Tracking Crypto Trades

[emd023]

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?

[logfiles]

You can keep track using crypto portfolio tracking apps through you exchange account API keys depending on the exchange you use. I usually use 3commas, Delta crypto and Bituniverse apps.

That should reduce you hassle when it comes to tracking profits and losses.
1. https://delta.app/
2. https://www.bituniverse.org/
3. https://3commas.io/

[BitMaxz]

Try this one https://cointracking.info/

You can import the API to track your crypto trade or you can import the CSV file.

You can get and download the CSV file under your trading history like Binance and import it to cointracking.info

You can follow the guide from here https://www.youtube.com/watch?v=jVCJ1Zddd4Y
Or watch all of these guides below how to use it
- https://www.youtube.com/channel/UCaCaTC7W9JeuFW34T_OC-wQ/videos

[Paycoinzzz]

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.

[thecodebear]

I don't even try to track individual trades. That would be way too hard. I just write down how much I have in my trading stash (in dollars) at the start of the year and at the end of the year, so I can put my capital gain or loss on my taxes by just subtracting those two numbers. I do track my daily profits for myself, not for tax purposes. But just the raw dollars I'm making, I don't write down anything about the specific trades.

Last year I sold out of any trades I was in on Dec 31st so I knew what I ended the year at, and bought back in a couple days later. And at the end of this year I'll do the same so it's real easy to keep track of what I need for taxes.

[Ifra24]

Try this one https://cointracking.info/
You can import the API to track your crypto trade or you can import the CSV file.

Is it so complicated, and OP need to use a third party application? I only record every day about profit or loss and then add up for one month. There are also calculations provided by the exchange such as binance in the future market. So you don't need to count yourself.

For API be careful giving APIs to third parties. Reconsider the credibility of the application / third party. Through the API your account can be controlled by them, sell, buy, and withdraw assets until your property runs out. If your exchange requires some access for validation before a transaction, this can fail. But, if security validation does not exist in the exchange, your assets will lost.

[emd023]

I worry about using API's. I do not like the idea of giving my login info to a third party. I know it would be very unlikely that anything would happen but you never know. Sites get hacked all the time.

I have tried using the CSV imports with some of these tracking sites, however, as I mentioned before, some of my trades can have 50+ transactions each. Most of these sites provide a limit to the number of transactions before charging you. And the "unlimited" plan for these sites can be VERY pricey. This is why I am trying to find a way to do this manually.

[emd023]

I don't even try to track individual trades. That would be way too hard. I just write down how much I have in my trading stash (in dollars) at the start of the year and at the end of the year, so I can put my capital gain or loss on my taxes by just subtracting those two numbers. I do track my daily profits for myself, not for tax purposes. But just the raw dollars I'm making, I don't write down anything about the specific trades.

Last year I sold out of any trades I was in on Dec 31st so I knew what I ended the year at, and bought back in a couple days later. And at the end of this year I'll do the same so it's real easy to keep track of what I need for taxes.

Would this be acceptable? Am I able to take the end of year balance of all of my currencies to submit for taxes?

[Harlot]

I worry about using API's. I do not like the idea of giving my login info to a third party. I know it would be very unlikely that anything would happen but you never know. Sites get hacked all the time.

I have tried using the CSV imports with some of these tracking sites, however, as I mentioned before, some of my trades can have 50+ transactions each. Most of these sites provide a limit to the number of transactions before charging you. And the "unlimited" plan for these sites can be VERY pricey. This is why I am trying to find a way to do this manually.

If you mind spending more cash then I don't think any service can help you at all since generally they won't be offering their services for free without expecting any payment. The downloadable trade history via CSV files I think is enough for you to independently record all your trades from that point. I don't even think that you need to even go in that far in tweaking the file itself since all you need is all the trades you have made from that fiscal year.

[Kelvinid]

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?

It could be hard to track if you are using different coins in trading and especially when you are doing a day trading. But I don't think it was very important to have it track since I believe that you are a full-time trader and you are watching it all over the day, unless if you have another job.

If you are using a single trading platform, no matter how many coins you trade, multiple trades a day, you can still find it if you are losing or not because it appears in the total balance. But it was difficult when using multiple platforms a day. And if you do the records manually, it only add a burden to you.

But anyway, you can take a look at your trading history in each platform.

[logfiles]

It could be hard to track if you are using different coins in trading and especially when you are doing a day trading. But I don't think it was very important to have it track since I believe that you are a full-time trader and you are watching it all over the day, unless if you have another job.

This is when crypto trading tracking platforms that use exchange API keys come in handy... Only that one has to be careful to use repuatable and non scam platforms. Everything is automatic. I use 3commas and Bituniverse but i have never had to pay a fee to tracking my trades, Profit and losses. The fee only comes in when i want to use their bots for automated trades.

[Yamifoud]

If you need cryptocurrency tools and sites for tracking, I recommend that you look at this list of useful services.

It is sorry but OP is asking a certain tool that could help him to track his trades in order to give him an insight if he is already at losing or gaining state, and that on your lists are sites to help us track the current market position.

But anyway,
OP, don't make it harder, you are pushing yourself to bother about it. You can evaluate your trades if you are already gaining or not by simply adding it. For example, if you started with $1000 and calculating all your holdings at this time and it reaches more than $1000, then you can say that you are making it good. That was simple and that is usually I did. Or you have to write it manually in every trades you do.

[aaronkow]

Personally, I recommend you to record your crypto holdings in both Blockfolio and MS Excel. You can use both to check the accuracy of your profit/loss data even for daily trades.

Another advantage of using Excel is the ability to save all profit/loss data as backup in case your mobile phone is stolen or require re-formatting.

Just my 2 cents!

[dragon695]

Personally, I recommend you to record your crypto holdings in both Blockfolio and MS Excel. You can use both to check the accuracy of your profit/loss data even for daily trades.

Another advantage of using Excel is the ability to save all profit/loss data as backup in case your mobile phone is stolen or require re-formatting.

Just my 2 cents!

True! I also use Excel to record all of my transactions since it has the ability to transfer data widely from different platforms. Profit and loss management is critical in controlling your investment. Excel also has a friendly interface that makes it easy to interact with.

[Lakai01]

Try this one https://cointracking.info/

You can import the API to track your crypto trade or you can import the CSV file.

I would recommend cointracking.info to you in principle, too. But if you trade a lot you will soon reach the limits of the free version. This version only allows you to manage 200 transactions (including deposits/withdrawals).

So you will need a pro-account relatively quickly (allows up to 3500 transactions). This will cost you about 10$ per month. I' say it is definitely worth it, especially if you trade a lot and have to do your tax return at some point: https://cointracking.info/pro.php