Blockfolio

Blockfolio: A Beginner's Guide to Portfolio Tracking

Welcome to the world of cryptocurrency! It can be exciting, but also overwhelming. One of the first things any new crypto investor needs is a way to keep track of their holdings. That's where Blockfolio (now known as FTX, but still widely referred to as Blockfolio) comes in. This guide will walk you through everything you need to know about using Blockfolio to manage your crypto portfolio.

What is Blockfolio?

Blockfolio is a mobile application (available on both iOS and Android) designed to help you track your cryptocurrency investments. Think of it as a digital spreadsheet specifically for your crypto. It allows you to manually or automatically record every cryptocurrency you own, its purchase price, and the quantity. It then calculates your total portfolio value and shows you your profit or loss. It’s important to note that Blockfolio *does not* allow you to directly buy or sell crypto; it’s purely a tracking tool. You'll need to use a cryptocurrency exchange like Register now Binance, Start trading Bybit, Join BingX, Open account Bybit, or BitMEX to trade.

Why Use Blockfolio?

Here's why Blockfolio is beneficial, especially for beginners:

**Easy Tracking:** Simplifies monitoring your investments across multiple exchanges.
**Real-time Data:** Provides up-to-date price information for thousands of cryptocurrencies.
**Profit/Loss Tracking:** Clearly shows how much you've gained or lost on each coin.
**News & Alerts:** Delivers news and price alerts related to your holdings.
**Security:** While Blockfolio doesn't hold your crypto, it does offer security features like passcode lock and biometric authentication.
**Free to Use:** The core features of Blockfolio are completely free.

Getting Started with Blockfolio

1. **Download and Install:** Download the Blockfolio app from the App Store (iOS) or Google Play Store (Android). 2. **Create an Account:** Open the app and create an account using your email address. You'll need to verify your email. 3. **Add Your First Cryptocurrency:**

   *   Tap the "+" button.
   *   Search for the cryptocurrency you want to add (e.g., Bitcoin, Ethereum, Litecoin).
   *   Enter the number of coins you own.
   *   Enter the purchase price (the price you paid for each coin).
   *   Enter the date and time of your purchase.
   *   You can optionally add notes (e.g., "Bought on Binance").

4. **Connect Exchanges (Optional):** Blockfolio allows you to connect directly to some exchanges. This automatically imports your transaction history. Be aware of security implications; always use strong passwords and enable two-factor authentication. Connecting to an exchange is not required - you can always manually input trades.

Understanding the Blockfolio Interface

The main screen displays your total portfolio value, broken down by cryptocurrency. Here's a quick overview of the key sections:

**Portfolio:** Shows your overall portfolio performance.
**Assets:** Lists all the cryptocurrencies you're tracking.
**Transactions:** Displays a detailed history of all your trades.
**News:** Provides relevant news articles about the crypto market.
**Settings:** Allows you to customize the app's settings.

Manual vs. Automatic Tracking

Blockfolio offers two ways to track your crypto:

Feature	Manual Tracking	Automatic Tracking
Effort	Requires manually entering each trade.	Automatically imports trades from connected exchanges.
Accuracy	Dependent on accurate manual input.	Generally more accurate, but may require occasional review.
Security	Less risk as no exchange API keys are shared.	Requires sharing exchange API keys (use caution!).
Compatibility	Works with all exchanges.	Only works with supported exchanges.

For beginners, manual tracking is often recommended as it helps you understand your trades and avoids the complexities of API keys. Learning about API keys and their security implications is crucial before using automatic tracking.

Key Cryptocurrency Terms You'll Encounter

**Altcoins:** Any cryptocurrency other than Bitcoin.
**Market Capitalization (Market Cap):** The total value of a cryptocurrency (price x circulating supply). Understanding market capitalization is vital for assessing a coin’s size and potential.
**Volatility:** The degree to which a cryptocurrency's price fluctuates. Volatility is a key factor in risk assessment.
**Bull Market:** A period of rising prices.
**Bear Market:** A period of falling prices.
**Hodl:** A term in the crypto community meaning to hold onto your coins despite price fluctuations.
**FUD:** Fear, Uncertainty, and Doubt – often spread to manipulate prices.
**FOMO:** Fear of Missing Out – the feeling of needing to buy a coin because its price is rapidly increasing.

Utilizing Blockfolio for Trading Strategies

While Blockfolio doesn’t execute trades, it's invaluable for monitoring performance of strategies like:

**Dollar-Cost Averaging (DCA):** Track your regular purchases to see the average cost of your holdings. Dollar-Cost Averaging helps mitigate risk.
**Swing Trading:** Monitor price movements and profits/losses on short-term trades. Understanding swing trading can improve your short-term gains.
**Long-Term Investing:** Track the growth of your long-term investments over time. Long-term investing requires patience and research.
**Portfolio Rebalancing:** Monitor asset allocation and rebalance your portfolio to maintain your desired risk level.

Advanced Features and Considerations

**Price Alerts:** Set price alerts to be notified when a cryptocurrency reaches a specific price.
**Transaction History Review:** Regularly review your transaction history to ensure accuracy.
**Security Best Practices:** Always use a strong passcode and enable biometric authentication.
**Tax Reporting:** Blockfolio can help you export your transaction data for tax purposes. Understanding crypto taxes is crucial.
**Trading Volume Analysis:** Use Blockfolio in conjunction with other tools to perform trading volume analysis and identify potential trading opportunities.
**Technical Analysis:** Combine Blockfolio with technical analysis tools to make informed trading decisions.
**Fundamental Analysis:** Use Blockfolio to track coins while performing fundamental analysis to assess their long-term potential.
**Risk Management:** Always practice proper risk management strategies when investing in cryptocurrency.

Disclaimer

This guide is for informational purposes only and does not constitute financial advice. Cryptocurrency investing is risky, and you could lose money. Always do your own research and consult with a qualified financial advisor before making any investment decisions.

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