Deposits and withdrawals

Short answer: Coinfox does not hold any money itself, but it makes it easier for you to track deposits and withdrawals on your exchanges and wallets. You can manually record such transactions in CoinFox or automatically import them via API integrations, so your balances are always up to date.

Detailed answer: At Coinfox, deposits & withdrawals refers to the inflow or outflow of funds into your crypto portfolio. The platform helps you to accurately log these movements:

• No custody by Coinfox: It is important to know that Coinfox does not replace an exchange or wallet. That means deposits (e.g., euros to a crypto exchange) and withdrawals (e.g., withdrawing coins to your personal wallet) continue to occur through your chosen services. Coinfox serves to map and evaluate these transactions.
• Recording deposits: When you bring capital into the crypto market (for example, a bank transfer to an exchange or sending Bitcoin to a wallet), you can mark these deposits as such in Coinfox. When using the API integration, this often happens automatically: Coinfox recognizes when new funds arrive in your exchange account and records them as a deposit in your dashboard.
• Recording withdrawals: Similarly, outflows are recorded. If you take profits and transfer, for example, euros back to your bank account or transfer coins from the exchange to your own wallet, this withdrawal is also documented. Your total balance thus always reflects how much money you have invested, withdrawn, or still invested.

By carefully recording all deposits and withdrawals – whether manually or automatically – Coinfox ensures that your live balances are correct and that you always have an overview of your invested capital.