What is the impact of using the highest in first out cost basis method in cryptocurrency trading?

1 answers

• Mar 19, 2022 · 3 years ago
  At BYDFi, we understand the importance of cost basis methods in cryptocurrency trading. While the HIFO method can have its advantages, it is crucial for traders to consider their specific circumstances and goals. Our platform provides a range of cost basis options, including FIFO and specific identification, to cater to different trading strategies. We recommend that traders carefully evaluate their options and consult with a tax professional to determine the most suitable cost basis method for their cryptocurrency trading activities.
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