Best cost basis method?


don’t know if there is an option on the koinly site that explains what each cost basis method do.

I’ve been a long term holder since 2017 , I mostly bought my coins trough coinbase and sent them to my other exchanges to buy the altcoins that i wanted. I’ve been dollar cost averaging my way in to all these different projects.

I’ve used the FIFO method for now which seems to make sense because as soon as i’d buy my ethereum or BTC i would sell it right away for altcoins. This seems like the logical method but i’m not sure if there is a better method which would be better for me.

Dollar cost basis ?
dollar cost average ? but my ether and btc balances would be affected in way because i used them so often for trades.

anyways thats my question if you guys can give me some help with this would be much appreciated.

I’m no expert, but, as I understand it:

HIFO maximizes your losses and minimizes gains, so it’s best for paying the least in taxes, but you have to have detailed transaction histories for everything, though I don’t know specifically “why.”

FIFO is the “easiest” for some reason I don’t fully understand, but you can end up paying a bit more in taxes.

There are a lot of articles out there about this topic if you google though.