Binance generates a transaction per day for each coin in staking which generates a lot of transactions per year and per month.
However, I quickly realize it is not worth it if I’m going to use Koinly as a tax report service as you charge based on number of transactions.
Your business model is not compatible with small level staking as it generates more cost than income this way.
Please review your business model or find a way for people to make staking worthwhile even for small amounts. Maybe you can find a way to not count these types of transactions.
When will you have a solution? I am not a big fish and I calculate that I will have 20000+ transactions by EOY.
Hi @ibai93
I understand your frustration!
Koinly imports transactions as they appear on the blockchain, and as such they are reported and imported as singular transactions.
You can merge these together to reduce the transaction count, or if you wish, you can tally up all the rewards received on a certain day/week/month and add a single deposit for the whole amount.
I hope that helps!
Koinly does not warn prospective new customers about this big big hidden cost.
I use Binance earn for my Hodls. Plus I stake Kusama (KSM).
I am a novice - yet had to pay “Pro” for Koinly plus an extra 4,000 txns.
Then now I sit down to do my Australian tax, Koinly would not work for Tax reports at all even though I had put in hundreds of dollars earlier in the tax year.
Extortion-ware is Koinly.
Tax Reports said they would not work until I spent on 6,000 more transactions.
So I paid up the extra $s.
But then Tax Reports said they would not work until I spent for yet another 1,000 more transactions.
Koinly Extortion-ware would not deliver on the hundreds I had spent, until I spent yet lots more $s on Koinly.
So as a crypto beginner using earn, Koinly charges me as a big time Professional - what nonsense!
I want an easy tax reporting solution with API loading.
The idea of manual summing up and spending many hours fiddling about to reduce transaction count is an insult ‘Ali Koinly Leader’. We bought the promise of easy tax reporting with Koinly. Please - truth in advertising.
Staking KSM generates up to 6 transactions per day - all earning a fraction of one cent.
The summing up needs be handled by the Koinly software auto magically.
Koinly is clearly unsuitable for small investors. Koinly is selling a dream it does not deliver on.
Its a con. Selling a dream. Delivering a requirement for ever more $s or Koinly Tax reports wont function.
Reminds me of Celsuis and Alex.
Koinly lacks truth in advertising.
Hi @KeithR
Thanks for your message, I understand that behind the frustration with the way the data is imported via API, you just want this to work.
I hear you, loud and clear!
We are looking to improve the way we handle transactions of this nature and have created a ticket for our Product/Dev team. I cannot promise you a timeframe for implementation, however, there are steps you can take to reduce your transaction count namely by using CSV files, this way you are in more control of the data that is imported and the files can be aggregated.
I’d like to stress that we do not go out of our way to intentionally separate these transactions, it’s simply imported exactly as it appears on the blockchain. This is the same for all other API integrations that we have.
I would invite you to contact me via our messenger app so I can take a look at your account and where possible, provide assistance in reducing the number. 