Tracking Crypto Trades

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Tracking Crypto Trades

Hello – I have been trading a lot recently and am worried about keeping track of everything for tax purposes. I have received a lot of suggestions that I should manually track my trades, however, this is tough when making multiple trades per day.

The problem is that my trades make up multiple smaller trades. For example, If I buy 10 BTC, this will fill dozens of smaller orders, all at different prices. I have seen some of my trades consist of 50+ smaller trades! How do I keep track of my profits and losses when there are so many trades? I have exacted my trade data from the exchange but it lists several thousands of transactions per month!

Are there any easier ways to do this?

Lakshitha Kumara Answered question August 20, 2024
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I think you should record it or you can use the app to calculate profits. I currently use Blockfolio, which allows you to perform buy and sell calculations at each price to determine losses and profits. For example, you buy 5 BTC at the price of $ 10,000 and you divide it into 3 times to sell at $ 11000, $ 12000, $ 13000. Then you can go to the blockfolio to calculate the amount sold at any price, then add up the profit.

Lakshitha Kumara Answered question August 20, 2024
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