Tradeswatch vs. CoinStats : explore the best crypto portfolio tracking tool

Introduction

Today, many solutions exist for investors to track their crypto portfolio. Tracking tools are essential for any investors who want to keep an eye on their investments and perform well. CoinStats and Tradeswatch are two of the most advanced solutions available on the market. But which one is the best for you? Let's compare them.

What is CoinStats?

Launched in 2017, CoinStats is a cryptocurrency portfolio management platform that enables users to track their digital assets across various wallets, exchanges. CoinStats supports CEX and decentralized finance (DeFi) tracking. It also gives users the ability to trade (swap) or stake directly on their platform.

What is Tradeswatch?

Tradeswatch is a cryptocurrency portfolio tracker focusing on giving convenience for users to analyze their portfolio and performance with the goal to perform better. It is a complete tool for managing your portfolio and analyzing your performance.

Comparison between Tradeswatch and CoinStats

When comparing Tradeswatch and CoinStats, several key features stand out that differentiate these platforms. Each feature addresses specific needs of crypto investors and traders with varying levels of sophistication.

Portfolio Tracking

CoinStats offers basic portfolio tracking with limited connections to exchanges and wallets. Tradeswatch provides unlimited exchange connections and transactions. This unrestricted approach allows users to import and track their entire trading history across all platforms without limitations, giving them a comprehensive view of their entire crypto portfolio regardless of size or complexity. CoinStatshowever supports more integrations of centralized exchanges (CEX) but Tradeswatch reguularly adds new integrations.

DeFi Tracking

CoinStats has an edge in DeFi tracking capabilities and allows users to monitor their decentralized finance investments across many DeFi protocols. Tradeswatch acknowledges the importance of DeFi tracking and has this feature on its development roadmap and is planning to introduce DeFi tracking capabilities in the near future to provide users with a complete view of both their centralized and decentralized investments.

Performance/Portfolio Analytics

When it comes to performance analysis, Tradeswatch significantly outperforms CoinStats by offering detailed portfolio analysis and comprehensive profit and loss tracking. Unlike CoinStats's basic portfolio metrics, Tradeswatch delivers advanced analytical tools that help traders understand their performance patterns, identify their strengths and weaknesses, and make data-driven decisions to improve their trading strategies over time. Users can deeply filter by exchange and asset their performance and get a detailed view of their performance per symbol traded.

Smart Alerts

Tradeswatch provides smart alerts that allows users to receive notifications on multiple channels including Telegram, Discord, emails or webhooks. Users can set alerts to receive Top 100 Crypto Market Cap updates, BTC dominance updates, portfolio value updates and more. CoinStats has only 4 custom alerts available : quick alert, price limit, market cap and volume.

Data Export

Tradeswatch offers superior data export capabilities compared to CoinStats's export functionality. CoinStats does not allow to export data on the free tiers. With Tradeswatch, users can generate advanced CSV and XLSX exports with custom filters, allowing for highly specific data extraction based on time range, assets, exchanges, or transaction types. This enhanced flexibility makes it easier for users to conduct external analysis or share selective portfolio data with financial advisors or tax professionals. to conduct external analysis or share selective portfolio data with financial advisors or tax professionals.

Manual Transaction Entry

CoinStats allows manual transaction entry in a separate portfolio. Tradeswatch however does not yet support manual entry or CSV upload as the goal was to be a fully automated tracking. Giving the importance of such features for many users, Tradeswatch added this feature on its development roadmap and is expected to release it in 2025.

Trade Notes

Trading journals are essential for improvement. Both Tradeswatch and CoinStats offer basic functionality to add notes on transactions.

Alerts & Notifications

While CoinStats offers basic price alerts, Tradeswatch provides a sophisticated alert system with multi-channel customizable notifications. Users can also set alerts based on price movements, portfolio value changes, or specific market conditions, and receive these alerts through multiple channels including email, telegram, discord or webhooks, ensuring they never miss important market developments.

Tax Reporting

Cryptocurrency tax compliance can be challenging. While Tradeswatch does not allow to generate tax reports, it allows users to generate detailed transactions history in XLSX format, ready for tax accountants. CoinStats partners with CoinLedger to generate tax reports.

Pricing & Plans comparison

CoinStats offers a free tier with very limited features and a free premium trial for 7 days. On the other hand, Tradeswatch does not offer a free tier but instead a free trial for multiple days. CoinStats is sigificantly more expensive than Tradeswatch with its Premium plan at $15.99 per month and its Degen plan at $89 per month. Tradeswatch is significantly cheaper, with only one plan at only $9.99 per month.

What makes Tradeswatch better than CoinStats?

Tradeswatch offers a more comprehensive and user-friendly experience compared to CoinStats. CoinStats is more complete on the tracking experience with more integrations and DeFi tracking support but Tradeswatch stands out by offering a better and more advanced portfolio analysis and performance tracking. Tradeswatch is also much cheaper than CoinStats with its plan at $9.99 per month versus $15.99 per month for CoinStats Premium plan.

Conclusion

While both platforms have their strengths, Tradeswatch emerges as a compelling alternative to CoinStats, especially for users seeking advanced portfolio analytics at a more affordable price point. With its unlimited portfolios, transactions, and synchronizations, combined with sophisticated alerts and a user-friendly interface, Tradeswatch provides excellent value for cryptocurrency investors. Though CoinStats currently offers more extensive tracking capabilities, Tradeswatch's rapid development and focus on core portfolio management features make it an increasingly attractive choice for both new and experienced crypto traders.