As mainstream interest in cryptocurrency grows, it becomes essential for users to manage their portfolios well.
Even when investing in a handful of currencies, keeping tabs on their price-performance remains critical. Several platforms and tools make it easier to do so, although they have different approaches to achieving this goal.
Having access to your entire crypto portfolio through one convenient application is pertinent. CoinStats makes this process easy and offers its solution free of charge.
Users can synchronize their exchange accounts and wallets, automatically obtaining all relevant data. Moreover, its application doubles as a DeFi wallet application.
That is a beneficial bonus for users eager to explore the many decentralized finance opportunities.
CoinStats is the most popular crypto portfolio solution on the market, with 1.2 million monthly active users.
The team has come a long way since its launch in 2017, and the addition of a wallet function resulted in a steep user increase. Moreover, NFT support rolled out in November 2021.
Thanks to its growing number (over 300) of connections to exchanges, wallets, and other platforms, CoinStats maintains its dominant market position.
In addition, users can set up alerts for over 20,000 crypto assets, ensuring users can always make the best-informed trading decisions.
The Zerion portfolio management tool primarily caters to DeFi users rather than overall crypto enthusiasts.
Zerion wants to make building and managing a DeFi portfolio easier through one convenient interface. Users can explore options such as DeFi Indexes, blue chips, and top gainers to determine which trading opportunities to look at next.
Like cryptocurrencies, DeFi assets have profit potential but also introduce significant volatility.
Additionally, Zerion supports non-fungible tokens and the broader Metaverse, aggregating all decentralized exchanges and Layer-two blockchains.
There is no support for centralized trading platforms at this time, making it more of an advanced user-oriented tool rather than a solution for novice users.
Per the website, Zerion supports thousands of DeFi protocols and notes over $1 billion in traded volume since September 2021.
Decentralized finance enthusiasts have taken a keen interest in Zapper and how it lets them manage their Web3 portfolio and NFT collection through one interface.
Like Zerion, it primarily supports decentralized exchanges and platforms built on smart contracts rather than centralized platforms.
The Zapper platform has noted over $11 billion invested since May 2020 and over 1 million users managing their portfolio since January 2020.
Moreover, the platform supports hundreds of DeFi protocols and platforms. It is a viable tool for those who are experienced in the cryptocurrency field but may not suit the needs of newcomers right away.
Decentralized finance is a very complex industry for newcomers to grasp, and Zapper assumes users already have crypto assets to invest across these protocols.
The DropsTab team has built a crypto portfolio tracker that scours blockchains for transactions, holdings, and asset performance.
In addition, users can tap into real-time price signals, alerts, portfolio customization, and more. Furthermore, the platform offers an independent market cap metric rather than relying on data aggregators like CoinMarketCap or CoinGecko.
It is worth noting the portfolio tracker is part of the broader DropsTab ecosystem, which provides market insights, exchange information, and lets users set up an asset watchlist.
The portfolio tracker has all of the basic functionality through a convenient interface, which users can access on a computer and mobile.
The CoinTracker portfolio solution becomes mainly relevant during tax season. It is challenging for users to calculate their taxes based on transaction history and exchange activities.
CoinTracker automates this process to tax investment performance through automated portfolio tracking. There is support for hundreds of exchanges and thousands of crypto assets.
Extra functionality provided by CoinTracker includes:
- Optimized cost basis accounting.
- Tax-loss harvesting.
- Ensuring users are fully compliant with tax rules in their country.
Keep in mind the platform may partially support some countries due to unclear guidelines. Nevertheless, the hybrid approach between portfolio management and tax compliance is intriguing, although it may confuse newcomers a bit at first.
The variety of crypto portfolio solutions showcases the versatility of the cryptocurrency industry. Finding the right tool regardless of technical knowledge can be tricky, although the list above has all types of users covered.
Moreover, more platforms integrate support for DeFi, NFTs, and even taxation, making the jump from the mainstream into cryptocurrency far less steep.