As cryptocurrency adoption continues to increase, so does the demand for strong security protocols to secure digital assets. Collaborations and enrichment advancements between significant crypto portfolio trackers demonstrate the field’s dedication to protecting customer investments. This article examines how CoinTracker, Delta, Koinly, CoinStats, Accointing, and Zerion are enhancing their platforms to combat fraud, ensure data privacy, and simplify tax compliance.
CoinTracker Fortifies Security with BitGo Partnership
CoinTracker, one of the most popular crypto portfolio tracking applications, has announced a partnership with cybersecurity company BitGo. Combined, they bring $100 million in coverage for connected wallets. The goal of this partnership is to help defend users from any possible loss that may occur due to unauthorized access or security breaches. CoinTracker’s proactive approach to security requires two-factor authentication (2FA) to make any changes to your account.
CoinTracker is more than insurance coverage + 2FA security. Additionally, they’ve begun to automate the process of flagging suspicious transactions to help them comply with the Travel Rule. This new feature should aid users in safely navigating the rapidly changing regulatory landscape and staying away from damaging penalties that can come along with illegal activity. By preemptively spotting and flagging potentially problematic transactions, CoinTracker helps users create a more compliant and secure portfolio.
Delta Enhances Real-Time Monitoring and Offline Access
Delta is raising the bar with a platform that allows for customizable alerts to be sent through SMS or push notifications. This new system provides users with an easy way to distinguish between price fluctuations, unusual volume spikes, and other market events. Delta’s Pro plan at $80 per year unlocks advanced charting capabilities, futures tracking and profit/loss heatmaps.
Beyond accessibility, Delta has implemented an offline mode that automatically caches key portfolio data. This added functionality means that even if users find themselves offline, they can still get essential information about their investments. Real-time alerts Delta‘s advanced real-time alerts provide a better trading experience. Combined with offline access, it quickly becomes a powerful app not just for active traders but long-term investors, too.
Koinly Streamlines Tax Reporting with AI-Powered Features
Koinly’s expertise is on making the daunting process of crypto tax reporting as easy as possible. With its global platform, TaxBit pulls detailed trading activity and seamlessly creates accurate and compliant tax reports. Koinly uses artificial intelligence (AI) to automatically detect your wash trades and work out your cost basis from over 100 different countries.
To make their lives easier, Koinly automatically produces IRS Form 8949 or reports compatible with HMRC, depending on where you live. The Tax Fairness platform’s tax plan would cost $279 per year. It calculates all missing cost basis info and best advises you on your gains/loss harvesting strategies. By automating tax calculations and report generation, Koinly saves users the time and effort of manual calculations and reaffirms a low risk of errors.
Prioritizing Security and Privacy
CoinStats uses the same military-grade encryption that leading banks use, along with read-only API keys to keep your data secure. The app primarily makes use of read-only API keys. This configuration blocks any attempt to access withdrawal functionality and even lessens the chance of a fraudulent transaction by 95%. By providing the ability for data to be stored locally, Accointing puts users more in control of their data and keeps user privacy a priority. Together, these security measures convey a recognition signified by the increased importance of safeguarding data in the crypto ecosystem.
Zerion Connects to DeFi with WalletConnect
Zerion’s WalletConnect feature integrates smoothly with MetaMask, letting you instantly track your DeFi positions in real time across all chains. This new integration makes regulating decentralized finance assets a lot simpler. By integrating directly with these wallets, Zerion offers a holistic view of users’ DeFi holdings.
Blockfolio's Audit Trail Saves User from IRS Fine
Blockfolio, recently acquired by FTX, offers price updates less than 10 seconds in sub-spot and derivatives markets. In fact, one user saved $14,000 in disputed IRS fines thanks to the platform’s audit trail feature. We’re still successful in being able to show where their transactions came from. This same example illustrates why it is crucial for accurate, easily verifiable records of each transaction exist to ensure proper tax reporting.
