What this guide will cover
Forex / Crypto accounts allow you to freely exchange any amount of any supported currency into any other currency. This allows you to trade your fiat and crypto currencies and freely exchange one into another. Thanks to its versatility, forex accounts also can be used as Travel accounts.
Forex / Crypto accounts are not to be confused with Investment accounts (which are a separate account type in MoneyWiz) but if you're already familiar with one, you'll see that the other is pretty much the same!
MoneyWiz is not meant to be a trading platform – it doesn’t allow you to trade, it doesn’t give you advice what to trade. It’s a monitoring tool, meaning it just monitors your balances and helps you understand how they change and how they affect your overall Net Worth.
MoneyWiz support team is happy to help you with any questions you might have regarding this feature but we are not allowed to give advice on what or when to trade and will not provide guidance on that. Any investment decisions you make are entirely yours – so are both the gains and losses that your decisions result in. We take no responsibility for those.
Table of contents
- Two ways of tracking your wallets
- Creating a Forex/Crypto account
- Working with Forex/Crypto accounts
- Additional notes
Two ways of tracking your wallets
Remember that you can have more than one Forex / Crypto accounts in your MoneyWiz database! This way you can track different online wallets you might have.
Automatic (via Online Banking)
You may already be familiar with the Online banking feature. We support a few of the major forex trading services and we’re adding more all the time! If your institution is supported, you can connect to it to automatically retrieve current balance, current holdings and past transactions. The full list of supported institutions is only available in the application itself – download the free version of MoneyWiz and search the list for yours!
In case your institution is not supported or you prefer not to connect to it via our Online Banking feature, you can manage your investments manually. You’ll be able to transfer money in, out and log exchanges manually and still track the current worth of your capital. For manual trading tracking we support accounts in any currency.
Please note that we retrieve the exchange rates and the list of crypto coins and tokens from coinmarketcap. In order for MoneyWiz to retrieve current market values of your holdings, your crypto currencies must be listed on that website. If it’s not available on that website, MoneyWiz will not be able to download the current price (and changes in that price).
However, you can still add any currencies that you wish – even if they are not listed on coinmarketcap. Just type the name in the search field and select it from the list below the search field – most likely, that will be the only item. So while we don’t prevent you from adding any currency you want, we can only retrieve current prices for the ones listed on coinmarketcap.
Creating a Forex/Crypto account
Using Online Banking
To add an Forex / Crypto account for automatic tracking, start adding new account in MoneyWiz then choose Online Banking Account type. Search the list for your trading institution to see if it’s available:
After you authenticate MoneyWiz will start downloading your current holdings. Once it finishes, you’ll be able to see all that data in MoneyWiz and have it contribute to your total Net Worth in the application.
For manual tracking
To add an account for manual tracking start adding new account, select manual entry and find "Forex / Crypto Account" type. Tap on it and start filling out the details:
- Account name: a name for this account that will help you identify it on the list.
- Currency: due to their nature and versatility, Forex accounts are very fluid with the currency. This is also the only account type where you can actually change the currency after the account has been created so don’t worry about making a choice here. Still, if you live in the United States, you probably want to use USD here even if you’re making investments in other currencies – fiat or crypto.
If you switch to Extended section, you can edit other details of the account - just like described in Account basics guide.
After you confirm those details, you’ll be asked to add fiat and crypto positions to your forex account. For the purpose of this tutorial, we’ll populate a fictional portfolio. From the buttons at the bottom choose Add – a new screen will appear.
You’ll be asked for some basic information about this position:
- Symbol: the symbol of the currency. It can be a code for either fiat or crypto currency (EUR and ETH). You can also enter a symbol for any fictional currency you wish to track manually.
- Quantity: how much of the given currency you own.
- Cost basis: if you need to set a different cost basis for the purpose of price difference calculations (for example, you’ve obtained the holding at a different price to what it is today).
In our fictional portfolio, we’ve added several more currencies. Before you confirm account creation you can preview the holdings you’ve added and their total value.
Once your forex account is created you can modify, change its position on the accounts list and delete just like any other account – see the Account basics guide for more information.
Working with Forex / Crypto accounts
Now that our account is created we can see a beautiful chart of our portfolio:
Finding your way around the account
The Forex / Crypto account has a different layout from most other accounts. It features 3 major areas:
- Investment chart: showing you how your top holdings are performing.
- Holdings view: displaying all of your holdings in one clear list, displaying basic information about them and their performance.
- Trades view: listing all trades and transactions for this account.
Those sections are organised differently on different platforms in order to make most efficient use of the screen space available:
- In MoneyWiz for Desktop, you always see the Investment chart but you can switch between Portfolio (Holdings) view and Trades (Transactions) view using the buttons below the chart.
- In MoneyWiz for Mobile you can access each of those sections using the tabs at the top of the screen, just below the account name.
Creating new transactions and trades
Creating a new trade or transaction is as simple as adding a regular transaction. That's why you begin by simply clicking the + button in the bottom-right of the account. You can choose from (in MoneyWiz for Desktop, right after clicking the + button and on MoneyWiz for Mobile, using the tabs on top of the window that appears):
- Exchange transaction - an unique transaction type, specific for Forex / Crypto accounts. Allows you to exchange one fiat/crypto currency to another,
- regular transaction types (expense, income, transfer, adjust balance) that are covered in Transaction basics tutorial.
In this guide, we'll focus on the unique Exchange transaction type but it's worth remembering you can add other transactions to this account too. Now you can log that pizza you've paid for in BTC!
You’ll be asked to select the currency you’re selling, exchange rate (will be downloaded automatically) and the currency you’re purchasing. Notice that with this special Exchange transaction type, you do not need to enable currencies beforehand – you can select them on the fly, enabling them just for this one operation.
Optionally, you can also enter a commission, modify date and time as well as provide a description. After adding, you’ll see the details of your most recent trade (you can tap on it to expand and view more information):
- you don't need to enable currencies in MoneyWiz Settings -> Currencies in order to exchange them in the crypto account,
- it is possible to have a negative holding value (e.g. -5 AUD),
- if at any time your holding reaches 0 value, it'll disappear from your Portfolio but the transactions will remain in Trades view. In order for the holding to reappear in Portfolio, its value needs to become different than zero,
- Forex / Crypto main account currency can be modified at any time by editing the account (see Account basics guide),
- you can hover your mouse or finger over the Investments chart to display holding values for a particular date,
- you can use the buttons above the investment chart to quickly change the period the chart will cover or use the fields to the right to set the period more precisely to your liking,
- you can refresh the exchange rates (coming from coinmarketcap) by clicking on the refresh rates button: in MoneyWiz for Desktop, it's below the chart (next to Last refreshed information) and in MoneyWiz for Mobile it's in the top-right corner of the screen,
- your Forex / Crypto account balance will always be a sum of the value of each holding, converted to the currency you’ve set your Forex / Crypto account in (remember that this currency can always be changed). This means that whenever the value of one of the holding changes, your account balance will be recalculated to reflect this. Therefore any operation you see described below will lead to balance change since a holding value changed.