Exchange Rate / Does Koinly Uses the appropriate exchange rate

Koinly Support
1

Hi,

I bought some BTC with fiat currency of USD. Subsequently, I bought SOL with BTC. Now I sold the SOL with a profit and received USDT.
Will Koinly use the GBPUSD exchange rate on the day when I bought BTC to calculate my GBP cost basis? And does the same again to the USDT when I sold the SOL to obtain the proceed value in GBP? So as to come to the profit denominated in GBP for tax purpose?
Thanks

2

Hey @HKKW

Check out the article below, it explains how the market rate is set for crypto and fiat.

https://support.koinly.io/hc/en-us/articles/9908059562908-How-Koinly-sets-the-market-price-for-your-transactions