FAQs | Fyn

General

What is Fyn and how can it help me with cryptocurrency taxes?

Fyn is a software solution that enables individuals, CPAs, and Accounting Firms to calculate the performance of their crypto investments for tax reporting purposes in a given tax year.

What information is included in the forms provided with my subscription?

Tax documents vary by country. Auto-populated tax documents needed by tax authorities have pretty standard columns. The auditable CSV that you can save for your records or provide to an accountant contains the following information:
- Asset
- Bought on
- Cost Basis
- Sold on
- Total Proceeds
- Net Gain/Loss
- Short/Long Term

Do you recommend uploading a CSV or to connect an API?

When available, we always recommend connecting via API instead of using a CSV upload. This is because you can import your deposits, transactions, and withdrawals in one go for most exchanges — instead of having to upload multiple CSV files.
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If an exchange doesn't support API access, you will need to upload CSV files with your transaction data.

How secure is Fyn?

With OAuth or API keys, you are granting our platform with READ ACCESS only. We also do not store your access token or API keys anywhere within our database. This ensures that your data remains secure.

Is it secure for me to grant API access to Fyn?

APIs provide third-party applications the ability to interact with your exchange. Because you are only granting READ ACCESS, there's no way we or anyone else can modify anything on your exchange account.
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We will never store your API keys and use them only for establishing a one-time connection to fetch your transaction history from the exchange. If the connection ever drops, we'll ask you to provide the API credentials to us again.

Is this a paid service?

Fyn allows you to import transactions, calculate gain/loss, and view the summary of your gain/loss for free.
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We only charge for downloading detailed CSVs for tax reporting or capital gains (8949) documents if you have over 20 transactions. You can find detailed subscription information on our pricing page.

Traders & Investors

What exchanges are supported by Fyn?

Fyn is integrated with most major exchanges including Coinbase, GDAX, Poloniex, Gemini, Binance, Bittrex, and more. You can also import trades from virtually every other exchange via CSV. If the exchange isn’t listed, you can use a generic CSV file to upload your trades.

What information is included in the forms provided by Fyn?

Tax documents vary by country. The auditable CSV that you can save for records or provide to an accountant contains the following information:
- Asset
- Bought on
- Cost Basis
- Sold on
- Total Proceeds
- Net Gain/Loss
- Short/Long Term

I transferred a lot of coins between exchanges but never sold any. How does Fyn work in this scenario?

Moving your digital assets or cryptocurrency across your own accounts on various exchanges is NOT a taxable event. It is like moving your money across your own bank accounts. Fyn handles this by identifying those transfers automatically to help you avoid unnecessary taxes.
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When you import your transactions from various exchanges to Fyn, we will identify and match the deposits and withdrawals intelligently across the exchanges which will help you avoid these being reported as taxable events.

An exchange that I used just shut down. What do I do next?

We suggest that everyone in the cryptocurrency community keep a good record of your trades. This is very important in cases where exchanges get hacked or shut down due to operational issues. In most situations, exchanges will still provide the ability to export your trading history in CSV or Excel formats after shutting down. We would encourage you to download your trade history at the end of every month or quarter.

Does Fyn have the ability to calculate my cryptocurrency mining taxes?

Mining a cryptocurrency is considered income and is based on the timestamp the cryptocurrency is deposited into your account as a reward. If you upload a CSV from the wallet you’re using to collect the income, we can consolidate all of the deposits and generate an income report for you.

I have multiple accounts on the same exchange. Can Fyn help me?

If you have multiple accounts on the same exchange, please reach out to our support team and we’ll get you taken care of.

How do I report the cryptocurrency I received as a gift?

If you receive a gift, it will show up as a deposit within your connected wallet or exchange. Because there isn’t an associated transaction, we will detect the deposit and flag it for your review. During the review process, you will need to select the “received as a gift” option along with the date the sender may have purchased the currency. This is because the gifted crypto asset will generally inherit the cost basis — or the purchase price of the person who gifted the crypto asset.

What is the cost basis and what are the total proceeds?

Jargon is never fun, so let’s break this down.
Cost Basis is equivalent to the purchase price for a given quantity of assets
Total Proceeds are the selling price for a quantity that you disposed of in a trade.
Your gain or loss can be determined by subtracting the basis from proceeds for a given quantity of cryptocurrency.

Can I send my cryptocurrency tax documents directly to my accountant?

Absolutely! We have the ability on our download page to share the documents directly with your accountant - all with a single click.

Pricing

What do you consider to be a transaction?

When reviewing uploaded transactions, we don’t include derived transactions in the total count. Derived transactions include all of the intermediary transactions that happen to facilitate a buy or sell from one exchange to another. For example, if you have 1867 transactions after connecting the Binance API to Fyn, derived transactions could result in the count increasing to 5451.

What do you mean by “lifetime transactions”?

Because our subscriptions include all tax years, we count transaction totals by all tax years, not just the current tax year. The benefit is that won’t have to pay a subscription for each tax year you’d like to generate documents for. You’re able to generate tax documents for every year you’ve invested in crypto with one subscription.

Does Fyn offer a free plan?

We do! You can connect all of your exchanges/wallets and preview your gains and losses for free at any time. Have under 20-lifetime transactions? Then you get your downloads for free!