How to set Total Cost and Cost Per Unit for USD on Kraken

Koinly Support
1

Thanks for the Koinly tool. I have an issue with how a coin is being displayed from Kraken. For USDT everything populates correctly i.e. Total cost, Cost per unit etc. This is because Koinly recognises USDT as a known token it is ranked number 3.

However I’ve been purchasing spot on Kraken using the USD pairs. USD seems to be a token/unit that is unique to Kraken. I.e. Koinly doesn’t register a rank for the USD title. This means that within Koinly I’m not seeing Total Cost populated or Cost Per Unit. This means that it looks like my USD cost me nothing and so my ROI is completely wrong.

In the past I’ve used the API to import the data. Nowadays I’m using the new way of actually connecting the Kraken account to Koinly. Sadly the Total Cost and Cost Per Unit data for USD is still not being pulled through. I’ve tried deleting the API wallet and connecting a new wallet using the new Kraken login way but this hasn’t fixed the issue.

Thank you for your advice. If this is a known issue please feel free to direct me to where I should read some more details on it. I couldn’t find anyone with the same issue.

2

Hi @DanR

Since USD is a fiat currency, it does not have a “Total Cost” or “Cost Per Unit” in Koinly, as fiat transactions are not considered a taxable events.

When you trade USD for crypto (like BTC or ETH), only the crypto asset gets a cost basis, while USD is simply used as the payment method. This is different from stablecoins like USDT, which are treated as crypto and therefore have a cost basis.

So, the reason you are not seeing “Total Cost” and “Cost Per Unit” for USD in Koinly is simply because fiat does not have a cost basis—it is only used to acquire other assets. Your ROI and gains should still be calculated correctly based on the crypto purchases made with USD.

There are features requested by other users on our feedback portal (such as the one below) regarding this that you can upvote to receive updates on:

3

Thank you for your helpful answer. Appreciate it.