Best Cryptocurrency Exchange App

Blockfolio vs. Coinbase: Which Should You Choose?

Blockfolio vs. Coinbase: Which Should You Choose?
Written by publisher team

Blockfolio Queen Piece
Outlay $0.50 per bank deposit after 3 free deposits Up to 0.50% spread per trade, 1.49% for Coinbase wallet or bank account purchases, and 3.99% for credit card purchases
Currencies 75 66
protection Two-step verification, partners with custodians 2-Step Verification, FDIC-Insured US Dollar Balances of up to $250,000, Cold Storage, Theft or Fraud Insurance
wallet Unavailable AES-256 encryption, allowed list, secure zone, biometric authentication
Approved Transactions Buy, sell, exchange and withdraw Buying, selling, exchanging, sending, withdrawing and receiving
the above. Trading Amount Boundaries vary and are not disclosed Limits vary based on your region and payment method
Mobile Application iOS and Android iOS and Android


Blockfolio vs Coinbase: Features

Coinbase and Blockfolio come with features designed for their audience, Coinbase is focused on beginners and Blockfolio highlights crypto tracking app. Coinbase offers:

  • Comprehensive knowledge base with tutorials, tips and FAQ
  • The ability to earn up to $25 in cryptocurrency for learning about cryptocurrencies
  • Clean and simple wallet to track assets
  • Independent hot wallet for tokens, coins and digital collectibles
  • Coinbase Visa Debit Card Waiting List for Cryptocurrency Purchases

On the other hand, Blockfolio only recently started offering in-app trading via FTX and FTX.US in 2020. The website mainly focuses on its tracking app. Although it offers exchange services, the Blockfolio website states that “Blockfolio does not provide trading services. The trading services offered through the Blockfolio website are provided by FTX.US for residents of the United States only, and FTX.COM for all other regions.” Furthermore, you won’t find much information on the website, and the features are not accessible via the desktop. Instead, users have to download the iOS or Android app.

Active crypto traders appreciate features, such as:

  • One of the best wallet tracking apps, supporting more than 500 exchanges, including Kraken, Coinbase, and Binance
  • Blockfolio Signal, a key point for real-time crypto news alerts
  • Ability to earn altcoin for every $10 trade
  • Built-in and customizable news feed


Blockfolio vs Coinbase: Coins

Although Coinbase lags behind the platforms, it is similar to Binance in its coin offerings in that it offers much more to US residents than Blockfolio. Coinbase supports 66 altcoins, with 63 available to US investors. In addition, users can buy and sell many popular currencies, including stablecoins like Coinbase-backed Dollar Coin (USDC). It also supports fractions of coins and 20 banknotes, such as the US dollar, the euro, and the British pound.

In comparison, Blockfolio trading is handled by FTX and FTX.US. These platforms support both fractional currencies and fiat currencies, such as the US dollar, the euro, the British pound and the Australian dollar. US investors can buy and sell 19 coins, while international users have access to 73 coins.

Blockfolio provides five coins to US users that are not available on Coinbase, including PAX Gold (PAXG), Ethereum EUR (ETH-EUR), Ethereum AUD (ETH-AUD), Brazilian Real (BRL) and Chart (GRT).


Blockfolio vs Coinbase: Security

For US residents, state regulations ensure that your trading platform follows industry standards, including basic security measures such as Know Your Customer (KYC). However, Blockfolio and Coinbase take a different approach when disclosing security measures.

Coinbase places security information in a prominent place on its homepage, along with a webpage dedicated to security details. It keeps 98% of funds in air-cold storage, and the Federal Deposit Insurance Corporation (FDIC) backs US dollar balances. Furthermore, Coinbase uses a bug bounty program and holds insurance on funds held in hot storage.

In contrast, you won’t find many details about security on the Blockfolio or FTX websites. For example, FTX.US says it has “industry-level security” and “full external support for all hot portfolio funds and relationships with industry-leading custodians.”


Blockfolio vs Coinbase: Fees

Coinbase and Blockfolio have stark differences in their fee structures. Coinbase has a complex structure, with fees varying based on the paper deposit method, total investment per trade, and point spread. In short, you may pay a fee of up to 4% when buying or selling cryptocurrencies. The trade incurs either a variable fee based on the payment method or a fixed convenience fee, whichever is higher. Convenience fee is as follows:

  • US$10 or less: 0.99 USD
  • More than $10, but $25 or less: $1.49
  • Over $25, but $50 or Less: US $1.99
  • More than $50, but $200 or less: US $2.99

Additionally, you will pay a 1% fee to convert and withdraw your crypto into fiat currencies. But Coinbase Pro is less expensive than Coinbase, charging a taker fee of 0.10% to 0.50%.

In comparison, Blockfolio markets itself as a fee-free platform. You can deposit money from your bank account for free up to three times per month, after which Blockfolio charges $0.50 per deposit. If you pay via Visa or Mastercard, you’ll pay a fee to your credit card processor, typically 2.9% plus $0.30 per transaction. But this is much cheaper than the 3.99% that Coinbase charges.

However, it is important to note that even though Blockfolio says there are no fees, when buying or selling on the platform, the buying or selling prices may be higher than on other exchanges. Thus, some users reported that the cost of buying Blockfolio could reflect Coinbase fees minus transparency. Additionally, says Blockfolio, “prices will generally follow market movements, but there may be differences in calculating the spread, impact, and liquidity of the token.”


Blockfolio vs Coinbase: Ease of Use

Both Blockfolio and Coinbase are easy to use with a clean user interface that is easy to navigate. The registration method and the trading start process are straightforward and easy to follow. The difference here is that Blockfolio is a mobile first platform, which means that desktop usage is not supported. In contrast, Coinbase provides full functionality for both desktop and mobile users.

Beginners may feel more comfortable on the Coinbase platform, as it guides users in almost every step of investing. If you have questions, the searchable knowledge base provides answers. Despite the ease of use of Blockfolio, new investors will not find many details about investing in cryptocurrencies. But it does provide step-by-step instructions for completing transactions on the platform.


Blockfolio vs Coinbase: Mobile App

Both cryptocurrency exchanges offer a mobile app for Android and iOS devices. The apps are intuitive and straightforward to navigate when making deals. However, Coinbase lacks the real-time data and advanced tracking features that active traders desire. In comparison, the Blockfolio app is distinguished by its powerful wallet tracking capabilities, but there is no automatic synchronization of trades with your wallet.

In short, inexperienced investors will feel comfortable using both apps. In contrast, advanced users may find the Coinbase app to be less comprehensive and the Blockfolio app less trustworthy with its data and graphs.


Blockfolio vs Coinbase: Access

Blockfolio and Coinbase support investors in 49 US states; Coinbase will not work for investors in Hawaii, and Blockfolio does not support New York users. In addition, Coinbase offers more coins to US investors: 63 compared to Blockfolio’s 19.

Meanwhile, the Blockfolio tracking app is used all over the world, but trading is a different story for US residents. It goes through FTX, which operates a second site for US users called FTX.US. However, FTX states that FTX.US is “a separate trading platform that is not owned by FTX.” As a result, international users will find more trading options through Blockfolio than local investors.


Final verdict

Coinbase is still one of the best cryptocurrency platforms, despite its high fees. Investors can choose the Coinbase Pro platform to save a little money, although there is a slight learning curve. It is safe, well known and trusted, which makes it a great cryptocurrency exchange.

On the other hand, Blockfolio only started offering trading in 2021, so there is not much information about the process, security levels or total investment costs. Investors may want to check out Blockfolio’s crypto portfolio tracking capabilities and determine if they are comfortable investing in the platform.


Frequently Asked Questions

What are Blockfolio and Coinbase?

Coinbase is a cryptocurrency exchange founded in 2012. It offers a platform for beginners and an advanced exchange called Coinbase Pro. Investors can learn about and earn cryptocurrencies on the website. Users choose Coinbase because it offers high levels of security and has a transparent approach to every detail.

Blockfolio started as a crypto wallet tracking app in 2014, was acquired by international crypto exchange FTX in 2020, and began offering in-app trading in 2021. Advanced investors appreciate the ability to track coins, get crypto updates, and trade on a single device. a program.

How does Blockfolio and Coinbase work?

Both crypto exchanges allow users to deposit fiat money or cryptocurrency and then buy altcoins, stablecoins or tokens. US-based investors must go through a comprehensive Know Your Customer (KYC) process. However, subscribing to the platforms is similar to using any other crypto exchange.

Blockfolio users can take advantage of wallet tracking features to see their assets held across multiple exchanges in one place, while Coinbase users can earn crypto by watching short videos or reading guides about different altcoins.

Who Should Use Blockfolio vs. Coinbase?

Residents and beginners in the United States will benefit most from the Coinbase platform as it supports a larger number of assets and provides a rich database of information about the cryptocurrency world. Since it runs on both desktop and mobile devices, Coinbase is a flexible solution for traders.

International users will find a similar set of coins in Blockfolio, while US residents are limited to 19 coins. But the portfolio tracking feature is excellent for new or veteran investors.

Can You Use Blockfolio or Coinbase With Other Crypto Exchange Platforms?

Blockfolio wallet tracking app allows users to see their investments across hundreds of exchanges, including Coinbase and Kraken. Depending on your location, you can also buy and sell via these exchanges while using the tracking app. Coinbase users cannot access other platforms via the Coinbase exchange, but investors can store the coins in their own standalone digital wallet.

Today, many investors choose to trade on multiple platforms to take advantage of lower fees or perks, such as earning cryptocurrencies. Users can withdraw coins from most exchanges and keep the assets stored in a hot or cold wallet.


methodology

We compared Blockfolio and Coinbase by reviewing more closely the general and advanced features used in cryptocurrency trading, including the methods for depositing funds and making trades. We also looked at accessibility for US-based investors, supported currencies, and types of transactions. Furthermore, we took into account the security measures taken by each platform, the overall costs, the ease of use, and the ease of use of the mobile apps.

About the author

publisher team