Blockfolio In Brief
Blockfolio doesn’t have as many features as some competing cryptocurrency trackers. However, the few things it does do (mainly, track the price of cryptocoins) it does very well. Another significant benefit: it’s totally free. You don’t have to pay to unlock any of Blockfolio’s features. There aren’t any embedded ads, either.
One obvious question is: how does Blockfolio generate revenue? The makers of the tracker haven’t come up with a concrete answer yet. Last year, the company stated that its plan is to eventually use the treasure trove of data that it has collected from its users to create business products. However, Blockfolio promised that when it finds a way to use this data, user privacy will remain a top priority.
- Totally free. So far, Blockfolio has stuck to its promise of keeping the app 100% free.
- Multiple portfolios. A recent update lets you set up multiple portfolios.
- Direct news from coin developers. Another new feature is Signal, which provides built-in news updates from cryptocurrency developers.
- Automatic backup. Recovering or transferring your data to a different device is a quick process with Blockfolio’s data recovery feature.
- No web app. There’s no way to use Blockfolio with a browser.
- Minimal feature set. Blockfolio can’t calculate your taxes or import data from wallets or exchange accounts.
What is Blockfolio?
Blockfolio is a free app for iOS and Android that tracks cryptocurrency price movements. It supports thousands of cryptocurrencies and is one of the most popular apps of its kind.
Blockfolio was founded in 2014 by Dash Foundation Board Member Ed Moncada and UX expert Charlie Mason. This makes it one of the oldest cryptocurrency trackers on the market today.
The Blockfolio team took a comparatively low-key approach to building out and marketing its apps. Over the past several years, updates have focused on interface tweaks, bug fixes and the addition of support for new altcoins. This dedication to slow, steady improvement– along with a commitment to keeping the app 100% free– allowed Blockfolio to quickly accumulate a massive user base.
In June of 2017, Blockfolio addressed rumors circulating on Reddit and other social media sites that the company was snooping on its users and using their information to manipulate crypto markets. Blockfolio responded to those allegations by releasing the following privacy statement:
“There have been allegations that Blockfolio is using user data to front-run markets and profit from trading. This is simply false. Neither Blockfolio nor any partners are using the data in this way, nor do we ever intend to. Additionally, front running markets using user data would not be effective, because users enter trades after they’re executed, not before. Blockfolio users are also free to enter fictitious holdings and trades, making this data unreliable. It would make far more sense to use publicly available trading data from every major exchange, which we already make available to all our users on the “Book” tab of every coin.”
The statement goes on to explain that when Blockfolio does begin analyzing “non-personally identifiable analytical data,” it will do so only in a way that allows their users to remain anonymous. In addition, the company stated that it listened to concerns about the Android app’s flawed use of SSL encryption and verified that those concerns were legitimate. Blockfolio implemented full SSL end-to-end encryption in the 10.0.20.1 update to address those concerns.
The Blockfolio 2.0 upgrade– which just came out this month– represents a pivotal turning point for the company. The most important part of the upgrade was the built-in cryptocurrency news service that Blockfolio calls Signal.
Moncada explained the significance of the new feature to Business Insider:
“With Signal, we mainline important team information directly to users. Signals come straight from the token team leadership, free of the noise and toxicity that we so often see in the current communication channels used by the global crypto community.”
The Blockfolio team hopes that Signal will help the app become a central hub for reliable industry information– a kind of Bloomberg for cryptocurrency markets.
- Ed Moncada – Co-founder, CEO. Moncada was the prime mover in the effort to acquire and rebrand the commerce-focused privacy coin that’s now known as Dash. Today, Dash ranks among the top 20 most popular cryptocurrencies by volume.
- Brian Dilley – CTO. Dilley is a software developer and entrepreneur. He’s been involved with startups since the early 2000s, including LowerMyBills.com, ShopNation, FlipaGram and QuickRide.
Blockfolio’s core value proposition is that it’s free, easy to use and provides straight-from-the-horse’s-mouth news from cryptocurrency development teams.
Here’s a closer look at the tracker’s most important features.
Free portfolio tracking
As mentioned above, Blockfolio’s tracker is completely free. This distinguishes the app from competing trackers, many of which require their users to pay to unlock certain tracking functionalities. Blockfolio’s tracker sports a slick-looking, modern interface and it supports just about every token or coin imaginable.
Built-in news feed
The new Signal feature lets you follow coin development teams and receive direct news from them. This saves you the hassle of sifting through Twitter, Google News and other sites when you want to find out what’s going on in the cryptocurrency industry.
Switch between multiple portfolios
Last year, the Blockfolio team reached out to their users to find out what feature they should work on next. The most requested feature turned out to be the ability to add and manage multiple portfolios. The Blockfolio team listened and added multiple portfolio support to the Blockfolio 2.0 rollout.
Easy backup and restore
All your portfolio data can be retrieved on another device by inputting a token code. This makes it easy to restore your portfolio data if you lose your phone or switch to a new phone.
The major weakness of Blockfolio is that it can’t import data. In order to use this tracker, you have to enter and adjust all your financial information manually. If you sell some of your assets, you have to update your portfolio yourself. There’s no way to link your crypto wallets and crypto exchange accounts to your Blockfolio account.
Another key limitation is the fact that there is no web version of the Blockfolio app. This means that you can’t update your portfolio and check to see how it’s performing unless you use your phone to do so.
The Blockfolio team supports its apps via email, Telegram chat, Twitter and Facebook. They also respond to user comments in Google Play and Apple’s App Store.
Both the Android and iOS version of Blockfolio have excellent reviews. The Android app has a 4.5 rating after 80,000+ reviews. The iOS app has over 5,000 reviews and a 4.7-star rating. Aside from a handful of users who preferred the design of the old version over the new Blockfolio 2.0 look, it’s hard to find critical remarks about the apps.
So far, Blockfolio has delivered on its “100% free” promise. Neither one of the apps have any ads or paid subscription options.
The first part of the interface that you’ll see after you install Blockfolio is Home, which is accessible via an icon on the bottom left side of the app. It allows you to quickly enter in and track your cryptocurrency assets.
Clicking a cryptocurrency takes you to Details view. This brings up a candlestick chart that shows the price movements of any coin that you’re tracking. Tabs on the top of the interface let you view your recent transactions, set up alerts or view your exchange’s order book.
You can access Blockfolio’s new built-in news feature by clicking the Signal icon, which is also located on the bottom of the interface. One convenient aspect of Signal is that it doesn’t crowd your feed by automatically adding news from all the coins that you own. You have to opt in to get the updates.
Setting up a new portfolio is as easy as swiping right. The customizable colored tabs provide more ways to track your assets.
Alerts can deliver news or information about cryptocurrency price changes. Unlike many crypto trackers, you don’t have to pay to use Blockfolio’s alerts feature.
Optionally, you can set up a 4-digit PIN code. This additional layer of protection prevents other people who use your phone from accessing your Blockfolio data.
If you’re just looking for a simple and free cryptocurrency tracker, Blockfolio could be worth a try. It not only supports all the major cryptocurrencies, but it also delivers exclusive news from cryptocurrency development teams. But if you’re looking for a cryptocurrency tracker that can help you do your taxes or import data, there are better products out there.