Portfolio Managers: Are They Really Worth It?
So, you are interested in investing in a gazillion altcoins and you have bought into a handful of ICOs, but the only challenge is that you have lost track of how much you have. We all like convenience, and despite the fact that it is advisable never to store all your crypto assets on one exchange or wallet, nobody enjoys using multiple apps to monitor and keep track of their crypto assets.
At some point, we all want to centralize our crypto assets and be able to monitor changes in the market on the go. This is where portfolio managers come in handy.
Although the term portfolio managers would mean different things to different people, I’ll like to keep it simple for the simple for the purpose of this article. Portfolio managers are apps that help you monitor all your crypto assets in one place. These apps have been developed to help part-time and full-time cryptocurrency investors and traders effectively monitor and manage their portfolios.
I am not a fan of reviewing apps and wallets because the crypto space changes at a fast pace and an information that is valid today may become invalid the next day. However, based on popular consensus, I will briefly talk about two top crypto portfolio managers.
This portfolio manager is quite popular in the crypto space. The app is both a community for crypto enthusiasts and a portfolio management app. It is available on both mobile and web platforms. Some basic highlights of Cryptocompare includes:
- Support for all cryptocurrencies
- “Add notes” options
- Multiple portfolio function
- Beautiful interface
- Risk analysis feature
- Advanced charting feature
While Cryptocompare comes in handy for long-term traders, CoinTracking does a great job in helping short-term and occasional investors monitor their assets. The platform has been running since 2013, and over the last few years, the team has continually added new features.
The app has two payment plans – a free and an unlimited plan. With the free plan, you can manage up to 200 trades, which is pretty fair, if you ask me. Other highlights of the app include:
- Android and iOS versions
- Auto-deduct of balance during a trade
- Importation of data from major exchanges like Binance and Bittre, amongst others
- Free and paid plans
- Tax calculations
The obvious benefits of portfolio managers, whether free or paid is that you get to stay organized and know just how much you have and how the market it doing, at every point in time.
Before concluding this article on portfolio managers, I’d like to drop some investment tips that would definitely help you become a better crypto investor.
- Be Smart: The golden rule of investing still remains that never invest more than you can afford to lose. Don’t get greedy.
- Diversify: There are over 1600 cryptocurrencies, spread your investment across several solid projects.
- Do Your Homework: Research, research, and research. Never invest blindly.
- Take a Break: Don’t make the mistake of becoming too emotional and always checking the prices. Pick a strategy and then stick to it.