In part I, I wrote about beginning my journey investing in cryptocurrencies. At that time, I was trying to decide on which exchange(s) to use. You can find that post --> here.
Part II - Wallets
Now, I in part II, I want to write about wallets. After setting myself up on Coinbase, GDAX, Binance, and Poloniex, I thought the hardest part was behind me but I was wrong. Getting the right wallet is just as hard when you have to look at the pros and cons of so many (ha, not just one obviously) that would be right for me.
But first - Portfolio Tracker
Before I talk about wallets though, I want to add some flavor to why I am where I am in deciding on a wallet. This has to do with my decision to setup a portfolio tracker first. Setting up a portfolio tracker first made my search for a wallet just a little bit harder than it needed to be. After I started making some trades, I wanted to track my investments to make sure I understood the prices, fees I was paying, and so I could understand what I needed to make in order to see real profits.
I started with a spreadsheet but quickly tired of having to figure out the different formulas needed and it was ugly. I hate spreadsheets so I started looking for a different solution. I looked at many different options. There were 3 I really gravitated to and choose to give them each a serious look.
I really liked all of them. I started out with BitUniverse. It is a really nice product. It did everything I wanted it to do. My only issue was there is no desktop client, it is mobile only. That is great when I am on the go but when I am at home, I want a big view and BitUniverse just didn't do it for me. If they had a desktop version, I would have stuck around. Especially since it was FREE.
I then went on to CoinTracking. Again, another really great option. In fact, it is the one I use most. I was using the free version for a while as I kept looking for another option that allowed for both desktop/ mobile and offered just a little better UI.
That is when I ran into CryptoCompare. I am sure many already know about CryptoCompare for the research information that it provides and they probably already know about its portfolio functionality. I love its UI and the amount of information it puts at the tip of my fingers. But it is not completely built out yet. It doesn't have a mobile version and it does not allow users to sync with any of the exchanges yet. Hopefully that is coming but for now the product is still being built out. Once other features come online, I will probably move completely over but for now, I am sticking with CoinTracking as my main portfolio tracker but still use CryptoCompare as well, although all transactions are manually entered.
Back to Wallets
Now, the reason I went into portfolio trackers first is because after I was setup on CoinTracking, I noticed it allowed for Wallet imports. I had already setup exchange API syncs and didn't want to go back to manually entering coins when I moved my investments to my wallet so I wanted to make sure that CoinTracking supported the wallet(s) I was going to use to manage my investments, especially since I had already purchased a year subscription on CoinTracking --> $130 (Ouch).
After looking through Cointracking, I found that it only supports a few wallets - Blockchain.info, Exodus, and Trezor. It also has some support of both BTC and ETH sync via an address. The same is true for some AltCoins but I have not had time to really look into that so more research to do.
I have a fairly diversified portfolio of 13 different coins/ tokens, so there is not one option that can hold them all right? Well, there is. It is Coinspot.
But it doesn't work with my cointracking portfolio. That is where I am currently. Still researching the best option, still looking and deciding what to do. But, until I have any real money invested in cryptocurrency, I am leaving them on the exchange. Yes, I know, not ideal but…..
If anyone has any suggestions, please let me know.
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Thanks So Much - Liquidtravel