If you’ve heard a little about people that have managed to make a fair amount of money from crypto trading, you may have decided to try it out for yourself. However, after doing some research and reading cryptocurrency guides, you found out that there are thousands of digital coins out there, trading across hundreds of different exchanges with different exchange rates on each one. Seeing this you’ve surely thought “How can anyone keep track of all this?”. A Google search led you to an app and you are now wondering how to use Blockfolio. Read this brief Blockfolio guide to find out.
What is Blockfolio?
Before explaining how to use Blockfolio, let’s briefly comment on just what it is. Blockfolio is a crypto portfolio tracker. Portfolio tracking isn’t new or exclusive to crypto trading. Stockbrokers have always monitored their stocks to learn how they behave and make profits from the old “buy low and sell high” axiom. Cryptocurrencies behave in much the same way and that is how crypto portfolio trackers came to be. They are software applications that allow you to monitor the prices of crypto tokens so you can decide when to buy or sell.
How does Blockfolio work?
Blockfolio works by gathering and displaying information. Some of this information is gathered by the app itself. It constantly tracks prices of over 8000 coins across many exchanges and displays the prices for those coins that are relevant to you. The other information is provided by you. If, for example, you were to purchase some Ripple (XMR) tokens using Bitcoin (BTC), you would enter the information about this transaction (amount purchased, price, fees, etc.). This would allow the app to display if this particular purchase is making or losing your money in the long run.
Is Blockfolio safe?
Blockfolio allows you to link it to your crypto exchange accounts so information about your trades can be synced right to the app. Some people might have some doubts about granting this kind of permission to Blockfolio for security reasons. But there is really nothing to fear.
First of all, linking your exchange accounts is completely optional. You can perfectly track your tokens without granting access to the exchanges, but it will mean entering all transaction information manually. Second, the app actually demands the exchange linking occur through read-only keys so the app has no access to make trades or withdrawals. Third, all keys are stored on your device and not on Blockfolio’s servers. Finally, Blockfolio doesn’t require any personal information on its users.
In other words, using Blockfolio is completely anonymous and safe.
The only potential security issue is that someone might get their hands on your phone and check out how much your portfolio is worth. You can prevent this by enabling passcode lock. If you do, you will then select a four-digit passcode that will need to be entered every time you open the app.
Is Blockfolio the only crypto folio tracker out there?
Certainly not. There are a few Blockfolio alternatives available. Some of the bigger names in this regard are Delta, CoinTracking, Crypto Compare, and Hodler. All of them are fine options for monitoring your crypto portfolio. Some of them, however, require buying pro versions to unlock all their features. Blockfolio is completely free to download and use with all its features, balanced with a nice UI and ease of use. Both its iOS and Android versions are very well rated by users.
Now let’s move on to the actual Blockfolio tutorial
How to use Blockfolio
Step 1: Getting the app installed
Blockfolio is available for both iOS (versions 9.1 or later) and Android (5.0 or later), and can be downloaded for free from both the Apple App Store and Google Play. After clicking on “Install”, and accepting any necessary permissions, Blockfolio will download and install in a few minutes, depending on your internet connection.
After installation is complete, open the app and you see the welcome screen. Swipe to read the intro screens and then tap to start using Blockfolio. You will see your initial home screen, where Bitcoin and Ethereum are already visible.
Tapping the three dots on the top right will bring up a menu where you can access the settings screen and some other options. Two useful options that are available right away let you toggle whether you want your holdings to be displayed as percentages, or whether you want to hide your balances altogether.
Step 2: Adding your coins
Now it’s time to start adding the coins you hold or want to track. The process is very easy. First, tap on the “+” button at the bottom. This will bring up a screen where you can add coins or link exchanges. Since Blockfolio can track over 8000 different coins, scrolling through the list isn’t the most practical option. Use the search field and type the name or code for the coin you want to add. In this example, I want to add EOS.
Once the token you want to monitor appears in the list, tap it and then tap the “Watch” button that appears.
That’s it! You added your first coin to your portfolio. Repeat the steps above for each coin you wish to track, and they will be added to your home screen.
Step 3: Linking an Exchange
As I mentioned above, this step isn’t necessary, but doing so can improve your portfolio tracking experience and is completely safe. Linking your account won’t let Blockfolio trade or withdraw funds from your exchange wallets. This link only lets the app read and display your transaction history.
To link your exchange account, tap on the “+” icon at the bottom just like you did when adding coins. Some of the top exchanges, like Binance, Bitfinex, Bittrex, and Coinbase are visible right away, but there are more options. Tap “see all” for a full list.
Let’s assume you want to link your Bitfinex account. Tap on the icon and that will take you to the appropriate screen.
Note that you will need to provide both an API key and an API secret key to create the link. You will have to create these keys on the Bitfinex website. After you create them, you can type them in manually or tap the QR code icon to scan them into Blockfolio. Note that these keys must be set to read-only.
Once your keys are in the app, tap “Add connection”. If the app detects your API keys aren’t read-only, you will be reminded of this and you will have to fix your key permissions on your exchange’s website. If everything checks out your link will be created.
Step 4: Registering a transaction
Now that you’ve added all your coins and linked your exchanges, let’s see how to add a transaction. Suppose you sold 4.3 EOS tokens to buy some ETH on Poloniex.
On your home screen find EOS in your portfolio and tap the “Add” button next to it. Now you will see a screen where you can select the exchange where you made the purchase, trading pair, token price, and other details. Once you have filled in everything, tap the “Save transaction” button. After saving, your holdings will be updated.
Blockfolio can provide a lot of valuable information for traders. Using the buttons at the bottom you can see Market information and get updates from two types of sources. The “News” button displays information from several sites specializing in crypto trading and you can even customize which sources you prefer. “Signal” displays information about the tokens you follow, provided by the token’s creators themselves. Finally, you can program Blockfolio to give you an alert when your tokens’ price goes above or below limits you set yourself. For example, you could program Blockfolio to notify you when the price of Bitcoin rises over 12,000 USD or falls below 8,000 USD.
See also: Best way to cash out Bitcoin
With thousands of coins spread out among hundreds of exchanges, cryptocurrency trading can offer countless opportunities to make some money. However, monitoring token prices and trading opportunities can prove daunting. Crypto portfolio trackers allow you to keep track of your trading information on the go and alert you to potential deals. If you are going into crypto trading, a portfolio tracker is a necessity. And Blockfolio gets the job done safely and efficiently.
We hope you found this guide on how to use Blockfolio useful!
Leave a comment below if you have any questions about setting up the Blockfolio app!
Read more: How to buy more altcoins
Jesus Cedeño is a certified doctor turned cryptocurrency expert, writer, and investor who lives in New York City. Jesús specializes in cryptocurrency product reviews, tutorials & technical analysis. Follow him on LinkedIn to stay up to date on his latest work on blockchain, decentralization and crypto investments.