Some Bitcoin and cryptocurrency enthusiasts advocate for moving most--if not all--of your financial transactions to this new type of currency. Others, though, see cryptocurrency as more of an investment. As Rob points out in this Forbes article, the truth may be something different entirely.
The bottom line is that you need to be careful with this new, volatile form of pseudo-currency. But that doesn't mean you can't dabble, if you can afford to potentially lose money on this investment.
As with all investments, though, it's important to keep an eye on this one. And you can do that now more easily than ever with a variety of investment-tracking tools specifically for cryptocurrencies--and one that adds your cryptocurrencies to your other investment tracking.
If you're looking to continue investing in cryptocurrencies in 2020, check out this list of ways to keep track of that investment.
TIP: Linking Coinbase Accounts to Empower - you can add this account as a manual investment account to include it in your Net Worth calculations.
|Altpocket||People that want to track their transactions|
|CoinTracking||Automated tax tracking|
|Blockfolio||Automatic notifications for altcoin price changes|
|Empower||Combine crypto and traditional finances in one tracking app|
|Coinbase||Easily build a portfolio of many different cryptos|
|Coinstats||Automatic syncing of multiple exchanges, with apps available for many devices|
Altpocket works when you add your API keys from your various cryptocurrency wallets. Then it imports your transactions, much like our favorite budgeting apps do with your general bank transactions. Altpocket boasts a sleek design that is easier to understand than many other altcoin and bitcoin tracking apps. You can also decide which display currency to use to value your current altcoin portfolio.
CoinTracking isn’t as pretty as Altpocket, but it does offer a lot of functionality. On the dashboard, you can see the total value of all of your coins, all your trades, and the current bitcoin price. You can also see your portfolio broken down by specific altcoin and bitcoin types, as well as the platforms you’re using for most of your trades. The tool also offers tax return documents, which can ease the headache of altcoin investing at tax time. You can choose to enter your coins and trades manually, to upload them from various coin exchanges, or to use the automatic API importer.
Blockfolio is another sleek-looking app created to help altcoin investors track various types of coins and trades on various exchanges. It performs basic functions like tracking your current investments and creating charts from that information. But it also gives you push notifications when prices cross certain thresholds and gives you the latest bitcoin and altcoin news stories on its specialized newsreader.
(Personal Capital is now Empower)
Empower, after seeing their customers increase the amount of assets they’ve connected by 28% in 2020, is now offering the ability to track your cryptocurrency. The feature is still in beta testing, but its already showing promise. Right now, you have the ability to track thousands of tokens across hundreds of exchanges with Empower. For more information check out our review of Empower.
If you’re trying to figure out how to track Bitcoin investments and how to build a diverse crypto portfolio, Coinbase makes it easy to do all in one place.
With Coinbase, you can link your bank account and easily make transfers of fiat currency in and out of your Coinbase account. Through Coinbase, you can buy many different cryptos, including Bitcoin, Ethereum, and Litecoin. It’s easy to buy and sell each coin and you can withdraw your funds whenever you feel the need to.
Coinbase also has an easy-to-use dashboard that makes it easy to keep track of the changing values of each of your cryptocurrencies.
Coinstats is an easy-to-use crypto tracker that can keep an eye on more than 100 cryptocurrency exchanges and wallets for you. When you set up an account, you’ll sync all of your cryptocurrency accounts. The app will track your balances and give you a dashboard with real-time pricing and important market data, making it easy to understand the things impacting your portfolios.
The app syncs with major exchanges, including Binance and Coinbase and is available for iOS, Android, as a web app, and on Apple TV.
All in One Tracking with Your Other Investments
As you can see, three of the above options are only for tracking bitcoin or other altcoin investments. So what if you want to see this piece of your investment portfolio as just part of the whole? In this case, you need to go with another investment-tracking platform that also gives you access to bitcoin tracking.
One well-known investment tracker, other than Empower, that does this right now is Mint.com.
There is no official support for Coinbase or other altcoin accounts with Quicken or YNAB. But you can add these investments manually to both platforms.
Mint, on the other hand, does officially offer an API connection with Coinbase accounts. This means it offers only limited tracking for altcoin investments, but it does import the values and transactions automatically.
You should note, though, that Coinbase itself doesn’t recommend this integration with Mint. It says that “any integration that involves API keys creates potential risks for account takeovers.” So be sure you’re comfortable with this potential risk before you add your Coinbase account to Mint.
The bottom line here is that the complexity and volatility of cryptocurrency make them difficult to track as part of your larger investment portfolio. But that shouldn’t keep you from keeping careful track of these investments. You just may need to track them separately from your budget and other investments. Then, add the balances manually to your favorite online budget and investment tracking tool to get a sense of your overall net worth.
Related: How to Buy Bitcoin and Other Digital Currencies
Empower Personal Wealth, LLC (“EPW”) compensates Webpals Systems S. C LTD for new leads. Webpals Systems S. C LTD is not an investment client of Personal Capital Advisors Corporation or Empower Advisory Group, LLC