Blockfolio introduces automated portfolio updating

Blockfolio is the largest crypto portfolio tracker with more than five million downloads. But like any successful platform, competitors are chomping at the bit to get ahead of it. That includes rival platform Delta, which is known for offering more features. In a move to keep its position at the top of the table, Blockfolio has introduced one of Delta’s prized innovations: automatic portfolio updating.

To start with, this will link the tracker to seven crypto exchanges: Coinbase, Coinbase Pro, Bittrex, Binance, OKEx, Poloniex and Bitfinex. Blockfolio plans to add more exchanges in the future, as well as support for hardware and software wallets.

Crypto portfolio trackers are useful for keeping a close eye on the value of the coins you own, even if you hold them on multiple exchanges. But, using a crypto portfolio tracker can be hard work. Every time you make a trade on an exchange, you have to copy all the details over, such as the price of the trade, the exact amount involved and how much the fees were. If mistakes are made, then the portfolio data risk being inaccurate.

This is where automatic updating comes in—but it is  a bit tricky to set up. By enabling API integration (where your crypto exchange is linked to your portfolio tracker) the app can access all the details about the trades you made and use this to update your portfolio. The tricky bit involves finding the number associated with your account on the crypto exchange, and connecting it with your portfolio.

Blockfolio’s tracker aims to simplify the process. Anthony Zhang, director of growth and marketing at the company, says the process has undergone intense beta testing (with more than 200 inexperienced users) so that anyone can set up the integrations quickly and easily.

“For people who are making multiple trades, this is going to save them a lot of time,” Zhang said, adding, “I would hope a quarter of our users adopt it right away, and as we add our second step—wallet integration, that will also help increase adoption.”

Once integration is made with an exchange, the app checks all previous transactions and makes sure they are accurate. So, be warned—you might find out how much money you really  have.