Recently Cointracking.info has announced cryptocurrency portfolio tracking tool. It is aimed to track 4000 cryptocurrencies by importing data from over 40 cryptocurrency exchanges.
Though, Cointracking.info provide service that usually track cryptocurrency movement, the new introducing tool help established users visualize their investment portfolio/performance.
Dario Kachel, founder of Cointracking.info, started the business because he tried to track coins and gains using an Excel spreadsheet as a trader. Kachel found many disadvantages using this approach and however in April,2013 he led to create his cryptocurrency-centric startup.
Kachel explains, after three months of work, I had released the first version of Cointracking.info. As it was the first crypto portfolio tool on the market.
“We are all active bitcoin users and also moderators in different crypto-communities”.
Cryptocurrency Tracking Can Be a Tax Accountant’s Nightmare
Further, Kachel says that he believes Cointracking.info is the easiest way. However, cryptocurrency users can manage their portfolios all in one place. He says, “We store historical prices for all 4,000 coins and can calculate all your gains, losses, current and historical coin values, totals and amounts, tax-free coins, tax reports for the IRS and any other tax authority in the world”. He further expands, the clients or the users who utilize the company’s assets to real time fiat values, arbitrage traders on several exchanges, trading bots and tax accountants.
“It would be extremely difficult and time-consuming to calculate gains for thousands of trades with conventional methods. Our tax report saves a lot of time and money compared to the manual calculation or a tax consultant. We cut this down to just a couple of minutes or even seconds, which means a lot of time is saved for other things that our customers face on a day-to-day basis”.
Users can remain totally unidentified
Kachel makes it clear that Cointracking.info is not an exchange that hosts any coins, funds or API keys. Moreover, he said that the services does not require personal data and users can remain completely anonymous using the system.
“The data we store, like transactions or read-only API keys for exchanges. It stores encrypted and secured by firewalls and a three-step verification system. Since all our data host in Germany, all of our security practices are in line with the strict German data protection laws”.