Managing your crypto portfolio can be daunting if you are a cryptocurrency investor in the United States. With government regulations being implemented across the cryptocurrency space, maintaining a keen insight on your profits and losses is of increasing importance. While the minority of meticulous traders maintain manual records, innovation in the space is helping to remove the hassle with automation. . This is where a crypto portfolio manager comes in.
Benefits of a Crypto Portfolio Manager
A cryptocurrency portfolio manager is a tool that helps investors track and manage their cryptocurrency investments. Here are some advantages of using a cryptocurrency portfolio manager:
● Automated Tracking and Analysis: Automatically manage your crypto transactions and gain real-time insights about your portfolio. This helps you stay on top of your investments and make informed decisions for the allocation of funds.
● Real-Time Market Data: Cryptocurrency is a 24.7 market with thousands of cryptocurrencies being traded on hundreds of exchanges worldwide. A cryptocurrency portfolio manager provides real-time market data, serving as a vital tool to help you anticipate the market.
● Risk Management: Insights into the performance of your portfolio can help you find opportunities and diversify your investments. By understanding the share certain assets make up in your wider portfolio, you can plan further market moves while balancing your preferences for risk and security.
Features to Look for in a Crypto Portfolio Manager
When choosing a cryptocurrency portfolio manager, here are some of the features to look for:
Integration with Exchanges: Look for a portfolio manager that integrates with your exchanges. This will aid in automating transactions and eliminating the risk of human error.
Security: Look for a portfolio manager that takes security seriously and offers features such as two-factor authentication, encryption, and secure storage.
Reporting and Analytics: A good portfolio manager should provide reporting and analytics tools to help you analyze your portfolio's performance and make informed investment decisions.
Best Crypto Portfolio Managers
Here are the top three best crypto portfolio managers today:
#1 Descrypt
Descrypt is a comprehensive cryptocurrency portfolio manager with automated tracking and analysis, real-time market data, and risk management tools. It offers API integration with popular exchanges like Binance, Coinbase, and Kraken and supports all the currencies traded on these platforms. Descrypt also offers tax report generation with a single click, an essential feature that will simplify the long process of calculating the taxes you owe.
One of the standout features of Descrypt is its market-leading level of accuracy. The platform can read this data to generate detailed tax reports for various tax jurisdictions, including for specific regions in the United States. This makes it easy for investors to comply with tax regulations and avoid potential penalties or fines.
Included among the other features of Descrypt are:
● Real-time market data: Descrypt provides investors with real-time market data and alerts to stay up-to-date on the latest market movements.
● Integration with exchanges: Descrypt integrates with over 20 leading exchanges, making it easy for investors to track their portfolios across multiple exchanges.
● Reporting and analytics: The platform provides detailed reporting and analytics, allowing investors to track their portfolio performance and identify trends and opportunities.
#2 Cointracking
Cointracking is another popular portfolio manager providing real-time tracking and analysis of cryptocurrency investments. It integrates with over 70 exchanges and supports over 8,000 cryptocurrencies. Cointracking also provides tax reporting tools and various reporting and analytics features.
#3 Koinly
Koinly is a user-friendly portfolio manager with automated tracking and analysis, real-time market data, and tax reporting tools. It integrates with over 300 exchanges and supports over 6,000 cryptocurrencies. Koinly also provides a range of reporting and analytics features to help you make informed investment decisions.
Wrapping Up
A cryptocurrency portfolio manager is essential for any cryptocurrency investor in the United States. Tax season comes with a need for attention to detail, and automation is the way to go. Save your effort for trading and earning rather than manual bookkeeping. When choosing a crypto portfolio tracker, look for one that integrates with your exchanges and provides reporting and analytics tools. Today's top three best crypto portfolio managers are Descrypt, Cointracking, and Koinly.
Ready to simplify your crypto portfolio management and tax reporting? Click here to experience Descrypt now and create your crypto tax report.