Many people are already aware of the importance of tracking their crypto portfolio and how to do so. It seems that there are still many people who are unaware of what their coins are doing in the market and on which exchange they should be trading them. As a crypto investor, you want to monitor your crypto portfolio as it is an important part of your investment strategy. You need to keep an eye on the performance of all your coins and ensure that they are in their optimal places. It will help you fetch information from all over the world and monitor the market trends so that you can buy or sell with ease at the right time.
1. Tracking your portfolio is important for Knowing market trends:
Tracking your portfolio is important because it will allow you to know the market trends. Keeping an eye on your portfolio allows you to know the position of your coins and trading charts. It also informs you of any profit earned from the coins. You can determine your trading strategy based on the market position of your coins.
2. Tracking your portfolio keeps you updated with news:
It also keeps you updated with current news about tax on crypto and other sources of information like press releases and news reports. The best news for investors are the ones that are actually happening and the press releases that are announced by companies and financial institutes. You will know about the latest technology and trends in your respective market.
3. Tracking your portfolio will help you sell as well as buy:
It is important that once you have made a profit, you have to get rid of your coins when they are in their right position. They may be purchased on a different exchange at a low price whereas they may be sold at a higher price on another exchange. You will be able to know the exact amount of profit you made and can buy or sell at a better position without losing out on profits.
4. It will give you peace of mind:
By keeping a track on your portfolio, you can easily sleep at night knowing that you are earning profits from your investment and this will help you to make important financial decisions in future. You can know how much money is being made or lost and which coins are performing better or not so well in the market. It gives you a clear idea of the performance of your coins and provides leverage to make better decisions regarding cryptocurrency trading.
5. Tracking your portfolio can help you save on taxes:
Tracking your portfolio is hugely important because it can help you save on taxes. It ensures that your coins are in the correct position for buying and for selling as per taxes. It may also help you avoid tax evasion which is a major problem faced by many people who are involved in the crypto tax india industry. It is all about keeping a check on your cryptocurrency portfolio and making sure that all your transactions are done with utmost transparency.
Binocs is a cryptocurrency portfolio tracker that helps you stay on top of things by tracking your entire crypto portfolio on one platform. The platform is designed to offer users greater transparency through its data analytics and machine learning algorithms. This platform will be built with the help of cryptocurrency trading experts and traders for their expertise in the sector.