I am relatively new to the crypto currency market however I have been aware of Bitcoin for many years and did get into mining in the early days. However for people who saw my intro post will know that I purchased an ASIC miner that actually never arrived (still gutted). I got back into researching crypto currencies around a month ago and fully jumped back in about two and a half weeks ago.
There doesn’t seem to be a whole lot of info on Steemit about how to track you gains on Steemit and in fact how to track your profit and loss from all your crypto currency investments in one place.
Like me a lot of people start with looking at the total amounts purchased on exchanges and with a calculator you sit there are work out your gains. It is effective but a pain and time consuming. I decided there must be some tools floating around that can help.
From many days research I have found two tools that I use that I think other Steemians will find a lot of value in.
Coinigy – Best for traders https://www.coinigy.com
Coinigy was the first tool I discovered for tracking progress. Whilst it isn’t an ideal overall portfolio view it is incredible for trading and ensuring you enter markets at the right time.
Coinigy showing the chaotic dance we have had today with Steem
You can see from the screenshot that you can select any market you wish from any exchange. It has nearly all crypto currencies in there and compares all of them directly with BTC. Coinigy can link with all major exchanges, in my case I have linked my Bittrex account. It synced perfectly with me being able to interact with my wallets there and trade easily from one currency to another. It is one seemless tool that basically means you barely need to interact with the exchange itself.
The main uses I found with this tool was being able to easily monitor when the best time to buy into a new currency and to monitor closely when to exit. It has an alert system so that you can told by email if a certain currency increased or dropped to a certain point. This is very handy if you are aware of a piece of news that might affect a currency. You can use alerts like these to monitor what’s going on and react accordingly when the time comes.
The main downside to Coinigy is it comes with a price. There is a 30 day trial however once out of that it is $15 per month.
To summarise Coinigy, it’s a great tool, it’s quite heavy if you are not used to stock market trading tools but once you get used to it you will not want to trade on your chosen exchange again. Because of the price, this is worth it for someone who is perhaps making several trades throughout the month and will benefit from having the additional visibility Coinigy offers. If you are beginner investor or intend to hold currency in the long this may not be for you.
Altpocket.io – Best for investors https://altpocket.io/
This is by far my favourite tool since I have started cryptocurrency. Altpocket is a very simple and easy to use tool that allows you to very quickly glance at all profit and loss made on all your trades.
My portfolio after a grim day of most altcoins tanking around 20%.... Onwards and Upwards!!
There are several features to the tool, I find myself spending most of the time in the “my investments” area. This area links with your main currency exchange via API, in this case Bittrex and it shows all the trades you have made with a comparison between when you purchased it and what it is now in Fiat currency. This is great because it lets me see which of my trades have been profitable and which have not. Rather than just doing a calculation of all the coins you hold and working out if you are in profit, you can see things such as are the original coins you purchased propping up the whole investments. It also lets you see where you are exposed with investments so you know whether you need to rebuy in. I found working out taking profits from coins much easier with Altpocket also.
The other additional feature to this tool which I haven’t played around with too much is the leaderboard. On top of the investment dashboard, Altpocket also compares your portfolio with every other user they have. This has resulted in the ability to go onto a leaderboard, see how well ranked you are, look at other people investments and see how they got to the profits or losses they are showing. As I said I haven’t used this area too much but it was interesting to be able to go to the top users on the site and see where they have made most of their profit. I can see this part being very insightful in the future. Another advantage is it does not record withdrawals so you can use your favourite exchange to trade, move all your currencies to your wallets for security and still track everything in altpocket.io.
I see this tool adding a lot in the future, it feels bare bones now but I can see this growing to one hell of an investment tool. Right now it is one of the best free tools out there to monitor you crypto investments.
These are the best tools I have found so far in my short adventure into crypto currencies. If you know of any more or better ones, let me know in the comments.
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