What are your main advantages from other portfolio managers ?
Hi there,
We have a few advantages from a product and mindset standpoint:
1.
Sophisticated Reporting - We're the only platform we see with robust reporting. Each of our reports have parameters you can set, AND can be queried by date range. For example, you can run a realized gain/loss report for a specified time, or you can run a holdings report to query your historical balance as of a specific day. Our reports provide enough information for you to analyze many different aspects of your portfolio such as fees paid, total cost including fees, how much you have put in to a coin life-time, and more to learn about your past performance and decision making.
2.
Automated Overview - Unlike some other platforms, our overview is automated. Given that you integrated with your exchanges, as you trade, those trades will be reflected automatically in the overview, as well as throughout the application.
2.
How we handle hardforks - We have a growing database keeping track of when different coins hardforked, and when different exchanges delivered those hardforked coins to you. Once you integrate your data and press 'scan now' for hardforks, we automatically deploy 'deposits' on your behalf. If you disagree with it, you can always manually edit, delete or add any transactions. Other platforms do not do this. For example, if you integrate with most other platforms, you would not see a BitcoinCash holding, because on the technical side, when we pull your data, there is no explicit transaction, such as a 'deposit' for hardforks, so no system would know that you even have that holding.
3.
Cost Basis - We strongly encourage users to enter some initial cost basis for more accuracy to your portfolio. For example, we may see a deposit of 1 BTC on Bittrex, but we do not necessarily know what you paid in USD for that original Bitcoin. We have a button to 'set all cost basis to 0' which would let you skip this step, and you can go back to it, but as far as we see, we are the only platform that really encourages users to tidy up their portfolio when onboarding. Of course, we automatically track cost basis for buys and sells, this is just for initial deposits.
Our goal is that once you complete on-boarding, you are good to go and can begin digging in to your data.
4.
Staying current, not only from a crypto perspective, but a legal/financial perspective - We initially built this with the institutional client in mind, as we are speaking with hedge funds, prime brokers, fund administrators, etc, but then we figured, why not also release a standard retail product that is equally as robust. From speaking with funds or fund admins regularly and being in that world, we are always in the loop for any changes from a financial perspective (i.e. an obvious one is that in the US, about 2-3 weeks ago, the IRS finally put out an official letter on how to handle realized gains/losses for taxes), and any other changes that may happen in the future.
Hope this was helpful.
Cheers!
- Mike
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