Portfolio Tracker For Bitcoin And Other Cryptocurrencies

 

CoinTracking is a portfolio management tool for cryptocurrencies which I really liked.

In this article, I'll share my experience with it, and review the pros and cons of it.

Basically, CoinTracking is a personal Profit / Loss Portfolio Monitor and Tax Tracker for all Digital Coins.

With CoinTracking you can analyze all your trades and generates in real-time tons of useful information such as the profit/loss of your trades, the value of your coins, balances, realized and unrealized gains, and tax reports.

What I like:

• Free to do basically everything, up to 200 trades. If just tracking currencies and you enter your own amount, you can do that unlimited. Also allows for 2 backups free.
• You can view your current balance in your local currency and it's updated according to prices in real-time.
• They have a mobile app with some of the important features the web version has.
• They give concise directions for each exchange on how to export, what to export, and what to import.
• Entering in trades manually is really easy (see note below about editing).
• The graphs are luscious and intoxicating to a newbie like me.
• I've imported ~130 trades from 7 exchanges and found it an easy process.
• I didn't have to share any credentials, private keys, or anything that seemed unsafe. I looked through the CSV files it has you export from the exchanges and didn't see anything that would prevent me from using.
• The API connectivity to Kraken is such that you only set up the API Key to allow read-only access to open trades.
• I absolutely love the "Average Purchase Prices" graph.
• It's neat that they do reports of all users (anonymized) and let you know where you sit - comparing your deposits, number of trades, profit, balances, etc to other users on the system.
• They have a "Tax-Report", Capital gains report, reports on short vs long term gains (and when to sell certain positions in order to make it long term gains), etc.

Could use some improvement:

• It wasn't immediately obvious how to edit trades - at first, I thought I couldn't edit at all. But they hid the editing in the "enter new trades" UI and it's actually quite easy and quick with in-table editing.
• For example, I was able to have a typo in the date where one of my trades was 1901-12-02 and another was 2017-11-12... so some of my graphs were a little crazy.
• While it's easy to manually enter in trades, it's NOT intuitive as to WHEN to manually enter in trades. Take note when importing items from certain exchanges, as cointracking.info will put a sentence near the top to remind you that it might not get everything. For example, I didn't catch it the first time when it said that Coinbase imports you upload don't contain your deposits or withdrawals. So you have to go to Coinbase, take a look at your transactions, and manually enter in any deposits or withdrawals. Didn't take long once I figured that out, but beware.
• If you buy currencies with an external wallet (like Coinbase buying from bank transfer instead of Coinbase's USD wallet), CoinTracking only knows about the purchase and not the transfer. So, you don't necessarily know that you have to enter a withdrawal or purchase, but I had to figure that out after the fact.
• I'm not certain how robust the fees are. There is a report that shows fees, and some exports from some exchanges list the fee in their data file. However, I'm not sure yet if cointracking.info is auto-calculating the fees when it sees two transactions next to each other that are linked, where what I put into the transaction (say 1.0 BTC) and what I got out of the transaction (Say 0.9998 BTC). I do like that the trading fees report shows "fee value at transaction" next to and compared to "Fee value now", especially since fees are usually paid in cryptocurrency.
• I had imported Kraken via upload first, and then I switched to API and I got a number of duplicates, three different times. I think I've cleaned them up by now, but it was annoying. I'd recommend not importing Kraken if you use the API.

Misc:

• Not cointracking.info's fault, but Coinbase doesn't seem to do exports of ETH wallets yet, so all that stuff has to be done manually.
• TIP: absolutely use the "exchange" and "description/comment" fields, as the searching is very good and easy to use. I used this to "pair up" trades in Coinbase more easily...
• Upgrades: They offer a "Pro" (increases the 200 limit to 3300 and 2 backups to 5) and an "Unlimited" add-on. You can buy for 1-year, 2-year, or "lifetime use". Also, the "lifetime unlimited" premium package gives guaranteed access to all future updates including a promise to source code if the company goes bankrupt.

• Note if you do try it out, and you like my post, you can use my affiliate link which gives you a 10% discount and I get a 20% affiliate bonus.

Hope it helps you guys track your coins!