Here’s one way to easily identify your underperforming crypto bags and kick them to the kerb
Link copied to
Sophisticated crypto users often have numerous accounts across multiple exchanges. Thankfully, there’s an easy solution for keeping tabs on one’s sweet, sweet crypto gainz – and the lousy bags that are weighing them down.
The crypto landscape is a fragmented place, with over 14,000 digital assets tradeable on hundreds of exchanges scattered across the globe.
Customers used to trading shares, where the profit and loss and cost basis is automatically calculated by the platform, may be shocked at how little information is stored by crypto exchanges.
That’s why many traders decide to use a crypto portfolio dashboard service, which gives them a unified portal to track their coin performance.
For example, Accointing’s Crypto Tracker provides a summary of each token’s buy and sell date, net profit, overall gains and more.
The platform connects to over 300 wallets and exchanges, automatically importing transactions via API keys or direct upload. Once that’s done you can compare your 24-hour performance to other users and take a deep dive into your portfolio.
“Are all of your positions underperforming the accointing.com community? Are your heavy bags pulling your performance down?” the website asks.
“The quickest way to identify the losers is to analyze each holding.”
There’s even an app – for both Android and iOS – so users can check whether they are winning or losing on the go.
It’s good to track your gains and losses just for one’s own performance tracking.
But there’s of course another party who cares about these things – the tax man.
As Stockhead has reported, Accointing works with local accountants in each of the jurisdictions it operates – including Australia — to create country-specific tax reports.
“Every country has their own regulations and we have this fully implemented into our tech solutions,” says co-founder and chief executive Dennis Wohlfarth.
The data is never shared with governments, but it’s available for users to download in a tax form. The reports are free for those who have only a few trades, while more complex ones range from $109 to $399.
The reports can also be useful for presenting to financial institutions, so they can be sure a trader’s gains are legit, Wohlfarth says. For more details, check out Accointing’s website here.