Multi-DEX Portfolio Tracker: Making Portfolio Management Easy

Posted on
October 11, 2021

Portfolio tracking should be easy. Or at least, at Dexfolio, we think so. Any cryptocurrency portfolio tracker should be able to meet users' needs while providing a good experience, and crypto traders shouldn't have to sacrifice the rest of their lives in keeping track of their portfolios.

Unfortunately, that is too often the case with the current offering of portfolio management tools. In the rapidly-changing world of defi, cutting-edge technology from even a few years ago is no longer adequate.

Why Current Portfolio Trackers are Problematic

The majority of portfolio platforms in use today were designed for compatibility with centralized exchanges. They worked well for that purpose, and many traders are still happily using them.

But problems arose when these platforms and apps began to be adapted for use with DEX trades. Some did integrate Network Address Tracking, only to have users discover the problems were only partially solved. This approach led to buggy user experiences as the foundational code was outdated and only suitable for tracking centralized exchanges.

The other problem that arose was their inability to cope with the backlog of road-map items to support new decentralized finance networks such as Binance Smart Chain. That said, most do manage to track Ethereum with some degree of efficiency.

This has led to unsatisfactory user experience with time-consuming and difficult solutions for portfolio tracking.

A Crypto Portfolio Tracker with a Difference

At Dexfolio, we believe traders should be able to manage their entire defi portfolio with as little effort as possible. As captivating as crypto is, you still have a life to live, right?

Developers are historically great at creating technical solutions, but are not always so good at improving the user experience. At Dexfolio, we wanted to do both. We wanted to create an app that would solve the inherent problems in the available technology and  create a great user experience.

Which DEXes can be Tracked?

We have included inbuilt compatibility with Uniswap, the largest exchange on the Ethereum blockchain. Other favorite exchanges to receive direct support include Pancake Swap, the most popular exchange on the Binance Smart Chain, and Quick Swap, a Polygon (Matic) crowd-pleaser.

In addition, we have made it simple for other DEXes to be added with our easy onboarding process. Access to multiple exchanges is a crucial component of our app and is something that market research showed us was important to users.

Why a Mobile App?

The investment world has moved so quickly over the past few years that technology has struggled to keep up. Most mobile apps today had their origins in a desktop application, designed for traders who worked at a desktop.

Trader needs have shifted as rapidly as the crypto landscape, and with the huge rise in popularity of the decentralized exchanges, investor demographics are no longer the exclusive realm of traditional traders.

Anyone can invest in decentralized finance today, which means that many traders are busy people who also manage other aspects of life. They are seeking a solution that is easy to use and makes efficient use of their time.

A Solution for Market Needs

Most mobile apps currently in use have been adapted from a desktop application, and they don't fit these requirements. They are plagued by buggy code, awkward functionality, and are often slow due to congestion and other factors.

We saw the need for a purpose-built mobile solution specifically designed for DEXes, and we have delivered a product that streamlines previously time-consuming tasks across the entire defi market. It has been built as a mobile app from the group up and will be available as an Android app and as an iPhone app from launch day.

Track Your Crypto Assets on the Go

Know when to buy and sell defi assets with the flexibility of being able to trade from anywhere. With reliable source prices and an aggregated view of historical returns,  it's easier to stick with your investment strategies.

You can respond quickly to alerts for trending tokens, track the total value of your portfolio, and conduct transactions regardless of your location. You can see all your transactions in one place or watch a single defi asset.

Portfolio tracking on the go just got a whole lot easier.

Get Meaningful Price Data with Dexfolio's Intelligent Price Alerts

One of the time drains in the available technology is the inability to set percentage targets based on your entry price. It's easy to lose track of what you paid for your investment in the first place if it undergoes multiple transactions. Back in the early days, it might have been simple enough to monitor a single defi asset, but these days, most traders have multiple exchange accounts and a large number of DEX tokens.

Track Percentage Targets instead of Individual Price Alerts

Our goal was to create a defi instrument that would track percentage targets from entry across the entire defi portfolio, eliminating the tedious need to set individual price alerts for each coin (not to mention repeating the process every time a coin hits a target). Entry costs are aggregated as an average.

With our app, traders can set percentage alerts for the whole portfolio, or tweak alerts for individual coins. So, if you want to set a percentage target of 50% from the entry price, you could set your alerts for all your investments, or you could set an individual alert to track trending tokens.

Simply Connect Multiple Wallets

Many of the available tools on the market only support a limited number of wallets, or only support wallets compatible with certain exchanges.

Limits are not our thing, so our app supports unlimited wallets. Each coin in your wallets will be tracked, and tokens purchased on DEXes will also be monitored, providing data such as current price, position value, and quantity.

App that Generates Real-Time Reports

A lot can change in a short amount of time, and traders need to be ready. But that's difficult to do when there is no defi instrument that can truly keep pace with the market.

Dexfolio's app gives users real-time access to the best prices, trade data, DEX transactions, and a complete overview of net worth. New features include interactive charts to show changes for each token as well as changes in portfolio value, a full wallet history, and a sorting feature for tokens based on token value.

In addition, users will have the option to change the base currency of their portfolio to a fiat currency supported by Covalent (CAD, ETH, EUR, INR).

What About Tax Reporting?

Crypto tax is a sticky subject. It isn't difficult to inadvertently do the wrong thing and end up in trouble with the IRS (or other tax bodies in other countries).

The IRS decided that crypto earnings should be classified the same way as stocks and bonds, meaning that crypto holdings are subject to capital gains.

However, as always, there are some exceptions, and certain activities are treated as producing income, making the crypto tax landscape confusing. Frequent regulation changes also add to the uncertainty.

Track the Activities that Attract Tax

Some of the events attracting capital gains tax include swapping one crypto asset for another, using cryptocurrency to pay for goods or services, and selling cryptocurrency for fiat currency.

Income-producing activities include earning interest from defi lending, crypto earned from liquidity pools and staking, Crypto mining income from fees and block rewards, and crytocurrency received from an airdrop.

Crypto taxes can be complex and confusing, but our planned analytics suite will make it simpler to create a tax report, with access to advanced roi metrics and the ability to calculate unrealized gains.

Are Private Keys Safe when using the App?

Hackers and thieves have made off with over $1 billion since 2020, in part because investors have failed to properly secure their private keys or have invested without due diligence into a pool that was then subjected to a rug pull.

Defi assets are vulnerable to hacking, unfortunately. But the best way to keep your private keys safe is to invest in a hardware wallet, keep them offline and don't store them on your computer or phone.

Be smart and do your due diligence before you use ANY website, and be wary of using any defi protocols that have previously been hacked.

Dexfolio takes security seriously, and you can rest assured that all your assets are as safe as possible when using our app.

Analytics: Making Sense of the Data

Historical data is an important part of any investment strategy, so we've made it easy for investors to compare historical returns and access an automatic import for DEX trading data on each supported platform.

Traders will be able to use our advanced analytics tools to check various defi assets, dive deeper into historical returns, and research other exchanges. They will be able to track tokens over time, monitor market movements, and respond to market fluctuations with greater certainty.

Margin Trading: How it Works in the Crypto World

Margin trading with cryptocurrency is a little different from the traditional model. Traditionally, margin traders would source their funding from an investment broker, but in the defi ecosystem, funds come from fellow investors and may be subject to different rules.

The way it works is quite simple. In this simplified example, Person A has $25 and wants to invest $100. Person B loans Person A the extra $75, which person A then uses to trade. This would be a leverage ratio of 4:1.

Once Person A has met the rules for trading (different rules apply for different types of transactions), the trade is carried out and Person A repays Person B the principal plus the fees.

Margin trading in crypto markets carries a high level of risk and should only be undertaken by experienced traders.

A Multi-DEX Portfolio Tracker with Everything You Need (and nothing you don't)

Our mantra at Dexfolio has always been to create the best user-focused tracker app available, with no unnecessary features. Extensive community consultation has shown that putting people first has paid off, with an app that provides a good user experience while not sacrificing functionality.

Written by
Ben Sash

Ben Sash is the founder and CEO of Dexfolio, the company behind the industry-leading cryptocurrency tracking app.

Ben has led the development and design of digital products for over six years in his various roles with prominent e-commerce brands.

With his experience in leadership, product design, and agile development, Ben has built an unstoppable team and compiled the vision for Dexfolio to shape the industry and become a leader in its sector.

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