Tracking Crypto Trades
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?
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.