I had capital losses in 2021, but since I used a portfolio rebalancing service and grid bots, and therefore have a large number of (tiny) transactions, Koinly wants to charge me nearly $2,000. For a year with capital losses! Completely unacceptable. Definitely feel that Koinly is taking advantage of the reporting requirements being required of new crypto traders. Please fix your pricing model.
One way to reduce as I was told is to merge the same transaction together but I totally agree with you I feel like they are taking advantage of the space at this time and they know it
Have you considered that Koinly isn’t for you and that you should use another service?
I agree @Barret_Seashore I feel like processing the number of transactions should be cheaper than what all of these sites charge. Unfortunately, they are all super expensive for people who are boting. Which has me rethinking my strategy for the next year. It’s seems like it’s more beneficial (tax wise) to limit your transactions and do more defi/staking than boting.
Thank you Jason! Would you mind sharing a link or info regarding merging transactions?
I have definitely considered, and hoped, that another service might not take advantage of people in my situation! Out of the 10 I’ve tried so far, it’s a major headache; usually either the price or (more often) technical issues make it very difficult to account for Kucoin, and especially Kucoin Futures. I’ll keep trying though; please let me know if you find something as well!
Right b1kjsh?! I love bots, though ;;;^^ I think I’d rather file for a tax extension and wait/hope for a service that isn’t trying to gouge people like me rather than give up my dream of passive income
I’m still confused at how they are taking advantage of you since no one is forcing you to use the service nor has anyone changed the terms after the sale. In fact, it appears as if the criteria are clearly stated up front before purchase.
It seems that you generated a significant number of transactions without first assessing the potential ramifications and now shift blame to the very products that can remedy your wholly self created predicament.
Upon closer review, these products are vastly under-priced and I’d venture to say that if all these crypto tax software vendors doubled their prices tonight they’d still be overloaded with customers over the upcoming months.
Another option is for you to create a spreadsheet for the calculations, here is a good starting point: