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These Crypto Apps Will Save You! - YouTube
Channel: Max Maher
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get this at the recent congress crypto
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hearing ben sherman went on a little bit
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of a tirade about the industry and due
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to this tangent about cryptos eating
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other cryptos he accidentally inspired
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some rogue developers to push out four
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new tokens one of them being the
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mongoose coin in just a few days that
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coin went up
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320 000
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quickly setting new records now to me
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that paints a striking metaphor for the
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year to come especially when it comes to
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crypto regulations what could start as a
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sincere effort from congress to enact
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better protections around stable coins
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could end up setting off this chain
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reaction of pumps and dumps and wild
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stories along the way and this could
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turn an already volatile market into a
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total merry-go-round for your tax
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returns now some experts have already
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pointed out that 2022 may end up being a
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kind of gap year for the bull run with
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big cap coins stalling and dipping well
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markets consolidate now others are on
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the complete opposite side of the
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spectrum saying that we need to buckle
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up because the show is just getting
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started and these coins are about to
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pump i say i'm just gonna keep doing my
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thing learning investing what i can and
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occasionally hitting the beach here in
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puerto rico i can't control the markets
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but as mongoose coin has shown us no
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matter where the market is heading there
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will be major ways to turn a massive
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profit the trick is as always adjusting
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your strategy to find those
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opportunities and this is because we
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only know one thing for certain and that
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is that this is a time of change for
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cryptocurrencies and during these
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periods it's important to have an
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excellent crypto portfolio tracker ahead
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of time one that meets your needs now in
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order to decide if you need a portfolio
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tracker or not simply answer this
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question who would you rather be crypto
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investor brad who made around fifty
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thousand dollars in profit last year on
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crypto it could be forty seven thousand
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it could be fifty two thousand he
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doesn't know exactly because he did
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through a variety of defy yield farming
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swaps lending but never tracked it so he
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has no idea what his cost basis is or
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how he will ever do his taxes or would
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you rather be crypto investor ryan who
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knows he made exactly 50
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123 dollars in crypto through the exact
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same methods he knows what he spent in
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gas fees for potential tax write-offs
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and has zero extra work at tax time i
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know who i would rather be now what
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exactly are crypto portfolio trackers
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well these apps and websites track the
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prices of your assets in real time
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meaning that you don't have to keep
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meticulous records manually on a
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spreadsheet to see your percent gain of
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whopper coin or whatever you invested in
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i've spent the last couple weeks looking
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into the very best trackers and i
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started to rank them based on their
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features but then i thought you know i
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want to go one step further and talk
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about them based on strategy i think
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this is a better method so i aligned
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each of my top picks with the kind of
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investor that i feel would benefit most
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from each tracker now most new investors
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will choose the long hotel method for
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investing you know this involves buying
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bitcoin ethereum litecoin or other big
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cap assets and holding onto those coins
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for as long as possible this is the
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least complicated strategy for filing
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your tax returns and takes the least
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amount of time to set up upfront for
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this type investor the biggest feature
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to consider would be security you want a
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portfolio tracker that assures your
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assets are kept safe from hacks and
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gives you full access to the private
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keys of your coins now while i
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personally trust custodial exchanges
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like coinbase or kucoin to keep my
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assets secure you know they have
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insurance funds and emergency funds to
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reimburse users if they were to ever get
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hacked it is important to remember that
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they aren't obligated by law to pay you
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back the fdic which insures your money
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in the bank does not insure crypto it's
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very important to remember that the best
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approach for buy and hold investors
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would be to use a hard non-custodial
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wallet like ledger and connect that to a
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portfolio tracker like delta i'll have
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those both in the description now using
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this app you can track the value of your
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crypto without having to move it out of
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your exchange or wallet app and you get
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a detailed look at your assets
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allocation across those linked accounts
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this is a great solution if you're a buy
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and hold person without much defy action
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now if you are a more active trader i
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got you covered so maybe day trading
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small cap coins and speculative meme
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assets are part of your average work day
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and you probably have some crypto locked
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into liquidity pools or lending
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protocols in this case i would point you
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in the direction of coin stats this is
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the tracker that i personally use
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because it's very versatile they have a
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few levels the free version is very good
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if you don't have a crazy amount going
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on maybe a couple exchanges and wallet
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then there's the basic subscription plan
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from three and a half dollars a month
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this allows you to connect up to 10
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exchanges 10 wallets and keep track of 1
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000 transactions and then the top doc
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version the premium package at 13.99 a
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month gives you up to 100 000
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transactions unlimited exchanges and
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wallets and a personal account manager
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and if you're interested in the pro
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version i actually have a link in the
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description that gives you 40 off and
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like delta with coin stats you can see
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an allocation pie of all of your current
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holdings and organize your portfolio
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according to your different altcoin
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strategies and if for whatever reason
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you have an odd transaction they allow
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you to add manual entries as well which
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has come in handy a few times for me now
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we need to zoom out a bit and remember
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that the world doesn't revolve around
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crypto at least just yet there are other
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assets that need tracking as well let's
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say you're an investor who is very
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diversified across many markets and you
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need to be able to track several bank
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accounts mortgages stocks real estate
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and your crypto and how all this relates
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to your overall net worth we're going to
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call this the international man of
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mystery investor you want a portfolio
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tracker with as broad coverage as
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possible so you don't forget about that
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pesky villa in spain that you bought
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last year kubera is a web app that
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supports over 20 000 different banks
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worldwide and it aims to be the one-stop
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shop financial tracker now what i like
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about this app is the ability to import
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your data and from there getting
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real-time price updates all in one
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comprehensive view changes you make to
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your real estate investment or car loans
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are all reflected in your net worth
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without having to prompt the app to
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update those figures and if you ever
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tried to track your own assets manually
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you'll appreciate how much the interface
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looks like in excel spreadsheet without
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the pain of having to encode your own
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formulas yourself now kubera will set
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you back 15 per month or 150 if you go
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for the whole year plan there's no
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mobile app but you can access the
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service from your phone's browser now a
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couple years back crypto research group
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hacker noon came up with a study which
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looked at how well a crypto portfolio
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would do following a monthly weekly
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daily and hourly rebalancing strategy
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the process involved investing five
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thousand dollars at the beginning of a
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one year period into multiple portfolio
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pairs one portfolio in each pair
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followed the hotel strategy while the
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other followed one of the time-bound
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rebalancing methods and the results were
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quite interesting across the board they
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found that the one-day rebalancing
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strategy would yield the highest
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improvement over a total only approach
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this was the sweet spot where trading
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fees were capped at 0.25 percent and
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wouldn't eat into profits too much now
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of course any year could have slightly
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different results depending on the
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market but studies like this influence
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many investors to set allocations of low
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and high risk cryptos within their
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portfolios and then buying or selling
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regularly to keep that balance in check
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so if you're one of those investors who
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for example allocates 50 of their
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investments into bitcoin and ethereum 25
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into ada and solana and another 25 into
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more risky meme shots like shiba or the
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squid game token you'd have to buy and
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sell on a daily basis to keep that
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balance in check aiming to maximize your
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upside under this strategy this means
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your crypto portfolio tracker must be
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able to accommodate with your high
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trading volume and you want long-term
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insights on the performance with
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notifications whenever there's some kind
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of abrupt change in the trends coin
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market manager is an excellent choice
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just for this when you're doing a lot of
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your own research you can integrate your
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notes within your cmm account they then
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give you insights based on your notes
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and your trading history to help you see
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trends a little bit more clearly showing
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what worked and what didn't work so well
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journaling is by far the best feature
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that sets this app apart from the others
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now the downside here is the cost it has
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a 14 day free trial before you're asked
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to upgrade to a professional plan which
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sets you back 500 annually however i did
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a little bit of digging and i found a
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little bit of a life hack a plan called
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cmm unlocked where you can get free
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access to all pro features by just
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linking an exchange account from either
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ftx binance darabit or by bit and then
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that wipes out the fees now many other
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wallets and exchanges are still
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supported on cmm but if you want to
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bypass that high paywall you'll have to
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get an account with one of those four
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exchanges and you won't have such a
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hefty fee the point is crypto is here to
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stay investing in a crypto portfolio
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tracker is one great way to get insights
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on your trading history become a better
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investor and most importantly if you ask
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me save a ton of time come tax season
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the last thing you want to do is comb
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through 10 000 transactions at the end
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of the year before uncle sam smacks you
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for not keeping track of all this so
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pick the best portfolio tracker for your
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investment strategy i'll have everything
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i mentioned linked in the description
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below for your convenience and from here
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i highly recommend checking out my
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in-depth guide on crypto taxes pinned on
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screen here watching this video is
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guaranteed to save you time effort and
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confusion i would like to thank you so
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much for watching and i hope you have a
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profitable day
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