Over the past few years, the number of people investing in the cryptocurrency markets has exploded exponentially. And with the growing interest in the crypto market globally, the number of new projects, cryptocurrencies, blockchains, and tokens has also increased dramatically.
Each day we hear about the launch of new projects, tokens, NFTs, etc. And with that, the number of places people can trade these new blockchain-based products has also grown.
And if you are an avid crypto investor, chances are you are using multiple of these places and have portfolios spread across multiple exchanges and wallets.
In such a situation, it becomes difficult to regularly check all of them throughout the day. This is where a DeFi Portfolio Tracker comes into place and today we tell you why you should also be using one.
What Is A DeFi Portfolio Tracker
Every centralized crypto exchange comes with its very own portfolio tracker that is built into their wallets. You can see the performance of your investments on a day-to-day basis as well as during a time frame. But these portfolio trackers can only track the performance of tokens that are listed on that exchange.
Similar is the case of the wallets connected to DeFi exchanges. But what are the options for anyone investing in hundreds of tokens spread across various centralized and decentralized exchanges and across various blockchain networks? Do they have to track each and every investment they’ve made individually across multiple platforms?
The answer to this lies in the DeFi Portfolio Tracker, which is a tool that can be used to link multiple wallets spread across numerous chains, exchanges, etc. and their performance can be tracked in real-time. But this is not the only use of a DeFi Portfolio Tracker and other most often ignored uses and benefits are as follows.
Multiple Platform Integration
A good DeFi Portfolio Tracker supports and is compatible to be integrated across various centralized and decentralized platforms and wallets. Hence, you do not need to worry about missing out on monitoring one or the other portfolio.
Automatic And Timely Syncing
Using a good DeFi Portfolio Tracker such as CoinStats Portfolio Tracker saves you from the hassle of having to regularly sync and update your portfolio manually every time you made a change in your investments. The trackers sync the update the portfolio on a regular basis automatically and make navigating through crypto that much easier.
Price Alerts And Updates
A DeFi Portfolio Tracker can be used to make an informed investment strategy as well. You can set price alerts for the tokens you want to invest in and place trades when it is reached.
You can also set price alerts for when you want to sell your tokens and cash out on your investment. You get regular updates about the moves in the crypto markets which are highly volatile and keeping a keen eye on them is paramount to becoming a profitable crypto investor.
DeFi Portfolio Trackers not only provide you with the latest real-time price updates, but they also give you detailed analytical tools and indicators to manage your portfolios effectively. Tools such as charts, and various indicators like RSI, MACD, Moving Averages, volume, order books, etc. are very important to manage your crypto investments.
Governments across the world are looking to bring about clarity regarding crypto investments, and the income people make from it. Almost all over the globe crypto taxes have become the norm and by using a DeFi Portfolio Tracker, you can very easily calculate how much taxes you owe to the government.
Things To Look For In A DeFi Portfolio Tracker
Robust And Secure
Any DeFi Portfolio Tracker that you use should have iron-clad security that protects your funds and account information from hackers and other malicious attacks. Moreover, an important thing to keep in mind while using a portfolio tracker is that you should only have access to information in your wallets and not have access to it. This is because a lot of fake apps can pose as trackers and drain your wallets.
A major aspect that plays an important role in choosing the right DeFi Portfolio Tracker is how easy and simple it is to use at the same time maintaining all the functionalities mentioned above.
In today’s day and age, diversifying your portfolio, especially in the crypto markets is f the utmost importance. And the more you diversify, the harder it gets to manage the portfolio effectively. By using a DeFi Portfolio Tracker such as the CoinStats Portfolio Tracker, you can manage all your investments in one single place and even use it to earn passively by participating in liquidity pools and staking your tokens.