Crypto tracking is one of the most important tools that you can use to help you and your portfolio succeed. Knowing the true value of your coins and tokens is vital in helping you make decisions that will lead to a brighter future. Anyone who has invested in crypto can see the tremendous potential and value of this new digital asset class. It is also common knowledge of the volatility and potential pitfalls of investing in such a new revolutionary and disruptive technology. The market is like a jungle and to survive in it can be tough. That is why you want as much information about your investment portfolio as possible.
What Is Crypto Tracking?
Crypto tracking is the process of compiling and consolidating all of your crypto holdings from all exchanges that you hold accounts on into a single unified account. This process takes all of your holdings and reduces them down to a single unified balance. This is important because most exchanges do not display cumulative values in the standard interface. This can lead you to lose significant sums because you are not able to see your overall holdings at a glance. The value of your investments can change significantly depending on the exchange you are trading on and the price of the asset at that exact moment.
Why Should You Track your entire crypto portfolio?
Keeping track of all of your holdings is important because it allows you to keep an eye on the health of your wallet and gives you a clear idea of where you stand at all times. Crypto tracking also allows you to easily plan for whatever comes next, whether that be another trade or an exit. It is always a good idea to keep an eye on the markets with an overview of your portfolio so that you can make quick and educated decisions throughout your investment career. Keeping track of your holdings is a key part of the process and will help you to reap the benefits associated with crypto tax tool without being burned by poor management.
Crypto tracking also allows you to compare your current holdings to previous snapshots of your holdings. This helps you understand how well you are doing and if your portfolio is on track toward its goals. This helps stop investors from getting caught up in market fluctuations that can cause them to make rash decisions.
Benefits of Tracking your entire crypto portfolio:
1. You will know your current holdings :
The purpose of crypto tracking is to help you keep track of your holdings across all exchanges. This will allow you to know exactly where you stand at all times. This will help when making investment decisions and even with tax reporting.
2. Keep an eye on the market :
Knowing your current holdings allows you to quickly check on the price of the asset at a specific time. This will help you stay in touch with the market and make informed decisions about whether to make a trade or exit from your holding.
Binocs is a free and open source platform that allows users to crypto portfolio tracking in a single unified platform. It offers automatic portfolio tracking, price alerts and a full suite of tools to manage your investments. It also allows you to monitor changes quickly and make educated decisions based on market movements.