Crypto.com Wrong Fiat Balances - Solved

[Krypto_Rick]

Describe the problem:
The ‘Crypto_com’ wallet(s) reports highly inaccurate fiat balances.

This is due to the fact that:

1. Crypto_com creates 3 CSV files (fiat transactions, crypto transactions & visa card transactions) with no link between them. This means, when you deposit funds on your fiat account and then top up your card with them, the funds are counted twice, as two separate deposits in two different CSV. In reality you have one deposit (from your bank account to your fiat account) and one transfer (from your fiat account to your card balance).
   Same issue of missing links and double counting can happen in other situations as well.

2. The conversion operations that Crypto_com performs when you make a purchase in a currency other than the native currency of your card are not logged in CSVs and are effectively missing.
   This is why you might end up in Koinly with, for instance, a high Euro balance and negative Bristish Pounds, Swiss Francs and US Dollars balances. In reality you turned this Euro in the respective currencies at the time of the purchases. There is no history of it from Crypto_com though and Koinly doesn’t see it.

Which exchange/wallet is this regarding?
Crypto_com App

How did you import data into this wallet?
CSV files

What have you tried to fix this so far?

The fix currently is very tedious.
I created 1 Crypto_com wallet in Koinly per CSV file, for clarities sake. So I have a Crypto_com Card, a Crypto_com Crypto and a Crypto_com Fiat wallet.
Then I manually turned deposits and withdrawals that are actually transfers between these wallets into “transfer” and gave the correct wallet of origin/destination. This solves the double deposit problem (point 1 above).

To solve the fiat balance problem (point 2 above) is a lot more time consuming. I went through all transactions in currencies other than the native currency of the card and added a “trade” transaction just before each one to manually perform the currency exchange. You have to refer to the corresponding forex price at that time.

Then just manually add in the end a few “lost” transactions to get rid of discrepancies due to rounding errors.

I really wish Crypto_com would start logging these currency exchanges as card transactions. That would help Koinly tremendously.

Note: I also labelled all my cashbacks as “rewards” but I don’t think that’s necessarily needed.

Hopes this helps someone !

[Platypus-Sam_Koinly]

Hi @Krypto_Rick , welcome to Koinly Discuss!

I am actually really glad this is brought up

Fiat balances for most exchanges will be incorrect. This is due to the fact that many of fiat-only transactions aren’t often included in the API data. Koinly also tries as much as possible to not include this information or import it (we do not need to know of your fiat withdrawals to your bank account for example).

The good news is that, even if they will often be incorrect, there is no reason to worry about this or take any action, because Koinly does not use any of those fiat-only transactions to calculate your gains or generate any of your reports.

As for the cashbacks. How to label them (simple deposits or rewards), this is entirely up to you and your tax advisor. If you want to have them included in your income section, tag them as “rewards” and make sure “Treat rewards as income” is turned on in your settings. If you want to count them as capital gains at time of disposal you can leave them as is.

Get back to us at [email protected] if there is something you need an in-depth look at !

Have a great day, cheers!