CoinTracking - Profit/Loss Portfolio and Tax Reporting for Digital Currencies

[sgjenks01]

@bm303
I think you have identified the problem an it's easy to fix. Just open the Trades Table and add "In"/Deposit transactions for your deposits and assign them to the exchange where they went. I'm guessing Pol isn't off because you may have only transferred coins in and did not actually make a deposit there?

@Kevin and Dario. This would be another great item for the "Quick Start Guide".

Steve

[bitbadger]

@BitBadger
I'm a new user, but I have used CoinTracking extensively. I thought I would give you my thoughts from the perspective of a user.

............. . . . . .. . . . .

So, my recommendation to you is to use your free access to test out these ideas to see if it will meet your needs and go from there.

I hope this helps.

Steve

Thanks Steve for the detailed advice, that sounds pretty good. Ive looked around and tried a few other alternatives, and CoinTracking seems the best choice for me right now.

Ive already tried the free version, as I said I used up all the free trades.  I deleted the old trades for 4 months ago and imported my trades from just one exchange, but its already full. So Ive decided to purchase the full version for one year and start using it right away as I need all my trade data and the full API data feeds, no point otherwise.  So we'll see how it goes for this first year.

[sgjenks01]

@Dario,
I just found a minor bug in CT. In the trades table, if the number of rows is set to, say 10, and then you search for something that's in the table, but not in the first 10 rows, CT will return no rows. Then, if you change the row count to be big enough to include the rows in question, CT still returns nothing. To get CT to work properly, you have to clear the search box and re-enter the search term.

It seems to me that CT should return the rows searched for, regardless of whether they are displayed at the time the search term is entered.

Steve

[Dario3000]

Hey sgjenks01,

Actually this should not happen. I have tested it multiple times and do not have the same behavior.
The search is always checking ALL entries of a table and not just the shown page.
As the filtering happens in your browser and not on our server, it may be something there.
What browser and version are you using?
Have you tried it with another one?

Thanks also for answering the questions of BitBadger

Best,
Dario

 

[sgjenks01]

Dario,
I have Chrome 64 Bit Latest, but I guess it doesn't matter, because I was unable to reproduce the problem just now. This despite the fact that I was able to replicate it several times before I reported it. I guess that's what sometimes happens when you get tech support involved. 

Thanks for looking into it.

Steve

[jagstock]

Excellent site !
My comment is regarding BAT (Basic Attention Token).
BAT values are not not updated in portfolio. Its value is 0 and
hence my portfolio shows 0 for BAT portion !

[Arkaen]

Excellent site !
My comment is regarding BAT (Basic Attention Token).
BAT values are not not updated in portfolio. Its value is 0 and
hence my portfolio shows 0 for BAT portion !

Was going to mention this too. There's an old coin that also uses the BAT ticker (Batcoin), and maybe that has prevented the new one from being updated.

Either way, Basic Attention Token is already in the top 20 for market cap, so hopefully it gets added soon.

[Dario3000]

Hey,

Yeah, seems like there are two coins/tokens with the same ticker.
BAT (Basic Attention Token) is now listed with the correct price and BAT (BatCoin) will now be listed with the ticker "BATCOIN" on CoinTracking.

Best,
Dario

[27aume]

Found the site yesterday and for now, I'm pretty amazed, thank team!!!

[Dario3000]

Found the site yesterday and for now, I'm pretty amazed, thank team!!!

Thanks a lot. I really appreciate it

Have fun with CoinTracking,
Dario

[sgjenks01]

Dario,
I found a new "wrinkle" at the BitShares exchange. They are an exchange and have a currency BTS. It doesn't matter what currency you are exchanging for what, the fee is always charged in BTS. In essence, this means you have to buy their currency to use the exchange (pretty clever). But here's where there's an issue with CoinTracking: If I do a transaction to exchange some DASH for ETH, the fee is in BTS and it actually drops the balance for BTS. Since CT "ignores" fees, this makes my BCN balance incorrect. As a work-around, I've added an "out" transaction that deducts the fee from my BCN account.

I know accounting for Fees is a challenge because of the different ways exchanges report them (in the total and not in the total for the Sell side), so I thought I would up the challenge by throwing in a new variation. To account for fees properly, it seems like CT has to "know" which exchanges do what and treat fees accordingly. In the case where the fee is included in the Sell amount, any fee reported would just be put in the fee column. If the exchange doesn't include the fee in the Sell amount and reports it only in the fee amount (in the same or different currency), perhaps you could have CT add a "Fee Out Transaction" for that exchange. This way CT would not re-import transactions because they had been modified. Then it's a question of how CT "knows" how the exchange handles fees. This information could be maintained by you or a checkbox could be provided to the user so they could indicate whether the fee is in the total Sell or not.

I used to have to think about and code this kind of stuff for a living, which is why I feel compelled to problem-solve. If you only want me to report issues and not suggest solutions, just let me know. I'm okay either way.

Steve

[lofydf]

I just tested cointracker and i think it's a pretty awsome piece of work when it comes to cointracking and taxes. Thank you very much, i'm really thinking about going Pro when i figured out the last little tricks

Currently i'm sturggling on how to correctly enter future trades in a manner where they correctly get processed for the tax report.

Example 1 How would i enter a okc quaterlies long trade with 10x leverage

Day 1
open long position of 100BTC leveraged 10x (using 10BTC of my balance)

Day 2
close long with P/L of lets say 2BTC


Example 2 How would i enter a okc quaterlies short trade with 10x leverage

Day 1
open short position of 100BTC leveraged 10x (using 10BTC of my balance)

Day 2
close short with P/L of lets say 2BTC

With the short i'm selling BTC that i didnt buy prior to the trade, resulting in cointracker complaining that my balance is messed up at that trade.

[moftkhor]

How can I import my XRP address from my hard wallet? There is no 'XRP' ticker in the list of altcoin wallets...

[Tap Project]

Looks like a great platform, would of been better than the old excels

[Liquid71]

This looks like a really cool project, I usually avoid this type of thing because of privacy concerns, well that and coin security. What kind of personal info is shared and with whom using this service? Thanks

[sgjenks01]

@liquid71
You would probably rather hear this from a user than the guy trying to get you to buy it, so here goes. You can see what sort of information is being sent to them by looking at an export file, for example. They are plain text csv files with trades from the exchange you are using. They get info like: Date & Time, Symbol and Amount Sold plus symbol that you bought and amount, and any fee the exchange took out of the trade. I'm sure they can look at all this in aggregate or detail to see what you are doing, but why would they care? None of the information about wallets ever leaves your wallet or exchange. I suppose a risk might be that a government could subpoena their records to help them capture tax dodgers, but that's pretty unlikely, because all the data is "hearsay". A government probably wouldn't rely on this data and would be much more likely to go after an exchange. This is exactly what the USA did when they went after Coinbase to get their customers' records.

Steve

[sgjenks01]

Feature Request:
When setting up the automatic imports for BTC and ETH as well as the other Alt Coins, it would be very helpful if you provided a free format "Description" field. I got an email that said I got a deposit in BTC to xyz wallet. The problem is, I had no idea which BTC wallet the import was set up on or where the transaction came from. i had to do some digging to figure out it came from a miner. With a notes/description field, that could have been avoided.

Thanks,

Steve

[Bermuda666]

I just tested cointracker and i think it's a pretty awsome piece of work when it comes to cointracking and taxes. Thank you very much, i'm really thinking about going Pro when i figured out the last little tricks

Currently i'm sturggling on how to correctly enter future trades in a manner where they correctly get processed for the tax report.

Example 1 How would i enter a okc quaterlies long trade with 10x leverage

Day 1
open long position of 100BTC leveraged 10x (using 10BTC of my balance)

Day 2
close long with P/L of lets say 2BTC


Example 2 How would i enter a okc quaterlies short trade with 10x leverage

Day 1
open short position of 100BTC leveraged 10x (using 10BTC of my balance)

Day 2
close short with P/L of lets say 2BTC

With the short i'm selling BTC that i didnt buy prior to the trade, resulting in cointracker complaining that my balance is messed up at that trade.

Hi @lofydf,

thanks for your question.

You are right, you have margin trades in your account before you even bought the Cryptocurrency.
Because of these circumstances you have warnings coming up. Currently there is no solution for CT to show running margin trades.

We are currently working on a method, so this becomes easier to handle and more efficient. This could probably take a few weeks to implement.
Over the next time we try to integrate more tools especially to make everything easier for traders.

Please be patient while we are working on a solution. Thank you very much.

Best regards,
Keven

[Bermuda666]

How can I import my XRP address from my hard wallet? There is no 'XRP' ticker in the list of altcoin wallets...

Hi @moftkhor,

thank you for asking about this.

Currently we are not able to add XRP as a wallet import, because we are working with a Multi-Blokchain-API and we mostly track data from there.
Unless you can name a Blockchain-API source we could implement, where this Coin is already added. In this case we would try to start an integration.

However, we hope the Multi-Blokchain-API is going to add this Coin soon.

For now you could use our bulk importers or the manual import.

Kind regards,
Keven

[Bermuda666]

Looks like a great platform, would of been better than the old excels

Hey @Tap Project,

thank you for the compliment.

We try our best to make our platform as useful as even possible. We are working on it every single day.

And yes, it´s probably a lot easier than the old excel files for most of the people.

Wish you happy tracking.

Best regards,
Keven