Crypto Wallet Tracker vs. Portfolio Tracker: What’s the Difference?
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As cryptocurrency continuously grows, it’s hard to manage multiple cryptocurrency investments manually. Now people are investing in different coins and tokens, whether it’s Bitcoin, Ethereum, or a mix of altcoins, you must be informed about your investments. To protect your crypto wallet from cryptocurrency frauds, it’s mandatory to use crypto wallet tracker, crypto portfolio tracker or free wallet trackers tools for safety.
Crypto wallet trackers and crypto portfolio trackers can be true game-changers for investors. Firstly, you may think that both are similar. After all, both help you track your crypto assets. But they serve different purposes and offer unique benefits. If you want to know the difference between a wallet tracker and a portfolio tracker, then you have landed at the right place. They can help you manage your assets more effectively and make smarter financial decisions.
What is a Crypto Wallet Tracker?
Crypto Wallet Tracker is a really helpful tool designed to observe the cryptocurrency wallet and manage the wallet assets. If you are wondering, “How can I see all my crypto holdings in one place?” then the answer is a wallet tracker.
When you use a crypto wallet, whether it's a mobile wallet or web based wallet then you receive a new wallet address. A wallet tracker connects to that address (or multiple addresses) and keeps tracking tokens which are stored in the wallet. It doesn’t control your funds or hold your private keys, it simply displays what’s inside your wallet.
Benefits of Crypto Wallet Tracking Tool:
- You can see the exact amount of crypto held in each wallet.
- Helps to track several wallets at once across different blockchains like Bitcoin, Ethereum and more.
- You can check the transaction history, including incoming and outgoing transactions, along with their status.
- It's true, security and privacy are more important. Many wallet trackers just read your asset management, so they don't risk your private keys or funds.
A wallet tracker crypto is perfect for anyone who wants a simple way to view their crypto balances without logging into multiple apps or wallets.
What is a Crypto Portfolio Tracker?
A Crypto Portfolio Tracker not only tracks your wallet assets but also analyzes your entire investment performance. This tool is used by professional investors who actively buy, sell, and trade cryptocurrencies. A portfolio tracker helps you see your total investment picture, calculate profits and losses, track market values, and even monitor taxes. It's totally different from a crypto wallet tracking tool. A portfolio tracker may not connect directly to a wallet address. Instead, you manually input your transactions to keep track of your buys, sells, and transfers.
Benefits of a Crypto Portfolio Tracker:
- With the help of a portfolio tracker, you can analyze overall performance including invested coins, current value, and gains/losses.
- Always notified when the price of a coin hits a certain level.
- It's easy to sync with platforms like Binance, Coinbase, or Kraken for automatic transactions.
- Help to calculate tax by tracking capital gains and losses.
- Analyze your asset allocation, track multiple portfolios, and view charts.
If you’re serious about crypto investing and want detailed analytics, a crypto portfolio tracker is a must-have tool.
Main Differences Between a Wallet Tracker & Portfolio Tracker
To help you better understand the difference between a Crypto Wallet Tracker and a Crypto Portfolio Tracker, check this below:
- The main difference is that the crypto wallet tracking shows your wallet balances directly. On the other hand, a crypto portfolio tracker can also show balances if connected to your wallets or exchanges.
- If you want to check the overall investments of your crypto assets that are performing over time, a wallet tracker doesn't offer that feature, but a portfolio tracker does.
- Wallet trackers don’t usually require any manual input, you just need to enter your wallet address which you get during connectivity. On the other side, in portfolio trackers you need to input your transactions manually unless they sync with your accounts.
- Portfolio trackers have the ability to connect with exchanges like Binance or Coinbase to automatically pull your data. Wallet trackers generally don’t have this feature.
- If you are looking to see your profit or loss, a portfolio tracker can track your ups and downs in investment but wallet trackers don’t calculate this.
- When it’s time to do your crypto taxes, portfolio trackers are helpful as they track capital gains and losses. Wallet trackers don’t support tax reporting.
- In short, wallet trackers are best for simply checking your wallet balances, while portfolio trackers are ideal for more detailed investment tracking and analysis.
Can We Use Both Tools?
Absolutely! You can definitely use both tools together. Suppose you are storing your long-term assets in a hardware wallet, which is a really secure way to keep your crypto safe. A wallet tracker can help you check your cold storage balances without any annoyance. On the other hand, a portfolio tracker gives you a nice overall view of your crypto world, showing you how all your assets are doing.
There are even some apps that give benefits of both trackers. They act as both a wallet tracker crypto tool and a crypto portfolio tracker which gives you the best of both worlds in a single interface.
Conclusion
Choosing between a Crypto Wallet Tracker and a Crypto Portfolio Tracker depends on your crypto activities. If you’re a casual holder who keeps coins in a wallet and doesn’t trade often, a simple crypto wallet tracking tool may be all you need. Roll Consults experts help you stay informed about wallet tracker and portfolio tracker so you can make smart moves to keep your taxes in order. It’s a secure, convenient way to view your balances and track your crypto addresses.
On the other hand, if you actively invest, trade, or diversify across multiple exchanges and wallets, a crypto portfolio tracker is essential. It helps you stay informed, make smart moves, and keep your taxes in order. For further information, stay tuned with us.
