CryptoCompare is an international cryptocurrency market data aggregator. It delivers real-time, high quality and reliable pricing and market data to retail and institutional investors. Cryptocompare provides all this Data concerning more than 5,000coins and over 200,000 currency pairs globally; closing the gap between the traditional financial markets and crypto asset. Let’s go ahead and learn a bit more about crypto compare.
Crypto Compare pros and cons
Cryptocompare has a very clean interface, and even though it does not have any exchange integrations, it does give you a very distinct idea of the performance of your portfolio. Additionally, you are permitted to add more than one portfolio.
The deal-breaker which is a huge problem is when you want to sell some cryptocurrencies. There isn’t a way to just enter the crypto you sold and pick which cost basis to use.
Briefly sidetracking here, let’s talk about the cost basis.
Bitcoin taxed as personal property, similar to shares of stock, theoretically means that, investors can sell their assets. These investors can sell on a last-in-first-out (LIFO) basis, a first-in-first-out (FIFO) basis, or sell those precise tax lots that are most effective under the “specific share identification” process used for stocks.
Back to Cryptocompare
Picture this; you made 60 purchases of variable amounts of Bitcoin, however less than 1 Bitcoin at all times. At a later time in future, you decide to dispose of 30 Bitcoin at once. You would think that you could just open up your portfolio and put in the sale of 30 Bitcoin as one transaction. And have the tracker analyse your gains or losses relative to all the other previous and smaller purchases. But unfortunately, this is not the case.
The Cryptocompare portfolio imagines you would select the original purchase transactions. For each of the transactions record a matching sale. This may get very ugly, very quickly. Naturally, one would be very disappointed by this situation, as they would have spent a significant amount of time putting in all the purchase trades manually, just to be stopped in their tracks by the issue when they made a sale.
CryptoCompare launches a mobile app for digital currencies
CryptoCompare launched a mobile app which offers traders and investors the ability to check live altcoin and bitcoin pricing data. To track cryptocurrency investments from multiple portfolios and obtain the latest news in the cryptocurrency space on the go. The mobile app users can also stay educated at all times with technical analysis and historical charts of all major exchanges and more than 5,500 coins.
The mobile app offers the vital information required to make more informed and smart decisions based on insights obtained from CryptoCompare’s real-time, blockchain and historical data for every currency. Moreover, the coins list on the app displays real-time data from more than 130 exchanges and most cryptocurrencies. Furthermore, advanced charting tools allow investors to recognise coin price trends, spot trading patterns and apply technical analysis.
Users now have the facility to:
• track their customised list of coins and see trading volumes of the most popular coins;
• manage and create multiple portfolios with precise statistics, price variations, and profit/loss information;
• Remain up to date with the newest financial market trends. And also carry out their forecasts, because the app supports all main crypto news feeds.
At the end of the day, you can also do your dues diligence, read other reviews and check it out yourself here.