The vast market of cryptocurrency is becoming popular as one of the most unpredictable financial markets in existence. This important feature makes it very important for any trader or investor to always have access to their coins, prices and base assets. While there are many great apps designed specifically for this particular task, we will get to that in a moment.
What is Cryptocurrency?
If you’re reading this article right now, you must have heard of Bitcoin. It was the first cryptocurrency to arrive in the world a few years ago and was initially used to make anonymous transactions online. Basically, it is a form of currency with monetary value. While bitcoin is usually considered gold, other cryptocurrencies can be more easily related to stocks.
Since Bitcoin ranks at the highest, after it come multiple other coins that are collectively known as Blue-chip coins. Similar to Bitcoin, these coins possess a large share of the entire crypto market, devoted traders and real application.
How Much Risk Is Involved?
If you’re wondering whether the crypto market is a bubble that can burst at any moment, you’re absolutely correct. Since the market is relatively young and extremely volatile, there is a high amount of risk involved when trading with cryptocurrency.
However, there is no huge loss in investing a few hundred dollars towards cryptocurrency. If your luck strikes, you might just be able to score a 1000% return. But if the mere thought of losing your money stresses you out extensively, this market might not be the place for you. One must remember that the pathway to gaining any profit in life will always involve risk. In the likely case that cryptocurrency actually becomes the future of money, you should not be missing out on this opportunity now.
How to Trade Cryptocurrency?
The subtle art of trading cryptocurrency is not as complicated as it may initially appear. Here a few simple steps to remember while trading in cryptocurrency:
- Stay Calm: Dips usually happen, and they aren’t always bad luck. In most cases, coins will first dip and then bounce make. The only important trick is to constantly monitor your coins through the best crypto portfolio tracker.
- Patience is Key: You may have to hold some coins for multiple months to eventually gain a healthy profit. Remember to hold on to coins that you think will eventually spike.
- Trading Is Not Essential: If you effectively divide your investment amount across a few good coins, you don’t have to continue to trade all the time. Instead, you can wait on those coins and eventually gain a profit.
- Minimize your Risk: While you invest in multiple expensive coins, remember to also invest in a crypto portfolio tracker that can minimize your risk factor as well as assist you in extending your portfolio in the background.
Crypto Portfolio Tracker
Portfolio applications play an integral role in the market of cryptocurrency. From professional traders and serious investors to beginners in the blockchain – everyone uses a tracker as they provide a simple and effective way of monitoring currency and your investments at only a glance.
The best part about a crypto portfolio tracker is that it allows anyone who has a stake in an exchange market listed asset to keep a continuous check on their portfolios as well as the whole marketplace. The trackers are extremely flexible and can be checked on an hourly, daily or monthly basis, based solely on the preference of the trader.
The number of applications and websites now available for the same purpose is incredible. At this point, there are roughly over 200 crypto portfolio trackers available on the iOS Appstore alone. While this vast choice may be good in some cases, it isn’t the best in a market as fragile as cryptocurrency.
The best crypto portfolio tracker must involve fast and accurate trading information and highly effective decision-making assistance. Since a trial and error approach is nothing but a waste of time that can be spent on trading itself, a serious trader must only rely on a high quality and well-reviewed crypto portfolio tracker.
Building a Cryptocurrency Portfolio
If you’re still wondering whether building an effective crypto portfolio will take ages to achieve, that is definitely not true. If you want to become a serious, long-term trader in the market, you will surely have to spend a fair share of time researching and learning how to make successful trades. Once that is achieved, you can leave the rest on your crypto portfolio tracker that can assist you through every trading decision you make.
Especially for beginners, it is highly recommended that you diversify your investment over multiple coins, so as to minimize risk. With the use of a crypto portfolio tracker, you need not worry about whether or not you will be able to keep up with the constantly changing values of each and every coin and its relevant interest and base asset rates.
Benefits of Using a Crypto Portfolio Tracker
It is relatively easier to keep track of trading performance if your investment is only in one form of cryptocurrency. The situation becomes increasingly complex when multiple cryptocurrencies are involves, and your success lies in the constant tracking of each one. This is where the usefulness of a crypto portfolio tracker comes forth.
Since many people dislike the habit of installing various apps on your computer or mobile phone in order to keep track of every cryptocurrency individually, you can use a crypto portfolio tracker to check at all of them at once. This app comes in handy because it allows you to effectively track all your investments in one organized space and take important decisions regarding whether to buy, sell, or hold.
Another very important benefit of using a crypto portfolio tracker is that since it allows you to assess the overall performance of your entire holding at one place, you can easily get news and alerts that are important for your profit and success. These apps also have the ability to predict any price fluctuations that may be coming and assist you in taking decisions before you make a loss on your investments.
In conclusion, there is a wide range of features that are beneficial in crypto portfolio trackers such as assisting in trading and making your performance easier and better.