A crypto tracker to have all your intel and holdings in one place
Trading the crypto market requires intense analytics to get the most out of your investments. This requires you to have the latest news, as well as a central place where you can view all your holdings. Using a crypto tracker can provide you with all this intelligence so you can make educated decisions and trade with confidence.
Advantages of a crypto tracker
To understand what makes a tracker preferred, we compare it with other methods to track your (crypto) investments.
Excel sheets versus a tracker
For many traders, the use of Excel sheets is still the preferred way to go. Why? The reasons are evident for Excel users. You have the flexibility to create your dashboards and environments. These can be enhanced by creating macros to retrieve the latest prices from stock exchanges and Coinmarketcap.
A tracker is less flexible but allows you to track your holdings more accurately. For example, it can connect with your wallet and retrieve the holdings in real-time. This is done by using the public key – no access has to be provided to the wallet. This is ideal for coins that use Proof of Stake mechanisms, as your holdings will increase if you participate in staking. If you want to keep different ‘pockets’ of coins, you can do what you would do in Excel: create a new tab (i.e., portfolio) where you add the coins. Hereby you can group your portfolio and track them accordingly.
Not to mention the addition of news and push notifications, that allows you to track important news. You can also set push notifications for changes in your portfolio (e.g., % of gains or losses in a day).
Exchange versus trackers
While Excel sheets do not offer push notification functionality, this is true for stock and crypto exchanges. They provide real-time data of your holdings and have the availability of news related to the stocks and crypto you own. However, any crypto you hold within the exchange does not participate in the consensus mechanisms. If you want to actively participate (e.g., mining) or want to stake, you need to have the coins inside your wallet. You can imagine that this can be an expensive trade-off.
A portfolio tracker: best of all worlds
This is the reason why many traders fall in love with a portfolio tracker. These smart applications help you view your holdings in real-time while keeping them at the sources where they work for you. This is especially helpful for traders who are actively trading in multiple coins, requiring them to have several types of wallets. Want to keep your coins at an exchange to be able to trade fast? Not a problem! Trackers such as Delta can connect with over 300 different exchanges. Thinking about a specific integration? Big chance that it is available through a tracker application.
Besides holdings and news, they also provide detailed trading analyses. This allows you to analyze your holdings and see your trading behavior and usage of exchanges, wallets, et cetera.