If you’re like me, you probably have a variety of financial accounts to manage. From your primary bank, to a spare-change savings app, to investment accounts — there’s a lot to keep track of! Finance apps like Personal Capital and Empower have made it possible to bring all of those accounts under one roof where it’s easier to monitor balances, due dates, and other important information. Financial account aggregators have been real game-changers!
With the recent rise in the popularity of digital currencies (and the seemingly endless list of cryptocurrencies available), there’s a similar need for an app that brings all of those currencies under one roof. Gem recognized that need and created a solution specifically for crypto investors.
Gem is an all-inclusive platform that allows users to track, store, trade and discover cryptocurrencies. Gem also integrates all your digital activities into a single app while delivering real-time news and research. Let me tell you a little bit about Gem’s top offerings so you can decide if it’s right for you.
What is Gem?
Since its founding in 2013, Gem has worked to develop an all-encompassing tool for crypto-traders. Founder, Micah Winkelspecht, earned the label “blockchain pioneer” for his efforts to simplify the incredibly abstract concept of digital investments. According to Winkelspecht’s mission statement, Gem has two primary goals: to help digital investors easily track their holdings and to give them the tools to make well-informed digital currency investments.
Gem’s cryptocurrency product made its debut when they launched their app in May of 2018. The mobile app allows users to track over 1,500 cryptocurrencies and to connect up to 25 different exchanges. The Gem app is the culmination of years of hard work but their work isn’t finished. While the app is fully operational, the Gem team is continues to develop new and improved offerings.
Who is Gem for?
Gem’s user base heavily skews toward the 20-35 year demographic. However, Gem believes that as digital investments grow in popularity, their app’s simplicity will introduce digital currencies to older generations as well. In general, the Gem app makes sense for the following groups of people:
- Investors interested in acquiring multiple crypto investments
- Individuals seeking cryptocurrency research tools
- Active investors who trade with an above-average frequency
- Investors wanting quick access to their digital portfolio and net worth
Gem’s Finest Features
Gem has several key functions to help users manage their digital currencies and trades. Let’s take a look at a few of the app’s features:
The Gem portfolio gives users a consolidated overview of their digital wealth. The app provides a snapshot of all of your digital currency holdings in a single location and provides real-time price tracking. Just as you monitor asset allocation on apps like Vanguard, Gem paints a clear picture of how your crypto investments are spread out. The app provides allocation data and historic price movements so you can instantly understand the makeup of your portfolio.
Gem makes it easy to connect and manage all of your exchange accounts. All you need to do is select the exchange you want to connect to your account and you’re in business. Gem maintains a lengthy list of compatible exchanges. Here’s a quick sampling:
Bibox, Binance, Bitfinex, Bitflyer, Bitmex, Bitstamp, Bittrex, CEX.io, Coinbase, Coinbase Pro (GDAX), Coinbene, Coinone, Cryptopia, Exmo, Gate.io, Gemini, Hitbtc, Huobi, Kraken, KuCoin, Liqui, Livecoin, Poloniex, Wex, Yobit
Once you connect your account, those assets become part of the portfolio tracking system I described above.
The Discovery tab tunes you in on trending currencies, market fluctuations, and much more. On a personal note, my favorite tool in the discovery window is the Digital Investment Profile. This tool contains a detailed summary of every known cryptocurrency on the market and the currency’s makeup. This is a drastic improvement over most other crypto profiles that simply feature a link to a third-party website where you can obtain more detailed information about the currency. The Discovery tab shouldn’t be your only research tool, but it’s a terrific starting point.
Gem’s Wallet Feature is probably the tool I’m most excited about. Ironically, it is the one facet of the app still in the works at this time. By 2019, Gem plans to introduce their all-inclusive management tool.
The Gem wallet allows users to hold, send, receive and trade all cryptocurrencies that they’ve connected to their account. Gem promises that all transactions will be supported in one universal wallet with an account key that you control. For now, you can still hold and manage assets that are held in other exchanges. But, once this function is rolled out, it will undoubtedly be Gem’s best and most valuable feature!
Not only will Gem give users the ability to manage all of their cryptocurrencies in one place, but they can also discussed every digital currency under the sun in one place. Gem’s social media features allows users to connect with three different platforms where they can converse with other users about digital currencies news and trends.
Telegram, Twitter, and Reddit all have dedicated message boards to talk about all things Gem. Unfortunately, these tools aren’t particularly useful for research. The Reddit message board has a very modest number of subscribers. The Twitter feed consists of mostly Gem updates and news. And finally, the Telegram messaging base is still underdeveloped.
High-Quality Design and Interface. Gem’s sleek, user-friendly design makes crypto investing accessible to the masses.
- Easy Asset Tracking and Management. Easily connect and manage all of your exchange accounts in one app.
- Research Tools. Discover, track, and research cryptocurrencies to make informed investment decisions.
Wallet Feature Still in Development. The real value of the Gem app won’t become apparent until it’s best feature is released.
- Limited Expert Content. As a new app, it might take some time before Gem attracts top-notch expert content.
- Social Features are a Work-in-Progress. The social media concept doesn’t provide much value at this early stage in the app’s evolution.
Is Gem Worth Your Time?
In its current state, Gem is a useful organizational tool for digital investors. Presently, you can expect cutting edge integration of all your digital assets onto one platform. After it’s fully developed it should become much more. Given the immaturity of digital investments I find it imperative that investors are given better access to crypto-research. Gem begins to tackle this issue, but only on a basic level.
I recommend Gem to anyone utilizing multiple exchanges, or with an appetite for exposure into different digital investments. Gem won’t completely alter the way you trade cryptocurrencies until it releases the Gem Wallet feature in 2019. No doubt, being the pioneer of an all in one app has been challenging for the Gem team. However once their app’s potential becomes fully realized it will change the way you trade.