Security and anonymity: answers to your key questions
The one question that we are most often asked on forums has to do with the security in our portfolio tracker. It is indeed a crucial question — so we’ve decided to dedicate a separate article to it. The short answer — for those who don’t want to read to the end — is that xFolio is fully secure, and it’s not just an empty statement.
However, we don’t expect you to just believe whatever we say. Let’s take a detailed look at how the app works and why it is safe to use.
When using our app, you provide it with access to two types of resources:
- blockchain addresses;
- your exchange account balances.
The first one is easy: as we all know, you can’t steal someone else’s crypto if you only know their blockchain address, which is public anyway. We don’t ask for any keys or passwords to your crypto wallet — this is a key point, and we hope that it settles the matter once and for all.
Most questions and suspicions concern the second type of resources the app accesses — namely, your exchange account balances. Let’s see what actually happens. We ask you to provide access to your exchange account through our API keys, which only give the app read-only access. The app simply cannot do anything but simply view your balance and display it.
To find out how to obtain and configure API keys for read-only access on a specific exchange, check the documentation.
As additional proof that the system is secure, let us quote statistical data: we do not know about a single case of a crypto portfolio tracker getting hacked and money being stolen as a result. It has never happened because the technology simply does not allow it.
Don’t get confused by all the stories of crypto exchanges getting attacked and their API keys being hacked. It is indeed a serious — but completely separate — issue. In this context, our portfolio tracker can just about be the safest app that you have on your phone.
To conclude: some recent reports state that certain leading portfolio trackers have been selling their users’ personal data to third parties as an additional source of monetization. This is one of the reasons why we’ve added a fully anonymous mode to our app, unconnected to any social media accounts. Now you have the option of registering using only your email address and a password. We do not ask you for any data that could personally identify you. xFolio does not keep logs or collect personal data about its users, which makes it even more transparent.
We are building a fully secure and easy-to-use product aimed at all crypto enthusiasts. However, safety and anonymity are far from the only advantages we offer: you can read about others here.
