Describe the problem:
I bought some ETH which went way up in value.
Then I exchanged it on various occasions for ADA.
The Exchange transactions are showing a small loss when I am sure there were large gains on these transactions.
I have the same problem with sell transactions of ETH.
Sell transactions are showing a small loss when I am sure there were large gains.
Which exchange/wallet is this regarding?
I used a mix of exchanges: Coinbase, Binance, and Kraken.
How did you import data into this wallet?
Only exchanges were imported - nothing else - I did not import any wallets.
The exchanges were imported by CSV files.
All the transactions seem to be there.
Then I marked all Send transactions as gifts.
This was required because every send transaction was to one of my own wallets (I did not import any of my wallets) or was a gift to a family member.
I am aware that if wallets are not imported then profit on exchanges and sales should be higher.
This is because Koinly must assume the original purchase price is $0 if it can not find the original purchase.
But what I am seeing is the opposite. I am seeing little or no profit.
Question
Why am I seeing little or no profit on exchange and sales transactions?
Thanks
P.S. I should mention that I see large profits on Send transactions.
It seems Koinly wants to recognize profit when funds are moved off the exchanges rather than when a one cryptocurrency is exchanged for another or when cryptocurrency is sold for fiat.