At Zumo, we’re constantly looking for ways to make the benefits of blockchain and cryptocurrencies more accessible to everyone. This means implementing features and designs that enable you to buy, store, send and spend cryptocurrencies without giving you a headache along the way.
We think we’ve done pretty well so far!
The launch of Zumo version 2.12 introduced Exchange Price Alerts, a feature that allows you to set up price alerts, notifying you when the price of Bitcoin or Ether reaches a certain level. This month, the release of Zumo version 2.13 introduces another innovative feature, one that enables you to clearly view and manage your overall crypto assets in a simple and intuitive way.
As with traditional money, it is important to keep track of your cryptocurrency.
The Zumo Smartfolio allows you to clearly view your overall crypto assets current and historical value and how much gain (or loss) you have made on them over time. Your Smartfolio tracks the relative position of each of your exchanges and shows you the net position of those trades once price fluctuations have been taken into account.
By offering Zumo users this feature, we make it even easier for you to take control of your own funds and become a responsible smart money saver, investor or trader (or even all three).
Keeping track of your assets within the Zumo wallet is now easier than ever, and you can access your Smartfolio via the Exchange screen or via a daily, weekly or monthly notification that will appear on your Wallet screen.
After opening your Zumo app, tap on the Exchange tab in the bottom-centre of your screen. You will then see a circle icon in the top-left of the screen – tap on it to be taken into the Smartfolio. After reading the introductory notes for the feature, you will then see your Smartfolio in all it’s glory!
Your Smartfolio shows the total value of all your assets over time, and you can set the time frame to see how your asset values have changed within 1 day, 1 week, 1 month, 3 month and all inclusive timeframes. You can view your total assets as a pie graph or as a line graph; in this picture we have selected the pie graph and the orange circle shows Bitcoin. Magenta is Ether and Blue represents Pound Sterling (GBP) or the whichever fiat currency you have currently set.
You can also see your total exchanges and % gain or loss as a line graph.
The lower part of the screen shows the current value of your Bitcoin and Ether and your balance and, if you have enough available funds in your Zumo account, you can also initiate a GBP exchange.
If the above wasn’t enough, the Zumo Smartfolio feature also gives you insights into possible exchange opportunities that could make you profit.
Your Smartfolio score tells you the current position of your assets and also how much you could make from a potential exchange based on when you purchased them.
Zumo uses a weighted average to calculate your Smartfolio score, and the calculation is made by matching your buying positions (aka when you bought an asset and at what value) with your sells (when you sold it and at what value), finally calculating the profit or loss from each exchange.
Profit = (average sell price — average buy price) * quantity matched.
Imagine you have a purchase history of buying Bitcoin at various values and you want to sell the remaining Bitcoin you hold:
Buy 0.5 btc @ £7000
Sell 0.3 btc @ £7500
Buy 0.3 btc @ £6000
Sell 0.4 btc @ £8000
Buy 0.2 btc @ £7000
Your Smartfolio calculates your final position and the profit you’ve already made on these sell orders before calculating how much you might make from your next sell order. If you decide to sell your remaining Bitcoin at the current price, your net profit (or loss) will be based on the asset’s current market price.
Awesome right? Please note that your Smartfolio score will be based only on crypto assets that you’ve bought or sold via the Zumo exchange. If you transferred crypto assets from an external wallet into your Zumo account, they are included in your total displayed assets but are not used when calculating your Smartfolio score.
We’re not done yet. The Zumo app is going to be packed with more innovative features than you can shake a stick at; as well as soon being able to view and download your entire exchange history and your associated Smartfolio data, you’ll be able to spend cryptocurrency alongside traditional money in everyday situations with the upcoming Zumo debit card.
We’re working hard on this and are hoping to launch it for users early in 2021.