A Beginner’s Guide to CoinTracking.info: Complete Review

While the most difficult part of cryptocurrency trading is making profits, there’s another aspect that both experts and beginners struggle with, and that’s portfolio tracking. If you can’t manage your coins and the changing prices of them on a daily basis, there’s no question that the whole thing will soon get away from you, leaving you with bags full of coins that could be worthless or not – you simply won’t know because you haven’t used the tools to track the changes in your portfolio.

There’s one project that been aiming to change that since 2013, and they are arguably the best you’ll find when it comes to portfolio tracking and tax management software for cryptocurrencies. I’m talking about CoinTracking.info. If you haven’t yt tried this centralized portfolio management and tax information hub for cryptocurrencies you may be missing out.

Even if you’ve only been trading Bitcoin and one or two other altcoins you know how difficult it can be to keep track of transactions. Now imagine it’s Bitcoin and ten or more altcoins, and that the trading activity is split across multiple cryptocurrency  exchanges, and then figure in all the transaction fees as well from transferring your coins from one exchange to the other, and the cost basis of each coin due to the volatile fluctuations – yeah it can be a real nightmare, and even next to impossible in some cases.

If you’ve got this kind of portfolio, or if you’ve begun expanding and see your portfolio beginning to encompass several coins and more than one exchange, you’ll find CoinTracking.info to be your one-stop shop for tracking multiple coins across multiple platforms, and even in multiple fiat currencies. In fact, CoinTracking has support for all 5,689 coins and new ones are added almost as soon as they are created.

It’s this type of service that has allowed Cointracking to grow 10-fold over the past year, with the service currently supporting more than 300,000 users.

CoinTracking Special Features

If you’ve been trying to track all your coins, trades, profits and losses on your own you’ll be amazed at all the features you’ve been missing from CoinTracking. Here are the top features that have cryptocurrency enthusiasts so excited for CoinTracking:

Personal Portfolio Analysis

  • Interactive charts for coins and trades
  • Calculations for key indicators
  • Profit/loss amounts, current coin value and balances by coin and exchage
  • Information on realized and unrealized gains

Your Trades

  • Listing of all trades made and fees paid
  • Trades grouped by exchange
  • Interactive search function
  • Commenting functions

Tax Information

  • Capital gains reporting
  • FIFO, LIFO, HIFO, and LOFO calculations
  • Prepared based on the requirements of accountants and tax offices
  • Variable parameters for all supported countries

Trade Importing

  • Easy manual CSV import from 29 exchanges
  • Simple and secure automatic imports via APIs
  • Exports available in Excel, PDF, CSV, XML, and JSON
  • Direct synchronization with the blockchain

Coin Charts & Analyses

  • Accurate historical price charts for all 5689 coins
  • Current prices updated in real-time
  • View top coins by volume or by trades
  • Experimental Bitcoin forecasts & in-depth analysis

Security Functions

  • Complete documentation
  • Email reports on request
  • SSL certified and encrypted
  • No access by CoinTracking to your exchange accounts is required

Centralized Tracking

AS the cryptocurrency space continues expanding people have been overwhelmed by the number of choices, and today many suffer from a problem of having too many options.

With over 5,000 coins in circulation, and dozens of exchanges vying for traders action, it’s no surprise that some traders have coins spread across many different platforms. This has made it unreasonably difficult and time consuming to track holdings, profits and losses for so many traders. But it doesn’t have to be that way.

While centralization is normally frowned upon in cryptocurrency circles, CoinTracking provides a needed centralized solution that brings together information about all your coin holdings into one place. This lets you track holding, profits, losses, trades and exchanges without having to switch between multiple accounts and keep spreadsheets full of data and calculations. All of this is done automatically within your CoinTracking account.

As you can imagine, this is immensely powerful for active traders, who need to keep an eye on their complete portfolio on a daily or even hourly basis. It’s also useful for those who may not trade regularly, but still have varied holdings and need to keep track of trades and exchanges, as well as profits and losses from price changes.

The centralized tracking that allows for advanced data and analytics is possibly the most powerful feature of the CoinTracking platform. You can import data from a huge number of supported exchanges and wallets, and with the use of the APIs all of it will remain updated at all times.

Once the data has been pulled into the system users can conduct in-depth analysis of their holdings and trades. This means far more efficient tracking and management of portfolios, which can lead to greater profitability in the long run.

CoinTracking for Mobile

Mobile apps are so important these days, which is why it was nice to see that CoinTracking has an app for both Android and iOS. What was even nicer was to see that the app is highly rated in both the Google Play store (4.5 stars and nearly 2.5k reviews) and the iTunes App store (4.7 stars after 3.9k reviews). That’s a real breath of fresh air for a cryptocurrency app, as there are few that are so highly rated, and for the exchanges it often seems as if they tossed together an app just to say they have one.

The CoinTracker mobile apps aren’t quite as full featured as the desktop version of the the app, but they include enough already to be extremely useful, and they work well. Previously there had been complaints of lagging connections and login issues, but both problems have been fully resolved by the development team.

CoinTracking Support

The most impressive thing to me is that the CoinTracking platform includes over 5,000 coins, and adds support for new coins almost as soon as they are released. This makes it ideal for all traders, even those who have trades and coins from years ago, or those who are buying into the newest ICOs.

While integrating support for pretty much every coin in existence, the platform also has an impressive accurate price history, even for coins that no longer trade. This price history data can be used in technical analysis to plan upcoming trades, entry points and exit points, and do it all in great detail and with pinpoint accuracy.

Those who live in countries that are becoming more interested in capturing taxes from cryptocurrency gains will also benefit from the detailed tax information available from the platform.

Getting Started With CoinTracking

It’s incredibly simple to get started using CoinTracking. There’s a simple registration form that requires only a username and password. Using an email is optional, but recommended in the event you require support or password recovery.

Once you’ve created an account and logged in you can begin importing your data from any of the supported exchanges in a number of file formats and protocols.

Once you’ve imported your data your ready to get up close and personal with all the transactional and analytical tools offered by CoinTracking. And if you wish to avoid the time required to do manual uploads you can always upgrade to pro and use the simple API access to import your data, and keep it updated in real time.

CoinTracking Pricing

You are able to register and use CoinTracking completely free for up to 200 trades. If you need support for additional trades you’ll need to upgrade to the Pro plan, which allows support for up to 3,500 trades. For very active traders there’s an Unlimited plan. Costs are in the chart below:

In Conclusion

I have to be honest and tell you I was a bit taken aback after discovering CoinTracking. I really didn’t expect the huge number of coins it supports, or the broad range of features that makes cryptocurrency portfolio management and tax tracking a breeze. When taken for just a few coins or exchanges this would be a simple app, but the sheer scope is nothing short of amazing.

Of course this isn’t the platform for someone just interested in buying and holding a single coin or two, but for those with portfolios that span multiple coins and exchanges. It’s truly essential for the active trader and cryptocurrency investor now. In the future it could be the type of app everyone uses though, if we see widespread usage of multiple coins for different applications. The fact that the Android and iOS apps are also highly rated is another indication that this is the type of app everyone might be using soon.

Taking everything into account I have to say I am pleased. And the community is pleased as well. You’ll be hard pressed to find anyone saying bad things about CoinTracking. The really exciting part will be seeing where the team takes this platform in the future.

CoinTracking.info Rating: 4.0 - Review by

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.