If you have taken to holding or trading cryptocurrencies, you’ll know there are a lot of different currencies available. With many different holdings to manage and rapidly changing values and rates, keeping track of all these moving parts can be useful! With Blockfolio, you can do all that in one place, so you know exactly what is happening with your holdings and the market.
What is Blockfolio, and how do you use it? Blockfolio is a mobile app that tracks a wide range of cryptocurrencies and allows you to monitor your holdings in one place. This simplifies the process of viewing your holdings and their value, especially in comparison to thousands of currencies that you do not hold. You can then make better decisions about buying and selling.
Blockfolio is a free app that makes your assessment of cryptocurrencies and their value much simpler. With all your information in one place, you won’t have to spend time logging into individual accounts to see your values. This article will tell you everything you need to know about Blockfolio and how you can use the app to maximize your cryptocurrency value.
Does Blockfolio Use Real Money?
Blockfolio is a tracking app rather than a platform used for making transactions in cryptocurrencies. Because of this, Blockfolio does not use real money on the app but does track real and alternative currencies, including Bitcoin, USD, and thousands of other currency options.
While you are tracking different coins, you can base these values off of very real currencies. In this way, Blockfolio uses real money as a reference point so you can gauge and track the value of the currencies you hold or those in the market. Let’s look more closely at what Blockfolio and the features it offers.
What is Blockfolio?
The primary goal of Blockfolio is to help you monitor your currencies rather than make any physical trades. There are separate platforms in which you make the trades, but these can easily be synced up to the app to eliminate the need for manual entry. Blockfolio is an easy to use interface that makes tracking currencies simple.
With Blockfolio, you can see all the currencies that you hold in your wallet (including the amount and prices you paid if you wish to enter this data) so you can better track how your portfolio is performing. At the same time, you can also follow specific currencies that you are interested in, even if you do not own them.
This collection of information can help you to analyze the market and make decisions based on these fluctuations in price for different currencies. Having access to all this data in one place enhances your ability to buy and sell with greater accuracy and insight.
How Does Blockfolio Work?
We will now look at how the application works, the steps you need to take to set it up according to your desired specifications, and additional features that make this your one-stop for all things crypto tracking. This will make it easier to work through the nuances of the application, although the interface is very simple and straightforward for users.
Blockfolio Step-By-Step Set Up
We recommend following these steps to set up your Blockfolio home page. Let this be your guide for how to set up Blockfolio on your mobile device:
- Download the application: The app can be used with both iOS and Android devices, so it is available to the vast majority of smartphone users. You can find these in the App Store, and it is free to download.
- Home Screen Feed: You will be direct to a home screen after looking at some introductory messages that are welcoming you to the app. Once you have clicked through these, you will see a home feed where your currencies will show up.
- Customize settings: If you click on the three dots in the top right corner of the app, you’ll be able to access some important settings. Here you can see your balances (or hide them) in value or percentages.
- Add currencies: You can do this two ways, through manual adding or by linking accounts to the currencies you hold. Both are safe options, so you don’t need to worry about Blockfolio inferring with your trades. If you do not have many trades, you can hit the “+” at the bottom of the app and enter the information. This is also a way to track currencies you don’t hold. For updated numbers and easy monitoring of transaction histories, you can also link exchanges from crypto accounts.
- Update transactions: As you buy and sell cryptocurrencies, you can add these transactions within the app. This will keep your holdings updated for greater accuracy. You will be asked to select the currencies you are trading between, prices, quantity, transaction date, and fees if applicable. The more information you enter, the better the data will be displayed.
- Removing coins: If there is no longer a currency that you want to be tracked or to show up within your portfolio, you can also remove them quite easily.
To do this, click on the individual coin and select ‘unwatch.’ This will remove it from your feed. If it is a currency that you currently hold, you can also delete it on the same page. Be cautious with this as you will not be able to retrieve the data and transaction histories you delete.
These are the simple steps required to track your currencies within the Blockfolio application. With very little work to do on your end, you can easily see market data as well as the status of holdings within your crypto wallets. This video gives you a useful guide to working your way through the app and shows you the user-friendly interface.
Additional Features on Blockfolio
There are some other features you can use within the app that can be particularly helpful for tracking and gaining greater access to the information within the cryptocurrency markets.
The key features offered in the app beyond entering your transaction history and seeing current values of coins include:
- Blockfolio Signal
- Messaging Capabilities
- Security and Data Recovery
- Customer Support
All of these categories give you more data and information not only about your holdings but the greater world of cryptocurrency so you can better manage and take action for different transactions. You do not need to hold any cryptocurrency in order to take advantage of these features.
Found as one of the four bottom tabs in the app, this page connects you to thousands of up-to-date articles related to cryptocurrency markets. This will provide you with news about various currencies and trends from around the world that relates to the blockchain. This is a centralized location to keep yourself updated on stories in the space.
You can also select the ‘Sources’ button on the News pages to filter where you want your stories to be coming from. Most of these sources are cryptocurrency publications, and Blockfolio even publishes their own articles to keep you informed on relevant stories in the space.
Instead of looking for news about cryptocurrencies online, Blockfolio streamlines the process even further by providing you with all the information in the same place you find your holdings and market data. Having all this information in one place aligns with their mission of giving consumers a simple one-stop spot for all things cryptocurrency and blockchain.
A newer feature within the application, Blockfolio Signal is a community-building and communication feature that allows those who have created tokens and currencies, also known as “token teams,” to send updates and information to interested parties. If you hold a currency or are interested in one, you can hear directly from those leaders.
This is just another way for users to stay connected to the currencies you hold or are interesting in. From a token team perspective, this is a great reason to use and engage with the app. You can easily put out information to those who are interested in your currency directly. When a user adds your currency to their watchlist or wallet, they will be given updates.
Not only can you post articles and updates, but you can send them out as push notifications so those who are subscribed to you will have easy access to your information. Team leaders will benefit from this service as their community grows, and users can be better informed of plans and business strategies.
You can find the “Signal” tab as one of the four main pages on the bottom of your app screen. The feeds that show up are compatible with those found on your portfolio page. The posts can be broken down by category and are easily linked to the specific coins mentioned so you can check out the status and trends related to that specific currency.
While this feature will need to continue to be rolled out to other platforms to reach wider audiences, right now, you can connect your Blockfolio Signal to your Slack groups. Adding Blockfolio to your messaging apps is just another way in which you can be notified and up to date on your cryptocurrency news and data.
This will be an interesting feature to watch to see how it grows in relation to compatibility with other communication and messaging apps. Seamlessly integrating Blockfolio Signal onto different platforms will not only spread the popularity of the app but make it easier to use and more compatible with the applications you already take advantage of.
At the final tab found at the bottom of the app, you can view and analyze over 8,000 coins in the market. You can view these by rank, see prices of coins, market cap, volume, and look at the trends of each currency individually.
To take advantage of the ‘Markets’ tab, you should click on a specific coin. You will be able to see lots of information within each currency:
- Automatic syncs: From the page, you can automatically sync transactions you have made in the specific currency. You will select ‘Add Connection’ and be taken to a list of currency exchanges. Select the one you purchased the coin from and enter the necessary data. This will include an API Key and Secret. You can choose which portfolio these are synced to.
- Details of the currency: This includes graphs of pricing over time, Signals related to the coin, ability to sync transactions, add to your watchlist, current data on volume, and pricing.
- Profile: This gives you more information on the specific coin and related links to media and social platforms. You can read about the company’s history to see if this is a coin you are interested in keeping an eye on or want to invest in.
- Profit/Loss: If you have added transactions, you can see your profits and loss over time from the specific coin. This will compare the dates and prices you paid for the coin compared to where the market currently values the currency.
- Transactions: Keep track of individual transactions for specific currencies. This will help you gauge value as well as your previous decisions in buying and selling.
- Alerts: You can alert yourself to price changes that you set for the coin. This can be done in dollar value or percentage changes so you can buy and sell when large fluctuations occur in order to maintain profits.
- Orderbook: You can see the interest of buyers and sellers for different coins.
- Trade History: This will show trades that have been made in size and price over time. This is pulled from lots of transactions on Blockfolio so you can see what others are holding and selling over time.
Most of the information will be available for your coins, but some features may not be supported by the specific currency. ‘Orderbook’ and ‘Trade History,’ for example, may not be made available by the coins. Some of these features will be dependent on the currency you are looking at.
For investors in the cryptocurrency market, the price of the coin is very important in your decision to buy or sell. A really useful feature within the app is being able to set an alert on specific coins when they reach a desired price point. This will allow you to take action in buying or selling depending on what your goals for that coin are.
You can receive general alerts about major changes and news for a currency on the home page by clicking on the small bell. For more detailed alerts, you can click on currency and then select the ‘alerts’ tab. This will allow you to select percentage or price changes (depending on the coin) within a specific time period at which you want to be notified.
The alerts are broken down into two categories:
- Target Price: This will alert you when the price of a coin reaches a dollar value. This can either be a one-time notification or anytime this value is hit. You can easily change this value.
- Price Change: You can also view changes in price by percentage in a given time period. This can be as short as 15 minutes to up to 24 hours.
You can select the global average or different exchanges and trading pairs if applicable. The alerts feature is particularly helpful because it does a lot of the tracking for you. Instead of looking at prices every day, the application will automatically inform you when a change that you’ve been looking for occurs. This is another way the app makes your monitoring easier.
Security and Data Recovery
While there is no personal information connected to the transactions shown on the app, there is an additional security measure that allows you to enter a pin in the event that someone gets their hands on your phone. You will have to remember the pin as there is no way to recover it. If you forget your pin, you will need to re-download the app and transaction history will be lost.
This is designed to protect your information in the event that your phone gets stolen, or you just want another added layer of security.
There is an option for data recovery and transfer, but this will require you to create a log-in. You will be able to keep your information on multiple devices, including a backup to a desktop. You can restore your portfolios, especially in the event that the app gets deleted or you cannot remember your pin on your phone.
Many applications do not have the most responsive or helpful online data team, but Blockfolio does not fall into this category. Users have found the customer support to be incredibly helpful with fast response times. You can contact the customer service team directly through the app. Click on those 3 little dots in the top right corner, and you’ll find ‘Support’ at the bottom.
You can then choose to email the team directly (firstname.lastname@example.org) or contact them through Telegram, a secure instant messaging app. You can get all your questions and problems resolved quickly with responsive team members.
How is Blockfolio Free?
Blockfolio has gained a significant following for cryptocurrency investors because the app is completely free. All features within the app can be accessed for free, making it easy to use and accessible. Because of this, Blockfolio has no clear outward-facing monetary stream. While backed by venture capital, the future of Blockfolio’s income concerns some users.
We will dive into this concern later in the article, but one way in which Blockfolio can monetize is through selling data to third parties. The amount of information they collect with users entering their transactions may be valuable to outside firms. This may raise some concerns for users who want to keep their transaction values private.
Continued growth in user base will dictate their monetizing strategy. They currently do not run advertisements to keep the interface clean and accessible, but this could change over time. Blockfolio Signal is their newest feature to promote communication between token teams and users, and this could result in new avenues for revenue generation.
Taking Advantage of Blockfolio
We have gone through what Blockfolio is and how you can use it. If this hasn’t provided you with enough incentive to use the app, we have detailed the benefits that the app can provide you with.
The Benefits of Blockfolio
Going through what Blockfolio is and how to use it highlighted some of the benefits of using the platform for cryptocurrency management. All of these work together to provide users with a comprehensive app.
We will go into these benefits in more detail and why they are important:
- Simplicity: Instead of using multiple platforms and sites to track all of your currency transactions (some digital currency exchanges may not offer all of your desired cryptocurrencies), you can place all of this data in one place to monitor values of all your holdings.
- Organization: You can also easily classify different coins into separate portfolios based on your preferences and categories for easy tracking. This feature allows you to keep your holdings more organized and money sources separate if necessary.
- Accuracy: With consistent updating, Blockfolio continues to update their software to make sure prices are as accurate as possible. This helps you make real-time decisions about buying and selling within your portfolio.
- Customizable: As mentioned in setting up your interface, the app can be customized to your specific interests. This makes it so you can see only what you want to see, highlighting what is important to you.
- Free Resource: One of the greatest benefits beyond the features the app includes is the fact that it is free! Having all this information accessible to you for no cost is incredibly valuable. Blockfolio also maintains a great blog that provides you with news and data about the world of cryptocurrencies. Some of these articles include the heavy lifting of going through Blockfolio Signals and pulling out the most important updates.
- Wealth of Information: The amount of information and insight you can gain from using the app includes setting alerts for price changes, statistics on thousands of cryptocurrencies, messaging and community building, and an easily accessible customer support team.
The combination of all these benefits provides you with a great tool to use for your cryptocurrency trading and management of assets.
Reasons You May Be Concerned About Using Blockfolio
While the benefits outweigh the drawbacks, we still want to make sure you are aware of some reasons that using Blockfolio may not be for you. While the application is completely anonymous as to what you hold, this information is still made public. Some traders may not want these transaction histories available to others.
These are the primary complaints that users have with the application:
- Selling data to third parties: While the application does not sell or give your information to third parties, using the app gives Blockfolio the rights to do so. This information may be related to the details of the trades you have made (not noting your identity). You may not want this to be public knowledge if you have high stakes in a particular currency.
If you are worried about this, it is recommended that you take your holdings and divide them by 10 so that you can still track them but make the values more difficult for third parties to use.
- No consideration of fees: The app does not always consider the fees you paid for buying or selling currencies when you enter the information into the app. While these differences are small, they can add up when you own large sums of a currency or many different ones. There are some transactions in which you can manually enter these fee values.
- Too many notifications: One of the app’s best features, the updating of news on your holdings and watchlists, can also be overwhelming. Consistent notifications can actually be ineffective and cause the user to disengage from the application. You can adjust these notifications and alerts within the app.
Despite these concerns, the overall benefits associated with the application make it very popular among those who hold cryptocurrencies. The process is made much easier with all your necessary information stored in one place.
Guide to Using Blockfolio
Blockfolio has made an easy to use platform for tracking your cryptocurrencies accurately with the ability to customize your monitoring experience. With very little work required on your end, this app can be a real asset to managing your coins and equipping yourself with information and data to make the best decisions when it comes to buying and selling cryptocurrencies.
We recommend downloading the app and trying it out for yourself. Even if you are not currently invested in cryptocurrencies, Blockfolio is a great tool for tracking the market and gaining a better understanding of the value and profits to be made when holding these investments.