If you’ve been trading cryptocurrencies for any length of time, you probably need a crypto portfolio tracker. As a result, you might have heard of CoinStats, a well-liked option for managing portfolios. Do you want to learn more about the platform? Check out this comprehensive CoinStats review to learn more about this portfolio tracker.

Who is this CoinStats review for?

If you’ve ever wondered, “How do I keep track of the balances in all my wallets and exchange accounts?” then this review would be a great fit for you. Or perhaps you already use a crypto portfolio tracker and would like to learn about other options.

In summary, continue reading if you:

Are you looking for a crypto portfolio tracker? Are you an experienced crypto trader who uses multiple wallets and assets on multiple chains? Are you a current CoinStats user? Are you looking to start accumulating crypto and want to be organized right away?

How will we evaluate CoinStats?

By providing perspectives on quality, features, advantages, disadvantages, and overall satisfaction, the primary objective of this review is to assist potential customers in making well-informed decisions.

There are a lot of portfolio trackers available today. To stand out from the competition, a crypto portfolio tracker must therefore be comprehensive. As a result, there are a number of important factors to consider when evaluating a crypto portfolio tracker.

The variety of supported assets and exchanges comes first. For comprehensive portfolio tracking, a robust tracker should be able to handle a wide variety of assets and cryptocurrencies while seamlessly integrating with major exchanges, wallets, and DApps.

The platform’s ease of use is equally important because a user-friendly and visually appealing interface enhances the experience. Users should be able to easily add, manage, and analyze their crypto holdings with clear portfolio displays.

Users who are looking for in-depth insights into their investments need robust portfolio analytics. This includes cost basis calculations, historical performance tracking, and profit and loss analysis. Last but not least, cost is a big thing to think about. The pricing model needs to be reasonable and match the value. A good tracker should be available to free and paid users alike.

What is CoinStats?

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Who is CoinStats for?

Investors who actively manage and invest their crypto assets should use CoinStats. Investors, traders, and crypto enthusiasts who want to effectively monitor and manage their holdings will benefit from this tool.

It is especially useful for people who have diverse portfolios that include a variety of cryptocurrencies, wallets, exchanges, and other assets.

Utilizing a crypto portfolio tracker can also be very beneficial to individuals who place a high value on monitoring trends, optimizing their investment strategies, and being informed about the performance of their portfolios.

1/ Show initial cost basis of the position and change over time
2/ Build in ability to calculate impermanent loss based on token cost on date/time of entry
3/ Import yield APRs where appropriate to show APR relative to impermanent loss. Historic yields are also useful

— Jasmine Xu (@jasminexu888) February 22, 2022

In addition, as DeFi activities (such as yield farming, liquidity mining, staking, etc.) CoinStats is also useful for people who require preliminary tax preparation solutions because it can be increasingly complex and have broad tax implications.

What are the benefits of using CoinStats?

Cryptocurrency enthusiasts and investors would likely encounter a number of obstacles if they did not have access to a comprehensive portfolio tracking tool like CoinStats.

Cryptocurrency portfolio management refers to the process of organizing, tracking, and analyzing your cryptocurrency holdings or doing that for an entity or crypto firm. The main goal of portfolio management is to maximize returns while minimizing risks.

Julius Elum: Twitter

To begin, the absence of a centralized platform would necessitate the manual tracking of assets across multiple wallets and exchanges, which would result in inefficiencies and possible errors. You can manage risks, maximize profits, and reduce the likelihood of tax preparation errors with a comprehensive tool.

It is difficult to keep track of market prices in real time and gain insight into asset movements. In this sense, not having what you need will probably make it hard to make good decisions. Without a portfolio management tool, tax reporting can also be time-consuming, necessitating manual calculations and record keeping.