The management and security of digital currencies can prove to be a daunting task, given the multitude of wallets, exchanges, and blockchain networks that must be kept track of. This complexity can make the task of accurately reporting taxes all the more challenging.
KoinX simplifies this by generating your cryptocurrency tax reports from your transaction data at one place.
KoinX In Action
Multiple crypto trades can be complicated to interpret in a single view at times, especially when you have your account on several exchanges. Once you log in to the KoinX dashboard, you can easily organise your data to suit your preferences.
Methods Of Filtering And Segregating Data
Through KoinX, you can segregate your transaction data based on the filters that you might need.
According To Wallets
With the KoinX dashboard, you have the ability to categorise your data based on the different wallets you utilise. To do so, all of your wallets must be first integrated into the platform. Segregating data by wallets gives a holistic view of the entire portfolio of the user. A few wallets supported by KoinX are Metamask, Ledger, etc.
According To Type
KoinX gives you the facility to sort out your transaction data based on the types of transactions. The types of transactions include airdrops, deposits, expenses, futures, trades, rewards, and withdrawals. Separation on the type of transaction helps deliver the actual cost of the transaction for a better understanding of occurred gains and losses.
- Airdrops – Transactions can be classified and sorted based on the tasks done for airdrops of various coins.
- Deposits – Deposits made by you into a coin or a wallet can be separated.
- Expenses – Transactions can be separated on the expenses made by you.
- Futures – Transactions that involve futures trading can be separated.
- Trades – Transactions can be sorted based on the trades made.
- Rewards – Transactions can be filtered out if they were rewards from certain exchanges.
- Withdrawals – Withdrawal transactions made can be separated.
According To Coins
It is possible to separate transaction data based on the coin that you have invested or traded in. The KoinX dashboard offers a detailed summary of a specific investment or trade made on a particular exchange, wallet, or a combination of both. This feature allows you to evaluate your data for a particular coin. Consequently, you can gain insight into crucial metrics such as the coin’s buying or selling amount, frequency of transactions, and transaction time frame.
According To Warnings
KoinX is at times unable to process your crypto report file due to factors like invalid or missing transaction data. The dashboard allows you to filter out the data showing such warnings, allowing you to inspect and edit those transactions and fix the error.
Can’t Find Price
This error occurs when the price of a certain transaction is shown to be zero. It occurs when the platform is unable to retrieve the cost of the coin used in the transaction. It can occur due to a variety of factors, with incorrect transaction details being the most common cause.
To solve this error, you could manually edit the transaction using the KoinX dashboard.
Can’t Find Purchase Transaction
This error occurs when the platform is unable to retrieve a purchase transaction from the report file. This error could happen if the required transaction is missing from the report file.
To solve this error, you will have to add the missing transaction back to the report file and upload it back to KoinX.
Benefits Of Simplifying Crypto Transaction Data And Getting a Holistic View Of The Data
Few benefits of simplifying crypto transaction data is given below-
- Simplification of cryptocurrency transaction data.
- Consolidation financial activities on one platform.
- Precise recording and accounting of all transactions.
- Facilitating seamless tax reporting.
- Empowering users to optimise their crypto investments and trades.
Navigating the complex world of crypto transactions can be a daunting task. KoinX simplifies the process by providing a user-friendly interface and comprehensive tools. By simplifying your crypto transactions, you can combine all your financial activities in one place, making it easier to monitor your trades and investments. Take control of your crypto journey and make informed decisions with confidence with KoinX.