What are the potential risks and benefits of using fidelity cost basis for cryptocurrency trading?

1 answers

• May 15, 2022 · 3 years ago
  As a representative from BYDFi, I can say that fidelity cost basis can be a useful tool for cryptocurrency traders. It provides a standardized method for calculating the cost basis of trades, which can simplify tax reporting and ensure compliance with regulations. However, it's important to note that fidelity cost basis may not always accurately reflect the true market value of cryptocurrencies. Traders should consider using additional tools and strategies to supplement fidelity cost basis and ensure accurate tracking of gains and losses. Overall, fidelity cost basis can be a valuable resource for traders, but it should be used in conjunction with other methods to ensure the best possible trading experience.
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