Why use a wealth tracking app (in fewer than 700 words)

19 December 2021
wealth tracking app Exirio

Recording one’s investments with a wealth tracking app can be a convenient alternative to a spreadsheet, depending on the complexity of one’s portfolio (variety of asset classes, currencies, etc) and – of course – the features available on the application.

Tracking your wealth makes even more sense when your chosen investments have higher degrees of volatility, causing large swings in your overall number.

Insights

The basic output of any wealth tracker should be one number: your net worth, and how that has evolved through time so that you can see how you are doing in your path towards financial freedom. But that is not nearly good enough. Once you have gathered all investments into a net figure, ideally your chosen app should give you more insight than just a sum. Are these investments making money? More or less than expected? How do they compare against each other?

You guessed it, that’s what Exirio gives you: by providing homogeneous metrics for each of your investments, you can see what has performed best and make more informed and more data-based future investment decisions. And you can do that in an ever-growing number of currencies.

Security

You shouldn’t use a wealth tracking app if your data is not secure. You are trusting a third-party service that collects data on the cloud after all. With Exirio, your data is encrypted – in transit and at rest – to ensure that any unauthorized access cannot extract any information. We do not store your password: we only store a salted hashed version of it to authenticate you during login. Our domains are protected with Domain Name System Security Extensions (DNSSEC) to always ensure you are communicating with us. And we will never sell your data and strictly enforce GDPR regulation: whenever you want, you can download and export everything you have uploaded to Exirio. 

Usability

Whichever app you use, it should be easy and intuitive to understand it and navigate. That is the goal of every software of course, and that is something that at Exirio we work on every day: to make your experience as enjoyable and insightful as possible.

Convenience

A spreadsheet is far from convenient to be sure. Putting together a model that can calculate the metrics you need is not that obvious, not to mention the time it takes: to create it and update it. The purpose of all portfolio trackers is to reduce manual input as much as possible – and at Exirio you can already connect with over 10,000 financial institutions: but we are on a quest to expand this number 5 fold in the next few months. 

Convenience is not just about input though; it is about data analysis, aggregation and access. How many crypto investors hold tokens in multiple wallets and exchanges? And how many do they actually know anything about their investments other than the current value of their crypto holdings? That will change shortly, as we are working on the final touches of our latest feature: a tool to aggregate tokens and securities in multiple ways, to track all your relevant metrics far more conveniently than ever.

Data access is about peace of mind. How do you share your portfolio data with your wife, your investment advisor, the bank you are looking to get a mortgage from? Who will have access to this information should something happen to you? With Exirio you can give different types of access to your account – where you can also store any document in relation to any of your investments. No more screenshots, and no more emails with gigantic attachments!

What are your options?

There are many options you can choose from. Below there’s a comparison table for the features that different portfolio trackers offer.

comparison table across apps and features

Last but not least: how much money are you willing to pay to have all this, on your laptop, tablet or phone? With Exirio that is not a question we ask you, as our app is free – and it will remain so for all our early adopters!

Register now, and it will remain free for you forever!

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