It was not so long ago that investing in cryptocurrency was considered a fool’s errand. The mainstream market treated such investments as a “niche” option rather than viable additions to successful portfolios. Today, cryptocurrency has become a significant part of the fintech market, and investors worldwide are interested in this kind of stock. It should come as no surprise that as more and more people invest in cryptocurrency, the market has expanded to include a host of cryptocurrency-specific trading tools such as cryptocurrency portfolio trackers. But are these a good option for beginners?
This article explores portfolio trackers and whether or not beginners should invest in the extra help when making investment decisions.
What is a cryptocurrency portfolio tracker?
A cryptocurrency portfolio tracker is an app that connects to different wallets and exchanges, among other accounts, to allow users to track their crypto investments easily. This is especially helpful for those who use different accounts for their currency, as the app can streamline the information streams. Instead of keeping track of two different wallets, multiple exchanges, and even other kinds of platforms where they use their money, cryptocurrency investors can open a single app and have all of the information they need at their fingertips.
Before you invest your time and money into a cryptocurrency portfolio tracker app, there are a few things to understand. Below, we look at some vital information and whether trackers are suitable for beginners.
Important cryptocurrency portfolio tracker information
One of the most important things to note about crypto portfolio trackers is that prices vary widely. Some trackers are free to use, while others can be quite pricey. The best way to get a feel for this kind of app is to research the features you think might be helpful and then use the list and your budget to narrow the search. Search for a cryptocurrency portfolio tracker with a free trial for the best results!
You should also pay attention to the business behind the portfolio tracker. Not all trackers are created equally, and some might come from inexperienced entities. Take your time and look into the name behind the app before you offer personal information and funds.
Benefits of cryptocurrency portfolio trackers for beginners
We know what cryptocurrency portfolio trackers are, but are they a good choice for beginners? We think so! While users with only a single profile to track might not find this kind of app critical, it quickly becomes imperative to making smart trades as the number of stocks and accounts rise. Users can easily view “the big picture” with this smart tool, create watchlists and market overviews, and stay up-to-date with detailed trade analyses! Just about the only thing the tool doesn’t do is offer the latest cryptocurrency news. However, with industry experts such as LeapRate around, catching up with breaking news is easy.
Are you interested in wading into cryptocurrency investing? Take a look at the information above to determine if a cryptocurrency profile tracker might be a good addition to your routine!