Every crypto holder or trader must have access to real-time data and the latest happenings in and around the digital assets market. There is a greater need to have a consistent and reliable portfolio tracking tool that puts investors a step ahead of trends. With this, it becomes easier to determine the efficacy of investment strategies, track profits, have accounting records, and in some cases, access all the news emerging from the cryptoverse.
Crypto portfolio tracking applications are even more exciting when they incorporate added features that provide new possibilities for crypto proponents. Herein lies the major propelling factor for Coin.fyi, a portfolio tracking tool designed to deliver effective functionalities to coin holders. In this article, we will explore this application as well as determine its strengths and weaknesses.
What Is Coin.fyi?
Primarily, Coin.fyi functions as a web-based portfolio tracker for digital assets. However, after taking a look under the hood we discovered that it offers much more than crypto tracking features. For one, it has social and media integrations that give users quick access to emerging news, events, and market analysis. Without any doubt, this extra functionality creates a reliable template to base one’s fundamental analysis on. The core operations of Coin.fyi enables news and price aggregating services. Nonetheless, it is designed in such a way that users can customize the aggregation for an even more personal feel. In other words, you can add filters that restrict aggregated news to one or more digital assets.
More importantly, the tool supports portfolio tracking. Hence, you can enter all the cryptocurrency you hold and the value at the time of purchase. With this information, Coinfyi can track price movements and the change in the worth of your investments. This data shows whether you are in profit or loss.
What Are the Features of Coinfyi?
Coin.fyi has a simple user interface and supports a basic website architecture that makes navigation easier. Below are some of the features you will find on the site.
As mentioned earlier, Coin.fyi’s core operations revolve around portfolio tracking. Hence, it comes as no surprise that it comes with a suite of solutions focusing on price aggregation. Once a user enters the required information about crypto investments, Coinfyi updates the dashboard automatically to showcase the real-time value and performance of the portfolio. Thus, at the click of a button, you can track the amount earned on all crypto holdings without having to deposit your coins on the platform. This systemic approach to portfolio management eliminates unnecessary security risks.
Apart from portfolio tracking, Coin.fyi provides an interface where users can track the latest crypto news. Our research showed that this functionality possesses a certain level of robustness that is often overlooked by other platforms. The news section does everything from tracking the latest reports to uncovering news, which is critical to users’ portfolios or watchlists. In essence, it collects current information on happenings surrounding tracked coins. Other deliverables found in the News section include:
Trending Tweets: Note that Coin.fyi has social integrations that let its aggregate tweet mentions relating to the overall proceedings of the crypto industry. Therefore, it is possible to access trending tweets via Coinfyi. This functionality is crucial because it offers fresh market insights and presents an accurate means of gauging market sentiments.
Reddit: It is common knowledge that Reddit is one of the most popular social media networks in the crypto community. In light of this, it makes sense that Coin.fyi incorporates Reddit as one of its core news feeds. Without any doubt, this provides ample resources to accurately decipher the current leanings of the crypto community as regards the viability of digital assets.
YouTube Videos: Remarkably, Coin.fyi does not restrict itself to just Twitter and Reddit for its social media aggregation algorithm. Instead, it supports and aggregates YouTube videos focusing on the crypto niche. As such, it is also suitable for users who prefer visual models of disseminating information. More so, YouTube has a lot of learning materials on crypto subjects and concepts. Due to this, new crypto proponents can access a library of videos targeted at newbies via the Coin.fyi platform.
Besides news, Coin.fyi also tracks the performances of cryptocurrencies, their market caps, the return on investment generated at specific time intervals, price charts, daily volume, and much more. The comprehensive nature of this tool offers users a robust means of deciphering price trends and monitoring market movements. According to the information available on the site, Coinfyi sources its price data from Coinmarketcap. Therefore, it aggregates the performance of over 5,500 digital assets. Better still, it has a section that lists the top gainers and losers in the crypto market.
In line with emerging trends, Coin.fyi has a dark mode button at the top right of its websites. This feature allows users to switch to the dark theme version of the website and, in turn, protects them from exposure to bright light, especially at night.
When tracking portfolios, the importance of quality notification systems cannot be overstated. As a result, Coinfyi supports an in-app notification system that alerts users on changes in the value of their portfolios or the coins tracked on the watchlist.
Crypto Price Ticker
Coin.fyi enables price tracking from anywhere on its website by implementing a crypto price ticker at the top of all its webpages. The ticker tracks the value of 5 cryptocurrencies, including Bitcoin, Ethereum, Tether, XRP, and Litecoin. Also, it shows Bitcoin’s dominance and the cryptocurrency market cap.
How Do I Use Coin.fyi?
Coin.fyi is a lightweight website designed to create an anonymous and free portal to the data required to determine the performances of crypto portfolios. In other words, you do not need to scale complex registration processes to use the features listed above. All you need to do is enter a login username and password to create a profile. Coin.fyi does not request for personal data or permission to link with your exchange account. Once you have a registered profile, you are granted unrestricted and free access to all of the features available on the site. Subsequently, you can add one or more portfolios by selecting the appropriate cryptocurrencies, the number of coins purchased, and the original value.
What About the Team?
The team describes itself as “a small team of impassioned crypto enthusiasts, designers, and developers from all over the world, and we’re here to build streamlined, anonymous, and effective tools for long-term hodlers to optimize their crypto journeys.” In line with the decision to enable an anonymous crypto portfolio tracking platform, there is little information about the team members. However, a look at the social networks of Coin.fyi indicates that the project commands a small but tightly-knitted community of users, which the founder and other team members address frequently. Although the development of the website is not as fast as you would expect, it is clear that the team has an idea of what it plans to achieve, and it is going about it cautiously.
What Are the Pros and Cons of Coin.fyi?
Having discussed the workings and features of Coin.fyi, it is vital to analyze our findings and use them as a template to determine the strengths and weaknesses of the platform. Below are the pros and cons of Coinfyi
Pros of Coin.fyi
It Is Free
Coin.fyi delivers a viable crypto tool, which is integral to the daily operations of crypto traders and investors. Hence, it is surprising that it is offering all these services at no extra cost. There are no hidden charges or subscription plans imposed on users.
It Supports Anonymity
The anonymity status of Coin.fyi is bound to attract crypto proponents who value their privacy or are wary of the security risks prevalent with websites that collect users’ data. The fact that you don’t need to scale KYC or AML procedures is critical to the success of the platform.
More often than not, it is a difficult task to deliver free services and still manage to keep afloat without generating revenue from featured advertisements. Regardless of this fact, Coin.fyi has maintained a no advertisement policy. This seems like a move to evade the effects of ads on user experience. As such, there is little or no distraction when tracking one’s portfolio. Rather than rely on advertisements for revenue, Coin.fyi sources funds through donations.
The Portfolio Tracking Tool Is Robust
As you can see from our descriptions in this review, Coin.fyi has a horde of features that makes portfolio tracking seamless. You can check the daily gains, the return on investments, the price changes of digital assets, and the real-time value of your entire holdings.
It Has A News Aggregator
Other than tracking prices, you can carry out fundamental analysis to determine possible market movements by monitoring the events and happenings within the crypto universe.
It Is Easy to Use
The user interface is a vital factor to consider when dealing with crypto prices and news feeds. In the case of Coin.fyi, it excels as a seamless platform that is suitable for both newbies and experienced crypto participants.
It Supports Social Media Feeds
The social media integrations of Coinfyi gives users access to trending posts on Twitter, Reddit, and YouTube. This service expands the reach of crypto investors as regards fundamental analysis and crypto education.
Cons of Coin.fyi
It Does Not Support In-Depth Crypto Portfolio Analysis
Since Coin.fyi does not integrate with users’ wallets or exchange accounts, there is no option to process an in-depth analysis like tax evaluations. Also, it is impossible to track one’s crypto activities and how each affects the value of your portfolio.
It Only Has A Basic Notification System
Coin.fyi does not support a robust notification system that alerts users on the market and portfolio changes via email, push notifications, SMS, or pop-us. The unavailability of these functions limits the effectiveness of the platform.
It Does Not Have A Mobile App
Coin.fyi is yet to launch the mobile app version of their platform. Although the team plans to develop one in the future, current users are limited to the web-based format of the tool.