Do not put all your eggs in one basket! This is a very important and fundamental factor to consider when making investments. You should not have all your investments in one platform or even one crypto coin if extrapolated to cryptocurrencies investments. You have to diversify your investment portfolio. The diversification of your investment portfolio can be in the form of different coins or tokens and existing in different platforms, cold storages or wherever you find suitable for you. Diversification brings so much advantages to the portfolio and this is why prominent investors like Warren Buffet have invested on different stocks.
If you have invested your cryptos on different platforms, it means anytime you want to track your investments, you have to visit each one of the platforms and open many tabs. While its not a problem opening many tabs of different platforms, it is much easier to track all your investments just in one page. For example; I have different coins in Binance, CEX.IO, Metamask, KuCoin, BTCST App and other wallets where I earn different interests. So I find a way of just tracking the investments in one page using CoinMarketCap Portfolio.
With the CoinMarketCap portfolio, you can list all the cryptocurrencies you own and their investment amounts and keep track of how they are affected by the market. The portfolio also gives you the total value of your investments, and draws a pie chart or line graph representing your coins and how each contribute to your overall investment portfolio.
Here is how to do it:
- Visit the CoinMarketCap website and click the tab 'Portfolio'
- Once there, sign up using your email.
- Now you are ready to start adding your coins.
- Click the tab 'Add transactions' and add the coins you have and at what price you bought them.
- As you add the coins you have, you can add the date you bought them, the price and the fees associated with the transactions. These information allows the portfolio to calculate your return of investment .
- After adding all your coins, your portfolio will show the coins you have, their market price, how much you hold and its value based on the current market price and the profits/losses incurred so far in value and in percentage.
You also get to see your investment portfolio in pie charts and line graphs:
- Now you are ready, even with a small portfolio like mine, I feel like an investor and when chatting with my friends, I keep using the term "Diversified Investment Portfolio" and keep the language of big investors.
From this little investment portfolio, I hope one day I will be a big investor with 6, 8, 9 figure balances!
I have run the race, I will keep the faith!