If you are looking for a portfolio tracker that also helps you conduct analytics for different coins and tokens in the DeFi space, CoinStats is one of the better options.
It comes with some of the most powerful features, including a real-time blockchain activity filter that lets you monitor your cryptocurrency transactions and their associated blockchain activities.
This level of transparency and detail enables users to gain valuable insights into the flow of funds within various blockchain networks. Whether you’re a seasoned trader or a novice investor, having access to such granular data, plus a self-custodian wallet, can help you make informed decisions and stay ahead of market trends.
Here is a detailed review of everything CoinStats has to offer.
Overview of CoinStats
A reliable portfolio tracker is almost necessary to win in the fast-paced crypto world. With cryptocurrencies’ volatile nature and constantly evolving landscape, staying on top of your investments is paramount to success.
This is why CoinStats was launched in 2017 with its headquarters in Tallinn, Estonia, as a cryptocurrency research and portfolio tracking service. With this platform, you can track all cryptocurrency transactions, manage your purchases, and even track and store your NFTs in your non-custodial wallet.
Apart from portfolio trackers, CoinStats has a Swap feature that lets you buy various cryptocurrencies. Simply put, CoinStats is an all-in-one DeFi and NFT management platform with support for over 300 wallets and exchanges and over 1000 DeFi protocols.
This means you get a crypto portfolio tracker that supports over 20,000 cryptocurrencies and access to in-depth analysis on nearly all DeFi projects, NFTs, and other digital assets.
How to Set Up a CoinStats Account
Setting up an account with CoinStats is easy.
- First, go to their official link and register.
- After you have entered your first name and email, create a strong password for your new account.
- Verify your email address
- Go to this link to open your new wallet and account
- You will need to provide some KYC information such as your date of birth, SSN for users in the US, and a photo of a government-issued ID.
- The last step involves setting up your 2FA with an app like Google Authenticator.
- You can now go ahead and enjoy using CoinStats.
CoinStats Security Features
When it comes to security, CoinStarts takes things seriously. The platform takes several measures to guarantee the safety of users’ funds and personal information.
Firstly, you get a non-custodial wallet, meaning you will have full control over your private keys and funds. This feature alone keeps your funds safe from hackers and cyber attacks that are common on central exchanges or custodial wallets.
Second, CoinStats supports two-factor authentication (2FA), which works through apps like Authy and Google Authenticator. Adding 2FA to your account also helps prevent unauthorized access with every login.
What’s more, CoinStats has put sophisticated monitoring tools in place to detect and respond to suspicious activities in real time. This approach makes the platform resilient to any unprecedented cyber-attacks.
Is CoinStats Good for Beginners?
CoinStats is good for both beginners and experts, and here is why. Given the complexity of the DeFi space, having a portfolio tracker is necessary for both novice crypto enthusiasts and seasoned investors.
The typical journey of anyone getting their feet wet in the DeFi space starts with an investment in Bitcoin. However, as time goes on, most crypto enthusiasts will also look into Ethereum and other altcoins that go deeper and deeper into the crypto rabbit hole. There are over 20,000 crypto and DeFi projects, with more on the way. CoinStats makes the work of tracking your portfolio much easier, especially if you are just getting started. Trying to manage your assets manually or through a spreadsheet can get frustrating pretty fast.
Moreover, CoinStats offers more features than a typical portfolio tracker.
You also get to use their swap feature that lets you swap between different digital assets across multiple blockchains. A crypto exchange is attached to their platform that you can use to buy various cryptocurrencies with a VISA, Mastercard, or other popular payment options.
You also get an alert system that lets you stay ahead of the volatile crypto trends. You can even customize the alert system to receive custom notifications so that you make informed decisions with each trade.
Possible Dealbreakers of using CoinStats
While CoinStats offers a reliable platform with tons of features to help crypto enthusiasts navigate the complex DeFi and crypto landscape, it falls short in customer support. Some users have reported difficulties in reaching support or receiving timely responses to their queries. This can be a huge dealbreaker, especially when you encounter issues while using their platform. The lack of responsive support can lead to frustration and hinder users’ ability to resolve problems efficiently.
Additionally, some users have encountered issues with CoinStats’ automatic import feature, which is essential for seamlessly tracking transactions and managing portfolios. Reports suggest that the automatic import feature can be buggy, causing certain digital assets from third-party wallets to fail to import correctly. While these assets can be manually imported, the process can be time-consuming and cumbersome for users who rely on the platform for efficient portfolio management.
CoinStats: Simplifying DeFi Portfolio Management
CoinStats is quite formidable with its offer of tools and features tailored for DeFi and crypto investors.
With its automatic detection across multiple networks, not to mention interoperability with numerous exchanges and wallets, you can be sure to stay on top of your investments with ease. The platform’s support for various DeFi protocols further enhances its utility, providing users with access to a diverse range of investment opportunities.
Additionally, CoinStats’ transparency and detailed analytics empower users with invaluable insights into blockchain activities, enabling informed decision-making in a rapidly evolving market.
However, customer support on the platform could be better, and the platform can be improved if they address the bugs in the automatic import feature; all in all, CoinStats remains a powerful ally for anyone looking to navigate the complexities of the DeFi landscape.
