CoinSpot is excited to announce a heavily requested and most anticipated feature to the platform, Wallet Change! The wallet change feature provides customers with an overview of the price movement history & average buy price for coins purchased on CoinSpot and currently held on the platform.
What is Wallet Change & Approx. Change?
Wallet & Approx Change calculation is based on historical change in value to coins purchased on CoinSpot currently held on the platform.
What is Average Buy Rate?
Calculation is based on the historical price of coins purchased on CoinSpot currently held on the platform.
What do the calculations exclude?
The calculations exclude the following:
- Coin sends & receives
- Gas credits/Airdrops
- Referral bonuses
- Re-denominations
- Token swaps
- Contract swaps*
Where can I find the new features?
Users can find this feature on the Wallets page of each coin they hold.
- Wallet Change: Visible in the Wallets page
- Approx Change: Visible in the Coin Wallet page
- Average Buy Rate: Visible in the Coin Wallet page
The Wallet Change feature is currently available on the CoinSpot Website and will be on the app soon.
How is Wallet/Approx Change & Average Buy Rate determined?
Wallet Change is the calculation of Weighted Average Price of your total portfolio against the current coin prices on CoinSpot.
Approx. Change is the calculation of Weighted Average Price of a particular coin against the current coin prices on CoinSpot.
Average Buy Rate is the calculation of Weighted Average Price of a particular coin.
The calculation is based on the rate including fees.
Why does the Average Buy Rate change when I sell a coin?
The Average Buy Rate will change whenever you complete a buy/sell transaction within any one particular wallet within your CoinSpot account.
These values will change in accordance to the weighted average on a First-In First-Out basis.
Can I use these indicators for taxation purposes?
At this stage, we do not provide a total gain/loss summary. The Wallet & Approx. Change displayed within your CoinSpot account is indicative and should not be used for any tax calculations.
It is good practice to conduct your own due diligence or seek the appropriate guidance from a financial advisor or accountant as this will ensure that you’re compliant with your own personal circumstances. Alternative third party services are available online to assist you with your calculations - we’ve provided information on how to use these tools below.
- Creating a Tax Report with Syla
- Creating a Tax Report with CoinLedger
- Creating a Tax Report with CryptoTaxCalculator
- Creating a Tax Report with Koinly
Need more help?
Please submit your request via Zendesk - https://coinspot.zendesk.com/hc/en-us/requests/new
or start a conversation with us via Live Chat and our team will provide full instructions and advice.
Comments
0 comments
Article is closed for comments.