Cryptocurrency is a risky and speculative investment. Blockchain technology backs up this investment. Nowadays, there are already thousands of cryptocurrencies in existence. Given this point, you have to research before getting yourself into any of it. It is best not to invest only because someone told you it’s a good investment.
Additionally, you should keep track of your investments to know your financial situation. It will help develop the best strategy to enable your money to grow successfully. Moreover, this tracking can help you decide if you need to adjust something in your portfolio. You will also have an idea about your net worth growth patterns. Given this point, ensure to keep track of your investments, including your fixed and liquid assets.
Meanwhile, the modern age allows anyone to keep track of their investments. You will acquire the details shortly. In this case, you can select from these options to see what suits your needs.
Investing in Cryptocurrency
Crypto is a virtual form of currency and has no authority to back it up. Instead, it uses a decentralized system to record every transaction and issue new units. Meanwhile, below are the best-known cryptocurrencies existing:
- Bitcoin: It is the first and most valued cryptocurrency.
- Ethereum: You can use it to send or receive value globally with its native currency, ether.
- Litecoin: It is close to bitcoin, but it includes faster payments and processes for more transactions.
- Ripple: It involves the use of a distributed ledger system, which can also track different kinds of transactions.
Since there are thousands of cryptocurrencies, it is best to research them before investing in any of them. This way, you can assure you enter a safe investment. Besides, it will only take three steps to buy this investment. You can see them below:
- Choose your platform, whether the traditional brokers or dedicated cryptocurrency exchanges.
- Start funding your account to jump-start your trading.
- Place your order via web or mobile platform.
The steps are quite simple to follow, but your investment goals and risk appetite can dictate how far it can go. Given this point, you have to monitor your crypto investment. You have plenty of options to choose from in the next part of this post.
How to Keep Track of Your Crypto Investments
Your portfolio may need adjustments at some point, and you may not be good enough to handle it by yourself. In some cases, some people work with companies dealing with equity growth. These firms can help their clients invest their crypto earnings in other investments. Given this point, it tells you not to hold back in seeking help from experts in this field.
Meanwhile, you can also use various tools to manage your investments. You only have to select the tool that matches the type of cryptocurrency you invest in at this point. In this case, below are some ways to help you keep track of your chosen investment:
- Altpocket: It is a safe and secure app that includes a social platform. In effect, it allows users to communicate with other investors and traders.
- CoinTracker: This app helps traders manage and report on capital gain taxation. Moreover, it allows you to see how your portfolio is doing for a given period.
- Blockfolio: It is the app best for traders and investors, as it applies to both individuals and companies. Meanwhile, you can use this app to set price alerts.
- Pionex: It is a crypto trading robot that is a web-based platform supporting all major browsers.
- Coin Market Manager: This tool helps you connect with your preferred exchange easily, manage all accounts in one place, and import trade history.
- Delta. It competes with Blockfolio and allows users to create notifications of upcoming token and ICO launches.
- Coinstats: It works on various platforms like iOS, Android, web, Mac desktop, etc. Aside from that, it performs security audits on the portfolio.
- Lunch Money: You can use this app to track, manage, and budget for the cryptocurrencies held. In this case, you can integrate it with Zabo to support all major cryptocurrency exchanges.
There are plenty more options you can choose from to keep track of your crypto investments. You only have to select the one that matches your needs and the type of cryptocurrency. In general, having any of these tools in you will help you manage your investments more efficiently. Besides, most of them apply on mobile. That is why you can also access it wherever you are at the moment.
Tracking your investments is necessary to understand your financial situation clearly.