Mexc discrepancies, should I worry?

There are some discrepancies in my mexc wallet even though I’ve synced api which only covers deposits/withdraws for the last 6 months, and transactions for the last 7 days, both which are fine considering I only started using it in Sep/Oct. I imported the CSV file for the year to handle transactions. I messed around very little with futures and apparently those transactions don’t mesh with koinly…
Despite all that I’m still getting these differences. My question is, should I be worried at all when it comes to the IRS? Personally I don’t think so considering the amounts.

Hey mekial2222,

If a transaction is missing then the balance on Koinly will not match what you actually have on the exchange/wallet.

This can happen for a number of reasons:

  1. Numerical Rounding - If you see small differences like 0.00000001 then you can safely ignore these as they are the result of rounding precision - this is the case for your BTC, ETH and WOPT.

  2. Airdrops

  3. Open Orders

  4. Missing transactions - If the differences between the balances is big then it means some transactions have not been imported. This is quite common and can usually be resolved by following the instructions for the wallet that you are adding. For ex. Binance does not return trades for delisted coins via their API so you have to import these trades using CSV files instead.

Sometimes the only way to figure out the issue with Missing transactions is to compare the imported transactions on Koinly one-by-one with the transactions on your exchange account. This may seem like a long process but Koinly has some tools built exactly for this job. Read more about finding and fixing missing balances.

I can’t really give you advice on the IRS side of things. For that, it’s best to reach out to a tax professional.

If you still need help with this after troubleshooting with the above article, please let us know.

This topic was automatically closed 60 days after the last reply. New replies are no longer allowed.