Blockfolio Review After having completed my review of various crypto tools and the portfolio tracking tools, I realized I was still facing similar issues I was carrying a lot of cryptos spread across various exchanges and wallets, and I needed a method to track the various accounts. That prompted me to write a Blockfolio review, a critique of the firstand most famous cryptocurrency tool that has become a the most popular of crypto trackers.
Thus, I decided to test out what I believe to be the most powerful of portfolio trackers and managers available the Blockfolio application.
The Blockfolio Story – Blockfolio Review
Tracking portfolios of cryptocurrenciesmobile application Blockfolio was launched in 2014 when several Dashcoin early investors came together to develop a platform that would provide them with the capability to track their portfolios.
One-stop shop to look up the market price, price details and updates on development was definitely something the crypto community required and this group of people (led by present Blockfolio Director of Operations Ed Moncada and UX expert Charlie Mason) decided to meet that need.
The vision that was behind the Blockfolio project has impressed a vast range of well-known investors and organizations, including Pantera Capital, Nirvana Capital, Chapter One, Danhua Capital, DCM Ventures, Abstract Ventures, Mayfield, Pathfinder, BitMEX and Huobi providing the project with $11.5 million in capital in the year 2018.
What’s the best way to help Blockfolio earn money? To the founders’ credit, they decided to collect money by doing a funding round instead of advertising ICO’s and yet-to-be-confirmed-as-legit projects on the Blockfolio platform, even though that meant they would miss out on some serious financial revenue.
Blockfolio’s users considered this to be crucial to their brand’s identity since it clearly indicates their desire not to be associated with frauds or quick-money schemes. When you look at the responses of investors it appears that they’ve made the right choice.
While Blockfolio functions as a standard stats tracking software however its “unique” selling point is their signal feature, which allows the teams that are behind cryptocurrency to provide updates directly at the fingertips of Blockfolio users.
The idea is that these notifications appear on phones as push notifications that users are able to click and examine in greater depth if he wishes. The feature, though practical and efficient it isn’t a unique feature in the market for crypto portfolio trackers since there are other companies that have used the same feature.
The app can be downloaded from Stores for Android and iOS and then installed on the appropriate devices. It’s obvious that Blockfolio does not store cryptocurrency in itself and instead functions as a tool for monitoring that allows you to make your own list of currencies you’d like to keep track of.
It can be used as an easy tool to track the value of your preferred coins or tokens. Alternatively, you can input the exact amount of each token or coin and monitor the performance of your portfolio in depth.
Also Read: FTX Vs Coinbase: Features, Fees and Security
The process of importing your cryptocurrency portfolio in Blockfolio is a easy process, though it can make it difficult for some people who are who are new to the application. The only thing you have to do is click”+” in white on the main screen for your crypto portfolio that will display a search menu that contains more than 8000 cryptocurrency.
There’s a good chance you’ll find the cryptocurrency you’ve been looking for on this page, since entering the complete name of the project or its ticker number will bring it up.
If you’ve got some Bitcoin that you’re looking to track. Once you’ve found it on the above-mentioned search menu, you can select”Watch” as the ” Watch” option that allows you to exactly what you want to do, track the price of Bitcoin in relation to time. In addition, you can tap the ” Add Transaction” button that lets you input any Bitcoin transactions that you’ve ever completed. You can add both “Buy” as well as “Sell” transactions. The application lets you enter the details of transactions like:
- the exchange that your BTC was sold or bought the exchange your BTC was purchased or sold
- the amount you paid or received (per coin or all The value will be taken from the chosen exchange in the event that no value has been entered manually)
- amount of BTC that was sold or bought
- date of the date of the
- transaction fee
- any other notes you feel are necessary
You can also enter the wallet transfers you’ve done with the other Bitcoin holders by entering the address of the recipient or source under”Transfer. “Transfer” Section.
Naturally , this method of tracking might not be a good idea for those who, for instance is using their cryptocurrency for payments or does a lot of trades per day on every day basis. Having to track all these daily transactions manually would be a bit boring. People who might find the application useful are long-term investors who would like to keep on their crypto for a longer time, without having to make frequent transactions.
The value of your portfolio will by default show in USD however, users can alter this by changing the menu Settings to show any other currency that is fiat in the world. Blockfolio will calculate automatically what the entire portfolio of cryptocurrency is worth and show the value on the home screen.
Clicking at the amount of your whole portfolio, which is located in the upper-left corner on the display, brings up a chart of the portfolio’s worth over the course of time. This allows you to track the performance of your portfolio overall and determine if you’re making or losing money.
Furthermore, pressing any added or watched cryptocurrency will show an extensive overview of the currency, as well as information on the historical performance of the bag.
Market cap, daily volume overall market rank, and the total supply will be included in the information, along with any similar indications (if it is member of the Blockfolio’s “signals” program) are listed below. From this page, you can go into “profit/loss”, “transactions”, “alerts” (custom made notifications that alert you when the cryptocurrency is at a certain price) and “book” section for cryptocurrency in question.
Your portfolio’s value as well as the coins you keep track of are listed within your homepagemenu within Blockfolio. Blockfolio app. The app also offers:
- A Marketsmenu that lets you keep track of the market conditions (cap the daily volume of trade, BTC dominance and overall cryptocurrency ranking based on market cap)
- A newsmenu that includes the latest stories published by various news organizations related to cryptocurrency (we don’t belong on that list but we’re not there yet!) and also the biggest cryptocurrency-related Reddits
- A signal menu that reveals the most recent information from the projects that have signed up to this service.
Also Read: 5 Top Bitcoin Exchanges In the USA
Its Signals menu was added with the release of Blockfolio 2.0 update. It is customizable to limit the signals to the cryptocurrency you prefer and can be completely disabled if you prefer not to receive notifications.
You are able to at any time look through the available signals and test the details of each when notifications are turned off. Although many will appreciate the use of this menu however, I don’t think it’s more than a method for companies to provide non-controversial “bullish” information and updates on their cryptocurrency.
To summarize the most important aspects that Blockfolio’s Portfolio Management are:
- Free portfolio tracking for over 8000 cryptocurrencies that are located on more than 300 exchanges
- A built-in news feed, which is a continuous feed of news from the most well-known sources
- Built-in Signals feature, which gives you the most current news from cryptocurrency-related projects
- Charts built-in and detailed information on each cryptocurrency.
- Calculation of profit and loss
- Make and switch between several portfolios
- Home page customizable
- Customizable price alerts and signals notifications
- Simple data backup and restore
- Integrates with the Slack social network.
- Five million plus users
Also Read: How to Buy Rocket Bunny Crypto
Do I need to use Blockfolio? Is Blockfolio safe?
Blockfolio isn’t an app that is perfect for portfolios. One aspect that must be addressed is the supposed data mining they carried out on their customers in 2017 According reports on Reddit along with other online platforms sites, the company made use of its users’ information to help run markets for cryptocurrency.
The team addressed the question by categorically disproving that they’ve done any type of snooping or manipulation. The claims didn’t make any sense since anyone could make false statements about their accounts and trades in your Blockfolio account, which can make trading on the basis of this information quite dangerous.
Other issues I experienced with this application were the app’s limited functionality in the case of an “advanced” user looking to keep track of your daily trades The app’s inability to provide key import capabilities for exchange API keys prevents you from synchronizing the transaction information automatically and makes you enter every trade you make manually. The issue is in the process of being fixed currently and Blockfolio will shortly be able to sync exchanges activated. Furthermore, Blockfolio cannot be accessed via a browser on the internet and is currently an app for mobile.
Overall, Blockfolio can be an extremely useful gadget for any long-term investor or market watcher. Although its capabilities are limited, what they do provide does the job well. If you’re looking for an effective tool to track your portfolio using a no-cost tool that five million others chose to use is not an option.