Trading and investing in cryptocurrency has become quite popular over the past couple of years. It also led to the largest bull market in the industry’s relatively short history.
This also means that a lot of people made a profit in 2021 and, despite the much worse market conditions, in 2022.
However, as the old saying goes – there are two things certain in life, and one of them is taxes. Cryptocurrency profits are taxed in the majority of jurisdictions. But because of how most cryptocurrency exchanges work, it could be quite challenging to calculate your profits.
This is especially true for users who trade actively and have to go through a ton of buy and sell commands to make sure that they have their calculations correct.
Fortunately, there’s a tool that automates this, and it is called Cryptiony.
What is Cryptiony?
Cryptiony is a cryptocurrency tax tool that automates calculations, reporting, and also portfolio management. It is easily integrated with the leading crypto exchanges, and it does all the work for you.
Using it is quite straightforward as well. First, users have to create an account by registering with their email address.
Once this is done, they have to import and review their transactions. This is a lot easier than it might sound because each exchange provides a read-only API or an exported CSV that allows them to connect their blockchain wallets using public receiving addresses. Of course, even though the tool does a great job, it’s important to review that everything is imported correctly.
Once all of the above is done, users are able to generate a tax report and get it out of their minds immediately.
In essence, the features of Cryptiony can be summarized as:
Easily import transactions from top-tier exchanges
Receive complete and precise information
Generate a trustworthy cryptocurrency tax report
The application is designed to calculate tax liabilities of historical spot prices. This means that if you have a tax-deductible cost from previous years, you have to enter them into the application, and they will be included in the following years.
The application uses exchange rates that are provided by the National Bank of England. It will correctly convert transactions with popular currencies such as EUR, USD, GBP, and others.
What Are the Supported Exchanges?
Cryptiony supports a range of different exchanges, including:
- Coinbase and Coinbase Pro
It also supports Zonda and Revolut.
To go a step further, the exchange also supports integrations with the most popular peer-to-peer cryptocurrency trading platform – LocalBitcoins.
If you are having trouble finding your exchange, it’s also not a problem. All you have to do is download the transaction files in a CSV or Excel format from the exchange itself and import them to the Cryptiony platform.