The growth in the defi space has created an explosion of options for investors, as anyone who uses exchanges on the Ethereum chain or the Binance Smart Chain will agree, with many other chains also offering options.
Many beginners are becoming crypto traders and are faced with a bewildering array of choices, while seasoned crypto traders are finding that they spend a lot of time in crypto portfolio management.
Unfortunately, while the choices have grown, technology has struggled to keep pace with market needs, leaving traders trying to navigate the new realm of defi using technology based on outdated market requirements.
When the team at Dexfolio started to design Dexfolio's new app, they looked at the weaknesses in current market offerings with a focus on solving those problems. As traders themselves, they knew the pain points and frustration of trying to manage a crypto portfolio with portfolio tracking that was not suited to the task. Even the best crypto portfolio trackers had weaknesses, as most were not originally designed for decentralized finance, instead of being adapted from solutions intended for centralized finance.
With extensive community consultation, they identified several key areas and set about creating a crypto portfolio management app that would deliver a smooth user experience without the problems inherent in other apps.
Simply put, a crypto portfolio tracker is crucial for traders to know what crypto assets they hold, keep a transaction history, and know their total portfolio value. Portfolio tracking is also important for other aspects of portfolio management including tax reporting and the investment performance over time.
That said, different cryptocurrency portfolio trackers offer different features and not every portfolio tracker will offer every single feature a crypto trader might need. The best option is to choose one that is best suited to your purposes.
For most investors, the days of being able to manually manage a crypto portfolio using spreadsheets are long gone. Once upon a time, this was a viable option, not to mention the only one when the crypto industry was in its infancy and cryptocurrency portfolio trackers were still a thing of the future.
These days, almost everyone needs a crypto portfolio tracker, but there are several different scenarios where it is particularly necessary, and the best crypto portfolio trackers are ones that suit the type of activity you undertake.
Your portfolio information should be readily available from the home screen of a portfolio tracker. The purpose of having a portfolio is so you can see all your crypto assets and your total portfolio balance in one place.
A good portfolio tracker will have all that information readily available with one or two taps, and you should be easily able to find each coin's value easily. Portfolio management should be a pleasant experience, so a user-friendly layout is essential.
Decentralization has many advantages, one of which is the absence of third party involvement in crypto transactions. This makes it difficult to trace transactions and determine who owns which wallets. This means that recovering funds lost to mistakes or fraud is virtually impossible.
So, it's crucial to choose a portfolio tracker that places a high emphasis on security. Choose a portfolio tracker with enhanced security features to protect your crypto exchange accounts, bank accounts, and wallets.
The best crypto portfolio tracking apps connect to multiple exchanges and wallets so you can access all your data in one place. You should choose a cryptocurrency portfolio tracker that can track any coin supported by the exchanges of your choice.
If you're searching for a combination of exchange and portfolio tracker, check out the coins supported by the exchange to ensure you have the choices you want. This will save you having to switch between multiple exchanges or exchange accounts.
Crypto portfolio market value can change quickly in the fast-moving crypto market. Therefore, it is crucial to have real-time data readily available to make important investment decisions. As the next generation of portfolio management tools comes onto the market, the best crypto portfolio tracking app will be one that offers fast access to market data and changes in the value of crypto assets.
Recognizing the fast changes in the industry, developers are responding with the next generation of portfolio management tools.
As the crypto market experiences rapid growth, the cryptocurrency portfolio tracker industry is working hard to catch up, and we are seeing new options emerging that are a closer match for the needs of the defi community.
Dexfolio's new portfolio tracker is leading the charge with solutions that will delight beginners and seasoned traders alike.
With the community's help, Dexfolio identified several key areas where current market offerings are lacking. These include:
Dexfolio's team has created a mobile app that addresses these concerns, and in the process, is proving to be an industry leader in portfolio tracking. It offers customers what they need without providing excess features, and the user experience is smooth and easy.
So, what are some of these features?
Crypto portfolio management should be easy. Users should not find it difficult to access their exchange accounts, track coin movements, check the value of their crypto holdings, or collect data for tax reporting.
Unfortunately, many current market offerings have offered a poor user experience, something that Dexfolio aims to solve with its people-first, user-friendly design and layout. It should be easy to track your crypto portfolio. No beginners should be lost while wandering the halls of crypto hell, and no seasoned traders should be pulling their hair out because portfolio management is taking over their lives. Both will benefit from Dexfolio's smooth user experience.
To date, most cryptocurrency portfolio tracker apps have offered inefficient and time-consuming methods of setting price alerts.
With Dexfolio, users can receive an alert when a "significant change" occurs to their investment, set as a percentage that includes the original investment cost. Additional context can be added to each token by checking the change (both in value and percent), the current price, the total value of token holdings, and the purchase cost.
This is a useful feature that enables users to see their total portfolio value, the various market drivers, and the holdings on each coin.
Most portfolio management tools in use currently were not originally intended for the defi space. Instead, they have been adapted from centralized finance, and the two are not always a good fit. Coding can be awkward or buggy, and some aspects of centralized finance don't translate well into the defi space.
Dexfolio has designed its cryptocurrency portfolio tracker specifically for defi, meaning that there are no remnants of a centralized system to adapt or overcome. The result is an app that surpasses the previous generation of tools in both function and user experience.
Many cryptocurrency portfolio trackers are hampered by limits in the number of wallets or coins they support, but Dexfolio believes there should be no limit when it comes to wallets.
Wallets are easy to connect and use, and it comes with the Ethereum network, the Binance Smart Chain, and the Polygon chain already built in. It is simple and fast to add other exchanges as the market options grow.
Cryptocurrency portfolio data is available in real time, with users able to trade crypto on the go thanks to Dexfolio's mobile app, available as an Android app and for ios. Prices are updated via a smart aggregator to ensure price accuracy and reliability.
Extensive community consultation and beta testing has found that less is more when it comes to cryptocurrency portfolio trackers. According to users, the best crypto portfolio tracker has just the features they use the most rather than access to an entire ecosystem.
Accordingly, Dexfolio's app has been designed to offer just what its users need and nothing more. Consultation with the crypto community will continue into the future as the app grows with community needs and the ever-expanding world of defi.
With its intuitive design and beautiful user interface, Dexfolio's app is leading the industry in certain areas of its niche. It is certainly a worthy contender for anyone in the digital currency space who values a good user experience and fast access to analytical data for multiple portfolios and unlimited wallets, not to mention an easy market overview. Built for traders by traders, it offers exactly what users need and nothing more, making it simple to track your crypto portfolio. That has to be good news for newcomers and seasoned traders alike.
This will depend on whether you are deemed to be earning income from your crypto activities (in this case, you will pay income tax) or are an investor, liable for capital gains tax. In either case, the best way to keep an accurate record of your transactions is to use a reliable crypto portfolio management platform. Some exchanges will provide a transaction history, while some apps will also store your trading data. Regardless of which category you fall into, any trading activity will usually attract crypto taxes, so accurate record keeping is essential for tax reports.
The answer to this question depends on what you do with your crypto investments. The best crypto portfolio tracker will be one that supports the exchanges and coins you use and has the features you need for your regular trading activities. It should also offer a user-friendly experience that makes crypto investment easy.
Dexfolio supports the major cryptocurrency exchanges on the Ethereum network, the Binance Smart Chain, and the Polygon chain. Other crypto exchanges can be added.
A hardware wallet is not compulsory, but it is highly advisable for keeping cryptocurrency portfolios safe. Online wallets, exchanges and software wallets can also be used to store private keys, but they come with enhanced security risks. Hardware wallets allow you to easily access your trading accounts, but your private keys are stored securely offline. Even so, you still need to take precautions to keep them safe.
All financial assets are a target for thieves, but crypto portfolios are especially at risk. You should choose a portfolio tracker that offers multiple layers of encryption, two-factor authentication, and other security features.