Coinbase API: Advanced trades double-count the fee when selling an asset for USDC
blocked / no fix possible
Jack
When I try to sync my Coinbase account with Koinly using "Continue with Coinbase" connection, I get "Missing purchase history" errors on USDC.
I've noticed that the missing amount is always equal to the fee listed on selling some asset for USDC using advanced trades.
However, Koinly imports the trades exactly as they appear when I log into Coinbase (same subtotal/fee/subtotal values).
Issue status
Coinbase is misrepresenting the data for those advanced trades and we are inheriting the issue.
While we are reviewing possible workaround, since the issue is with corrupted data at data source, it may not be possible.
Workaround
Edit the transaction, click "Edit locked fields", remove the fee. Repeat this for all SOMETHING>>USDC trades that happened up to Jan 3rd 2024
P
Petur
Update from Coinbase:
After reporting this to the CB team, they have been able to identify the issue on their side. They have added a fix so that this issue will no longer occur for any transactions taking place after January 3rd, 2024.
Historical transactions will still be affected, so we recommend that you either adjust these transactions manually or use CSV files for your historical import.
Coinbase have stated that they are going to fix the historical transactions as well, but they are not able to provide an ETA for this.
P
Petur
marked this post as
blocked / no fix possible
K
Krypton green Clownfish
You're missing the point. Stablecoins are $1 = $1 same as USD when spent or bought in the USA. There are no gains or losses because $1 always equals $1.
Your profit and loss calculations ln stables are entirely unnecessary calculations to begin with.
Jack
Krypton green Clownfish: There are multiple reasons why, when calculating gains, 1 usdt
will not
have a cost basis of $1 - check the article I linked earlier for a list of possible causes:Jack
Merged in a post:
Something wrong with USDC fees on Coinbase API
C
Changing Panda
I've noticed in more than one account (I have multiple Koinly accounts) that something seems to be wrong with the USDC transaction fees calculation in the Coinbase integration. All cases I noticed were related to recently added transactions that were added using the Coinbase API (maybe they changed the data structure that comes through their API?).
The calculation seems to be wrong and "Missing purchase history" errors of small USDC values start to pop up. So far, I've only experienced this issue on transactions involving USDC.
Jack
Coinbase had an issue with their database (they were overreporting USDC fees) for some time. They have fixed this since but not for historical transactions, unfortunately.
See this post for details and a workaround:
K
Krypton green Clownfish
Not only that but Koinly also doesn't handle stablecoins correctly in the 1st place.
There are zero calculated losses or profits on stablecoins.
$1=$1, period. It's always a wash but somehow Koinly wants to make it more complex.
Jack
Krypton green Clownfish: It's possible to have gains on stablecoin transactions, especially if your base currency isn't USD - see:
K
Krypton green Clownfish
Jack, for the most part in the USA $1 USDC = $1 USDC. There should be a toggle to make it that way. Stablecoins only incur tax when "spent" at retail, not when exchanged for another asset.
You deduct P&L for every single USDC transaction. It's incorrectly reported.
Jack
Krypton green Clownfish: If your base currency is USD and you have large gains when disposing USDC, then investigate how your cost basis is calculated.
Possibly you were tagging trades as swaps, have "Missingpurchase history" errors, etc. (check the article I linked before for details)
K
Krypton green Clownfish
Jack you don't get it and I'm done trying to explain it to you.
There should be NO TRANSACTION ERRORS AT ALL.
That's because Koinly shouldn't be calculating losses on a $1=$1 stablecoin unless it was used as a disposal at a retail till where crypto was SPENT.
There is no tax on stablecoins otherwise in the United States and barely anyone uses crypto in retail stores or for purchases of physical goods.
You're wrong and you need to fix the issue yourselves. Making customer's fix your buggy app with edits of thousands of trades isn't my idea of customer service.
We are done here. I'm not explaining this basic nonsense to people who just don't want to do the work required to fix it across their platform like they should.
P
Petur
Update from Coinbase:
After reporting this to the CB team, they have been able to identify the issue on their side. They have added a fix so that this issue will no longer occur for any transactions taking place after January 3rd, 2024.
Historical transactions will still be affected, so we recommend that you either adjust these transactions manually or use CSV files for your historical import.
Coinbase have stated that they are going to fix the historical transactions as well, but they are not able to provide an ETA for this.
P
Persian blue Koala
My work around was not to soft delete the transaction but to add a manual transaction that deposited the usdc fee amount into coinbase after every affected transaction and also tag it as a fee refund.
This post was marked as
planned