The Transaction-Label Trade is used to record the exchange of an outgoing Asset A for an incoming Asset B. Trade transactions are also referred to there as Swaps (not to be confused with Tokenswaps/Tokenmigrations). Trades will automatically be detected in Exchange and Wallet Integrations if possible.
> Basics on Labeling and Merging of Transactions
💡 NFT Mints, NFT Listings, (NFT) Burns, Tokensales and ICOs can also be represented by this Transaction-Label.
How do I create a Trade?
Open your Blockpit Account and click on the top menu item Transactions.
Now select + Transaction.
Enter the Date and Time of the transaction.
In case of a manually created transaction directly in the WebApp, use your local time.
If the transaction is imported via CSV/Excel, use the standard exchange time UTC.
Now select the Transaction Label Trade.
Now enter the Integration, Asset and Amount. If you paid Fees, enter them with quantity and currency as well.
Tip:In the input fields for assets, you can enter the short name (BTC) or long name (Bitcoin) as a search term to narrow down the search of the displayed list. If your asset is not selectable, you can get more information here.
Finally, click Save to complete the process and display the transaction in the Integration.
🧮 Effects of manually created transactions on your integration balance
If a Trade is created as a manual transaction in a Manual Integration, it will have a direct impact on the displayed asset balance of your integration.
If a Trade is created as a manual transaction in an Exchange or Wallet Integration, it will not directly affect the automatically and independently imported synced asset balance of your integration, but it will affect the calculated asset balance and your tax report.
💡 NFT & Tokensale Transactions
NFT Mints are typically automatically detected as Trades by our Wallet import solutions.
NFT Listings are mostly initially recognized as an outgoing Unlabeled Withdrawal + Transaction Fee. Once a successful sale (buyer has been found) has taken place, an incoming Unlabeled Deposit is recorded. Both transactions can then be manually merged into one Trade. If no buyer can be found, the transactions must be merged into a Transfer when the NFT is returned.
NFT-Burns can also be represented as a Trade or even as a stand-alone Payment.
Tokensales/ICOs are also represented as trades. The time of purchase of your investment is the time when the investment was paid. The actual inflow may occur later in another transaction and must be hidden from the tax report to avoid duplicates.
How are fees considered on a Trade?
Example: A Trade of 1000 EURO to 0.01 BTC with 0.0001 BTC fee.
Fees can be recorded either in the incoming or in the outgoing asset.
Fees, if paid in incoming or outgoing assets, will be considered as follows:
If fees are paid in the outgoing asset:
"The fee is treated as a separate outflow."
Outgoing Amount: Net transaction amount (amount excluding fees)
Fee Amount: Enter fee amount extra
If fees are paid in the incoming asset:
Case1: No additional fee on the deposit side.
Incoming Amount: Net transaction amount (amount excluding fees)
Fees Amount: Enter nothing or 0
Case2: Additional fee on the deposit side.
"If the fee is paid in the incoming currency, the input must be increased by the amount of the fee. The fee will be treated as a separate outflow."
Incoming Amount: Net transaction amount (amount excluding fees) + fee amount
Fee Amount: Enter fee amount as well