REVIEW: Staying on the crypto pulse with CoinMarketCap

CoinMarketCap is a tool that tracks prices of different cryptocurrencies, and provides explanations and links to many exchanges where these tokens can be purchased. Therefore, contrary to popular belief, it is not an exchange but a tracking and informative platform.

This tool is available to use as a website and a mobile app. It has a strong social media presence, along with a newsletter, blog, and annual conference.

The team behind CoinMarketCap states that their mission is to make crypto discoverable on a global level by empowering users with unbiased and high-quality information.

First impressions

Upon landing on CoinMarketCap's homepage, the site appears quite busy with a lot of information packed into one screen, which can be somewhat overwhelming for a first-time user. However, after a brief moment of taking it all in, the comprehensive nature of the site becomes evident. The design is modern and visually appealing, with a clean white background that makes the various colourful elements and data stand out. It's clear that CoinMarketCap aims to be a one-stop shop for all things crypto.

The top of the homepage features a navigation bar with categories like “Cryptocurrencies,” “Exchanges,” “NFT,” “Portfolio,” “Watchlist,” “Calendar,” “Products,” and “Learn.” This makes it easy to find specific sections of interest. Below the navigation bar, there are trending coins, top gainers, and recently added coins. This area is particularly helpful for quick insights into what's hot in the crypto world right now.

The central part of the page is dominated by a list of cryptocurrencies, ranked by market cap. Each row provides key data at a glance: the coin’s rank, name, price, 24-hour change, market cap, volume, and circulating supply. The information is neatly arranged in columns, making it easy to compare different cryptocurrencies. Clicking on a cryptocurrency takes the user to a detailed page with more in-depth information, charts, and historical data.

As users begin to click around, the site’s user-friendly nature becomes apparent. Each section is logically organised, and the site is responsive, meaning pages load quickly without lag. The search bar at the top right is very effective. Typing in the name of a cryptocurrency or exchange brings up relevant suggestions almost instantly, which is handy for those looking for something specific.

The detailed pages for each cryptocurrency are a treasure trove of information. There are price charts that can be customised based on different time frames (from 1 day to all-time data), historical data, news, and a variety of metrics like market cap and trading volume. For someone new to crypto, this might seem like a lot, but the way it’s presented makes it easy to digest.

Key features

Cryptocurrency Rankings: This is the core feature of CoinMarketCap. It provides a comprehensive list of cryptocurrencies ranked by market cap, which is a great starting point for anyone looking to understand the market.
Detailed Cryptocurrency Pages: Each coin has its own page with detailed information, including historical price charts, market cap, volume, and supply data.
Exchanges: There’s a section dedicated to exchanges, where one can see rankings based on trading volume and other factors. This is useful for finding where to trade specific coins.
Watchlist and Portfolio: Users can create a watchlist to track favourite cryptocurrencies and a portfolio to keep track of holdings. This personalised touch is great for active traders and investors.
News and Learning Resources: CoinMarketCap has a “Learn” section with articles and tutorials about cryptocurrencies, blockchain technology, and investing strategies. This is perfect for beginners.
Calendar: The calendar feature includes upcoming events, such as coin releases, airdrops, and significant updates. It’s a great way to stay informed about important dates in the crypto world.

Signing up

Creating an account on CoinMarketCap is straightforward. There’s a “Sign Up” button at the top right corner of the homepage. Clicking it brings up a simple registration form where an email, password, and agreement to the terms of service are required. After submitting the form, a confirmation email is sent. Clicking the link in the email completes the registration process.

Once signed up, additional features like creating a portfolio and watchlist become accessible. The dashboard for these features is intuitive. Adding cryptocurrencies to the portfolio involves selecting the coin and entering the amount held. The site then tracks the value of holdings in real-time, which is incredibly useful for managing investments.

Customer service

To test the customer service, a few questions were sent using the “Support” option found at the bottom of the page. There’s a help centre with a search function that covers a lot of common questions and issues, which is great for quick self-help. For more specific inquiries, there’s a form that can be filled out.

Pros and cons

Pros

Comprehensive Data: CoinMarketCap offers a wealth of information on thousands of cryptocurrencies, which is invaluable for both novice and experienced users.
User-Friendly Interface: Despite the initial impression of being data-heavy, the site is well-organised and easy to navigate.
Portfolio and Watchlist: These personalised features help users manage and track their investments effortlessly.
Learning Resources: The articles and tutorials are great for newcomers to the crypto space.
Regular Updates: The site is updated frequently with the latest data, ensuring that users have access to the most current information.

Cons

Information Overload: The sheer amount of data can be overwhelming for beginners. It might take some time to get used to the interface and understand where to find specific information.
Ads and Promotions: The site features ads and promotional content, which can be distracting. However, this is a minor issue as they are not overly intrusive.
Lack of Customisation for Free Users: Some advanced features and customisation options are locked behind a subscription, which might be a downside for users who want more without paying.

The verdict

CoinMarketCap is an essential tool for anyone interested in cryptocurrencies. Its comprehensive data, user-friendly interface, and useful features like the watchlist and portfolio make it a go-to resource. The site might seem overwhelming at first due to the vast amount of information, but with a bit of exploration, it becomes clear and intuitive. The additional learning resources and news sections provide valuable insights and keep users informed about the latest developments in the crypto world.

Whether a beginner looking to learn about cryptocurrencies or an experienced trader needing up-to-date data, CoinMarketCap has something to offer. The ability to track and manage investments through the portfolio feature is particularly beneficial, and the site's responsiveness ensures a smooth user experience. While there are some minor downsides, like information overload and ads, the overall benefits far outweigh these issues.

CoinMarketCap stands out as a reliable and comprehensive resource for anyone involved in the world of cryptocurrencies. It’s worth taking the time to familiarise with the site, as it can significantly enhance understanding and management of crypto investments.