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【Tool】How do KOLs track gains and losses? Testing various major cryptocurrency asset management apps

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【Tool】How do KOLs track gains and losses? Testing various major cryptocurrency asset management apps

There are thousands of cryptocurrencies, with nearly 6,000 tokens listed on Coinmarketcap alone, including Ethereum, Tron, EOS, and the trending DeFi projects, making the crypto assets more diversified. Therefore, investors are no longer keeping their assets solely on one exchange.

In light of this, several mainstream cryptocurrency management apps in the market have been reviewed. Apart from analyzing the pros and cons of each application, well-known Key Opinion Leaders (KOLs) from Taiwan have been invited to share how they manage their investment portfolios, track profits and losses on a regular basis. This is to enable investors to confront their performance through data analysis and optimize their investment returns.

Coin Excellence – BitUniverse

Source : BitUniverse

BitUniverse was launched during the bear market of 2018 and not only survived in the bleak market conditions at the time, but its product features have become more diverse over time. It supports Traditional Chinese, making it relatively user-friendly for Taiwanese users. Currently, it integrates real-time quotes from over 200 exchanges worldwide and covers over 5,000 cryptocurrencies. Its main features include:

  • Tracking of profit and loss
  • Ability to add asset holdings through wallets, exchanges, and manual modes
  • Net balance of cryptocurrency assets across various exchanges
  • Cryptocurrency news and updates
  • Market capitalization and quotes of cryptocurrencies
  • Supports Android and iOS apps

BitUniverse's front-end design is very clean and intuitive, allowing quick registration with just a phone number. Even if a user's assets span across exchanges and various DeFi protocols, they can still track profit and loss through API imports and wallet address imports. It even supports popular governance tokens like COMP and BAL. One downside is the lack of a web or desktop application, which is a bit of a shame.

Coin Stats

Source : Coin Stats

Coin Stats is also a veteran cryptocurrency tracking platform that allows quick login with Facebook or Twitter accounts. However, it only supports Simplified Chinese. Its free features include:

  • Support for Android, iOS, web, and Mac desktop apps
  • Tracking holdings through Ethereum wallets, hardware wallets, exchanges, and manual methods
  • Cryptocurrency news and occasional research reports
  • Real-time cryptocurrency prices and exchange trading volumes

Its paid features include:

  • Integration of two or more exchanges and wallets
  • Exporting investment portfolios and cryptocurrency tax worksheets
  • Direct exchange trading through the platform
  • Portfolio analysis and specific token analysis

Coin Stats offers more comprehensive features. Even its free version should meet the basic needs of most investors. The availability of web and desktop applications is a significant advantage.

Blockfolio

Source : Blockfolio

Blockfolio is an early asset tracking app that has reached a global user base. In 2019, it received investments from venture capital firms HashKey Capital and Pantera Capital. With over 6 million downloads and users in over 90 countries, its main features include:

  • Integration with exchanges for profit and loss tracking
  • Real-time cryptocurrency prices and trading volumes
  • Cryptocurrency news updates
  • Latest developments in various projects

Despite the backing of venture capital, Blockfolio's functionality is relatively low. Both BitUniverse and Coin Stats offer better and more comprehensive features. Blockfolio even lacks integration with Ethereum wallets, making it less competitive in the market.

How Do Key Opinion Leaders Manage Their Assets?

Ian Hsu

BitUniverse allows importing of exchange accounts for easy profit and loss tracking. It also provides built-in market options to help users quickly obtain cryptocurrency trading information.

Shiu Ping Su

BitUniverse can meet most needs, but there are diverse ways to invest in the crypto space. Therefore, Excel is still used for customized assistance.

Jack

Excel allows for clear calculations and algorithm adjustments according to personal needs. BitUniverse calculates profits and free funds for users, making it a simple asset management tool.

The downside is that Excel requires manual input and lacks real-time updates, while BitUniverse only records spot transactions.

Benson Sun

  • FTX Taiwan Community Partner
  • Former Business Development Manager at COBINHOOD
  • Community:Benson's Trading Desk
  • Tools used: BitUniverse

Currently, BitUniverse is doing well. If there are any shortcomings in profit management, I believe that adding a feature to calculate DeFi liquidity mining profits would further enhance the platform.

What Other Useful Platforms Are There?

In addition to BitUniverse and Coin Stats, there is "Delta," acquired by the renowned stock investment platform eToro in 2019. It offers similar features to Coin Stats, provides a desktop program, and is backed by a large group, ensuring continuous optimization of its platform functions.

Source : Delta

If you are still unsatisfied with the features of the platforms mentioned above, it is recommended to create your profit and loss record sheet directly in Excel. Other well-known asset tracking platforms like "MyCrypto," "B21 Invest," and "Atani" were tested but not listed due to their poor functionality.

Generally, the ways to track profits and losses are similar. If you only trade specific cryptocurrencies on a single exchange, such as the top ten cryptocurrencies, then BitUniverse should suffice.

However, if your assets are diverse, spanning various exchanges, DeFi, DEX platforms, or participating in the trending liquidity mining, using an Excel sheet for assistance and record-keeping is necessary.

Furthermore, seasoned traders may operate differently based on short-term, altcoins, or mainstream coins, using separate exchange accounts for each type of trade, providing a good way to consolidate assets.

In conclusion, effective asset management is one of the elements of investment success. Conceptually, monitoring your profit and loss is a way to honestly assess your performance. It is important not to fall into the trap of convincing oneself to "hold long term" after a failed "short-term speculation." Therefore, regularly review your investment profit and loss using the methods introduced in this article. If investing is like running a business, then getting rid of continuously losing subsidiaries (cryptocurrencies, assets) will ultimately increase overall revenue (profits), right?