When you are combining stocks and crypto in a single portfolio, you might have a hard time creating an overview. One of the best resorts is still the use of spreadsheets. For example, by using functions to retrieve stock information you can create a real-time overview. For crypto, it already becomes a bit more challenging as not all data can be retrieved through functions. It is still possible, such as scraping an Internet page but you do need to know how to do that. What if there’s an easier alternative out there? If you want to see if your strategy works, you need to have a stock and crypto tracker.
What is a stock and crypto tracker?
A tracker enables you to connect with your holdings that are in your broker accounts, as well as crypto holdings in your wallets. Through connection with brokers using API, you have an immediate overview of all your stocks. The use of API is safe and secure, and the data parameters are set by the broker. Using these connections, you have a real-time overview that not only reflects the holdings but also shows any dividend payments and transactions completed. Gone are the days when you manually need to update the holdings.
Other stock perks
If you are using multiple brokers, you are in for another treat. You can compare the transaction costs per broker, and see which broker is most favorable depending on the stock. For example, some exchanges are more favorable through certain brokers than others. This allows you to optimize your investment costs. You can also set notifications on certain markets or exchanges (e.g., NYSE, AEX) or individual stocks that you hold or plan to buy in the future.
Even more perks for crypto
Next to the functionalities for stocks, there is more to explore for crypto. You can keep your crypto holdings inside your wallets, where they are safe and secure. A connection with the tracker is technically not needed; the tracker simply looks up the transactions belonging to the Public Key of the wallet on the blockchain. This provides you with an overview of your holdings. This also means that you can continue to participate in consensus mechanisms and that you can grow your holding with that. You can also continue with staking, which is another perk of some wallets in the market. In the tracker, you will see the value of your wallets go up, as they are reflected in real-time. This ensures a holistic overview of your portfolio with no security risks attached to it.
Leverage a tracker solely for crypto
If you are only into crypto, you can also use it as a dedicated cryptocurrency tracker. This has the same functionality but needs some configuration to make sure you do not receive general stock information. You can set specific notifications at certain price targets and volatility of the market (e.g., more than 5 percent price change). This allows you to be on top of the game, without the continuous need to check the market. This is especially helpful in the crypto market, as it is driven by sentiment and large coin holders.
