Whether you’re a casual investor or a professional trader, staying on top of your portfolio’s performance ensures you make informed decisions. That’s why tracking your crypto wallet or wallets with a wallet tracker is an essential part of managing your investments. There are several methods for tracking, each with its own pros and cons. The approach that suits you best depends on your needs, experience, and strategy. Let’s take a closer look!
Why Tracking Your Wallet Matters
Your crypto wallet is where your assets live, and knowing where it stands helps you monitor your performance and keep up to date with your investments, spot trends in the market, understand how your assets are moving, simplify your taxes, and prevent errors.
What Are The Methods For Tracking Your Wallet?
As mentioned, there are several different wallet tracker methods and tools that give you a great overview of your crypto portfolio. See what works best for you!
- Using Your Wallet’s Interface Most crypto wallets come with a built-in tracking interface that shows your assets and their values. They’re easy to use and always accessible—Perfect for tracking balances in one wallet. This is great for new traders holding all their assets in a single wallet. However, using your wallet’s interface doesn’t allow you to gain portfolio-wide insights if you trade via multiple wallets. Also, it is not a beginner-friendly process to add token contract addresses to your wallet as not all assets are detected automatically.
- Using Blockchain Explorers Blockchain explorers allow you to track wallet activity directly on the blockchain. They offer complete transparency of transactions and holdings without the need for third-party apps. For traders who value precision and transparency, blockchain explorers are a great option as a wallet tracker. For beginner traders and investors, they can take a bit of technical knowledge to learn before they’re comfortable to use. You'll also need a separate explorer for every single blockchain, so it is not so convenient to use them if your portfolio is on numerous networks.
- Using Specialized Tracking Tools Specialized tools and DApps aggregate wallet data and provide an easy-to-read overview of your portfolio, such as DeBank, Sonarwatch, and 3Balance. DeBank tracks EVM-based wallets and DeFi activity, and Sonarwatch allows for tracking Solana wallets, as well as Aptos, SUI, Sei, and other blockchains, providing an overview of tokens, NFTs, and staking. 3Balance offers a simplified view of all tokens across EVM and Solana wallets, with added advanced features like rebalancing and allocation calculators. It lets you adjust your portfolio in three easy steps.
The benefit of using specialized wallet tracker tools is that you often get a centralized overview of all wallets and assets. They often include additional features like performance analytics and staking insights. However, sometimes the additional features come with a cost. They may also require connecting your wallet, which can create safety concerns. Always do your research beforehand.
Beginner investors likely don’t need to use specialized tools to analyze their wallets; however, something like 3Balance makes a great addition to your toolbelt for learning to stick to your trading strategy.
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A Few Other Reasons To Choose 3Balance
3Balance offers a streamlined solution for tracking and managing your crypto portfolio:
- Unified View: See all tokens across EVM and Solana wallets in one place.
- Advanced Tools: Use the built-in rebalancing calculator to visualize and optimize your portfolio allocation.
- Ease of Use: Intuitive design makes it accessible for both new and experienced investors.
With 3Balance, you can track your portfolio with precision, plan for long-term growth, and ensure your investments align with your strategy.
So, What’s Your Pick?
Tracking your wallet is an essential practice for every investor. Whether you’re using your wallet’s interface, diving deep into blockchain explorers, or leveraging specialized tools like DeBank, Sonarwatch, or 3Balance, there’s a solution for everyone. By choosing the right wallet tracker, you can stay informed, make smarter decisions, and achieve your investment goals.
