its pros, cons, and how it works
With the massive increase of cryptocurrencies today, it is becoming harder and harder for crypto investors to independently keep track of every cryptocurrency on their crypto portfolio and that is where crypto portfolio trackers like CoinStats come in.
CoinStats allows crypto investors to manage their crypto and DeFi portfolio from one place. It eliminates the need to jump from your crypto wallet to your crypto exchange of the DeFi platform to manage your crypto holdings, transactions, and trades.
Here is a comprehensive review of how this platform works including its pros and cons.
How it works
It is no doubt that CoinStats makes it easy to track cryptocurrencies on the market thus making it a great tool for crypto investors, especially those focused on areas of Ethereum and decentralized finance (DeFi). Besides being compatible with several crypto exchanges, it also allows you to sync your MetaMask, Ledger, and any other Ethereum-compatible wallet directly with the tracker.
All you need to start using CoinStats is to register for an account. You can choose to use the free plan which offers many free features although to get the most from the platform, you can choose between CoinStats Pro and CoinStats Premium plans. CoinStats has Android and iOS apps so you don’t have to worry if you don’t have access to a desktop or personal computer; you can access your account via a mobile device.
Once you create your account and sync it with your crypto wallets and crypto exchanges, you can access several tools like transaction analytics, fast trading, and instant notifications. You also get up-to-date news which is a big plus for traders since it gives an outlook of what to expect from the market movements.
CoinStats also has its own crypto wallet called CoinStats wallets that allows to access several decentralized finance (DeFi) features including staking.
CoinStats offers a lot of powerful features for free. However, to unlock additional features, users can choose between the two paid plans: CoinStats Pro and CoinStats Premium.
The CoinStats Pro plan starts at $3.49 per month and allows users to connect up to 10 cryptocurrency exchanges and 10 different crypto wallets. Users are also allowed to track up to 1,000 transactions per month. There is also access to coin insights including propriety reviews and analysis.
CoinStats Premium on the other hand starts at $13.99 per month and allows users to connect an unlimited number of exchanges and wallets. Users can also track up to 100,000 transactions per month. Then, in addition to market insights, users also get personal account managers to help with the crypto portfolio.
There is an additional option called CoinStats Community that allows cryptocurrency trading communities to access special packages of the features included in CoinStats Pro and CoinStats Premium accounts at a discounted rate. This could be a big plus, especially if you want to save some money.
Exchanges supported by CoinStats
CoinStats supports a lesser number of crypto exchanges compared to what its competitors like Blockfolio support. The exchanges that CoinStats currently supports include Binance, Bitfinex, BitMax, BitMEX, Bitso, Bitstamp, Bittrex, CEX.io, Coinbase, FTX (native support), Gemini, HitBTC, Huobi, IDEX, Liquid, Kraken, Kucoin, Poloniex.
CoinStats, however, supports any type of trading especially if it touches on Ethereum or Ethereum-based dApps.
Pros and Cons of CoinStats
It offers free and paid plans thus allowing you to choose what to use depending on the features you want to use.
It allows any type of crypto trading.
It has mobile apps for both Android and iOS devices which allows users to track their crypto portfolios on the go.
It supports a majority of Ethereum-based tokens and crypto wallets making it a go-to crypto portfolio tracker for those involved with altcoins.
It provides 24-hour cryptocurrency reports which are very useful for daily recaps.
Users can get discounts on paid plans (CoinStats Pro and CoinStats Premium) through the CoinStats Community.
It provides users with unrivalled data and analytics that help them to trade and correct mistakes.
It provides up-to-date alerts allowing traders to capitalize on market trends.
It allows users to stake their crypto assets through the CoinStats wallet and earn staking rewards of up to 20% APY.
The free plan does not allow access to some key features meaning you have to choose one of the paid plans to access these features.
CoinStats does not support many major BTC wallets.
CoinStats does not support many crypto exchanges compared to its competitors.
Why you should use CoinStats
If you are focused on Ethereum-based altcoins then CoinStats could be a good choice for a portfolio tracker. CoinStats has focused on the Ethereum ecosystem which has set it apart from most of its competitors who have generalized their approach.
You can basically add any Ethereum wallet to your CoinStats account and trade or invest in any ERC-20 token.
CoinStats also does not limit the types of crypto trades or investments thus providing a fair playing ground especially if you want to diversify your crypto investment. You also get some market insights including analysis to help you invest better in crypto.
While CoinStats is not the most popular crypto portfolio tracker, it has made a name for itself within the Ethereum ecosystem making it one of the best portfolio trackers for crypto investors focused on ERC-20 tokens.
Besides the wide variety of features and relatively affordable paid plans, CoinStats have mobile apps that allow users to track their portfolios on the go.Ethereum