What Makes the Best Cryptocurrency Portfolio App for Long Term Investments

best cryptocurrency portfolio app

Digital currency is taking the world by storm. It’s important for you as an investor to keep your crypto portfolio organized, and to store it in a place that’s flexible yet secure. In this article we’re taking a look at the best cryptocurrency portfolio app based on a number of important factors when it comes to using a crypto portfolio app for your crypto holdings.

The Importance of Keeping Your Portfolio Organized

A good tool for creating and holding a long term crypto portfolio has to be one that helps you organize your assets. Here is why:

  1. Security. Being organized will remind you about that rogue account you almost forgot about. This is invaluable when it comes to security because multiple portfolios can help segregate your funds in case one account is emptied/stolen.
  2. Easy access. Using your crypto portfolio tracker is essential to staying up to date with the rapid changes in value. But, it’s also important to organize your crypto portfolio so that if the need to withdraw or access funds arises then quick action can be taken to access funds.
  3. Tax considerations. Organizing your investment portfolio will help keep your balances and funds efficient when tax time comes. This is both by being able to transfer holdings in favor of the lowest possible obligations, or by keeping an overview that helps your tax accountant give the best possible advice about how to save.
  4. Make tracking easier. For your goals, such as setting aside a certain allocation of savings into crypto each month, having an organized portfolio will make a world of difference to both sticking to your plan and monitoring your progress.
  5. Diversification. Keeping your portfolio organized ties into balancing your portfolio with a variety of investment types. The overview you gain thanks to being organized will help protect you from being overexposed to any particular asset type.
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It’s important to separate your business and personal expenses

6 Best Practices That Need to Be Supported by Your Crypto Portfolio App

cryptocurrency portfolio app for investing

There are tried and true ways to invest that will help you do it right. It’s imperative that the investment platform you use enables you to follow the best practice that fits your investor profile. The following focuses primarily on the considerations you’ll want to make when you’re starting a new portfolio.

1. Take inventory and cut out unwanted investments.

Start by listing your investments and have a look through all of your financial papers. Digitize your records. Get rid of investments that are no longer worth keeping as per your goals. With the right app, you can then easily reallocate the funds into crypto.

2. Adjust your investment mix based on your appetite for risk and/or investing goals.

Be thorough about considering your risk aversion and exposure. It’s something you’ll want to set at the start of your portfolio, then avoid changing it too often. When the time comes though, and you do want to change up your portfolio, you want to be using a tool that helps you easily sell and pull the money, or buy after you add money.

3. Establish a contingency fund or augment the one you already have. 

Anything can happen so it’s important that you have a fund in place to deal with emergencies. Experts recommend 3-6 months worth of income set aside in case of large changes to your financial situation. We like to recommend using an app such as banq, because it helps you have unlimited accounts. You can then dedicate an account or a few to crypto investments, and another account to contingency cash.

4. Consolidate your money.

The more you invest, the more you save time and money if you can keep your finances in one place. Transferring to and from your checking account gets expensive and cumbersome. So again, using an app that is built for a variety of accounts — be it crypto investments, checking, savings, personal, business, or all of the above — will make your life a whole lot easier.

5. Automate your investments.

We recommend setting and sticking to a savings or investment plan such as a dollar cost averaging strategy. Your investment tool therefore needs to be made for recurring payments into your portfolio.

6. Hold both long and short positions.

You can diversify by holding a big variety of assets. But you can also diversify by holding a variety of positions within the same assets. Read up on this, and play around. Then use a tool such as banq that allows you to have as many investment accounts as you like — you’ll be able to use some accounts for long positions, some for short.

bitcoin on the balance sheet

Top Apps for Cryptocurrency Portfolio Management

As the market evolves, we find that the emerging crypto investment apps fall under a handful of main buckets. We present our favorites in the categories of those buckets:

  • Payment apps and wallets with versatility in functionality
  • Trading-first apps and exchanges that eventually added crypto
  • Trackers built for integrations

Below is our short list of the apps you should consider if you’re getting into crypto investments. Or if you’re already using an app but feel the need to switch.

1. banq – payment app and wallet

Our app integrates a number of different kinds of holdings and payments. It’s the first and only payment app that lets you create unique, dedicated spaces for all your business and personal needs — for free. Automate the part of getting organized, integrate your crypto portfolio with the rest of your financial life, create the investment positions you need, or share access with a manager. The features for a crypto investor are rich.

You’ll also enjoy the clean and intuitive UX — it will be easy for you to get started, and it will be enjoyable for you to use the app long after you start.

Finally, you’ll appreciate the secure and private foundations the banq app is built on. We uphold the values of the crypto community, and believe that your business should be just that — your business.

2. Robinhood – trading & exchange

The Robinhood app is a trading app aimed at beginner investors wanting to try out the market. Initially famous for being the first trading platform to charge no commissions on stocks or options, Robinhood is easy to use.

3. Etoro – trading & exchange

Etoro is known for its social trading features. Its functionality includes allowing users to copy other traders, investing their portfolio in proportion to their chosen model. The exchange lets traders buy and sell across crypto, stocks, commodities and equities.

4. Crypto Pro – Tracker

Crypto Pro shows you the latest information about and movements of bitcoin, litecoin and other major cryptocurrencies listed on exchanges. Tracking, news, price alerts, widgets and integration with cryptocurrency apps is what the tool does best.

Over to You 

Now you should have a good idea of what to consider when picking your app for investing in crypto, and you’ll be able to make an informed decision about the best app for you specifically. We’re partial about the banq app being the best option, one with unique qualities, and we hope you enjoy the simple process of coming on board.