MetaMask + Faast: The Easiest Way to Diversify Your Cryptocurrency Portfolio
We’ve all heard the expression “don’t put all your eggs in one basket”, and anyone with even a modicum of financial understanding knows that this is doubly true for investing. Cryptocurrencies are no exception. In fact, it may be truer for crypto than any other asset class. But let’s face it — the whole process of crypto diversification is just a pain. Let’s examine all the steps involved:
- Buy your BTC/ETH from Coinbase/GDAX with fiat
- Send your BTC/ETH to your MetaMask wallet, since you’re smart and don’t want to keep your hard-earned money on a centralized exchange
- Discover a cool new altcoin
- Research which exchanges list that altcoin
- Create an account on this new exchange, a process which could take several days to get approved, and may involve sending photos of yourself and your passport to comply with AML/KYC regulations
- Send your BTC/ETH to this exchange (paying transaction fees along the way)
- Sell the BTC/ETH for the altcoin you want (more transaction fees)
- Withdraw that new altcoin to your MetaMask wallet (even MORE fees!)
That’s EIGHT steps just to get the altcoin you wanted. Plus, with centralized exchanges, if you already have some altcoins you want to swap for a different one, you’ll need to exchange them BACK to BTC, ETH or USDT first. (Oh, and we almost forgot — each of those trades is taxable, depending on the country you live in.)
Given how tedious and complicated this whole process is, it’s no wonder that so many people just throw their hands up in frustration and decide this crypto stuff isn’t for them.
I mean, it’s 2018. Everything else is user-friendly and intuitive, so why, nearly 10 years after the launch of Bitcoin, is dealing with cryptocurrencies still such a ridiculous hassle?
We decided that just wasn’t acceptable, and that’s why we developed Faast, the simplest, most effortless way to build a diversified cryptocurrency portfolio.
If you have a MetaMask wallet (any other supported wallet), you can simply visit the Faast website, connect your wallet, and begin trading your holdings for the coins you want right away — including one altcoin for another, without having to exchange it for BTC/ETH/USDT first. No memberships, verifications or any other steps required.
Now if you’re thinking “wait a minute, can’t you already do this with ShapeShift?”, the answer is yes, you can. We’re not the first mover in this regard. But MySpace was a first mover too, wasn’t it?
While ShapeShift does what it is designed to do, its selection of supported altcoins is limited. With Faast, you can choose from over 130 supported tokens (with many more on the way). You just choose the coins you want, and use the simple click-and-drag interface to diversify your portfolio as you desire.
In just a few minutes, you’ll have a well-diversified portfolio without having to sign up for accounts on all those exchanges! Your Faast portfolio piechart updates in real time to provide you with an easy to understand visual representation of your holdings in that wallet.
How it works
Let’s break down the process you saw in the GIF above step by step. For example, let’s say you want to acquire some PowerLedger (PWR), a renewable energy-focused token which ShapeShift does not support. In the past, if you wanted to grab some PWR tokens without going through the laborious 8-step process described above, you were out of luck…until now.
With Faast, things are so much easier. To connect your MetaMask wallet to Faast, just visit faa.st and click the “Get Started” button. You’ll be brought to a page where you can add your wallet. Click the MetaMask image under “Software Wallets”. Once your wallet is connected with the Faast website, simply click the “swap” link at the top of the page.
On the Swap page, you’ll see the list of assets in your wallet, along with the current price, total value in USD, the percentage (weight) it holds in your portfolio, and the number of units you hold for each coin. To add a new coin, just click “add asset” in the upper right corner:
From there, you’ll see a menu of all the coins supported by Faast. In this example, we’ll select PWR.
Now you’re back at the swap screen. Below each coin’s information, you’ll see a bar where you can manually click and drag right or left to the specific quantity you wish to trade.
We’re going to free up about $20 USD of ETH so we can swap it for the same amount in PWR. We simply drag the bar for ETH left until we’ve deducted $20, then we scroll down the PWR box, and drag the bar right until we reach +$20 for that asset.
Once you’ve adjusted the bars as you wish, just click “save changes” at the top of the screen. You’ll get a confirmation window asking you to confirm once more (MetaMask will prompt you to confirm the transaction as well).
And just like that, you now have PWR added to your portfolio! How painless was that?
We’re so thrilled to be making life easier for crypto investors and traders with Faast, and this is just the beginning. Over the next few months, we’ll be adding many more altcoins to our platform.