The cryptocurrency space can be quite difficult to navigate – there’s a sea of blockchain protocols, cryptocurrency exchanges, wallets and DeFi apps that don’t necessarily work with each other very well. Users who actively invest in crypto and use decentralized apps can quickly get tangled up in multiple accounts and wallets, which can be a nightmare to manage and secure.
CoinStats is a platform that brings cryptocurrency portfolio management under one roof. It allows users to track the performance of the entirety of their crypto portfolio. The platform also plans to enable users to participate in DeFi applications and earn yield on their assets. CoinStats is available as a mobile app and as a web platform.
CoinStats was launched in 2017 as a relatively straightforward cryptocurrency portfolio tracker, but the team started incorporating more advanced features into the app as it started attracting a larger userbase. As of December 2021, CoinStats served 1.2 million monthly active users (MAU).
The CoinStats app follows a “freemium” business model. You can use the app for free, but a subscription is required if you want to access more advanced features. As of March 2022, CoinStats offers two subscription tiers. The Pro tier, which will likely suffice for the vast majority of users, costs $3.49 per month (paid annually). The Premium tier is designed for power users and costs $13.99 monthly.
In addition to functioning as a portfolio tracker, CoinStats can also be used to stay on top of the latest activity and price movements in the cryptocurrency market as a whole. The CoinStats app supports a huge selection of cryptocurrencies. The platform provides information for over 20,000 different crypto assets, ranging from the top cryptocurrencies to low-market cap altcoins.
For each supported cryptocurrency, users can view key information such as price history, the exchanges the cryptocurrency is trading on, and the latest news related to the coin.
Wallet and exchange integrations
Users can track their cryptocurrency wallet portfolios with the help of CoinStats. In most cases, the process is as simple as pasting your public wallet address into the CoinStats app, which will then keep track of the balance changes associated with the address. Alternative, you can also use the CoinStats app to scan a QR code provided by your wallet and connect that way.
For users that store crypto on exchanges, the CoinStats app can connect to cryptocurrency exchange accounts through APIs. After connecting your cryptocurrency exchange account, you can track the portfolio on your cryptocurrency exchange account through the app, and you can even make trades from your CoinStats app.
CoinStats supports almost all major cryptocurrency exchanges. Here’s a sampling:
Users who need help with connecting their cryptocurrency exchange accounts to the CoinStats app can find helpful guides in the CoinStats help section.
If you’re making trades on exchanges through CoinStats, you can even exchange between tokens that don’t have a direct trading pair on the exchange. In such cases, the CoinStats app will automatically trade the token for BTC or USD on the exchange, and then make another trade to get to the “destination” token.
CoinStats supports a long lists of cryptocurrency wallets and exchanges.
While the CoinStats app allows you to connect your cryptocurrency wallets and exchanges for portfolio tracking purposes, the app also has a built in non-custodial cryptocurrency wallet that you can use to store your coins and tokens directly. Currently, the CoinStats Wallet supports the Bitcoin, Ethereum, BNB Chain, Polygon and Avalanche blockchain platforms. You can of course use the wallet to send cryptocurrency to your friends, exchanges or other crypto wallets, but it also has some extra features designed to make life easier for crypto investors.
The CoinStats Wallet is integrated with third-party payment providers, which allows users to buy cryptocurrency with their credit and debit cards.
The wallet also offers a token swap feature, which uses decentralized exchanges. When setting up a swap, users have the option of optimizing between speed and gas costs by customizing their gas settings and the maximum amount of slippage. This DeFi Swap feature is available thanks to an integration with 1inch Network, which is one of the leading decentralized exchange aggregators. 1inch automatically finds the most efficient route to lower token swap costs as much as possible.
If you want to switch to another wallet, the CoinStats wallet allows you to export your private key.
Alerts and notifications
The cryptocurrency markets move very fast, so it’s helpful to be notified of significant price changes. CoinStats supports custom alerts, which can be customized via four parameters. For example, it’s possible to set up an alert that triggers when the market capitalization of Bitcoin falls under $1 trillion or an alert that triggers when the price of Ethereum exceeds $4,000. This can help users protect their portfolio in case of a market crash, or notify them of a big rally that’s happening in the market.
Another type of notifications offered by CoinStats are “pump notifications”, which alert users when a coin makes a large move within a short period of time. These notifications can be toggled on or off, depending on whether you find them useful.
CoinStats also has portfolio value notifications, which notify users about changes in the value of their portfolio.
One of the unique features of CoinStats is “CoinStats Insights”, which provides aggregated data about the holdings of CoinStats users. For example, it’s possible to see how many CoinStats users own a specific cryptocurrency, the ratio of coins being held on exchanges vs. wallets, the ratio of buys vs. sells in the last 24 hours, and similar information. CoinStats Insights is a useful perspective on how crypto investors are viewing the market, and can potentially serve as a basis for trading ideas.
Another welcome feature of CoinStats is news aggregation. The platform aggregates crypto news from more than 40 sources. It’s also possible to view news related to specific cryptocurrencies, which is a good way to stay on top of the latest developments connected to your favorite coin.
The bottom line
CoinStats is a fully-featured cryptocurrency portfolio tracker that’s especially suitable for crypto investors who have multiple wallets and cryptocurrency exchange accounts. The app supports a wide range of cryptocurrencies, wallets and exchanges, which should make it relevant to a large part of the crypto investing community. CoinStats’ built-in cryptocurrency wallets and token swap features go even further in bringing the features required by crypto investors under a single roof. Users that want to take full advantage of the app’s functionality should be aware that a paid subscription is required to access premium features, but the pricing scheme is very reasonable.
Source link: https://coincodex.com/article/13947/coinstats-review-crypto-portfolio-tracking-with-wallet-and-exchange-integrations/