How safe is connecting your wallet to third party portfolio apps?

[9thsky]

What's the worst that can happen when syncing your exchange wallet with apps such has Blockfolio (FTX)?

I know Blockfolio probably has good reputation but what about another less known app? What would happen if the phone is compromised or it has malware? What if the phone has malware?

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[OmegaStarScream]

Blockfolio is trusted and AFAIK, they don't accept any API key with anything other than READ-ONLY permissions. So you have nothing to fear and if we're speaking in general, there should be no risk as long as you're not giving away the permission to CREATE or UPDATE. You don't want for any third app to gain access to withdrawing, or trading, especially in this case, where these permissions would be of no use.

[9thsky]

as long as you're not giving away the permission to CREATE or UPDATE.

Could you elaborate on that? What exactly is create or update? How do I know if I'm doing that?

Blockfolio is trusted and AFAIK, they don't accept any API key with anything other than READ-ONLY permissions.

How do I know my address is read only?

[oemar bakrie]

malware is a virus that interferes with the working system on the cellphone,to synchronize the exchange we must be more careful,, before that we first check whether the website is correct with the official address, because there are so many scamers who make the same website and can trick itus when we open and directly paste our private wallet.

[mk4]

Could you elaborate on that? What exactly is create or update? How do I know if I'm doing that?

OmegaStarScream meant that you shouldn't be giving Blockfolio(or any other tracker) the permission to create or update your exchange orders through the API. You should be giving it ONLY viewing privileges.

How do I know my address is read only?

You should be able to select the permissions on the exchange you're using.

Here's a sample, on Binance:

[vv181]

Could you elaborate on that? What exactly is create or update? How do I know if I'm doing that?

The term CREATE or UPDATE refers to the API key permission. If the API key has UPDATE permission, it means that the key able to make a change to let's say to the trading position. And for the update permission, it means that those API keys could be used to open a position or even make a withdrawal.

On the other hand, if you only activated the view permission for the API key, any application that connected to that API key only has a view access, like those apps are only able to view what assets you have, etc. But not able to change(create or update) anything.

[witcher_sense]

What's the worst that can happen when syncing your exchange wallet with apps such has Blockfolio (FTX)?

I know Blockfolio probably has good reputation but what about another less known app? What would happen if the phone is compromised or it has malware? What if the phone has malware?

The worst thing that can happen when syncing your exchange wallet with a portfolio app is a situation when there is actually nothing to sync because your exchange has decided or has been forced to comply with unjust legislation, which usually may result in the seizure of your coins or freezing them temporarily or permanently. Either way, you don't have complete control over coins; and sometimes it is even worse than trojans, viruses, and the like installed on your device. On the other hand, if you are a trader, you have to keep some of your coins on exchange to make use of the movements of the market, it is not necessary to track your portfolios automatically, you can do it manually instead, not worrying about a malicious app that could steal your keys.

[so98nn]

Blockfolio is trusted and AFAIK, they don't accept any API key with anything other than READ-ONLY permissions. So you have nothing to fear and if we're speaking in general, there should be no risk as long as you're not giving away the permission to CREATE or UPDATE. You don't want for any third app to gain access to withdrawing, or trading, especially in this case, where these permissions would be of no use.

That’s crazy one and risky though. I’m not sure why would they program commands like those one you mentioned that’s create and update. I would never risk my exchangers wallet to be handed over like that to third party apps. I don’t even trust the wallets or exchanger on which I’m keeping my money. Seriously they could have any terms and conditions mentioned on their policies and could gain access to your funds at any time. So connecting with third party app is seriously crazy one.

[michellee]

If you believe the app has a good reputation and has good security, your account will be okay. If the phone is compromised or has malware, you send your data in your phone to the hacker or the creator of that malware. You need to check your phone and make sure you have a clean device.

But if your phone already has malware, then it is possible that your data still send to the hacker.

I never use Blockfolio on my phone but I use TabTrader only to check the market. Blockfolio is recommended apps, but that is a personal matter and not all traders use Blockfolio and synchronize with their exchange wallet.

[mk4]

That’s crazy one and risky though. I’m not sure why would they program commands like those one you mentioned that’s create and update. I would never risk my exchangers wallet to be handed over like that to third party apps. I don’t even trust the wallets or exchanger on which I’m keeping my money. Seriously they could have any terms and conditions mentioned on their policies and could gain access to your funds at any time. So connecting with third party app is seriously crazy one.

There are reputable 3rd party platforms like Tab-trader that you could use as a front-end for your exchange trading; and some people use such 3rd party platforms to use multiple exchanges on a single UI. Also, you can just give them order execution privileges, without giving them access to withdrawals.

[spyderbilt]

be careful with phishing. because that's one thing we need to be aware of if we want to sync our wallet the worst condition is that we can lose all our assets. use a secure network connection and of course always use a strong password

[dimonstration]

What's the worst that can happen when syncing your exchange wallet with apps such has Blockfolio (FTX)?

I know Blockfolio probably has good reputation but what about another less known app? What would happen if the phone is compromised or it has malware? What if the phone has malware?

If your phone got malware and somehow hacker got access to your wallet, Most probably your funds will be in danger so make sure to connect only to the trusted app. If the app you are connecting is just new and if there project valuation is very, Don't ever try risk your funds by connecting it on random apps. Remember that a hacker can have access to your wallet once you authorize them after you click the connect button.

[bitcub]

In my humble opinion trust wallet, and metamask are still safe. What makes it vulnerable is when your computer connected to the internet is infected with malware or viruses. These viruses might be coded to manipulate the browser extension

[raidarksword]

Blockfolio is a trusted app so i bet there will be no problem at all when connecting to it and besides that I can assure that they are legit because they are one of the crypto apps out there. Just make sure don't connect wallets to some new and untrusted apps that requires authentication because most of them are dangerous and might still your data and assets without you knowing of it.

[taufik0911]

Blockfolio is a trusted app so i bet there will be no problem at all when connecting to it and besides that I can assure that they are legit because they are one of the crypto apps out there. Just make sure don't connect wallets to some new and untrusted apps that requires authentication because most of them are dangerous and might still your data and assets without you knowing of it.

I think it's too risky because they have access to our account even though they are a trusted platform but it doesn't rule out the possibility that their server can be hacked and the wallet can be taken over
Besides that, you have to make sure that the device you are using is also free from back doors and sniffing

[Leviathan.007]

Depends on the restriction you make for the API permissions the answer can be different. Generally, if you are asking about Blockfolio(FTX), I can say as far as I know they are trusted and you won't need to worry about anything, also they will not ask the users for any dangerous permissions. So, this can be safe to connect the wallet to Blockfolio(FTX) if you are only asking about them. But, whenever you are connecting your wallet to any third party you should always check the permission you give them and make sure before just granting the permissions.

[coupable]

That’s crazy one and risky though. I’m not sure why would they program commands like those one you mentioned that’s create and update. I would never risk my exchangers wallet to be handed over like that to third party apps. I don’t even trust the wallets or exchanger on which I’m keeping my money. Seriously they could have any terms and conditions mentioned on their policies and could gain access to your funds at any time. So connecting with third party app is seriously crazy one.

We can't deny that connecting your wallet with a third part app is seriously dangerous, however, nothing to worry about with trusted apps.
Those who want to get a better experience with portofolio apps can Dyor to find the suitable trusted app for their needs. I used blockfolio in the past and i remember it doesn't require an API integration ; it's secure and friendly use .

[taufik123]

The use of other applications is not recommended if the application is new and a little suspicious. it is better to use Blockfolio which is clearly safe and has a good reputation. if you want to try a new application, you should use an empty wallet that has not been filled with any assets. it's safer. but if it is to anticipate being exposed to malware, you should not install new applications that are not clear.
Security is number one.

[Melody kdl]

I think that when you buy btc, you don't have to give bitcoin to any institution or third party to help you with the transaction. Although this risk is extremely low, I still think we need to be responsible for our own assets and don't easily transfer our cryptocurrency to others.

[Wendy Simth]

Don't authorize uncertain software. The worst case is that assets are transferred.

[bryant.coleman]

I know that the risk is very minimal, but after almost a decade in the field of cryptocurrency, it is really hard to trust anyone. I use a third party portfolio application, but I have made all the entries manually. For me, it is easier because I am a long term holder and almost never do intraday trading. But then for short term investors and the day traders, it is impossible to manually enter all their trades. I know that the portfolio apps can only access the transaction history and wallet balance. They can't move the coins since they don't have the password and 2FA. But even then, if this information gets leaked it may put you at risk.

[taufik123]

It depends on the application you connect to. If it's stood for a long time and has a lot of communities it's guaranteed to be safe there's nothing to be afraid of. Usually the attack occurred on a new project that was deliberately to gain access to our wallet. They create an event so that our wallet is connected to the party when they are.

Having many users and having many communities is not a guarantee to be safe. sometimes the security provided by the application provider has been updated, but users cannot use it optimally and are careless. wallets will be easily hacked and exposed to phishing if you are not careful.
Current-party portfolio applications like Blockfolio are highly trusted, but the risk remains. i never connect my personal wallet with any party app at any time, it will be more secure.

[Ararbermas]

Probably its safe but of course make some research mate to obtain specific information and make sure as well thay you're connecting to the real site or apps wherein not a duplicate platform because you know there are some apps and sites made of some hackers that looks like the real one just to obtain victims,so be aware.. Infact all the information can be found in the internet so always use to make research to avoid issues such hacking..

[fiulpro]

What's the worst that can happen when syncing your exchange wallet with apps such has Blockfolio (FTX)?

I know Blockfolio probably has good reputation but what about another less known app? What would happen if the phone is compromised or it has malware? What if the phone has malware?

If the phone is compromised it's your fault most of the times. I do think you should understand the fact that, these things are not to be taken lightly, you can download things from sources that you can't really be sure of and can download a malware with it very easily therefore you have to realize what you are doing and are the same time you are supposed to follow through with the security and everything.

Probably its safe but of course make some research mate to obtain specific information and make sure as well thay you're connecting to the real site or apps wherein not a duplicate platform because you know there are some apps and sites made of some hackers that looks like the real one just to obtain victims,so be aware.. Infact all the information can be found in the internet so always use to make research to avoid issues such hacking..

Not just that, you gotta have some practical knowledge for sure. There are people who randomly spread their password around to people they know and get scammed as well, therefore it's not just about the site but it's more about you as well.