in each wallet or on exchanges is a daunting task for any individual investor. Those who want to remain in charge of their portfolio require a proven software that collects information from multiple exchanges and wallets and keeps track of their investment performance.

Disclosure: This is a Sponsored Article

CoinTracking provides Portfolio Monitoring Tools and a tax tracker for every cryptocurrency currently on the market. It also provides historical data for over 5000 coins. For tax purposes, CoinTracking’s tax tracker is able to create tax reports for crypto assets applicable in every country on earth. It is also accessible to tax accountants who may not be familiar with the crypto space.

CoinTracking’s Portfolio Monitoring Tool is able to automatically and manually receive import trading data from over 40 cryptocurrency exchanges using CSV or API imports. All trades are categorized by wallet and exchange and can be viewed as such. The Portfolio Monitoring Tool also provides charts and reports for detailed analysis of your trades based on individually created combinations of coins, assets, account balances, and fees you’ve accrued.

Insights can be gained into amounts you’ve lost in a period of time as well as what you earned from any given position. Essentially it can also serve as a learning tool with which you can track patterns and measure your own trading methods. Users can share their profiles and insights with other users on a public portfolio.

CoinTracking also provides a tax report which saves a lot of time and money compared to the manual calculation or a tax accountant.  By using the CoinTracking tax report you are easily able to see which portfolio shares can be sold without paying taxes. All tax-free (long) and taxable (short) coins are calculated within the report for any given date. This means you can create a valid annual tax return with this intuitive Portfolio Monitoring Tool.

CoinTracking offers a variety of different products for various crypto investors and holders. No one size fits all, so the prices vary for each package. CoinTracking’s Portfolio Monitoring Tool and tax tracker comes with tools of different scopes depending on which package you choose. They’ve divided the packages into three groups for different types of traders: Beginners, Professionals, High Frequency Traders, and Companies.

For beginners or small account holders, the Portfolio Monitoring Tool will keep track of how many different types of coins they own along with their fiat value for free. It will also keep track of a total of 200 trades. But the free version will only include 100 trades in the tax report.

The professional level PRO is designed for traders that are active in the space. They may use the Portfolio Monitoring Tool to study their trading history. This membership includes trades up to a total of 3,500. This membership is available as a 1 or 2 year subscription or a lifetime.

The third class is called UNLIMITED and is a perfect fit for traders who perform a lot of trades in a short period of time. For example high frequency traders or programmers of trading bots are the target group of this class. They may use CoinTracking to check the validity of their bot algorithms. These bots may need to run thousands of trades in a day. Therefore CoinTracking offers unlimited trading for this class. This membership is also available as a 1 or 2 year subscription or lifetime

Companies that receive Crypto payments will most benefit from either of the two subscription based premium membership as they offer unlimited tax services.

Conclusion

CoinTracking offers an intelligent service to analyze your own cryptocurrency trades. You are able to import your trades manually or automatically from over 40 exchanges which saves a lot of time compared to managing your own spreadsheets. Additionally the tool is very accurate and includes all historical prices, so you are able to see how much your portfolio was worth on any given date.

The Portfolio Monitoring Tool also allows you to forecast gains or losses of your own coins before they are sold and provides insight into the history of all coins that can be traded on the digital currency market. In addition, trades can be subdivided into different types, such as income, mined coins, donations or stolen coins. A very interesting feature is the data processing into a tax report for the profits and losses from all trades.

CoinTracking is available for free. You can register on their website CoinTracking.info to use the Portfolio Monitoring Tool features and get a comprehensive overview of your digital currencies. CoinTracking also provides a very useful and well-thought-out smartphone and tablet app. The app is available for free on the Apple App Store and Google Play Store.

Guest

The writer of this post is a guest. Opinions in the article are solely of the writer and do not reflect The Merkle's view.

Recent Posts

ChainXchange Day 2: Thomas Lee, Paul Krugman Discuss Bitcoin Longevity

The second day of Las Vegas Blockchain Week and the ChainXchange blockchain convention has concluded. Today's activities included discussions and…

6 hours ago

What Is Mainframe Cryptocurrency?

It is hard to ascertain whether the digital age was born out of the internet or vice versa. One thing…

14 hours ago

Bitcoin Price Watch: Currency Briefly Falls Below the $6,000 Mark Before Recovering

At press time, the father of cryptocurrency is trading for just over $6,000. This is about $200 less than where…

17 hours ago

Commonwealth Bank of Australia Partners With World Bank to Issue First-Ever Blockchain Bond

The Commonwealth Bank of Australia (CBA) has been mandated by the World Bank to issue the world’s first bond created,…

18 hours ago

FinCEN Receives More Than 1,500 Crypto-Related Complaints Every Month

The US Financial Crimes Enforcement Network receives over 1,500 suspicious activity reports (SARs) related to cryptocurrencies, the agency’s director has…

19 hours ago

The Allure of Blockchain Betting, and Why It’s Only Getting Bigger

Betting has existed for centuries, with the allure of making money combined with the thrill of testing one’s ability to…

20 hours ago