Many old crusty crypto veterans who have been kicking around the blockchain for a while will agree on the importance of having a good crypto portfolio tracker.
Here at the Coin Bureau, some of our members have found CoinStats to be one of the most aesthetically pleasing, functional and useful portfolio trackers on the market and have adopted it as our portfolio tracker of choice.
It isn’t just because it is a great portfolio tracking tool that provides all the functionality most users need for free, but this powerhouse tool supports far more than just portfolio tracking, as we cover in detail in our dedicated CoinStats Review.
Along with the plethora of functions and features, one of the most useful features of CoinStats is that it allows users to swap crypto assets in a self-custodial manner from directly within the platform.
This CoinStats Swap Guide will give you the details you need to know about using CoinStats Swap, some of the benefits, drawbacks and who this feature is best suited for. But first, some background.
What is CoinStats?
CoinStats stands out as a leading manager for crypto, DeFi, and NFT portfolios. Boasting a user base exceeding 1 million actively monitoring their digital assets in real-time, CoinStats has become an essential tool for crypto traders and hodlers alike.
With integration capabilities across more than 300 wallets and exchanges, spanning 70 blockchains, and including 1000+ DeFi protocols, CoinStats provides a seamless, real-time tracking experience. The user-friendly CoinStats DeFi wallet facilitates storage, purchases, and crypto swaps. Currently, the app oversees the management of assets surpassing $100 million, a testament to the trust placed in its capabilities.
Founded in 2017 by Narek Gevorgyan, CoinStats originated from a simple yet compelling need - Gevorgyan's quest for a straightforward tracker app for monitoring his crypto holdings. The proverb "Need is the mother of invention" rings true, as it quickly became evident that a global audience shared this requirement. The user community has been a pivotal force behind CoinStats' impressive growth, highlighting its dedication to empowering individuals to efficiently manage their crypto portfolios through an accessible and intuitive platform.
CoinStats is available on both web and mobile devices, available on both the IOS and PlayStore.
CoinStats provides its users with the following benefits:
Automated Integration for Seamless Tracking- Supports seamless integration with diverse exchanges and wallets, allowing users to effortlessly consolidate and access their real-time trading history and transaction data in one platform, saving time and ensuring accurate crypto transaction tracking.
Bookkeeping and Accounting- CoinStats serves as your personal crypto bookkeeper by effortlessly integrating with exchanges, automatically recording and organizing your trading and transaction history across multiple blockchains, offering a comprehensive overview of your finances.
Profit and Loss Analysis- Say goodbye to manual profit and loss calculations with an industry-leading portfolio tracker that offers real-time insights into your crypto holdings. Promptly seize opportunities and manage risk effectively by staying ahead of the ever-fluctuating cryptocurrency markets.
Portfolio Performance Analysis- There’s the old adage that goes “Fail to plan, then plan to fail”; Without hard-driven data and statistics, it’s nearly impossible to come up with an accurate or worthwhile investment strategy. CoinStats allows users to find trends and analyze their portfolios, highlighting aspects such as asset allocation, diversification, historical performance, and how much each token is in profit or loss, enabling the ability to make data-driven investment decisions.
Alerts and Notification- Good portfolio trackers go beyond mere record-keeping. CoinStats actively aids in investment management by empowering users to configure alerts for predefined criteria to anticipate market shifts, ensuring they are well informed and prepared to respond promptly to notable price changes or portfolio milestones.
User Friendly & Brilliantly Designed- CoinStats offers plenty of eye candy in both light and dark themes. The platform is incredibly easy to navigate and functional. With an intuitive dashboard, customizable settings and widgets, this portfolio tracker should be able to accommodate not only the needs but interface preferences of most users.
News and Market Updates- Sometimes the life of a crypto user can be complicated and messy, and if you guys are anything like us, you probably have over a dozen tabs open at any given time to stay on top of the crypto markets. We like that CoinStats has a news aggregator built directly within the app so users can see their portfolios and receive market news, alerts, and project updates all in one place.
We cover all these and more in much greater detail in our CoinStats review if you want a deeper understanding, but now it is time to get into one of the best features, CoinStats Swap.
What Is CoinStats Swap?
Whether users use the built-in CoinStats self-custodial wallet or link their MetaMask, Trust Wallet, or other popular third-party wallet to the CoinStats platform, users are able to make crypto swaps directly from the platform.
This feature isn’t meant to completely replace your exchange of choice but provides a convenient platform for simple swaps between digital assets on the spot market.
The key benefits here are that users do not need to navigate to different websites like exchanges or DEXes to trade their favourite assets, but can do it all from one convenient location.
There are also security benefits as well. Swapping on CoinStats is done by connecting your wallet directly to the swap interface, meaning that users never give up custody of their funds. This means that users do not need to expose themselves to third-party risks by sending their crypto to a centralized exchange where it could be stolen in the event of an exchange hack or lost due to company insolvency.
This can also be viewed as a security enhancement over using DEXes as well as users can verify they are on the CoinStats site that they are familiar with and can see their portfolio, avoiding the risk of accidentally navigating to a phishing site that mimics popular DeFi protocols.
The final benefit is being able to tie everything together in one neat platform. Without leaving CoinStats, users can receive a news alert, see their portfolio’s position, and act on their decision by accessing the Swap feature. Being able to see your portfolio through a dynamic up-to-date lens can be beneficial as users can view a holistic 360-degree view of their entire investment positions, giving them a new perspective that may potentially lead to better trading decisions.
A standout aspect worth highlighting is CoinStat’s fiat on-ramp as well. This feature empowers traders to easily purchase crypto with fiat, supporting diverse payment methods such as credit/debit cards and Apple/Google Play. The platform boasts extensive fiat support, enabling users to acquire crypto with a range of currencies, including USD, GBP, EUR, AUD, CNY, ZAR, and more.
Who CoinStats Swap Isn’t Suited For
There is no denying that using CoinStats for swaps is incredibly convenient, however, like most crypto platforms, that convenience comes with a price.
CoinStats Swap isn’t more expensive than swapping say…within MetaMask wallet, for example, as the CoinStats fee is only 0.5% on the free plan. We actually found that swapping on CoinStats worked out to be cheaper than using the swapping feature built into most wallets.
But the 0.5% fee means that swapping on CoinStats is going to come with a higher fee than what advanced users can achieve if they were to navigate on their own to a DEX aggregator to source the lowest fee, connect their wallet, and execute the swap themselves, though undoubtedly, many users, especially beginners, will likely find the 0.5% is worth it to avoid the hassle.
What I mean about CoinStats not being likely to replace your exchange of choice is that swapping Ethereum or any ERC20 token outside of a centralized exchange is going to cost considerably more than a CEX, regardless of what platform you choose as users will need to pay the exorbitant ETH Gas fees, unless they are using a layer 2.
CoinStats also does not have charting functionality, so users looking to trade for fractions of a percentage or perform technical analysis will want to stick with some of the leading crypto exchanges. But for users just looking for the easiest way to swap crypto at a reasonable price, then CoinStats is a good choice.
How it Works
CoinStats Swap has recently rolled out some big news, and that is that they've now integrated with the OKX DEX 🔥
Previously, coins and tokens could only be swapped on Ethereum, BSC, and Avalanche, but now thanks to this integration, users can now swap on numerous blockchains like Ethereum, Optimism, Base, Linea, Mantle, Arbitrum, zkSync Era, Polygon zkEVM, BNB Chain, OKTC, Polygon, Avalanche C, Fantom, Cronos, Gnosis, and Klaytn.
The integration of OKX DEX into CoinStats provides users with ample liquidity, improved trading functionalities, and minimal slippage. With just one click, CoinStats users can engage in cross-chain swaps for a diverse array of crypto assets, securing the best rates across multiple blockchains, over 300 decentralized exchanges (DEXs), and more than 20 cross-chain bridges.
At the time of writing, desktop users can choose between the 1inch, 0x, or OKX DEX aggregator, the mobile rollout will be released in the coming weeks. The behind-the-scenes integration with aggregators ensures that the best swap paths across the most efficient liquidity source will be tapped into to ensure that users are getting the most optimal swap rates as well.
CoinStats Swap Tutorial
There are two primary methods users will choose to swap, either using a third-party self-custodial wallet like MetaMask or Coinbase wallet, or the built-in CoinStats wallet.
Either one, you will begin the process by clicking on the Swap icon here on desktop:
Then you will choose the chain you want to swap on, in the example below you will see the Trust Wallet that is connected has assets on both Ethereum and Binance Smart Chain.
Now you will select the coins/tokens you wish to swap, this example shows ETH and USDC:
Clicking the advanced drop-down will let you adjust the slippage and gas settings.
Once you are happy with the settings, simply hit Submit Swap, and that's it!
On mobile, the process is similar. From the portfolio page, you will hit the three dots in the top right corner and then navigate to the Swap page:
Then select the assets of choice to swap, adjust the slippage and gas if needed and you're good to submit the swap.
CoinStats Swap: Fees
Premium Users can swap on CoinStats with zero fees! 😎
Of course, there will still be unavoidable network fees that go towards network operators, miners and validators, but it is great to see that CoinStats doesn’t tack on any additional fees for premium users.
Users who are using the free version will be subject to a 0.5% swap fee charged by CoinStats. This comes in at a lower price point than the “one-click” swap features available built-in to many wallets and crypto platforms.
Swapping on CoinStats: Closing Thoughts
There are a couple of ways to look at CoinStats. To start, for anyone looking for a free, robust and multi-utility portfolio tracking tool, it’s hard to find one better. CoinStats is one of the best portfolio tracking tools we've seen as it offers a wide array of secondary benefits.
The CoinStats Swap feature is one of those secondary benefits. We found it to be very convenient to be able to swap for low fees on the same platform where we access news and alerts and have an entire overview of our total portfolio allocations. This is a great way to swap assets for users who are looking for convenience and who don't need to access charting capabilities as we found this one of the most straightforward and simple ways to swap assets.
The Swap feature is also an obvious choice for users who use CoinStats premium as they get to swap for no extra fees!
Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.