CryptoCompare | An Overview of the Cryptocurrency Market Data Provider
CryptoCompare is a cryptocurrency market data provider with a global footprint. The comparison website provides pricing information on more than 5,000 coins and a huge amount of corresponding currency pairs. The company was established in 2014 by co-founders Charles Hayter and Vlad Cealicu and is based out of London, United Kingdom. It employs around 40 people, mostly in London. Although, some employees also work out of continental Europe.
The platform does not provide trading services of any kind and is purely used to display metrics, reviews, and other useful data in real time. The best part? Most services are free of charge. We’re going to cover some of the interesting tools available and see how you can benefit from the site. Let’s get to it.
A largely unknown player in the financial data world, CryptoCompare is already starting to garner attention with some interesting partnerships. The company has secured key deals with established heavyweights such as Yahoo! Finance, Thomson Reuters, and VanEck.
These companies now rely on CryptoCompare for real-time cryptocurrency price information. Yahoo! uses data on over 100 cryptocurrency quote pages while Reuters has integrated the data into their financial desktop platform known as Eikon. For VanEck, CryptoCompare is delivering cryptocurrency indices aimed at the institutional investor.
The benefit of aggregating all that data allows the team to gather some interesting insights into how the cryptocurrency industry is unfolding. For example, countries with liberal policies towards crypto continue to dominate the number of exchanges and average daily volume categories. South Koreans trade heavily in Bitcoin and other well-established coins. Malta and Seychelles, though tiny islands, still account for more trading volume than the US.
For these and other data trends and updates, you can follow along on their Medium page.
CryptoCompare is a stomping ground for reviews in several areas where cryptocurrency enthusiasts need advice. Most of this feedback comes from actual users though there is the occasional affiliate link spam. You’ll probably want to combine this with other review sites to get a better overall picture. The main sections worth noting include exchanges, mining solutions, and wallets. The sheer volume of information available is quite impressive.
The list of cryptocurrency exchanges is extensive. So much so that you’ll probably get bored before scrolling down to the bottom of the list. You’ll be able to find all the typical information associated with each exchange like location, fees, and available coins. Most users, however, will be checking out the user-based reviews to get a feel for the pros and cons that other traders are currently experiencing.
If you’re interested in cryptocurrency mining then this section is for you. Cryptocurrency mining is a vast field and is not for the faint of heart. For this reason alone, many new enthusiasts have turned to cloud mining as a way to supplement their income. Here, you can catch up on company analyses, contract options, mining pools, and more.
Be warned, though, the Bitcoin mining calculator highlights the tough market conditions miners are currently facing at these price levels. We may need to see the Bitcoin price reclaim higher levels before the retail miner turns a healthy profit. On the other hand, if you’re a long-term HODLer you may be able to handle the pain. Remember that these calculators only provide estimates and your mileage may vary.
The wallets section is more or less the same as the exchanges section though appears to recommend solutions that the team personally uses and/or trusts. Desktop, mobile, and hardware wallet reviews are included here with a list of supported coins and various security features.
If you’ve been in crypto for a while, you may have already picked up an app to help you manage your portfolio. If not, the team has done a stellar job of providing registered users with a pretty sexy portfolio tracker. Though, it might be a while before you’re able to get your Lambos on the moon!
CryptoCompare’s API data is arguably one of their best features. API stands for application programming interface and allows developers to retrieve market data from a company server somewhere online. You can already do this with most cryptocurrency exchanges, but since CryptoCompare is aggregating data across a wide variety of exchanges and markets, this provides some additional interesting data points.
The basic API service is free, which is great for anyone wanting to grab some data and mash-up their own applications. APIs are beyond the scope of this article, and you’ll need some programming knowledge to make full use of them. Regardless, keep your eyes peeled for the next generation of applications and user interfaces because APIs like these will be used to create them. This will make it a lot easier for us not-so-technically-inclined folk to keep in touch with the latest crypto trends.
What the Community Says
A brief look around social media and trust sites suggests that users generally like CryptoCompare’s tools and features. Some users complain about the complex interface and difficult language. In general, though, it seems to be a platform that quite a few users turn to for advice, particularly new users.
CryptoCompare certainly has an impressive résumé after only five or so years of operation. As the cryptocurrency markets continue to mature, the race will be on to provide the most comprehensive real-time data available for both retail and institutional investors.
Given the investment from heavyweight news services like Reuters and Yahoo! Finance, we can only hope that real institutional investment is just around the corner. CryptoCompare’s business model is quite clever because it allows a practically free service for retail while generating sufficient revenue from institutions.
As mentioned earlier, the interface can get a bit busy, making it difficult for new users to get the most out of the platform. That’s a small price to pay, however, for a free service. If data is your game and particularly if you’re a programmer, CryptoCompare might just be a solid choice for you.
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ABOUT THE AUTHOR
ABOUT THE AUTHOR
Ryan is a web designer, writer, and cryptocurrency trader who hails from sunny South Africa. He eats, breathes and lives crypto. With personal experience in foreign exchange & crypto market trading he is always trying to understand the bigger economic picture. When not meticulously looking over charts he can be found planning his next road trip or running around a 5-a-side soccer field.