Have you caught the crypto trading bug? Maybe you started out slowly, but have graduated to executing hundreds, thousands, or even millions of trades within a single tax year? Or maybe trading is simply a full time business or occupation for you?
If you are a high frequency trader, you may have a good understanding of your investments and liquidity. You likely have a great trading strategy, but you probably have no way to quickly and reliably calculate your true tax liability. Do you really know how your gains stack up against your losses? If you don’t have a clear picture of this, then you could be in for a surprise that you cannot afford come tax time.
In order to be ready for the taxman, you should have a clear idea of your gain/loss position at all times to ensure that you have the liquidity needed to pay any tax due when your tax deadline arrives. Or, if you have sustained losses, you definitely want to be able to use them. The less you have to pay in tax, the better!
But how can you accurately determine your gain/loss position when you’ve executed such a high volume of trades? Are you trading on multiple exchanges? Are you faced with a tedious and cumbersome data manipulation and reporting process come tax time?
Fyn can help with all of that.
Simply put, Fyn can quickly determine your gain/loss position in minutes with our robust platform built to crunch millions of transactions. Yes, that’s right - in minutes. All you need to do is import your transactions. And that’s easy because Fyn offers a wide range of data ingestion capabilities that allows data to be brought from any exchange and processed at scale. If your exchange doesn’t have a direct integration with our engine, then you just need to upload a CSV file of your transaction data to Fyn.
From there, the flagship Fyn tax engine does all of the number crunching you need. Fyn will quickly analyze the cost basis and sale price for each trade to determine the precise gain or loss, regardless of how many transactions you throw at it. Additionally, our upcoming dashboard will provide a visual representation of your data, giving you the ability to drill down and review your transactions at a granular level, allowing you to make manual adjustments to any trade as needed.
Once the numbers are crunched, you can either easily export auto-generated tax documents required by your accountant to prepare your return or export taxable transactions to your favorite tax software.
So there you have it. Now you can trade part time, full time, or all of the time, and Fyn will still have your taxes covered in minutes.