The world of cryptocurrencies has exploded. On the surface, this might seem to be a good thing, but it has made several investors face a nightmare with hundreds of exchanges and thousands of currencies. This is exactly why automation software has become a necessity in the lives of every trader involved in crypto. These softwares have grown and advanced as the market progressed and has a host of features specifically build for crypto.
Koinly.io
Koinly is a tool that helps cryptocurrency owners calculate their taxes and minimize their bills. It is compatible with tax systems of over 100 countries and 33 exchanges, along with 6 blockchains including BTC, BCH, and BTC. Koinly also has several other features including a Portfolio Tracker along with its primary feature of the Tax Calculator. Like the other tools mentioned here, Koinly requires you to link exchange accounts and wallets, which can be done manually or via API. You can then review your transactions, tag airdrops, forks, and lost or gifted coins. 33 exchanges are supported as well as six blockchains including BCH, LTC, and BTC. They also have a handy guide for filing your cryptocurrency taxes.
Delta
This software is able to give charts of price in almost every local currency and not just in dollars or euros. This along with the huge number of cryptocurrencies tracked by Delta (around 3000 coins) makes it stand out. Transactions and airdrops will automatically be tracked as well as the exchange fees, which has become increasingly important as the number of airdrops has exploded in recent months.
CoinTracking
CoinTracking analyzes the value of your coins, your trades and generates real-time reports on profit and loss, reports for taxes, realized and unrealized gains, etc. Cointracking supports 8 wallets, 50 exchanges, and even legacy support for 16 closed exchanges, something that is not available anywhere else. The software boasts some impressive numbers. 400,000+ Active Users, 500+ CPAs & Corporate Clients And 10 Years of Historical Data.
Hodium
According to its website, “Hodium is a leading crypto-asset investment firm focused on professional trading, investing and portfolio management”. They mainly focus on three points, research, and analysis on diversified portfolios, extensive wallet protection and generating returns on many branches. Hodium also has an affiliate program that asks users to Invite their colleagues to the platform in pursuit of earning a commission of referrals’ earnings.
Cryptocompare
When you visit their website, they first overwhelm you with charts. They have charts on everything from coins, exchanges, wallets, gambling, and mining. At first sight, these will surely make no sense but upon deeper observation, the analytical value provided by these charts is phenomenal. The insights gained can actually help an investor make money. The only problem is one has to get used to the UI at first. This is one of the first portfolio management tools developed keeping crypto in mind.
Coinstats
This is an old school tool that can be used to track coins and their movements. It has a really simple UI and makes the learning curve really easy. The main feature of the software includes auto synching wallet and exchanges, personalized crypto news feed and the ability to track a large number of exchanges and coins.
Blockfolio
They claim to be the largest platform for portfolio management as they boast a claim of 5 million active users, which in fact puts it way ahead of its rivals. Users are able to connect to Blockfolio with their favorite messaging apps which make Automatic reception of the latest real-time updates and pricing straight to your inbox. Another feature is the Blockfolio signals, a first-of-its-kind communications platform built exclusively for token teams to connect and engage with their communities. And the main attraction of Blockfolio is that it is free to use.
Shrimpy
Their website welcomes you with this statement, “Shrimpy is a free crypto exchange trading bot for portfolio management, indexing the market, rebalancing, and strategy backtesting”. A few new words stand out like rebalancing and strategy backtesting, while strategy backtesting is a fancy way of saying virtual trading. Rebalancing is an interesting concept. This feature rebalances users’ portfolios using our industry-leading periodic and threshold rebalancing strategies. Rebalancing keeps users’ portfolios aligned with their target allocations and can help boost returns. While it might sound like some mumbo jumbo it is actually an interesting concept considering the complexity of the market.
Many traders are driven by the fallacy of instincts and gut, while it might work out in the traditional market. Where things are tried and tested, it will not work out with crypto. Things have gotten so diverse that nowadays it is suicide to trade in crypto without a proper automation tool. For any trader out there the time taken to research and find your ideal tool will be worth every second.
Disclaimer: The views mentioned here are solely those of the author.
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