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News Link • Currencies

Why You Should Manage All Your Trades on One Platform

• https://www.cryptocoinsnews.com

This article is written by Pini Raviv, a software engineer and front-end team leader for an Israel-based startup. A Bitcoin aficionado spends his time researching altcoins, mining Ethrereum and blogging about blockchain.

Cryptocurrencies can be used either as a medium of payment or a store of value. In other words, the properties of digital currencies enable them to be considered as money used for settling transactions or they can be treated as commodities, i.e. tools for investment.

Investing in cryptocurrencies

Treating cryptocurrencies as a store of value comes with the responsibility of identifying flexible and performing investment solutions to generate returns. Considering the available number of options made possible by Bitcoin and the numerous cryptocurrencies currently in existence, it is often difficult for traders and speculators to pick out opportunities early enough while seeking profitable trades within the crypto market.

Cryptocurrency trader and creator of the oWo trading bot, Anari Sengbe compares the scenario to "trying to pick the right horse in a race of multiple horses".

The recent market volatility which is triggered by events in China has raised a new level of awareness in the world of asset management.

It is very common to find crypto investors holding numerous tokens in their trading portfolio at the same time. Following up on the performance of these tokens in real time becomes a tedious and confusing venture most of the time. This leads to negative results such as missed opportunities, forgotten parameters, increased cost of investment management, mental stress and a lot more.

A platform to manage all your portfolios

CoinTracking is a tool that analyzes all your trades and generates useful information in real time such as the profit/loss of your trades, the value of coins, balances, realized and unrealized gains, reports for tax declaration, and much more.

The platform imports prices of thousands of coins from about 40 different exchanges to provide a robust analytical tool for any trader at a glance.

In the wider world, it is believed that information is power, but in the world of cryptocurrency trading where things can change rapidly, the right information at the right time is life.

Coindex is a mobile tool that enables traders track and manage their entire portfolio in one glance. The tool offers Candlestick charts and market data along with features such as market cap listing to simplify the market tracking processes for traders.

The app which is compatible with both iPhone and Android technology is powered by Cryptocompare, acquiring real-time price feed from multiple top exchanges as well.

Being able to track and manage all of one's trades and investments through a central portfolio provides the opportunity to maximize available resources such as time, attention and cost of service. The system eliminates the need to jump from one platform to another while monitoring investments, thereby enabling optimum management of investment and resources.

How to keep up to pace with the markets

According to Sengbe, the popular easy way out is to adopt a long-term plan and expect cryptocoins to at least double in value over long periods of about 6 months. This philosophy is born out of the idea that if not from market participation, any average coin should at least double in value from the coin owners themselves needing to keep it active on the exchange.

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