Get this, at the recent Congress crypto hearing,
Ben Sherman went on a little bit of a tirade
about the industry.
And due to this tangent
about cryptos eating other cryptos,
he accidentally inspired some rogue developers
to push out four new tokens,
one of them being the Mongoose Coin.
In just a few days, that coin went out 320,000%,
quickly setting new records.
Now, to me, that paints a striking metaphor
for the year to come, especially when it comes to
crypto regulations.
What could start as a sincere effort from Congress
to enact better protections around stablecoins
could end up setting off this chain reaction of
pumps and dumps and wild stories along the way.
And this could turn an already volatile market
into a total merry-go-round
Now, some experts have already pointed out that
2022 may end up being a kind of gap year
for the bull run with big cap coins stalling and dipping
while markets consolidate.
Now, others are on the complete opposite side of the spectrum,
saying that we need to buckle up because
this show is just getting started
and these coins are about to pump.
I say I'm just going to keep doing my thing,
learning, investing what I can,
and occasionally hitting the beach here in Puerto Rico.
I can't control the markets, but
as Mongoose Coin has shown us,
no matter where the market is heading,
The trick is, as always, adjusting
your strategy to find those opportunities.
And this is because we only know one thing
for certain, and that is that
this is a time of change for cryptocurrencies.
And during these periods, it's important to have an
excellent crypto portfolio tracker, ahead of time,
one that meets your needs.
Now, in order to decide if you need
portfolio tracker or not, simply answer this question.
Who would you rather be crypto investor Brad,
who made around $50,000 in profit last year on crypto,
It could be $47,000,
It could be $52,000.
He doesn't know exactly because he did it through a
variety of DeFi, yield farming, swaps, lending,
but never tracked it.
So he has no idea what his cost basis is
or how he will ever do his taxes.
Or would you rather be crypto investor Ryan
who knows he made exactly $50,123 in
crypto through the exact same methods.
He knows what he spent in gas fees
for potential tax writeoffs, and has zero extra work at tax time.
I know who I would rather be.
Now, what exactly are crypto portfolio trackers?
Well, these apps and websites track
the prices of your assets in real time,
meaning that you don't have to keep meticulous records
manually on a spreadsheet to see your percent gain of
Whopper coin or whatever you invested in.
I've spent the last couple of weeks
looking into the very best trackers,
and I started to rank them based on their features.
But then I thought
I want to go one step further
and talk about them based on strategy.
I think this is a better method.
So I aligned each of my top picks
with the kind of investor that I feel would benefit most
from each tracker.
Now most new investors will choose
the long hodl method for investing.
This involves buying Bitcoin, Ethereum, Litecoin
or other big cap assets and holding onto those
coins for as long as possible.
This is the least complicated strategy
for filing your tax returns and takes
the least amount of time to set up upfront.
For this type of investor, the biggest feature
to consider would be security.
You want a portfolio tracker that assures your assets
are kept safe from hacks and gives you
full access to the private keys of your coins.
Well, I personally trust custodial exchanges like Coinbase
or Kucoin to keep my assets secure.
They have insurance funds and emergency funds
to reimburse users if they were to ever get hacked.
It is important to remember that they aren't
obligated by law to pay you back.
The FDIC, which ensures your money in the bank,
does not insure crypto.
It's very important to remember that.
The best approach for buy and hold investors would be to use a
hard noncustodial wallet like Ledger and connect
that to a portfolio tracker like Delta.
I'll have those both in the description.
Now using this app, you can track the value
of your crypto without having to move it out of your
exchange or wallet app and you get a detailed look
at your assets allocation across those linked accounts.
This is a great solution if you're a buy and hold
person without much DeFi action.
Now if you are a more active trader,
I got you covered.
So maybe day trading, small cap coins
and speculative meme assets are part of your average
workday and you probably have some crypto locked
into liquidity pools or lending protocols.
In this case, I would point you in the direction of CoinStats.
This is the tracker that I personally use
because it's very versatile.
They have a few levels.
The free version is very good if you
don't have a crazy amount going on,
maybe a couple of exchanges and wallet.
Then there's the basic subscription plan
from $3.49 a month, this allows you to
connect up to ten exchanges, ten wallets,
and keep track of 1000 transactions.
And then the top doc version, the premium package
at $13.99 a month gives you up to 100,000 transactions,
unlimited exchanges and wallets and a personal account manager, and if you're
interested in the pro version, I actually have a link in the description
that gives you 40% off.
And like Delta, with CoinStats,
you can see an allocation pie of
all of your current holdings and organize your
portfolio according to your different altcoin strategies.
And if for whatever reason you have an odd transaction,
they allow you to add manual entries as well, which has
come in handy a few times for me.
Now, we need to zoom out a bit
and remember that the world doesn't revolve around crypto,
at least just yet.
There are other assets that need tracking as well.
Let's say you're an investor who is very diversified
across many markets, and you need to be able
to track several bank accounts, mortgages stocks, real estate
and your crypto and how all of this relates
to your overall net worth.
We're going to call this the
International Man of Mystery Investor.
You want a portfolio tracker with as broad coverage
as possible, so you don't forget about that pesky
Villa in Spain that you bought last year.
Kubera is a web app that supports
over 20,000 different banks worldwide, and
it aims to be the one-stop shop financial tracker.
And what I like about this app is the ability to
import your data and from there, getting real time
price updates all in one comprehensive view.
Changes you make to your real estate, investment or
car loans are all reflected in your net worth
without having to prompt the app to update those figures.
And if you ever tried to track your own
assets manually, you'll appreciate how much the
interface looks like an Excel spreadsheet
without the pain of having to
encode your own formulas yourself.
Now, Kubera will set you back $15 per month,
or $150 if you go for the whole year plan.
There's no mobile app, but you can access
the service from your phone's browser.
Now, a couple of years back,
crypto research group HackerNoon,
came out with a study which looked at
how well a crypto portfolio would do
following a monthly, weekly, daily and hourly rebalancing strategy.
The process involved investing $5,000 at
the beginning of a one year period into
multiple portfolio pairs.
One portfolio in each pair followed the Hodl strategy,
while the other followed one of the timebound rebalancing methods
and the results were quite interesting.
Across the board, they found that the
one day rebalancing strategy would
yield the highest improvement over a hodl-only approach.
This was the sweet spot where trading fees were
capped at 0.25% and wouldn't
eat into profits too much.
Now, of course, any year could have slightly different results
depending on the market, but
studies like this influence many investors to set
set allocations of low and high risk cryptos
within their portfolios and then buying or selling regularly
to keep that balance in check.
So if you're one of those investors who,
for example, allocates 50% of their investments into Bitcoin and
Ethereum, 25% into ADA and Solana,
and another 25% into more risky meme shots like
Shiba or the Squid game Token,
you'd have to buy and sell on a daily basis
to keep that balance in check, aiming to maximize
your upside under this strategy.
This means your crypto portfolio tracker
must be able to accommodate with your high trading volume,
and you want longterm insights on the performance with
notifications whenever there's some kind of abrupt
change in the trends.
Coin Market Manager is an excellent choice just for this.
When you're doing a lot of your own research,
you can integrate your notes within your CMM account.
They then give you insights based on your notes
and your trading history to help you see
trends a little bit more clearly showing
what worked and what didn't work so well.
Journaling is by far the best feature
that sets this app apart from the others.
Now the downside here is the cost.
It has a 14 day free trial before you're
asked to upgrade to a professional plan
which sets you back $500 annually.
However, I did a little bit of digging and I found
a little bit of a life hack, a plan
called CMM Unlocked where you can get
free access to all pro features
by just linking an exchange account from either FTX,
Binance, Deribit or Bybit
and then that wipes out the fees.
Now many other wallets and exchanges are
still supported on CMM, but if you
want to bypass that high paywall,
you'll have to get an account with one of those four
exchanges and you won't have such a hefty fee.
The point is crypto is here to stay.
Investing in a crypto portfolio tracker
is one great way to
get insights on your trading history,
become a better investor and most importantly,
if you ask me, save a ton of time come tax season,
the last thing you want to do is comb through 10,000 transactions
at the end of the year before Uncle Sam smacks you
for not keeping track of all this.
So pick the best portfolio tracker
for your investment strategy.
I'll have everything I mentioned linked in the description below
for your convenience and from here I highly
recommend checking out my in-depth guide on crypto taxes
pinned on screen here.
Watching this video is guaranteed to
save you time, effort and confusion.
I would like to thank you so much for watching,
I hope you have a profitable day!