How To Use CoinTracking For Smart Crypto Investment

The website of CoinTracking

In the world of cryptocurrencies, CoinTracking presents as a comprehensive solution designed to simplify the lives of cryptocurrency traders and investors. But if you are new to this brand, how to use CoinTracking? 

In this article, we'll delve into the depths of CoinTracking, exploring its functionalities, usages, and some frequently asked questions among users. By the end of this post, you will be equipped with essential knowledge to enter this crypto industry confidently with CoinTracking.

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About CoinTracking

CoinTracking, founded in 2012 and launched in April 2013, is the first cryptocurrency portfolio management and tax reporting program in the world. Its goal was always clear: to make bitcoin dealers' lives easier all year long, not just during tax season. Over the years, they have developed a user base of more than 1.4 million people, managing portfolios with a combined value of $41.5 billion.

Due to its support for more than 110 cryptocurrency exchanges and agile development staff that reacts quickly to API changes, users continuously trust the brand to lead bitcoin portfolio management.

How does CoinTracking work?

The dashboard of CoinTracking

CoinTracking is a significant tool for bitcoin users around the world because it performs two roles: Managing cryptocurrency portfolios and assisting with tax filing.

Managing many cryptocurrency accounts across various exchanges and wallets can be complicated, but CoinTracking makes it easier. Users can easily link their accounts, combining all of their holdings into a single, user-friendly interface. Almost every transaction on CoinTracking is recorded thanks to its compatibility with more than 70 wallets and support for over 110 bitcoin exchanges.

Besides, CoinTracking gives users a thorough insight of their portfolio through real-time analysis. It tracks more than 7,000 distinct cryptocurrencies, assisting users in keeping track of the value of their holdings, evaluating realized and unrealized gains, and developing a better understanding of their trading approaches.

One of CoinTracking's standout features is its ability to automate data extraction. By utilizing exchange APIs or uploading CSV files, users can populate their portfolios with just a few clicks.

Cryptocurrency exchanges frequently update their APIs, posing a challenge for users who rely on automated tools like CoinTracking. However, CoinTracking's dedicated development team has adapted to this difficulty, enabling users to continue importing their data efficiently, regardless of modifications made by exchanges.

How to use CoinTracking

Let's examine how to use CoinTracking for your bitcoin pursuits in 3 different methods, as shown below.

Type in Coins by hand

To start, click the "New" button to start a brand-new trade entry. The number, currency type, buy/sell status, and transaction date are all entered by users here as necessary information. For instance, enter the following if you purchased 10 BTC on October 10th, 2015 for 5000 USD:

• Quantity: 10
• Buy Currency: BTC
• Sell: 5000
• Sell Currency: USD
• Date: 2015-07-10

Once saved, this trade entry appears in the Trade Table, meaning the successful creation of the transaction. Hence, users can easily edit, delete, or add comments to individual trades ever since.

Upload exchanging trades

Direct imports from well-known exchanges

For users with accounts on multiple exchanges, CoinTracking makes the procedure simpler. Users can easily upload their trading history by choosing the specific exchange from which the transactions need to be imported. 

The platform allows users to easily import their trading data into CoinTracking from plenty of well-known exchanges, such as BitCoin or Binance. Users can conveniently follow their transactions and holdings from these platforms in one centralized spot thanks to imported trades being labeled in the Trade Table with the name of the appropriate exchange.

Set up the API Importer

Wallet Imports on CoinTracking

Users can automatically monitor their trades or Bitcoin wallets by configuring the API Importer. The system checks the user's trades on a regular basis and updates their CoinTracking account as necessary. Users must create an API key for CoinTracking within their exchange accounts in order to configure this feature. This key will be inserted into CoinTracking together with the API secret.

In a nutshell, CoinTracking's API Importer is undoubtedly a game-changing innovation that automates the tracking of your trades and Bitcoin wallet. Here is information on how to configure it and integrate it with well-known exchanges like Poloniex and Coinbase.

How to Add CoinTracking API to Poloniex

Simply adding CoinTracking API to Poloniex with the steps below:

• Step 1 - Log into your Poloniex account: Begin by accessing your Poloniex account and locating the Settings icon.
• Step 2 - Generate a new API key: Inside the Settings menu, find the API KEYS section. Create a new API key specifically for CoinTracking. Ensure that both the "Enable Trading" and "Enable Withdrawals" checkboxes are disabled for security purposes.
• Step 3 - Enter key and secret into CoinTracking: Copy the API key and secret generated by Poloniex and paste them into the corresponding fields in your CoinTracking account. This integration enables CoinTracking to securely access your Poloniex trading data.
• Step 4 - Poloniex API Import: With the API key set up, CoinTracking's system periodically checks your Poloniex trades and automatically transfers them into your CoinTracking account. The average import duration for Poloniex API is between 1 to 3 minutes, ensuring real-time tracking of your trades.

Note: It's essential to delete any previously uploaded Poloniex data via CSV before enabling the API to prevent duplicates or discrepancies.

How to Coinbase API CoinTracking

For Coinbase users seeking a way to monitor and report their cryptocurrency transactions, configuring the Coinbase API with CoinTracking is a crucial step, which you can learn as below:

• Step 1 - Access your Coinbase account: Log into your Coinbase account and navigate to Settings -> API Access.
• Step 2 - Create a new API Key: Click on '+ New API Key' to generate a new key. Select the accounts you want to monitor (recommended to check all), and enable all checkboxes with read permissions as required by CoinTracking.
• Step 3 - Save the API Key: Once configured, save the API key. Do not whitelist IPs for Coinbase API imports, as the API data is not compatible with CSV data.
• Step 4 - Enter key and secret into CoinTracking: In your CoinTracking account, input the API key and secret generated by Coinbase. CoinTracking will use this information to automatically import your Coinbase transactions, ensuring seamless integration and real-time tracking of your trades.

CoinTracking coupon code

Numerous CoinTracking codes are promoted on Tenereteam

CoinTracking coupon codes are occasionally offered, giving savings on their subscription plans, for shrewd cryptocurrency investors wishing to maximize their investment. As a result,  users can take advantage of all the premium features of CoinTracking at a lower cost, making it even more alluring for frugal traders and investors. 

In order to obtain CoinTracking's premium services for a substantially lower rate, keep an eye out for these promotional offers on their website or Tenereteam. This is a website coupon that can lower the cost of your CoinTracking purchase plan. Additionally, when you use a CoinTracking discount code obtained from their platform, this website plugin provides a portion of each successfully completed order to support tree-planting initiatives. 

Get yourself a CoinTracking code know to invest in digital currencies without breaking the bank:

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Bottom line

To sum up, by providing users with versatile methods to input their trades – whether it's the manual entry for meticulous record-keeping, uploading trades from various exchanges for comprehensive tracking, or setting up the API Importer for real-time automation – users can assuredly experience their digital investment and integrate CoinTracking on prominent exchanges, like Poloniex and Coinbase.

What’s now? Let’s just embrace CoinTracking, and enter a world where cryptocurrency management is not a challenge but an opportunity. 

FAQs

Still wondering about the ways of using CoinTracking? Take a look at those frequently asked questions below:

How to use CoinTracking info for taxes?

To start, create an account on CoinTracking.info. Import your cryptocurrency trading data by linking your exchange accounts or uploading CSV files. Next, generate your tax report by selecting your preferred accounting method and tax rates. Eventually, you just need to stick with your chosen method consistently.

How to change ticker on CoinTracking?

You can manually modify coin names on the "Enter Coins" tab or do bulk edits to correct ticker symbols if CoinTracking and other sources have different coin tickers. This allows your cryptocurrency assets to be precisely and logically tracked.