When should I mark a trade as BUY, SELL, or SWAP?

When should I mark a trade as BUY, SELL, or SWAP?

When adding trades to the Trading tab, you are presented with an option of BUY, SELL, or SWAP for each trade. Below will better explain when to use each action. 

BUY-

  • When using fiat to purchase a crypto.
  • When using a crypto you currently own to purchase another crypto.

SELL-

  • When selling a crypto for fiat.
  • When selling a crypto you own for another crypto.

SWAP-

  • When a crypto you own switches its symbol (Like the VEN to VET swap).
  • When a crypto you own is replaced (but not disposed of) with a different crypto at the same cost basis

Buys and sells when using fiat is super simple, but when you get in to crypto to crypto trades it may seem a little confusing. The good news is, you can technically use BUY or SELL for any crypto to crypto trades, and the software will be able to figure it out.

It is super important though, that you only use SWAP for actual crypto swaps, and not for crypto to crypto trades. For example if you trade BTC for ETH, that is NOT a SWAP, but actually a SELL of BTC for ETH. 

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