Blockfolio Review 2021: Technical Analysis, Applications and Benefits
Read on for our Blockfolio review, and check out some of our other favorite services right here!
Blockfolio is a cryptocurrency portfolio management app that allows users to track their market performance. It was created in 2014 by three brothers from Palo Alto, California, and offers tools for tracking price trends, alerts, and notifications for the most popular cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC). Blockfolio enables users to trade and track their portfolios across more than 500 exchanges with a huge number of in-app features. It was recently renamed FTX, and so the app we’re discussing in this review is now known as FTX, albeit it is exactly the same as Blockfolio.
We had been hearing some seriously good things about this app for a while, and so we felt it was high time we took it for a spin ourselves.
Is Blockfolio/FTX Worth the Hype?
The short answer to this question is yes. As of Spring 2021, there are six million Blockfolio users, and it’s fair to say the vast majority of them love this app. Crypto trading is such a fast-moving industry that apps and software come and go all the time, but Blockfolio is looking like it is very much here to stay.
While there are certainly some bugs that could do with a fix (more on those later), here are some of the things we really like about Blockfolio:
Blockfolio is a very easy-to-use app that requires little effort. We found the interface very user-friendly, and after just playing with the app for a few minutes, we were able to navigate it without any major hitches. The dark display was attractive and uncluttered, and the home screen displayed all the information we could have ever needed about each coin, including the current price, trading volume over 24 hours, and total supply. One feature we really liked was being able to set up notifications for coins and tokens that we were interested in so that we didn’t miss out when there was a sudden change in performance.
Blockfolio is free to download and use on iOS, Android, Windows Phone and the web. You can also sign up for a pro account which costs $12 per month or $99 annually. There are in-app purchases, but they’re all optional and we found that few of them were worth the extra cost. Furthermore, Blockfolio does not charge users a commission fee or take a cut of their capital gains like some apps do nor does it require an annual subscription as with other trading platforms such as Robinhood.
On the whole, Blockfolio’s customer support was great. We were able to contact support through a form on the website and they usually responded very quickly.
What Were Those Bugs We Mentioned Earlier?
If we have one issue with Blockfolio, it’s that it would be nice to see the total value of all your holdings in one place, and not just for individual currencies. It would also be better if there was a way to make sure there are no missed messages from exchanges without going into each exchange app individually. Finally, and this is a complaint we saw from other reviewers, sometimes when loading up an account, the values update really slowly or not at all, and we had to keep refreshing until the problem was sorted. But those are really very minor quibbles for an otherwise excellent app which we would put right up there with some of our other favourite services.
Here are some answers to commonly asked questions about Blockfolio…
Can you Buy and Sell on Blockfolio?
Yes, Blockfolio can be used to buy and sell cryptocurrencies on exchanges. To do so you need to link your exchange account to the app by going through their verification process which includes taking a picture of yourself holding up some form of identification with your name visible (passport, driver’s license etc.). Once linked, you’ll see an overview page that displays all cryptocurrency wallets within the Blockfolio platform as well as any recent transactions or open orders. You can also toggle between different currencies when viewing this information from the menu located at the top right corner of each individual wallet section.
Can you Withdraw from Blockfolio?
No, you cannot withdraw funds from Blockfolio. You can only sell your tokens on the exchanges that are available in the app. The list of these exchanges changes periodically as new ones become available or current ones fall out of favor with users and disappear.
Is Blockfolio Better than Coinbase?
This is a difficult question to answer because both are very good. From our experience with the two apps and their features, Blockfolio is more robust and user-friendly than Coinbase. That said, you should definitely try out each app before making your decision. Both have different advantages over the other that make them excellent choices depending on what you’re looking for.
Is Blockfolio a Safe Website?
Blockfolio is a safe site and it utilizes the AES-256 bit encryption to protect your data. It also has a secure connection so you can transfer information without worrying about hackers or other threats. Blockfolio also protects against man-in-the-middle attacks, which are when someone tries to intercept data traveling between two points. This means that not only is your encrypted personal information protected by AES-256 but even if there were an attempted interception of any type while it’s being transmitted from one point to another, then it would be rendered useless because your information has been encrypted twice at both ends with different keys.
To Sum Up…
Blockfolio is one of the most popular cryptocurrency portfolio management apps on the market today. It allows you to track your investment and trade history, as well as manage your holdings all in one place. Blockfolio offers a range of features that will help you grow your portfolio and help to ensure its success in the long term. For beginner and expert traders alike, Blockfolio can fulfill all your crypto trading needs in one easy-to-use app.
I’m Jon, owner of Trade Wise at https://tradewise.community/ and https://www.youtube.com/channel/UC7VmOx8DbvX4Rbrac2pPcjw
I review forex and crypto trading products and services to find the best of what’s out there for creating a passive income without becoming a full-time trader.