USD cash withdrawal from crypto portfolio

Koinly Support
1

I’ve withdrawn USD from my crypto portfolio back to my bank account and I looking for a process to add this type of transaction to my portfolio. Koinly only seems to offer to transfer funds into wallets. How do you withdraw/reduce funds from USD wallet?

2

It depends on the exchange: I personally found that Bittrex and Coinbase (Pro) reflect fiat-withdrawals via their respective APIs, and Koinly can import them automatically. On Binance US, on the other hand, I have to manually create a “Withdrawal” transaction whenever I pull out funds, because fiat withdrawals there are processed via a third-party clearinghouse/trust and do not show up on the API.

(As an alternative to tagging such transactions as “Withdrawals”, you could conceivably also create an empty custom wallet as a placeholder for your bank account(s) and then “Transfer” your fiat funds from any exchanges/crypto wallets into your quasi “fiat wallet”.)

I hope that helps!

3

how do u create a quasi fiat wallet in koinly ? which option did u choose ? Am tired of adding manual withdrawal transactions bruh.

5

yeah i was aware of this option - except thought there a separate option called “fiat” lol which is my bad as a wallet is a wallet - with or without dough. good catch bruh.

4

I know, I know… Ideally everything would happen automatically – but, assuming you don’t make fiat withdrawals with extreme frequency, I think having to add an occasional transaction manually isn’t the end of the world.

Anyway, here’s how you would add a manual wallet that you can use to account for fiat transfers/withdrawals:

  1. Go the Wallets tab and click on “Add wallet / exchange”
  2. Type whatever you want to name your wallet into the search bar; once Koinly doesn’t find a match, a blue “Create custom ‘[your name here]’ wallet?” link will appear.
  3. Click on the above-mentioned link and choose “Create without data”.
  4. You will now have an empty wallet that can be used to track fiat in/out transfers.

For an illustration of this process, see the second part of “Step 1” at the following link:
https://help.koinly.io/en/articles/3660679-getting-started-with-koinly

Cheers – I hope this helps!