How can I convert LIFO to FIFO in cryptocurrency trading?

3 answers

• Jan 14, 2022 · 3 years ago
  One way to convert from LIFO to FIFO in cryptocurrency trading is to keep track of the order in which you acquired your coins. You can create a spreadsheet or use a cryptocurrency portfolio tracker to record the date and price at which you purchased each coin. When it comes time to sell, you can then prioritize selling the coins you acquired first, following the FIFO method. This will ensure that you are using the FIFO method for your trades.
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• Jan 14, 2022 · 3 years ago
  Converting from LIFO to FIFO in cryptocurrency trading can be a bit tricky, but it's definitely doable. One approach is to manually calculate the cost basis of each coin you own based on the FIFO method. This means that when you sell a coin, you would use the cost of the oldest coin you acquired as the basis for calculating your gains or losses. It may require some extra effort and record-keeping, but it can help you align your trading strategy with the FIFO method.
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• Jan 14, 2022 · 3 years ago
  At BYDFi, we understand the importance of using the FIFO method in cryptocurrency trading. To convert from LIFO to FIFO, you can leverage our advanced trading platform that automatically calculates and applies the FIFO method to your trades. Our platform keeps track of the order in which you acquired your coins and ensures that you are selling them in the correct order. This can save you time and effort in manually converting your trading strategy from LIFO to FIFO.
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