Blockfolio’s Review: Is Blockfolio Safe?
Cryptocurrencies are now a trend for many investors. However, since 2015-2016, when the Bitcoin exchange rate began to grow a little, many alternatives to it began to appear. As a result, investors began to look towards the top cryptocurrency and other cryptocurrencies and began to collect cryptocurrency portfolios.
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The portfolio profit depends on how much the investor is aware of the news and events in the world of digital currencies and their quick reaction. Moreover, sharp jumps in the exchange rate are pretty common in the market.
But it became somewhat difficult to monitor such investments because no service could bring together all investment assets and general output data on your investments and your results for a week or any other period.
Such an application is called Blockfolio. But what are the main functions, and is Blockfolio safe to use? Let’s talk about it in the article.
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What is Blockfolio?
Blockfolio is a specialized mobile application created in 2015 for an investor/trader to instantly track online what is happening with their digital investments and monitor all changes.
This application can be downloaded at any convenient time. You can also find all the information about it and contacts where you can discuss the application on its Telegram channel, support page, or social networks.
The service is free, which is a huge plus, and you can install the application on Android and iOS, but there is no program for PC.
This application is often compared with the popular coinmarketcap.com. But Blockfolio surpasses its competitor in several indicators. First of all, ease of use on the phone and more advanced functionality, if desired. Also, the intuitive interface immediately captivates everything.
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Blockfolio is not only a convenient tool for tracking pricing in the market:
1. All cryptocurrencies that are available for trading, except for coins that are still in the ICO stage (more than 2,000 coins in total) and new cryptocurrencies, are added as they appear.
2. Viewing the price of the desired cryptocurrency on the selected exchange, viewing the crypto portfolio both in digital currencies and in fiat (more than 30 variants, starting with the most famous and popular US dollar and EURO).
3. Blockfolio displays different periods from a day to a year and for the entire existence of the cryptocurrency.
4. The history of your transactions on the exchanges will always be with you.
5. User-friendly and simple interface with clear graphs.
6. Handy functions, for example, if you need to catch the right cryptocurrency rate, you can turn on an alert to quickly and flexibly respond to changes.
7. Current news from various reputable sources such as Reddit, CoinDesk, Bitcoin Warrior, CoinTelegraph, and Bitcoin Magazine.
8. You can also watch cryptocurrencies without an entire portfolio and try to work in a portfolio, increasing your knowledge in general since you will immediately work with up-to-date online information in a convenient currency chart (with different candlesticks and exchanges.)
9. The function of screenshots.
Of the disadvantages, it can be noted that there is no separate account to save the history of your portfolios. Moreover, there is no way to synchronize the entered information. If you change your phone or lose it, you need to enter everything from the very beginning, but the developers have already promised that there will be an update soon.
Analogs of Blockfolio
Unlike CoinMarketCap, which only generates statistics for each individual cryptocurrency, Blockfolio allows you to get rid of unnecessary information and customize your profile to evaluate personal investments.
One of the worthy analogs of this service is the CryptoCompare program. Especially if you need an application to monitor the cryptocurrency portfolio in a desktop version. This website allows investors to evaluate the result of a particular transaction.
It also makes it possible to monitor changes in the profitability of the crypto portfolio, assess profitability, and analyze risks.
This site requires account registration. However, there is an interesting feature here – the site allows you to monitor the fullness of other users’ portfolios, which can be useful for novice investors.
Delta is a very well-known alternative to Blockfolio which has some advantages. There is also a mobile version for various operating systems and a wide selection of crypto assets. Among the advantages are the ability to separately monitor certain coins and the collected portfolio, connect notifications about exchange rates on exchanges, and an advanced paid version with useful functions like the ability to synchronize data with personal devices.
CoinTracking is another useful application for managing a cryptocurrency portfolio. This service is good when working with short-term investments. You can use it online through the official website and mobile versions. The tracker shows various information for instant decision-making about buying or selling coins.
These analogs can be used in conjunction with the Blockfolio application to obtain more accurate information and efficient asset management.
Security question: is Blockfolio safe?
Despite all the transparency of the service, it is impossible to talk about complete security using it. Recently, a cybersecurity specialist from Integer discovered a vulnerability when he decided to check the security of the cryptocurrency tools he used.
He created a code that connects to the Blockfolio repository on GitHub using a set of constants, including the file name and the key that GitHub uses to grant access to the repositories.
The application sent requests to closed repositories, and this function downloaded Blockfolio’s frequently asked questions directly from GitHub, saving the company from having to update information inside the application. However, this feature is dangerous because it allows you to access and control the entire Blockfolio storage on GitHub.
However, the key he discovered was still “active and had an OAuth Scope “repo,” which is used to restrict the application’s access to the user account.
Repo, according to GitHub, provides full access to private and public repositories and includes access to read and write code and fixing the state of the storage and the organization’s projects.
The vulnerability has existed for two years. The expert warned Blockfolio about this problem via social networks since the project does not have a reward program for developers who detect such errors.
Blockfolio co-founder and CEO Edward Moncada confirmed that the GitHub access key was mistakenly left in the previous version of the Blockfolio application codebase. When the team received a vulnerability alert, Blockfolio revoked access to the key.
This case only confirms the guesses about the insecurity of the service.
Blockfolio is a more advanced alternative to resources with simple statistics.
This is an application with extensive functionality for a more effective assessment of the assets of an investment portfolio.
The program is free and does not require registration. Using the application, it is effortless to track the status of your assets directly on your smartphone.
However, despite all the advantages, it is worth remembering your own security before downloading the service.
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