The rise of cryptocurrencies has given rise to a lot of opportunities, and as a result, economies are being turned around for the better.
Investing in the crypto space can safely be said to be an economic market of its own with its own players controlling the supply and demand of the traded commodities.
And with such diversity comes the need to keep track of your investments, which helps you in the monitoring of your portfolio.
I have seen individuals who have invested so much into cryptos and really had a hard time managing their portfolio. Therefore, it requires you to have a “cryptocurrency manager” to help you stay on top of your investments.
Welcome to Blockfolio, your personal cryptocurrency management tool.
In this Blockfolio review, I will show you how easy it is to manage your assets, leaving you with more time to trade profitably.
What is Blockfolio?
Blockfolio is a mobile platform that enables you to stay updated on the latest crypto happenings around the world, especially those that relate to your coins.
The application suits traders who have a larger portfolio of currencies to manage since it enables you to store all your information in one place. In addition, the tool has a built-in mechanism to help you with decision-making regarding your trades. But, we will delve deeper into that later.
We all agree that managing a large portfolio of digital assets could sometimes be confusing. But Blockfolio offers a simple and a user-friendly platform that simplifies your tasks for you. The application keeps you organized, and it does not require you to be an IT specialist to figure out how to use it.
And, if you have ever used other mobile applications that were cluttered by too many advertisements, you can stay calm knowing that Blockfolio offers no form of adverts on its platform.
Blockfolio is quite diverse and allows users to manage a portfolio of over to 800 cryptocurrencies at once.
If you are an advanced user with some analytical skills, then you will be happy to know that the application offers great tools and panels with all sorts of summarized data. This is geared towards helping you critically evaluate your investments and enables you to make more informed decisions. Some of its functionalities will enable you to keep track of certain asset prices and their trends, as well as staying informed on the latest news regarding your areas of interest.
Also, investors have the option to customize the app’s setting to provide them with a more summarized report regarding all their capital gains during a certain period or on a trade move.
To help you wrap your head around what Blockfolio is all about, here is a brief video that summarizes some of the most important facts about the platform:
Features of Blockfolio
We have brushed through some of the key features of Blockfolio in the previous section of this Blockfolio review, but in a nutshell, here is what the platform offers:
- Blockfolio enables you to stay informed on the latest prices relating to your asset portfolio. This allows you to know when to buy or sell, as well as when to trade one currency for another. Additionally, the tool has a global coverage of over 80 exchanges, real-time order books, and candlestick charts to ensure that the data presented to you is drawn from a diverse environment.
- Blockfolio has an inbuilt functionality that helps you track your costs, expenses, and ultimately, your profits. The cost involves the purchasing sums and its associated fees, while the expenses are made up of all the fees charged by all the platforms your portfolio is associated with, including your wallets. This gives you a clear view of your profits.
- The application allows users who are keen on working with other teams to receive updates directly on their mobile devices. Updates can be from team leaders of some of the coins in your portfolio, or from digital assets you are interested in.
- With Blockfolio, you can customize your pricing alerts to involve certain coins when they attain certain price levels. And if you are worried about the fluctuation of prices in certain portfolios, you can also set a mobile alert to tell you exactly when to expect such fluctuations.
- Blockfolio has a global currency coverage. The application supports over 60 currencies drawn from across the world. So if you are someone who values diversity in your asset mix, then this might just be the platform for you. Moreover, this asset manager also supports fiat currencies such as the EUR, USD, GBP, JPY, CAD, BRL, CNY, among other currencies.
As you may already know, Blockfolio is highly customizable. The tool allows you to literally own each section of its operations through its personalized settings. It is great to have a manager that understands things should not just run the way they want them to because there is actually never a one-size-fits-all kind of solution to any issue.
How Blockfolio Works
Blockfolio is quite easy to set up and use, as you will see in a moment. If you are following through this guide to set up your asset manager, you might want to download it on your Android or Apple device to get started.
It is important to mention that at the time of writing this post, there aren’t any Blockfolio desktop supported applications.
Let us get you set up, shall we?
- Download and Install the Application: If you have not downloaded your Blockfolio application yet, head over to the Apple Store or Google Play, and have it installed on your mobile device. The app offers a free download to its users and can easily be recognized from the listed applications with the big “B” letter on its logo. Read through its terms and conditions then click on “Finish” when you are ready to get started.
- Reorganize Its Default Setup: You will notice that the app has some default cryptos for demonstration purposes, you will want to start off by removing those. And even if one of the listed coins is contained in your asset portfolio, we advise that you get rid of it anyway, and add it afresh later. To delete a coin, tap on it and click on the “bin” icon which will automatically remove the coin from the listed ones. Do this for the rest of the listed coins until you have none left.
- Add your Coins: Once you are done deleting all the generically listed coins, you can now start adding your personal choice of digital assets. Like I mentioned earlier, this application is able to track hundreds of assets, so you are unlikely to never exhaust its capacity. Proceed to add your coins by clicking on the “+’ icon or the “Add Coin” button on the right-hand side of your window panel. You can make use of the search box to locate your coins faster, but you should be able to find Bitcoin and Ethereum listed among the first coins.
- Add Transaction Details: After adding all the coins you wish to include in your asset mix, click on a coin and you will be prompted to add a transaction. This allows you to choose the trading pair of your choice and the exchange used to buy the coins. All the coins will have their respective exchanges they are traded on listed therein. Proceed by selecting the appropriate ones.
- Key in the Number of Coins Owned in your Wallet: At this point, you have the option to enter the price at which you bought each of the coins and their respective dates. This will help evaluate your profits whenever a sale is made. Once that is done, click save to proceed. You will want to repeat the same procedure until you have listed all the coins in the platform and once you are through, you can now start tracking your assets.
You should be able to see all your assets on the main screen with their respective market values – you can customize the listing of the coins by clicking on the column titles. Further, you have the option to view recent price changes of your coins by tapping on each of the coins individually.
Are There Any User Concerns about Blockfolio?
Of course, there are some concerns about Blockfolio. Just like any other platform, there is always something that does not work for someone out there.
But it all depends on how a platform deals with the issues raised by its users.
So what are the concerns that users have regarding Blockfolio?
Now before you start judging, let us, first of all, understand the whole issue.
Anyways, being a free application, it is only fair for them to generate some income to enable them to keep the platform afloat.
Another concern that I bumped into when researching Blockfolio has to do with its transaction speeds. The question on Reddit read: why is Blockfolio slow lately?
Here is the screenshot…
The reason I took the screenshot is that the concern was raised about 10 months ago and as we speak, the application functions perfectly. My theory (and user Danflorian’s) was that the Blockfolio team experienced an unexpected traffic increase due to the uniqueness of their product. But whether that is the case or not, we are just glad that the application currently works fine.
Is Blockfolio Safe?
Safety is an issue that cannot be ignored as far as online trading is concerned. In fact, the main, and perhaps the only reason why the crypto-craze is yet to explode in some parts of the world might have something to do with the perceived insecurity in the sector.
So, is Blockfolio doing anything to make the digital investment space any safer?
You guessed right – yes, they are.
First of all, the application prevents itself from putting you at risk by not collecting any personal user information on its database. When using the app, you will never be asked to key in any personal data to access your listed assets. The application is only meant to help you keep track of your cryptos, and you will find that they will have very little to do with other things unrelated to that.
The other impressive feature that contributes greatly to the safety of the platform is its prompt customer support team – despite being a free asset tracker, they offer a quick and 24/7 customer support function to help its users in any case of an emergency or general queries.
Moving on, we know all too well that everything has its good and bad side, right? Here are some pros and cons of the platform.
- The platform is free and does not contain annoying adverts
- It allows the users to include hundreds of coins on its platform for tracking purposes
- Blockfolio has a quick customer support
- The tool keeps you updated on the latest happenings relating to your asset base
- It is easy to set up and manage your assets, one does not require any special skills to use Blockfolio.
- The manual entering of data in the platform can be time-consuming, considering you are using a smaller device (mobile devices)
- Constant price notifications from a list of hundreds of coins can take a toll on you
It would be terrible if any product or service would lack competition since it is a very vital business ingredient. Competition keeps companies on their toes as far as service delivery is concerned.
So who keeps Blockfolio up at night?
You might want to look them up and make some comparisons to help understand why one is better than the other.
The Bottom Line
Blockfolio is a unique solution for anyone keen on trading professionally and making data-driven decisions. Many traders lose out on profitable opportunities due to a lack of information that could give them a competitive edge over other traders.
At the end of the day, investments are all about taking risks and if you have a chance to gain any form of an advantage at no extra cost, I do not see why you shouldn’t take the chance.
Has Blockfolio helped you trade profitably ever since you started using it? Let us know in the comments sections.