Trying to keep track of my portfolio/buys/sells, any tips?


#1

Hi everyone

I have looked through other threads about this, but I wanted to explain my particular situation.

I am mainly buying and holding, but also occasionally trading a little bit, and sometimes if BTC dips hard I might buy a bit more ICX or VEN near the bottom as they nearly always gain satoshi value after.

I want to keep track of all my holdings, but I’m wondering how specific you all are when doing this? As I am buying fairly small amounts often, it all adds up, and can get a bit confusing if you sell one coin to buy another. Often I am on the move and dont have time to account for all buys/sells right there and then.

So currently I’m using Blockfolio to keep track of my overall holdings. I put little text boxes on the chart in Trading View where I make buys, so I can see when might be a good time to sell. I also keep a spreadsheet of my holdings, but it doesn’t seem very efficient to do it all this way. I just want to keep it simple!

Is there an app/website that manages all of this really well, one that can give you the average cost you bought a coin app if you did it in many small amounts so you know when to buy more or sell? Also, if I lose my phone or it dies, Blockfolio is gone, so it would be nice to use something where your details are retained and you can log in from anywhere.

Do you guys keep every trade you make, or just the amount of fiat you put in and your overall holdings of each coin? Sometimes i wonder if I’m overcomplicating matters, but I know this isnt working very well what I’m doing!

Sorry for the long post, advice appreciated
:slight_smile:


#2

https://cointracking.info/

I assume you are a US citizen/tax payer, right? Then you know that they consider every exchange of coin to coin a taxable event; just making sure.

I have a referral link for you if you’d like to sign up. It will help us both out. Just message me for the link before signing up.


#3

I also use cointracking. Love it.


#4

@altcoinchick @IntoEther difference between cointracking and bitcoin.tax when declaring taxes?? Thanks in advance guys


#5

Always had better experience with cointracking thus far; great interface, too. Was recommended to me here on the pub by Nekko. Would you like a link over PM?


#6

Sounds like cointracking is the way to go. I will check it out.

Does it give you the average price you paid for each coin, if you bought in many different prices? Because thats the important number for knowing when to sell ?

Also, do you just use this, or do you have an app as well? Maybe Blockfolio could just be updated with total amounts rather than keeping track of every trade


#7

I’m actually from the UK, and so far I’ve only lost a lot of money, so no tax to pay :slight_smile:


#8

Be thankful, though I do acknowledge the UK is awful in taxes in other ways. I’ve considered relocating over this nonsense depending on how the future unfolds.

Just export your CSV file and you should be good to go. It supports a lot of the popular exchanges.


#9

CoinTracking seems to be the best I have found and I am a U.S tax paying law abiding citizen. Just know that you have to manually input your deposits withdrawals and transfers. It is free to use for the first 200 trades as I recall then a yearly membership and a lifetime membership which I did not think were that bad considering you pay in BTC and the price of it is down right now, so dang it is a good time to buy the lifetime. I think i’ll go do that!!


#10

So you guys do it all automated by uploading the CSV files from exchanges? Does that mean you have to re upload them on a regular basis? I’m wondering if its a bit overkill for my needs, but I;m sure I will reach 200 trades at some point, especially as I’m messing around. Just not sure I need a paid service!


#11

I’d just do it every few weeks/months depending on my trading frequency or whenever I’d want to check it out.

The point of it is that you’ll be able to trade alts without worrying about tax questions as much, but since you are in the UK and your gov isn’t as starving to tax crypto to death (at the moment), maybe basic tracking methods will work. The first series of trades are free, after all. The referral sign up would give you a discount if you change your mind and just use a different email/username.


#12

It’s 200 a trades a year free. I update after every buy sell transfer or trade. I use the realized/unrealized gains to keep track of everything.


#13

Most trades can be imported automatically, but some you have to do manually. For instance, if you transfer to a hardware wallet like a ledger.

Not all csv files from exchanges will keep track of withdrawel fees (i’m talking to you binance), so you would need to add those manually to your trades

I’m on a 2 year sub, i will get a lifetime later if its still good. I could always export my trade history as a csv and move to another service later, but its really good so far


#14

Thanks. yeah I’m still trying to work out how much I need to stay on top of it. My plan is mostly to buy and hold, and add a little extra to my holds every month.

I know how much fiat I put in altogether, so part of me thinks I could just put my overall holdings into an app, and know if I am in the green or the red overall. But the problem with that is it doesnt help me with knowing what the average cost I paid for each coin…

On that note, does cointracking do that for you, the average price you paid for each coin? Or otherwise how do you know when a particular coin is above or below what you paid for it?

Thanks


#15

Yes ma’am! It is called the cost per unit located under the realized/unrealized gains.


#16

Thanks. I was looking at some comparisons, and alongside cointracking which you mentioned, was cointracker.io which apparently does everything but is completely free. I’ll hopefully check them both out


#17

Yup, that is worth its weigh in gold. Trying to keep track of averag buy in cost per coin, plus the variables of exchange rates from fiat buyins and the rates of inter coin trades, too much of a headache for me in an excel sheet. I tried and failed, but then again, i stink at excel

I thought about developing my own app to keep track of my trades, but cointracking already does that, and they keep a database of the different coin prices over time


#18

Yeah you are right. Blockfolio does do a lot of these things, but you can’t access it from anywhere, and there doesnt seem to be a simple way to back it up or restore it!

I guess its the kind of thing that you want to keep on top of from the start because after a while it becomes unmanagable


#19

I use cointracking too, with the current dip if you buy the pro version and pay with fiat you get a nice discount. There’s also a 10% off code floating around on google. It’s been the best for tracking my portfolio against everything else, have to recommend and + to the pro version, especially if you plan to make some long-term gains.


#20

Always a bit nervous when I see a service offered for free. :face_with_raised_eyebrow: The bills are paid somehow but in their case they have a backing company, Nino Finance Inc, that doesn’t seem to exist and domain records that are hidden.

Despite a lack of transparency, I see that in the long term they do actually have a business plan, so that’s good.