Cryptocurrency trading has become quite popular among investors over the last few years. However, traders who are just getting started on this adventure may find it hard to understand how the system works. Essentially, a cryptocurrency is a form of asset that's acquired digitally and is based on a decentralized network of computers. Therefore, a cryptocurrency can be described as a type of digital or virtual currency. There are various types of cryptocurrency, each with a value that can change at any given time and without notice. When trading cryptocurrency, it can be hard to keep track of all your investments since their values can change instantly. For this reason, every trader needs to have a cryptocurrency portfolio tracker.
A cryptocurrency portfolio tracker is a platform that allows traders to track their investments and keep an eye on the value of their coins as they change. Cryptocurrency portfolio trackers are linked to your crypto wallet and provide all the information you may require to make the right calls when trading. They provide insights on price changes, monitor your trade orders and asset allocation, and even give you comparisons on how various coins are performing in the market. Still, given that this is a fast-growing industry with lots of developments being made every day, it can be hard to pick out the best crypto portfolio tracker for you. To help make this decision less daunting, here's what you should look for when choosing a crypto portfolio tracker.
Supported Coins and Exchanges
One of the most vital things to consider when choosing an appropriate crypto portfolio tracker is the range of coins and exchanges supported by the platform. The portfolio tracker you choose should be able to accommodate all the cryptocurrency exchanges in your account. In other words, your cryptocurrency portfolio tracker should be a one-stop-shop for all your trading needs. Thus, all traders must first confirm a platform's coin offerings before signing up for an account. This will help you avoid having to open multiple accounts on different platforms.
The safety of your personal information and assets should be of the utmost importance when trading cryptocurrency. For this reason, it's paramount that all traders must check the level of security offered by a cryptocurrency portfolio tracker. Given that cryptocurrencies are decentralized, it's virtually impossible to keep track of any trades that are being made. Without the proper safety precautions in place, a hack or data leak may leave your cryptocurrency wallet very vulnerable. Thus, check to see whether the crypto portfolio tracker you choose has security features such as two-factor authentication when logging in, multiple layers of encryption, and others.
Clean Layout and Dashboard
The user interface of the cryptocurrency portfolio tracker you choose should be easy to comprehend at a glance and simple to use. Given that such platforms are there to keep track of your assets and view how the value of your portfolio changes, the layout must be seamless and user-friendly. The dashboard needs to have all the information you might need at any given time so that you can get all the vital details at a glance. You shouldn't have to struggle to find the information you need since it can be very detrimental to the value of your assets.
The cryptocurrency portfolio tracker you choose can either make or break your trading career. This is because these platforms should guide you on the trades you need to make for you to ensure your assets remain profitable. Although the points mentioned above aren't the complete guide to choosing a cryptocurrency portfolio tracker, they should help you get on the right path when picking a suitable platform.