Kraken - deposit fees ignored - part 2

Describe the problem:
@Ali_Koinly closed the topic without waiting for me to reply what I have to say in the reply I got here: Kraken - deposit fees ignored - #3 by Ali_Koinly

@Ali_Koinly Please do not close the replies right away after you reply. After hearing what you’ve written, the customer might have something else to say. Or maybe your instructions weren’t clear enough.
I believe the KPI here is to help the customer in a way he/she understands rather than responding without verifying if the customer understood or not.

Please keep it open after you respond here, as I have a feeling I’ll have another reply.

You said:

“Thanks for reaching out! So this is not an error/issue as such, it’s just the way that Koinly handles fees on certain types of transactions”

And then:

then you should add a separate withdrawal transaction for the 4 USD fee and tag it as a Cost

I’m sorry to say, but this is a limitation / bug in Koinly.

You asked me to:

  1. Mark manually a new transaction
  2. Mark it as withdrawal - which has nothing to do here as there was no withdrawal action here
  3. Then mark it as Cost

These 3 manual steps when importing via an automated API. It’s also confusing as in reality there was no withdrawal.

So while Koinly has this limitation, this cannot be said to be the desired behavior.
Especially while your competitors (Coinledger . io) are handling it correctly.

This could not have been any clearer on Kraken:

So this is a bug.
Because the default behavior here is losing my tax deductibles in Koinly.

Maybe you don’t want to prioritize fixing it, but this is a bug that is not clear to me why you can’t fix it. I saw the API response for the deposit action on Kraken, and it does contain all the needed information regarding the original deposit (100 USD) and the fee (4 USD).

Would love for you to answer:

  1. Can you please explain why Koinly won’t fix it, and force me to do manual tasks every time I use Kraken?
  2. Let’s say you have a huge tech debt that you can not do in a reasonable time. Why can’t you do the steps you described for me yourself? OK, deposit entry in Koinly (for technical reasons) can’t have a fee. Sure. But you can still detect this situation and add the Cost withdrawal transaction yourself. Can this please be prioritized in Bug reports (public) | Koinly ?
  3. Regarding marketing it as withdrawal, any better option? As withdrawal is very confusing in this case.

Also as mentioned before, please keep the topic open so I could respond to your response.

If you want to reopen the original thread so I could reply to it there, no problem.

Which exchange/wallet is this regarding?
Kraken

How did you import data into this wallet?
API

Hello @Crypto_Margol

Apologies for closing the previous thread prematurely, this was an oversight on my part.

The reason I asked you to create a withdrawal transaction, is so that Koinly can recognise the 4USD as a “Cost”. This $4 Cost would then be highlighted in the Cost & Expenses part of your Tax Report so that you may work with your accountant to understand how best to offset this.

I personally do not have the technical knowledge to answer the questions you have put forward,so I have asked for input from a senior colleague. They would also best placed to handle/create any bug reports. :+1:

You should expect a response in this thread :slight_smile:

Best,
Ali :rocket:

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Thank you very much for your response.

While I understand the “workaround” you suggested, as mentioned above it doesn’t make sense this is how Koinly approaches the issue.

Looking forward to getting a response to my questions/concerns/suggestions.

Hello @Crypto_Margol!

To build up on what my colleague said:
I can see how including the fee separately can be beneficial in this particular situation.

In cases where it is a cryptocurrency that is transferred from your other wallet, the current implementation is more convenient, as excluding the cost completely turns it into a “transfer fee”, which in turn directly affects your cost basis. This, however, has no effect on Fiat transactions, as in your example.

For now, I would recommend the same solution as my colleague, adding a manual cost transaction.

I would also like to note that I forwarded your reservations to our Dev team for them to review and consider for the next update of our Kraken API integration - thank you for this feedback.

@Jack_Koinly any updates here?

@Crypto_Margol Sincere apologies for the long delay.

I will laise with Jack and get back to you. I am of the impression that a bug ticket was created. I will share the info in my response :+1: 1:

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I completely agree this should be fixed. Any timescale for fixing?

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Let’s hope @Jack_Koinly or @Ali_Koinly would come back to us. From my experience with Kraken support, they either close the thread without waiting for a response, do not respond for 60 days, and then auto closes / completely delete the thread when they don’t like it.

Hey guys, see the details for the bug ticket below.

Hi @Ali_Koinly , thank you for the screenshot.
Can you share why that is not an open topic we can access? Like this one for example.

Would be much better to track it

@Crypto_Margol

Unfortunately, bug tickets of this nature are not available for public view - however, I will copy/paste any relevant updates and post them here for you.

1 Like

Thank you @Ali_Koinly , waiting for your updates

Any chance there is an update on that one? :slight_smile:

Maybe now @Ali_Koinly ?

@Crypto_Margol Sincere apologies for the delay on my end here bud, let me chase our product team for a response. Expect to hear back from me within 24 hours.

@Ali_Koinly I believe 24 hours have long pass… Any info here?

I don’t get how such a huge bug on such a huge exchange is acceptable in the eyes of Koinly.

That and also the fact that this bug is still open: fix kraken | Bug reports (public) | Koinly

You’re basically saying you don’t care about Kraken users.

@Crypto_Margol Hi there :wave:

Apologies for the wait! I have chased this with our product team and they advised that the Kraken integration did undergo some updates on Jan 7th.

Can you please get in touch with us via our messaging app in Koinly, we would like to take a look at your API wallet to see if fees are handled differently now.

This is finally looking good!! Great news!!