Blockfolio Review: The Crypto Portfolio Tracking App
Sep 21, 2020
Blockfolio is one of the most popular cryptocurrency portfolio tracking apps currently on the market with millions of downloads.
As the cryptocurrency landscape matures many users have investments in several or even dozens of different coins. This is where a good cryptocurrency tracker can come in handy to keep tabs on all your different holdings from a variety of exchanges.
But, is Blockfolio the best app for you?
In this Blockfolio review, I will give you everything you need to know about this app including its main features pros / cons and competition. I will also give you a step-by-step guide about how to set yours up.
What is Blockfolio?
Blockfolio was released in 2014 as a mobile cryptocurrency tracking app. It was one of the first of its kind, and it has greatly simplified the lives of cryptocurrency enthusiasts around the world.
Blockfolio solves a very basic problem for cryptocurrency investors. It allows you to track thousands of digital assets across hundreds of different exchanges and wallets, saving you the time and trouble of logging into each one to check on your holdings.
Blockfolio continues adding support for new assets and exchanges and as of this writing, it supports overand digital assets and over 300 different exchanges.
One of the reasons millions of users have chosen Blockfolio is its complete list of features:
Take complete control of the customization of the tracking tool to make Blockfolio specific for your needs. This is no one-size-fits-all solution, it’s a full-featured make-it-your-own solution.
Using the Blockfolio app is a simple process, and both iOS and Android users can download the app for use on their mobile device. Unfortunately, there’s no desktop version of Blockfolio yet, but one has been in the works for some time.
Simply follow these steps to get started with Blockfolio:
1. Download the App
Go to the Google Play store or the iTunes App store in order to download the App. You can also read the extensive reviews that have been written by current users. These are overwhelmingly positive and I have not seen such encouraging reviews for a crypto based application in a while.
Once the app has downloaded (it takes just a few moments) launch it and read the handy tips. When you’re done tap “Finish” so you can personalize the app to your preferences.
2. Personalize the App
Once you have launched the app it will give you the default screen where you have Bitcoin and Ethereum on your watchlist. Assuming that you do not hold these coins and would prefer to have some others on your watchlist then you can remove them.
This is pretty simple and all you will need to do is to hit the coin in question (Ethereum in this case) and then go through to the market chart. Here you will select “unwatch” and the coin is taken off the watchlist. You are now ready to start adding the coins that you want to track.
3. Adding to Watchlist
To add new coins to your watchlist, you will hit the “+” button at the bottom of the App. Here you you can use the search box to locate your desired coin and tap it to add it. Once you have found your coin you can hit the “Watch” button and it will be added to your watchlist
Now you can head back to your home screen and you will see all of the coins that you have just added to your watchlist. The watchlist will give you a quick summary of the coins price and daily performance. You can also arrange your watchlist by coin, price and the amount that you hold.
✔️: Watchlist can contain any coin that you want to monitor, not only those in your portfolio. This could be a great way to monitor coins on your “wish-list”
4. Add Your Portfolio
Now that you have your comprehensive watchlist, you can add the particulars of the portfolio. While you are in the main screen, you can tap the “Add” button next to the coin.
This will then take you to a screen where you can add the details of that particular transaction. There are a range of options here where you can add specific parameters of your purchase. These include details such as the Exchange, the price, the date of purchase etc. These are all used to calculate your Profit / Loss.
✅: Don’t worry too much if you cannot remember all these details. You can always use a rough date of purchase on a price that is the average of all the exchanges
Once you have selected the the amount of coins that you have purchased you can then hit “save buy transaction”. This will add the coin to your portfolio and you can repeat this for all the coins in your portfolio.
5. Monitor / Update Your Portfolio
Once you have added all the coins to your portfolio, you can easily monitor your entire portfolio value in the main screen. You can also dig into the specific profit / loss and markets of a particular coin. If you hit the coin in your watchlist, it will take you to the market.
Here, you can see the market charts, set up alerts view your particular profit / loss as well as update your portfolio. You can either add to your position or reduce its size with an asset “sale”. This is just as simple to do and requires you to give the sale parameters of the coins.
Blockfolio will update the amount of coins that are in your portfolio post sale and they will also book the profit / loss that you have made on the coin.
Is Blockfolio Safe?
Blockfolio doesn’t require any private information, so there’s no way your private information can ever be at risk.
The only reason Blockfolio exists is to help you keep track of your cryptocurrency portfolio. And if you ever have questions or concerns there is a support team that will quickly get back to you regarding any questions or issues you might have.
One concern with Blockfolio is that it could sell your trading data to a third party. This could be especially concerning if you own a large amount of cryptocurrency and don’t want you trading history made public.
Of course, Blockfolio offers the application to consumers for free and they need to generate revenue in some way if the app and the business is to remain sustainable. The privacy statement has helped soothe many users, but there are still some privacy concerns from a small subset of the cryptocurrency community.
Another safety concern that’s been brought up by the community is the possibility of Blockfolio showing incorrect pricing. This can happen due to data errors and could give a user incorrect information about the current price of their assets. If the data is far off reality it could create a panic situation among users.
Blockfolio has been very open acknowledging any data errors and shares the information on social media. And to be honest these types of data issues are rare and don’t typically have an impact on the market as most Blockfolio users are long-term holders, not crypto day traders.
Pros and Cons of Blockfolio
As with any application, even those that have been heavily developed over a number of years, there are both pros and cons of the Blockfolio platform.
Blockfolio vs. Delta
Blockfolio has one serious competitor in the rival crypto portfolio app Delta. While Delta has only been around since 2017 it has been rapidly innovating and attracting a fan base.
It has the same review score as Blockfolio (4.7 on Play store and 4.8 on iTunes), although it has just one-tenth the number of reviews and downloads. Two things Delta has going for it is that it’s available for desktop (Windows, OSX and Linux versions) and it doesn’t sell or share any information with third parties.
Delta has support for just 3,000 cryptocurrencies, but it allows you to manually add ICO coins. It supports over 200 exchanges and wallets, which is half as many as Blockfolio. It also has detailed trading stats, personalization, multiple portfolios and the ability to sync across multiple devices.
Blockfolio may be the best crypto portfolio app, but only if you aren’t concerned with using it on a desktop computer. To me, that is a major glaring omission, especially for a company that’s been around for five years.
However the app is extremely easy to use, and there is a Slack app integration that allows users to query live prices and receive their favorite news directly to the channel of their choice.
In essence, Blockfolio makes it possible for crypto hodlers to track their cryptocurrency holdings and know the value of their portfolio at any time. In fact, that aspect makes the app somewhat addicting, and you might find yourself checking it numerous times throughout the day when cryptocurrency markets are popping.
With the ability to track over 8,000 cryptocurrencies and digital assets there’s no other portfolio app that comes close to the breadth of Blockfolio. That’s true on the data feed side as well, with the app supporting over 400 different exchanges and more than 100 base currency pairings.
Many users have also commented on the customization available from Blockfolio that makes it far more powerful as a portfolio tracker.
Overall Blockfolio does exactly what it’s supposed to do, and it does it well. That probably explains the 4.7 rating from over 90,000 reviews on the Google Play store and the fact that more than 5 million people have already downloaded Blockfolio. You can try other apps, but right now it won’t be easy to find one better than this.
Featured Image via Blockfolio