Way too many micro-payments falsely pushing into Top Tier Plan
D
Dandelion Swordfish
I make 12-20 actual trades per year. However, in some years, I have held coins that generate "staking rewards" very frequently. Those are so frequent in minute amounts that it pushes my transaction counts into very different plans for each of my 4 years og crypto investing with Bitbuy.
I did find the “billable transactions” that Koinly recognizes for selecting a plan; after uploading my 2022, 2023, 2024 and 2025 CSV files.
The results are:
• 2022 = 97 billable transactions … OK for Newbie plan= good
• 2023 = 5268 billable transactions … That would put me in the PRO plan even though my trades are similar … Oucchhh!
o Any plans to review these micro-payments counts as it is way too expensive in this scenario?
• 2024 = 811 billable transactions … That would put me in the Hodler plan… Too many micro-payments again!
• 2025 = 62 billable transactions … I only have 2 coins that have staking rewards, which seems to reconcile better and would fit into Newbie plan 😊.
So there are wide variances from the reconciled micro-payments!
The current transaction count definitively falsely increases the associated plan.
Current pricing needs to better reconcile these micro-payments as current plans don't make sense to me!
Best regards
J
Jade Wren
I have had the same issue with an exchange called 'Bake' with multiple daily staking rewards that are micro amounts from liquidity mining. The problem is I am locked in for ten years and have asked BAKE to withdraw but legally I cannot. It makes something like less than a dollar in a year. Ridiculous. The pair being mined are junk now as the altcoin crashed and is pretty worthless now.
I have other holdings in separate exchanges and have not been heavily involved in crypto trading at all, rather HODLING what I have. But, because of BAKE, I am put into the Pro plan yearly. I am definitely not a Pro at all. The tax report I lay yearly costs way more than anything I have made staking. The report costs wipe out any tiny profits made. I have contacted Koinly each year explaining the problem and at least they have once given me a bigger discount on the plan and another time a lesser discount.
So yeah yearly, my Koinly tax report costs me way more than what I yield yearly from crypto. I cannot do the tax myself. It's too complicated for me.
I am looking at doing a manual input for Bake instead next year if I can. The lesser plans still means I lose all staking profits.
Z
Zaffre blue Iguana
I have been dealing with this problem for ages, but it's not quick. Luckily, retired, I have the time. I simply sum the transactions, say monthly or 3 monthly and enter them at the end of the period, then delete. Better still, I never synch them at all and just sum them in the coin's staking site. Some years ago, I foolishly bought some zeon and staked it in the PC wallet. The result: 750,000 staking rewards in a year. Koinly could not cope. Overall, the individual amounts are micro and I doubt it makes a big enough difference to the tax statements for the ATO to care. If there is volatility, the distribution about the end of period value is likely to average out and the amounts probably average out over several actual entries too. However, it would be great if you could tell Koinly to sum all amounts of a particular coin in a chosen time slot, choosing only rewards or loan interests etc too, without having to tick every entry..