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CryptoCurrency Support

shaunquinton2

Is supporting crypto on the product roadmap? In my connected robinhood account Simplifi classifies Ethereum as 'Ethan Allen Interiors Inc.'. It would be nice to see that show up as Ethereum

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Investments

Feature Request

Status: Completed

Comments

Coach Tappan

@shaunquinton2 Currently, Simplifi doesn't support cryptocurrencies like Bitcoin, or any other currency besides US Dollars. I've changed your post to a recommendation, to give other users a chance to vote on it. If we get enough recommendations, we'll revisit our decision. Thanks for suggesting it!

macdreidle

It’s just a matter of time before customers demand it. It would put you in a favorable position and i believe one of the first to incorporate fiat and crypto

Coach Tappan

@macdreidle Thanks for your comments! Support for cryptocurrencies is still a long way off for Simplifi, but not for the reasons you might think. At the moment, Simplifi doesn't support any other currencies besides US Dollars, and, with a couple of exceptions, can only link to US banks. You can, of course, manually create accounts in Simplifi, and enter transactions manually, but they will be denominated in $US. I know of one Canadian user who does this, but since all of his accounts are in $CAN, and he doesn't mix currencies, it seems to work for him. I'm sorry for the inconvenience.

HSC

One thing that might be helpful here could be to support accounts at sites which can hold or report on cryptocurrency, like Coinbase or Cointracking.info. I'd actually be ok with just seeing my holdings summed up in USD, which most sites typically show, even if Simplifi can't show me how many of a given token I have.

Nick Davis

I really like how easy it is to import accounts on Simplifi, I can see you all have done a lot of work to integrate with the different APIs and security measures.
For users who own Crypto currencies as an asset, many choose not to hold those assets with the broker they originally purchased through. But instead transfer to an offline wallet. That process is transferring those digital assets to a physical hard drive or special wallet and storing it safely. Since those assets are offline there is currently no way to track the appreciation of value within Simplifi.

It would be nice to be able to add manual transactions in a crypto section of Simplifi and see those assets in the investments sections.

You can see a working example of this functionality within an application called Blockfolio. It would be even better if it were possible to integrate with existing crypto wallet manufacturers: Ledger and Trezor.

With company acquisitions of Bitcoin passing $4B in 2021, it's possible that market sees a large increase by every day investors and Simplifi is positioned to support it.

Thank you.

Nick Davis

Offline wallet support! Adding manual entries for users who choose to store crypto offline.

Coach Natalie

Hello @Nick Davis,

Thanks for posting this to the Community!

I have gone ahead and turned this into an Idea post so that other Users can vote on it. Please be sure to add your vote as well!

-Coach Natalie

Joe

Adding my vote too.

Henry David

+100 for this feature request.

Joe

Hello Natalie I hope all is well. It looks like there are few crypto currency pairings that can be manually added under an investment account. Are you planning to expand this feature. I was able to add 7 of my assets.

Coach Natalie

Hello @Joe,

That's great that you were able to get some of your crypto assets added under Investments!

Unfortunately, the support of crypto is not currently on our road map, I do apologize. Please let me know if you have any questions regarding this!

-Coach Natalie

Agrippa

Coach Natalie said:

Hello @Joe,

That's great that you were able to get some of your crypto assets added under Investments!

Unfortunately, the support of crypto is not currently on our road map, I do apologize. Please let me know if you have any questions regarding this!

-Coach Natalie

I would put it on your roadmap. Many sophisticated self-directed investors have significant crypto holdings. This is not a difficult ask - I'm in SaaS development! Price x Shares = Value

zhivago

Crypto and foreign currencies in general would be a major enhancement

that_guy_jt

Plus one to this. Having support for Coinbase and BlockFi is a great start (although Simplifi does not support Coinbase Pro yet).

Simplifi needs to add support for actual crypto wallets as well - specifically for Ethereum, the most popular crypto network by transaction volume, and for Ethereum-based tokens.

Like many people, I have begun to seriously invest in crypto over the last year. Unfortunately, the more involved in crypto I become, the less Simplifi works for me.

My net worth in Simplifi is no longer accurate since I've begun putting money into crypto over the last year. Also, my crypto purchases are being coded as spending, when they're really investments. I have to go to other websites to get a complete financial picture.

And of course, given how volatile crypto is, manually entering crypto balances into Simplifi in USD is unrealistic.

As the above commenters have mentioned, this will only become more important to consumers in the coming years, and adding support for crypto wallets would be a huge competitive advantage for Simplifi in a crowded market.

SZR

Can we have a manual account where we list our holding in the native cryptocurrency (BTC, ETH Etc), and simplify show the current value of those in USD updated from some online crypto price source?

Then we can add or remove crypto in the native amounts (EG 0.0054 BTC etc) and the net worth will update accordingly in USD at current prices, this would work for most people regardless of what account, exchange or wallet (Hot or Cold) they use.
The downside is users having to update manually as the user's holdings grow.

But for now, it would be a universal solution, and most people are not having multiple crypto transactions close together if they are used for savings...

kellyr

If I could vote for crypto support a million times, I would. At a minimum, it would be great to manually add trades and transfers/deposits vs withdrawals. As of right now, my financial picture becomes quite the mess because much of my money is in crypto.

Cryptoquake

This request is over a year old... and still requested by paying customers

Cryptocurrency support should be here, in some shape, even if it's just Ethereum. In fact, if you just do Ethereum that'd be a huge step. Start with Eth...

Nichole Macdonald

Please add other currencies especially CAD so I can see all my bank accounts in one place! This is partly why I got this app. Disappointed it’s not included.

Coach Natalie

Hello All,

Just a little update to this request -- we currently support cryptocurrency tracking for accounts connected to Coinbase and Robinhood, however, due to aggregation issues, you won't see a price per share and will instead see the 'Value' of the holding(s).

When it comes to manually tracking crypto holdings, you should be able to add cryptocurrencies to manual investment accounts in Simplifi and see the price per share data. For Ethereum specifically, the issue with this cryptocurrency being displayed as "Ethan Allen Interiors Inc." should be resolved and this should no longer be occurring.

Please be sure to stay tuned here for future updates on cryptocurrency tracking in Simplifi!

-Coach Natalie

mverbree

I would agree, this worked great when I used COINBASE to hold my cryptocurrency with the API but when I moved everything over to cold storage I have to manually keep track of it. It would be great to be able to have this be a part of my NETWORTH because that is what it is. Thanks

TommyMac

100%. If you own any significant amount of Crypto, the last place you want to keep it is on your brokerage like Coinbase. Always move it to cold storage like Ledger unless you trade frequently. As far as tracking goes, an API to Ledger or other cold storage devices with a web presence would be HUGE. Thank you.

zhivago

I have actually stopped using Simplifi because there has been no progress on this issue

Bertations

Yes - please do this yesterday.

Coach Natalie

Hello All,

It is my understanding that cryptocurrency is currently supported in Simplifi. Manual tracking seems to work pretty well, however, we have seen some issues with crypto holdings in connected accounts. Regardless, if you experience any trouble with tracking your crypto holdings in Simplifi, you'll want to create a separate post to report and outline the issue so it can be further researched.

http://help.simplifimoney.com/en/articles/7919674-tracking-cryptocurrency-in-simplifi

Thank you!

-Coach Natalie