Today I’m very excited to announce that we will be releasing version 3.0 for all customers of MoneyWiz Premium. This update will include major new functionality to support crypto currencies, coins and tokens. We are aiming to release this update late March, early April 2018. I will also make some notes regarding what to expect in this update.
Here is how a forex/crypto account looks like.
We are currently finishing up with bug fixes and online banking integrations on iOS and Mac and we will start porting to Android and Windows next week. There are a few things to note.
- The Forex account looks a lot like an investment account, although there are a few exceptions. There are 3 custom components – chart, portfolio and trades.
- MoneyWiz automatically downloads the latest prices once per hour, but you can also manually refresh those. We get prices for crypto currencies, coins and tokens from coin market cap, which supports over 1300 of them. Since you can have positions in fiat currencies, those prices are downloaded from open exchange rates – this is the same source we use for regular multi-currency transactions.
- Similar to investment accounts, you can set prices manually for positions that are not supported by any of our sources. For example, pre-ICO prices or coins not yet listed on coinmarketcap.com
- This update will add 5 major exchanges for automatic bank sync via SaltEdge. SaltEdge has committed to adding new exchanges as quickly as possible, so if your exchange is not yet supported, let us know. It will be a matter of just a few weeks.
- There will be a new type of transaction – “Exchange” which you can use to convert any currency to any other currency within the same account. For example, convert USD to ETH, then ETH to XRP.
The functionality of our new Forex account is not limited to crypto trading. Here are some use cases that are perfectly covert by this new functionality.
The Forex account doesn’t have limits on what currencies you can trade with. If you’d rather invest in fiat currencies (USD, EUR, JPY), that is perfectly OK. MoneyWiz will plot your positions on a chart and calculate your gains and losses for each one of them.
With the addition of 1300+ new currencies and support for unknown currencies, MoneyWiz can keep track of all of your wallets, including exchanges, private online wallets and hardware wallets. This will help you keep track of what you have and help you make sure it stays yours.
Using crypto for regular expenses
Last year the crypto world saw a huge development in regards to what people can use crypto for – you can buy airplane tickets, pay taxes or purchase software licenses. All of that are regular expenses that you can make in a Forex account. Those expenses can be monitored by your budgets.
The forex account allows you to have one account for travel purposes and store all of your cash in foreign currency in that account. You can of course make transfer to and from that account, as well as regular expenses. You can even record exchange between one foreign currency and another. This feature is a must have for frequent international travelers.
Any feedback and questions are appreciated!