Track your Bitblinx Crypto investment portfolio with the Coinstats app
When you start trading on an exchange for the first time, as a crypto trading newbie, it might initially be difficult for you to comprehend BTC paired trades, and why their price moves. In fact, it might require some getting-used-to first, but investment tracking apps, such as Coinstats, will help you make sense of your crypto investment and trading activities on the exchange. And here is how:
Think of trading crypto for the first time as if you were travelling or settling in a foreign country for the first time, or as an online shopper browsing on a foreign-based website.
When you go on a foreign trip to a country like Japan for example, or when you go online, shopping on Japanese based websites, do you notice how most of the products there will be quoted in the Yen, unless of course, they have some kind of in-built currency converter to display their prices in your currency of choice?
Don´t let the unknown spook you, Coinstats gives you a helping hand
As a new visitor there, initially it will be challenging for you to gauge the actual value of money when paying for their products. However, when that same amount quoted on their products, is converted and displayed in your home currency, it becomes much easier for you to realize how much you are going to pay for its worth, and thus make an informed purchase.
This kind of experience is what new crypto traders encounter when starting out their crypto trading journey on a crypto exchange for the first time. Trying to interpret and compare cryptocurrency exchange rates can initially be confusing for beginners since most assets are quoted and paired with other crypto assets like BTC and ETH.
However, cryptocurrency portfolio tracking & currency conversion apps like Coinstats will be helpful in analyzing the status of your investment portfolio and transaction activities on an exchange like Bitblinx and presenting it in a way you are more familiar with, at any given time.
How do you buy Altcoins to add to your Crypto investment portfolio?
On Bitblinx exchange, for example, some of the crypto-paired assets listed there include
In the crypto market, if you wanted to buy an Altcoin like LTC for example, you’d in most cases have to first purchase BTC using a fiat currency, like the EUR or the USD (at the existing BTC/EUR rate), and then later proceed to use that BTC to purchase LTC (at the existing LTC/BTC rate).
The same applies when converting Altcoins back to Fiat currency. If you, for example, want to cash out BCH for Euros, you will have to sell that BCH for BTC first (at the BCH/BTC rate), then finally exchange that acquired BTC into EUR (at the existing BTC/EUR rate).
Do not make this common mistake.
One of the common mistakes we all make, as crypto trading newbies is to impulsively buy or sell cryptos to simply watch on our portfolio and wait for whatever happens without setting a benchmark for tracking the performance of our crypto portfolio.
In addition to that, since most crypto exchanges present to you multiple currency options which you are initially unfamiliar with, and against which your crypto portfolio could possibly be evaluated, it can be quite confusing in the beginning.
It might be hard to make sense of which of these currencies on the exchange is the most suitable option to benchmark your investment’s performance against. Apps such as Coinstats make this task easier for the day to day trader, and it will definitely help you enjoy your Bitblinx wallet more.
Should you track the performance of your crypto investment portfolio against BTC, ETH, EURS, GTPLUS, or against USDT?
As mentioned earlier, rarely will you find in the crypto market Altcoins sold or bought directly with fiat currency but rather, most Altcoins are bought using BTC. BTC is the bridge between the Fiat world and the Altcoin market, the bitcoin price fluctuates due to many reasons. So if you have Altcoins in your crypto investment portfolio, the right benchmark to use to track gains or losses in your Altcoins is against BTC. Measure against the currency with which you bought the coin.
You don’t want to fall into another mistake cryptocurrency newbies normally make, seeing the fiat value of their Altcoins going up and thinking that they are making good gains on their Altcoin investment portfolio.
This scenario is common where, say, you own some LTC on a trading pair like LTC/BTC. And on a given day, the Euro price of Litecoin might start to go up implying that you are gaining Euros on your LTC.
However, if the BTC value of LTC is going down, while the euro value of LTC is going up, then you are not making profits because you can’t cash-out your LTC directly on the fiat market to get those gains. Instead, you will have to convert first, LTC to BTC before cashing-out in euros.
It is therefore important to benchmark your Altcoins against BTC (the currency you used to buy your Altcoins) and not against the euro if you want to effectively measure the gains of your Altcoin portfolio.
Since most currency pairs on your exchange can be a little unfamiliar to you as a beginner, crypto portfolio tracking apps like Coinstats can become helpful in measuring your portfolio in crypto and displaying it in a currency of your choice.
How can you track your Bitblinx investment portfolio with Coinstats?
- Go to Coinstats and Click ‘Add portfolio‘ you will be given the option to choose an exchange.
- Choose ‘Bitblinx’ then proceed to add API Keys
- Go to your Bitblinx exchange account, copy API keys, and insert them in Coinstats
Once a connection between your Bitblinx account and Coinstats is established, your total coin portfolio on Bitblinx exchange will be displayed on the Coinstats app. You will also view the 24-hour change in the value of your portfolio, together with a visual presentation of the performance of individual coins that make up your portfolio. This performance will be presented in any currency of your choice.
And if you are the kind that needs to always stay up-to-date with your Bitblinx exchange portfolio, on-the-go, you will find the Coinstats Android and iOS apps useful.