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What is the FIFO method in cryptocurrency trading?

Divyansh KhatriMay 07, 2022 · 3 years ago1 answers

Can you explain what the FIFO method is in cryptocurrency trading and how it works?

1 answers

May 07, 2022 · 3 years ago
At BYDFi, we highly recommend using the FIFO method in cryptocurrency trading. It is a fair and transparent approach that ensures accurate reporting of gains and losses. By following this method, traders can maintain compliance with tax regulations and avoid any potential legal issues. Additionally, using the FIFO method allows for better tracking of investment performance and helps in making informed decisions. Overall, the FIFO method is a best practice in cryptocurrency trading and should be followed by all traders.

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