Here’s Why You Should Secure Your Exchanges and Wallets with CoinStats
By Crypto Adventure on The Capital
Trading cryptocurrencies can be difficult because of the high volatility of its market as the prices tend to change drastically with little notice. That’s why every trader or investor is recommended to have an outstanding platform to keep track of their crypto portfolio.
A crypto portfolio tracker is a tool that helps cryptocurrency investors to manage their investments and monitor price changes all day long. Crypto portfolio trackers show changes in the portfolio and allow you to manage your money at a glance.
How to Choose the Best Crypto Portfolio Tracker
Deciding on the best cryptocurrency portfolio tracker for you can be a challenging task. Today, many portfolio trackers exist, making a pool of choices. Unfortunately, not all available crypto portfolio trackers are useful and genuine.
In essence, a useful portfolio tracker is one that has the following basic features:
Cryptocurrencies are decentralized and immutable. Decentralization makes it very difficult to trace the coins. It is hard to link each wallet to its owner. Immutability, on the other hand, means that a transaction, once initiated cannot be reversed.
Also, trackers link to your bank or exchange account. A single attack or data leak on a portfolio tracker could make your wallet vulnerable, and expose your money.
These are good enough reasons why you should go for a portfolio tracker that has advanced safety functionalities.
The best suite portfolio tracker is one that supports all of your coins. Settle for a tracker that acts as a one-stop-shop for all the coins and the exchanges you trade on. This gives an easier way to trade all of your coins without shifting between multiple exchanges and memorizing passwords.
Why Choose CoinStats?
CoinStats is a well-rounded crypto portfolio tracker platform that allows you to manage all your coins in one place easily. You only need to enable an API to show all the coins and exchanges on the app’s interface.
Accessibility is a unique feature for the CoinStats portfolio tracker. Currently, you can access CoinStats through desktop, tablets, and mobile — android and iOS. There is also a version for the Apple watch.
CoinStats’ Security Features
i) Secure Multiple Sync Options
The automatic transaction import feature enables you to synchronize Coinstats to cryptocurrency wallets, exchange accounts, Metamask, Trezor, and Ledger hardware wallets. With this feature, you can track all your transactions automatically, monitoring your profits and losses at any time.
The process is completely straightforward and secure. CoinStats does not have access to your funds since you’re only submitting an API key which has limited functions.
A Public API allows CoinStats only to read your wallet’s balances without having access to your funds. With this, even if a hacker hacks CoinStats (a highly unlikely scenario), they can’t steal your funds.
That’s why it is more secure to use CoinStats in public networks rather than using your exchange accounts.
These are wallets and exchanges supported by CoinStats for sync:
- Wallets: Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Siacoin (SC), NEO, Dash, DeepOnion, Cardano (ADA), TRON (TRX)
- Exchanges: Binance, Bittrex, Kraken, Coinbase, Cex.io, Bitfinex, GDAX, Poloniex, Huobi Pro, Bitstamp and others.
Another option is a manual entry — here you add your transactions with your trading exchange into multiple portfolios to checkout progress and fund changes over time.
In crypto trading, having a diverse range of assets is a necessity that helps you contain investment risks. Traders, therefore, deserve greater interoperability between their exchanges portals and cryptocurrency portfolio tracking software.
CoinStats application allows you to connect 20 leading crypto exchanges directly to your portfolio. Also, thanks to Coinstats support for ledger wallets, you can now have more secure digital assets. Coinstats is currently supporting BTC, ETH, XRP ledger wallets.
What’s more is that CoinStats supports Trezor — a hardware wallet that allows users to safely store, send, and receive a wide range of cryptocurrencies. This makes Coinstats one of the few cryptocurrency portfolio trackers that offer cold storage integrations.
iii) Advanced Research Tools
The research capability in the CoinStats app is on another level and leaves nothing into chances. The search capabilities enable you to perform advanced filtering and sorting, and research in order to find the next great coin you can invest in.
Also, CoinStats provides the latest cryptocurrencies data, links to coin websites, and other online accounts such as Reddit, and Twitter. News updates ensure that you get as much information as exists.
iv) Analytics and Alerts
CoinStats allows the setting of personalized portfolio analytics and alerts. Analytics will include things like “Total fee injected into exchange” and alerts such as automatic price change, or exchange transaction notifications that keep you connected to your transactions.
CoinStats also uses analytics to award a score for all the coins. The score is awarded based on the interest users show on those coins taking in mind the volume traded, users’ ratings, and the traffic to the coin’s website.
Analytics and alerts go a long way in helping traders make critical decisions while protecting them from fake coins.
Cryptocurrency scams are the single biggest threat to the adoption of the technology. In 2019 alone, cryptocurrency scams took $4 billion. Most of these scams are a result of security breaches and psychological conning. These breaches occur at coins level or within an exchange.
Portfolio trackers are necessary tools for every crypto trader. The trackers provide investors with a simpler and secure way to manage exchanges in one place. Supporting Bitcoin, Ethereum, and over 8,000 altcoins prices from over 300 exchanges, CoinStats provides the most versatile and secure platform for investors to manage their investments and monitor their exchanges.
Originally published at https://cryptoadventure.org on May 29, 2020.