OCFX (OnChainFX) Review
There is little you can do in the crypto market without having the right tool to track and monitor vital indicators and metrics. This is why investors and traders alike go to lengths to handpick the very best when it comes to coin metrics tools. Having one or two at one’s disposal makes it a lot easier to navigate the often volatile crypto terrain.
One of the most popular sites you will encounter in your quest to identify the appropriate coin metric platform for your daily operations is OnChainFX. Here, we will take a closer look at this OCFX web-based application and highlight its pros and cons.
What Is OnChainFX?
OnChainFX is a website designed to collect vital performance metrics of digital assets. Powered by Messari Crypto API, OnChainFX focuses on setting uniform performance parameters, which would give investors a vantage point of the crypto market. OCFX platform strives to deliver data that are accurately representing the value of cryptocurrencies and the impact of the activities of crypto proponents on exchanges. OnChainFX argues that the decentralized nature of the crypto market has had a decoupling effect on the methods for collecting and processing data. Therefore, it has uniquely designed its platform to provide a unifying and simple methodology that offers standardization for classifying and compiling crypto metrics.
How Does OnChainFX Compile Its Data?
As mentioned earlier, OnChainFX incorporates data from Messari for its computation operations. Hence, it relies solely on Messari’s methodologies. OnChainFX defends its decision to integrate directly with Messari by stating that the approach incorporates transparent initiative for enabling the most accurate and up-to-date data about crypto networks. Some of the information that this collaboration presents users with includes insider vesting schedules, investor allocations, roadmaps, and a lot more.
For its pricing metrics, OnChainFX claims that Messari takes extra care to eliminate data anomalies, which it believes can reduce the efficacy of its price aggregator. It acknowledges that the volume reported by exchanges are sometimes inaccurate. Hence, it has implemented Messari’s volumetrics called the “Real 10 Volume.” This system accurately connotes the real-time value of crypto transactions. OnChainFX asterisks some volume metrics to denote crypto assets that Messari is yet to use the “Real 10 Volume” methodology on.
According to the information on Onchainfx.com, it has also integrated Messari Crypto API to calculate the supply of digital assets. The reason for this is that Messari utilizes a concise and consistent model for computing the supply of cryptocurrencies. The goal is to use a consistent framework to establish a standard for calculating the supply of assets. According to the platform, this allows users to compare cryptocurrencies efficiently. In cases where there is no quality data available to compute the supply, OnChainFX compiles the reported circulating supply. As it is with the volumetric section of OnChainFX, the platform connotes supply data gotten from external sources with an asterisk.
What Are the Data Available on OnChainFX?
Like every quality coin metric platform featured on our website, OnChainFX aggregates quality data that represents the real-time market performances of digital assets. Below are some of the data found on OnChainFX.
OnChainFX logs the prices of digital assets seamlessly and accurately. More so, the platform showcases the fluctuations associated with cryptocurrencies. In turn, this gives the data a real-time feel. In total, OnChainFX tracks the price of over 1,100 assets. You will agree that this figure is a bit on the low side.
24 Hours Changes And 7 Days Trend on OCFX
OnChainFX takes price metrics to a whole new level by disclosing the percentage changes in the value of cryptocurrencies within a specific timeframe. The time intervals tracked by OnChainFX are 24 hours, a week, a month, and a year.
Return on Investment
In addition to data describing price changes, OnChainFX also delivers an accurate means of determining the return on investment generated within a timeframe. By clicking the “Price Lookup” option on the website’s menu bar, users can navigate to the ROI calculator page, where they can access estimated returns of crypto assets. All you need to do is select the cryptocurrency of your choice, enter a date from where the algorithm begins to calculate the ROI. This tool is also suitable for users intending to recall the prices of digital assets on specific dates.
This data connotes the value of the total supply of digital assets in circulation. OCFX platform multiplies the price of each unit of a cryptocurrency with its total circulating supply to calculate the market cap.
OCFX 24-Hour Volume
You can also view the volume of a cryptocurrency in circulation in the last 24 hours on OCFX. This functionality will help you have an insight into the current demand and supply of crypto assets.
What Are the Other Features of OnChainFX?
ROI And Historical Price Data
Apart from price metrics, OnChainFX has incorporated other added features to expand the functionality of the website. Notably, the site has a page where users can look up historical prices. The page also functions as an ROI estimator. Hence, OnChainFX comes in handy when looking to estimate the returns generated or search for historical data for accurate tax documentation.
OnChainFX also provides crypto charts for each featured cryptocurrency. Once you click one of the listed digital assets, a chart, which you can use to carry out simple analyses, pop ups. Also, you can zoom the OCFX chart to expand the timeline encapsulated on the chart. However, note that OnChainFX’s charts are a bit too basic for professional traders or investors. For a more expert charting system, you can click on “Go Pro” to navigate to Messari.io.
Furthermore, OnChainFX comes with an in-built converter that enables instant conversion and calculations. With this, users can calculate the equivalence of digital assets in fiat currencies or other cryptocurrencies. For instance, you can convert 0.5 BTC to dollars or check for its equivalence in ETH.
For even more precise tracking, OnChainFX implements an interface, which isolates the big movers. By so doing, users can track the most volatile cryptocurrencies. Unfortunately, there is no way to filter the top gainers from the top losers. The absence of a filtering system makes it a tad difficult to utilize this feature. You can, however, scroll through the OCFX list of big movers to have a glance at the best and worst-performing digital assets in the past 24 hours.
To make tracking easier, OnChainFX uses popular crypto classifications to filter the tracked digital assets. Some of the classifications used on OnChainFX include stablecoin, exchange tokens, smart contract platforms, dapps, DeFi, and popular farmable coins.
OCFX Project Information
The website also documents vital details about crypto projects. Here, you can access the overview of each listed cryptocurrency, what they are trying to achieve, and key developments.
Latest News OCFX
OnChainFX aggregates the latest news about the digital assets found on the website. This feature puts users in touch with trending crypto news. It is always advantageous to have a good source of information.
What Are the Pros and Cons of OnChainFX?
Having discussed the core functions of OnChainFX, it is imperative to highlight its strengths and weaknesses.
Pros of OnChainFX
OnChainFX Is Simple to Use
The interface and website design gives the platform a simple look. Hence, it is very easy-to-use.
There Are No Ads on OCFX
OnChainFX ensures that its site is ad-free. This move reinstates the platform’s commitment to delivering unbiased metrics and data. Besides, it eliminates every form of distraction.
OCFX Uses A Standard Framework for Its Metrics
OnChainFX focuses on enabling a standard for crypto metrics that allows users to compare one or two digital assets.
The Data on OCFX Are Accurate
The platform has established the viability and accuracy of its crypto metric website by integrating with Messari Crypto API. This integration presents OnChainFX with a more reliable and consistent model for computing and compiling prices, the circulating supply, and volumes of cryptocurrencies.
OCFX Has A Converter
At one point in time, a crypto investor or trader would require the services of a converter. Hence, it is commendable that OnChainFX has identified this need and provided functionality to cater to such demands. Users can calculate and convert the value of their assets from one currency to another. It also helps that the converter supports a wide array of fiat and digital currencies.
OCFX Aggregates News
OnChainFX offers users a means of tracking the latest events and developments in the crypto industry. Each listed coin has a news feed that fetches trending reports about the project. It is common knowledge that prompt access to news helps traders and investors to stay ahead of the crypto market. With this, you can react quickly to trends.
OCFX Supports Price Lookup and ROI Calculation
It is easier to track the viability of your investment with OnChainFX’s ROI calculator. All you need to do is enter the date you invested in a particular digital asset, and the calculator will automatically estimate the ROI that you must have generated. Besides, the service also doubles as a price lookup system. As such, you can fetch the historical prices of cryptocurrencies.
The Cons of OnChainFX
It Supports Just Over 1000 Digital Assets
Unlike OnChainFX, competitors like Coinmarketcap track over 5,000 digital assets. Therefore, it is a bit underwhelming that OnChainFX has limited itself to 1,100 cryptocurrencies. This move is detrimental to investors looking to monitor obscured digital assets. They may need to adopt other coin metric sites to expand their search.
The Charts are Too Basic on OCFX
Even though OnChainFX has established itself as a lightweight crypto metric website, it should have put more functionality into its charting system. The current design is a little too basic for experienced investors and traders. However, OnChainFX provides links to more professional charting tools on Messari.
There Are No Exchange Metrics on OCFX
OnChainFX does not have a separate section for exchange metrics. Hence, it is impossible to track the volumes and liquidity of exchange platforms on the website. The unavailability of such data shows that OnChainFX is not as comprehensive as other popular crypto metric sites.