Bitcoin: The Biggest Opportunity Of 2020
20 Jan 2020
The post CoinTracking Review: How To Use CoinTracking App (+ Expert Tips)
As a seasonal trader or a pro trader, the hardest part is to keep track of your crypto balance on all exchanges at once. When you are trading on multiple exchanges, keeping track of profit and loss becomes a headache. My quest to find a solution lead me to CoinTracking which turned out to be the best crypto portfolio tracker app that is available in the market.
In this review of CoinTracking, you will be learning how to use CoinTracking and some of the features that make it worth using. Depending upon the volume of your trade, you can use a free account or you can get a pro account which can be purchased for 1-2 years or lifetime.
Create a free CoinTracking account
After using the free version for a while, I ended up purchasing the lifetime plan 2 years back using Bitcoin, and it turned out to be one of the best investment ever. Before you learn how to use it, let’s have a look at significant features of CoinTracking.
At the time of writing this review, CoinTracking supports 70+ major crypto exchanges. Some of the top exchanges supported are:
Using the API feature, your trades and transactions are automatically imported by CoinTracking app. This removes the headache of maintaining your portfolio manually. The API feature is simple to use. I have explained more about this in the setup guide below. You can also add coins manually which is useful when you have purchased currency at the ICO stage. This ensures your portfolio is accurate and up to date.
While managing your portfolio, you might like to import transactions from your crypto wallets, and a few of the supported wallets are
The well-documented help guides will assist you in making most out of CoinTracking info.
CoinTracking mobile app (Android and iOS) helps you to keep an eye on your portfolio while on the move. You can also set price alert for any coin of your choice using the mobile app. You will be notified when the price reaches your target. Along with this, you can see the price movement of any Cryptocurrency via mobile app.
The reporting option is what makes this app outstanding. You can view your balance in various ways. For example:
Especially if you trading the same coin on different exchanges, it will help you see your overall portfolio for the particular coin on multiple exchanges. This ensures you don’t end up having too many bags of a single currency.
Another feature that I find meaningful here is the “Realized and Unrealized gains.” For a user who buys a lot of altcoins, this feature will quickly let you see how much profit or less you have made in a particular coin. When managing a big lot of coins or with heavy trading, it’s common to miss out on taking profits, and this feature will help you avoid such a mistake.
Handing taxes is one of the biggest headaches for cryptocurrency owners, and Cointracking Tax reporting feature is the answer to it. Even if you are making a great sum of money with cryptos, by using the taxation feature, you can save a lot when paying taxes on your profit or losses.
A lot of crypto traders end up paying taxes on all the profit which is not the best thing to do and with little planning and help of this tool, you can save a lot of money every year. However, if your purpose for such an app is for taxation, you should consider using Cointracker. It offers Tax Loss Harvesting features that would help you save a significant amount of money.
As a full fledge crypto portfolio app, CoinTracking offers many more features. I will let you explore it and you can use a few of them or all of them based on your requirement.
Sign up for CoinTracking
The setup is fairly easy and here is how it works.
You have multiple options to add your coins. Depending upon how you deal with crypto, you can add coins manually, add using .CSV or add using API.
The API feature is the fastest and automated way to import existing and new trades to CoinTracking.
What about the safety of coins?
All crypto exchanges offer API feature (it’s free) so that we can use 3rd party apps like CoinTracking, 3Commas or any other to manage or trade cryptocurrency. In the case of CoinTracking, you will be creating read-only API which ensures that the 3rd party apps can only import transactions and cannot trade or withdraw funds on your behalf. Once you use it, you will realize how easy it is.
Let’s learn by adding an exchange to CoinTracking using API. In this case, I’m showing you how to add Binance exchange API to CoinTracking. For other exchanges, the process is going to be the same.
Login to your Binance account dashboard and click on enable in-front of API.
Give a meaningful name to API Key:
Click on “Confirm Create,” and this will show you your newly created API Key.
Click on edit and deselect the “Enable trading” feature. You need only “Read info” feature.
Note: You only need read info access when creating an API key for portfolio management purposes. This is how you will restrict crypto trading or withdrawals of your coins.
Now, head over to CoinTracking dashboard and click on Enter coins > Exchange imports (API) > Binance
Now, copy the created API Key and API secret to the “Create a new automatic Binance job” field. See the screenshot below.
You can also set to send an email when a trade takes place. This is another smart way to keep track of your trades on an exchange. Click on Save this Binance job, and Cointracking will start importing all past trade and new trades from here on.
Repeat the same process for all the exchanges on which you buy/sell/trade cryptos.
Now, head to Cointracking dashboard and you will be able to see the complete portfolio.
Well, that’s how you start using CoinTracking app.
Get a CoinTracking account
I have been using CoinTracking app for more than two years, and it has been a real time saver. The automatic API import and manual import feature ensure I stay at the top of my overall crypto portfolio. The realized and unrealized feature helps me to take the profit out of those altcoins which I would have missed otherwise.
The CoinTracking app is a complete solution for any seasonal or pro crypto traders/HODLers. I like it so much that it’s a part of our recommended crypto trading tools.
Do try CoinTracking and come back to share your review and experience with us. If you like this review, do share it with other crypto users who may get benefit from it.
The post CoinTracking Review: How To Use CoinTracking App (+ Expert Tips)News appeared first on: Coinsutra.com