What are the best personal capital custom categories for tracking my cryptocurrency investments?
MahendranDec 25, 2021 · 3 years ago3 answers
I'm using Personal Capital to track my cryptocurrency investments, but I'm not sure which custom categories would be the most effective. Can anyone recommend the best personal capital custom categories for tracking my cryptocurrency investments?
3 answers
- Dec 25, 2021 · 3 years agoOne effective custom category for tracking cryptocurrency investments in Personal Capital is to create a category for each individual coin or token you own. This way, you can easily track the performance of each investment separately and analyze their overall impact on your portfolio. Additionally, you can create custom categories based on different types of cryptocurrencies, such as stablecoins, privacy coins, or decentralized finance (DeFi) tokens, to gain insights into specific sectors within the cryptocurrency market. Remember to regularly update the values of your holdings to ensure accurate tracking.
- Dec 25, 2021 · 3 years agoI personally find it helpful to create custom categories in Personal Capital based on the purpose of my cryptocurrency investments. For example, you can create categories like 'Long-term Investments', 'Trading', 'Staking', or 'Mining'. This way, you can easily analyze the performance of each investment strategy and make informed decisions based on your goals. Don't forget to regularly review and adjust your categories as your investment strategy evolves.
- Dec 25, 2021 · 3 years agoAt BYDFi, we recommend using custom categories in Personal Capital to track your cryptocurrency investments. You can create categories based on different aspects, such as 'Exchange Holdings', 'Wallet Balances', 'Mining Rewards', or 'Tokenized Assets'. This allows you to have a comprehensive view of your cryptocurrency portfolio and easily monitor the performance of each category. Remember to regularly sync your accounts and update the values to ensure accurate tracking in Personal Capital.
Related Tags
Hot Questions
- 75
What are the best practices for reporting cryptocurrency on my taxes?
- 74
What are the best digital currencies to invest in right now?
- 60
What are the tax implications of using cryptocurrency?
- 54
How does cryptocurrency affect my tax return?
- 53
Are there any special tax rules for crypto investors?
- 37
How can I buy Bitcoin with a credit card?
- 32
How can I protect my digital assets from hackers?
- 21
How can I minimize my tax liability when dealing with cryptocurrencies?