CryptoCompare Review

As a trader, you're probably constantly on the watch for the best cryptocurrency to get your hands on or an exchange with high liquidity. Thankfully, there are tools like CryptoCompare that can streamline your search. So, I'll explore whether or not this platform can really assist you in solving the choice paradox right in this CryptoCompare review.

But wait, what is CryptoCompare? Shortly put, it's a cryptocurrency data provider that offers a broad range of tools and information for traders. You can also find the CryptoCompare calculator, which is said to be helpful among coin miners.

Still, is CryptoCompare's data accurate compared to the metrics shown on crypto exchanges like Binance and Bybit or platforms like the BitDegree crypto tracker? That's exactly what I'll try to figure out in this CryptoCompare review.

What is CryptoCompare?

Before we get into a more in-depth CryptoCompare review, let’s understand the basics. CryptoCompare is a cryptocurrency data aggregator – essentially a database that collects and organizes information from globally recognized crypto exchanges, including Binance and Kraken.

The platform provides an overview of various cryptocurrencies, including their prices, trading volumes, market capitalization, and historical data.

CryptoCompare was co-founded by Charles Hayter, a former research analyst at financial institutions, and Vlad Cealicu, a former web developer. They launched the platform in 2014 with the goal of providing a reliable and extensive source of cryptocurrency market data.

Besides its function as a price tracker, CryptoCompare has several other features, including:

• Exchange comparisons. It allows users to compare different cryptocurrency exchanges based on various factors.
• Market analysis. It provides market analysis, such as charts, live exchange prices and volumes, as well as social indicators.
• News and updates. Users can stay updated with the latest news and analysis related to the cryptocurrency market.
• API access. Developers can use CryptoCompare's API to integrate cryptocurrency data into their own applications.
• CryptoCompare calculator. The platform offers a mining calculator that estimates the profitability of mining Bitcoin based on various factors, such as hashing power and pool fees.

With such features, it's natural to wonder about CryptoCompare's security and privacy measures. Given that it handles sensitive financial data, understanding how the platform protects user information and safeguards against potential threats is crucial.

This means the team may use standardized technical measures to protect user data from unauthorized access because organizations that handle personal information must make significant changes to comply with GDPR.^[1]

CryptoCompare Review: PROS

Given its wide range of features, including market data and analysis tools, CryptoCompare appears to be a valuable resource for those interested in the cryptocurrency market. Is that true? In this section of my CryptoCompare review, we'll dive deeper into its strengths to find that out.

Get Real-Time Price Updates

When talking about numbers, CryptoCompare may be sufficient to help you grasp cryptocurrencies. It provides market and pricing data on 5,300+ coins and 240,000+ currency pairs, covering popular assets, including Bitcoin, Ethereum, and Litecoin. The coin data comes from over 130 exchanges, ensuring a representative dataset.

The coin list is divided into three tabs: cryptocurrencies, decentralized finance (DeFi), and non-fungible tokens (NFTs). Each tab has a price table containing the coin name, price, total volume, change percentage, and a graph showing the price movement over one week.

The layout seems similar to other price trackers. Still, compared to its alternatives, CryptoCompare lacks some information that may help crypto enthusiasts assess the value and potential of cryptocurrencies. Plus, the design is rather outdated.

That said, within the homepage, you can change the currency to USDT, BTC, or others to evaluate the price performance in different currencies.

One aspect worth mentioning in this CryptoCompare review is its individual asset page. At the top, you can see the asset’s price and select one of the actionable buttons, from buying and trading to staking and betting, whose availability may depend on the coin or token. Clicking the button will show the exchanges or platforms offering the specific action for the selected cryptocurrency.

For example, if you decide to buy Bitcoin, you should see a list of exchanges where you can purchase this crypto. Choosing one of the platforms directs you to the exchange's website, where you can create an account, deposit funds, and place a buy order for Bitcoin (or any crypto or token you want to purchase).

Within the same asset page, there are details on the asset’s market capitalization, trading volume, opening price, and lowest/highest prices over the past 24 hours, as well as eight tabs that provide additional information about the cryptocurrency:

• Overview. This shows the historical price chart and essential information about the asset, including launch date, total supply, and hashing algorithms.
• Analysis. It displays a chart representing the total volume of an asset to USDT/USDC/USD/etc (depending on what currency you choose) on a specific timeframe.
• Markets. This provides a table of live exchange prices and volumes for your chosen currency.
• Charts. A candlestick chart displays a crypto index's price movement over time. You can select a certain exchange, chart indicator, social indicator, and bottom chart. Certain features are exclusive to registered users.

• Trades. This tab offers a table of live-streaming trades for a cryptocurrency to your chosen currency.
• Forum. This section displays community posts that discuss the selected cryptocurrency.
• News. It outlines a news feed related to a specific cryptocurrency from various sources. Each news article has a sentiment score indicating whether the article is positive, negative, or neutral.
• Influence. It’s a summary of the chosen crypto’s social media activity and development statistics.

Overall, these tabs provide a visual representation and in-depth insights to help users analyze trends and patterns, and identify potential trading opportunities.

Compare Exchanges, Wallets, and Mining Companies

When trading crypto, it's essential to compare not only the coins or assets but also the exchanges and wallets where you'll be trading and storing them. CryptoCompare offers tools to assist in this process.

This website has an exchange comparison tool, which allows you to evaluate various crypto exchanges based on key factors like 24H volume, internal grading, and asset types.

Just choose one of the exchanges in the table, and you should see more detailed information about it. The page will show the overall exchange volume, benchmark scores rated individually by the platform, and other details like social links and fees. Scroll down to see community posts that talk about the exchange.

Besides exchanges, "Top Lists" features over 300 cryptocurrency wallets, allowing you to compare many options in one place. CryptoCompare ranks them based on several important criteria, including anonymity, ease of use, security, and supported coins.

Similar to the "Exchanges" page, you can click a wallet to get more details. The individual wallet page offers a streamlined overview, including information on two-factor authentication (2FA) and supported cryptocurrencies.

Now, those interested in cryptocurrency mining can visit the "Mining" page to see a list of cryptocurrency mining companies, equipment, cloud contracts, and mining pools.

Each of these categories shows different specifications to help decide which mining option suits your needs. For example, the "Equipment" section shows the price, coin name, hash rate, and annual mining, while the "Mining Pools" section details the supported coins, average fee, and server locations.

📚 Read More: How to Mine Cryptocurrency

Track Your Holdings in the Portfolio Tracker

Starting from the co-founders’ frustration with the hassle of manually tracking their cryptocurrencies, they decided to build their own portfolio tracker.

Since its launch, CryptoCompare Portfolio has evolved from a basic tracker to a more sophisticated tool with features like advanced charts and a sell option. You can use these advanced features or simply focus on the basics.

Now, let's break down what's inside the portfolio, starting with the figures above the chart. These display a summary of your portfolio's overall performance, including its acquisition cost, 24-hour profit/loss, and the total value of all the coins you hold in the portfolio.

Moving on to the figures on the left side of the chart, these show the portfolio change (the total profit or loss according to the coins you hold during the chart’s timeframe), the minimum/maximum value of all the coins you’ve held, and the best/worst performing coin.

Lastly, the figures below the chart show a table of your coin list, consisting of the crypto name and the day/month/year you bought it, the total value of the token, the total value of profit/loss attained, and the percentage change of the profit/loss.

All of these figures are shown on the basic tracker. For advanced features, check the three tabs above the chart that offer:

• Risk analysis. This section displays pie charts and tables that help assess the risk associated with your assets. For example, the crypto exposure chart shows which coins impact your portfolio's value most.
• Advanced chart. The charts here illustrate the growth or decline of your portfolio's value, profits and losses, and overall success over a certain period.
• Accounting. The accounting tab helps you understand your crypto finances using basic financial statements, like income and cash flow statements. You can also track your open and closed trades along with your entire transaction history.

Using the advanced features also lets you input transactions with your exchange or wallet address instead of manually entering the details.

Although the options include some popular wallets and exchanges, such as Ledger Nano X and Trezor Wallet, they might not always support the one you use.

In addition to the abovementioned features, any CryptoCompare portfolios can be made public or private. Making it public allows you to share your portfolio performance with others and potentially attract followers or investors. However, it's important to assess the privacy implications of letting your holdings go public, as it will reveal your investment strategies and total assets.

On the other hand, the private version is currently unencrypted, so your portfolio data may be vulnerable to unauthorized access. If data privacy is a major concern, consider waiting until encryption is implemented.

For those who still want to proceed, I suggest enabling 2FA  by going to the "Account" page and opening the "Security" tab to help prevent unauthorized access. Doing so adds an extra layer of security by requiring users to provide two different forms of identification when logging in.

Also, monitor the logged devices regularly so you can immediately revoke any sessions that you don’t recognize.

Calculate Potential Mining Profitability

Other than the price tracker and portfolio, another feature worth mentioning in this CryptoCompare review is its mining calculator. This tool helps estimate the profitability of crypto mining, a potentially useful feature when you learn how to mine cryptocurrencies.

CryptoCompare Mining Calculator takes into account several factors:

• Currency. This refers to the currency in which mining costs and revenue are measured. CryptoCompare supports seven cryptocurrencies, including BTC and XMR.
• Hashing power. It’s the amount of computational power used for mining.
• Power consumption. This means the amount of electricity consumed by the mining hardware.
• Cost per kWh. This outlines the price of electricity.
• Pool fee. It refers to the fees charged by the mining pool.

By inputting these values, the CryptoCompare calculator can provide estimates of your profit, the amount of cryptocurrency mined, and power cost per day, week, month, and year. These numbers can help potential miners assess the viability of their mining operation and determine whether it is likely to be profitable.

Note that any mining calculator generally provides estimates based on current conditions, and the actual profitability of mining can vary due to many factors, such as changes in cryptocurrency prices, network difficulty, and hardware costs.

You should see the Disclosure note on the CryptoCompare Mining Calculator page, as it shows how the mining metrics are calculated by providing information on the factors used, including the crypto-USD exchange rate, average block time, and electricity price. These details help you understand the accuracy of the calculations.

Did you know?

Compare Crypto Exchanges Side by Side With Others

All Crypto Exchanges may look similar to you but they're NOT all the same!

Yes! Show me the Comparison Chart

CryptoCompare Review: CONS

Despite several strengths mentioned in the previous section of my CryptoCompare review, this platform comes with multiple shortcomings you should consider before using it.

Old-School Design

One potential drawback I want to highlight in this CryptoCompare review is the platform's outdated design. This can be attributed to several factors, but the most notable is its cluttered appearance.

For example, the exchange page has multiple banners or advertisements placed throughout, which can visually break up the content and make it difficult to focus on the main information. Some elements also overlap or are too close together, which may impede the process of distinguishing between different sections of information.

You may also notice that many buttons across the website pages use a drop shadow, a popular design element in the early days of the web, but they have since fallen out of favor.

Similar elements also appear in the CoinMarketCap Mining Calculator. A more modern button design would've likely incorporated a more vibrant color palette, a unique shape, and subtle hover effects to improve its visual appeal and user experience.

Another noticeably outdated component is the logos in the sign-up form. It still features Google+ and an older version of the Facebook logo. These outdated logos can create a negative impression and make the website appear less trustworthy or up-to-date.

As a non-designer, my observations on the website's design may be subjective and not represent the views of all users. However, if you look at the way websites usually look today, I'm pretty sure you'll have the same sentiment.

Outdated Data and Inaccuracy

Although CryptoCompare features and data appear thorough, some of it isn’t quite accurate. For example, the platform lists 449 crypto trading pairs on the Binance page, while the exchange actually has more than 1,500 markets, which is substantially different.

Some user CryptoCompare reviews also state that the platform has occasionally displayed incorrect USD prices for complex conversions.

It’s important for users to be aware of such limitations, especially when using the portfolio or the platform’s API to make tax reports. Inaccurate data can lead to significant errors in tax calculations, potentially resulting in financial penalties or legal issues.

📚 Related: Crypto Tax-Loss Harvesting

Ads and Scams

Another drawback of CryptoCompare is the abundance of ads scattered throughout the website. These ads not only contribute to a cluttered layout but also often promote irrelevant or low-quality products, potentially irritating users.

Many user CryptoCompare reviews complained about the platform's promotion of crypto gambling and scam mining projects, which may expose users to scams or risky investments.

One user reported that the scams involved a Ponzi scheme. Ponzi schemes are fraudulent investment schemes that rely on new investors to fund returns to existing investors by promising low-risk and high returns.^[2] People with limited expertise or experience may be particularly vulnerable to such scams, as they may be less able to recognize the signs of fraudulent schemes.

The problem of scams extends beyond the ad banners. Some users found that the community posts may also feature scams, which points to a lack of moderation in that section.

CryptoCompare Pricing Plans

Now, let's explore CryptoCompare pricing. Let's start with the fact that it offers all its features for free for personal use, from its price tracker to the CryptoCompare calculator for mining.

A free API key is also available for personal or non-commercial projects, offering a capped number of 250,000 lifetime calls with 50 Websocket subscriptions and a BTC order book. This free tier also includes full daily historical data and the latest three months for all pairs on all exchanges.

However, businesses that want to integrate the CryptoCompare API into their commercial applications will need to purchase a subscription starting at $349.99 per month. Large enterprises needing a fully customizable crypto data solution can contact the team to get a personalized quote based on their specific requirements.

How to Use CryptoCompare?

You've read my CryptoCompare review and now want to know how to sign up and begin tracking your crypto holdings with the platform? Let's get to that.

How to Set Up a CryptoCompare Account?

Starting with CryptoCompare is pretty straightforward. You can follow the instructions on the CryptoCompare website or mobile app (available for both Android and iOS devices), but in this guide, I will focus on using the website.

Congratulations! You've successfully signed up on CryptoCompare.

How to Make a CryptoCompare Portfolio?

What I want to emphasize in this CryptoCompare review is that the Portfolio feature is only available for those who have registered. So, make sure you've done the steps in the previous section to create an account and log in to your CryptoCompare profile.

Here's how to create a CryptoCompare Portfolio:

You can then start adding cryptocurrencies by clicking [+ Coin] and tracking their performance.

CryptoCompare Alternatives

If CryptoCompare doesn't seem like your cup of tea, here are a few notable alternatives.

BitDegree Crypto Tracker VS CryptoCompare

I highly suggest checking out the BitDegree crypto tracker. Known for its learning platform, BitDegree also offers a crypto price, exchange, dApp, and NFT trackers. It tracks over 21,300+ cryptocurrencies and over 1,800+ exchanges (it even shows inactive platforms, too).

BitDegree provides more comprehensive information. For example, it displays more social signals on an exchange's page, lists the exchange’s markets, and provides similar alternatives. Most notably, it doesn’t use outdated terms or logos.

Also, if you’re ever confused about which wallet to choose, you can check its in-depth wallet comparison section. It’s where the platform ranks wallets based on various criteria, such as security and hardware wallet compatibility. It has the same feature for exchanges, too.

Side by side with CryptoCompare, BitDegree is more user-friendly. The top navigation bar is well-organized, making it easy for users to find different sections like "Education", "Cryptocurrencies", "Exchanges", and "Wallets". If you hover over the menus, it shows a glimpse of what the page is about, providing a clear indication of the content available in each section.

When you see the graphs, you encounter no overlapping elements on BitDegree's website, making the visual presentation cleaner and easier to interpret.

On top of it all, BitDegree offers so much more than just a crypto tracker. It even features gamified Web3 Missions where you can win actual crypto or tangible prizes simply by completing fun and quick educational quests.

📚 Read More: The Ultimate BitDegree Guide

CoinMarketCap VS CryptoCompare

Another notable alternative to CryptoCompare is CoinMarketCap. With a much broader range of over 13,24 million cryptocurrencies, it provides comprehensive market data, including real-time prices, market cap, and trading volume on basically the whole market.

What makes CoinMarketCap particularly appealing is its seamless integration with major exchanges, especially Binance, where users can link their accounts for quick access to prices and trading features. The platform also offers automatic wallet syncing, making it convenient for tracking your crypto portfolio without the need for manual input.

In addition to the robust market data, CoinMarketCap features a strong community aspect, offering user forums, news feeds, and crypto-related discussions. This social component can be beneficial for users who want to stay informed about market trends and engage with other crypto enthusiasts.

However, despite these advantages, CoinMarketCap does have its downsides, such as the clutter of information, which might be overwhelming for some users.

Nevertheless, for those seeking a comprehensive platform with a wealth of info, CoinMarketCap provides a better experience compared to CryptoCompare’s more limited and somewhat outdated interface.

📚 Read More: CoinMarketCap Review

Conclusions

To summarize everything I’ve discussed in this CryptoCompare review, this platform may be helpful with its market overview and portfolio tracker. Crypto enthusiasts considering mining opportunities can also try the CryptoCompare mining calculator, which provides estimates of potential gains.

However, it's important to be aware of its potential limitations, such as occasional data inaccuracies, old-school design, and low-quality ads. Ultimately, whether these shortcomings outweigh the benefits of using CryptoCompare depends on your individual needs and priorities.

The content published on this website is not aimed to give any kind of financial, investment, trading, or any other form of advice. BitDegree.org does not endorse or suggest you to buy, sell or hold any kind of cryptocurrency. Before making financial investment decisions, do consult your financial advisor.

Scientific References

1. Diamantopoulou V., Androutsopoulou A., Gritzalis S., Charalabidis Y.: 'Preserving Digital Privacy in e-Participation Environments: Towards GDPR Compliance';

2. Chen Y., Dai H., Yu X., Hu W., Tan C.: 'Improving Ponzi Scheme Contract Detection Using Multi-Channel TextCNN and Transformer'.