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How are market prices calculated in Divly?
Quick Answer
Divly can automatically convert thousands of cryptocurrencies to your local currency quickly and efficiently so you don't have to!
In some cases you may want to replace the default conversion with your own conversion, this can be done by editing the Transaction Value under each transaction.
Detailed Answer
When setting prices for your crypto transactions, Divly first converts the cryptocurrency to USD, and then converts USD to your local currency. Divly converts prices of different transaction types based on the following logic.
Deposits and Withdrawals:
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Local currency: No conversions are necessary.
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Foreign fiat currency: Divly converts the value of the foreign fiat currency into your local currency.
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Crypto: Divly converts the crypto to your local currency.
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Crypto (missing price): Divly creates a Missing Price Information warning, notifying the user that the Transaction Value needs to be updated manually.
Trades:
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Local currency <> crypto: Divly uses the value given in your local currency. No conversions are necessary.
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Foreign fiat currency <> crypto: Divly converts the value of the foreign fiat currency into your local currency.
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Stablecoin <> crypto: Divly converts the value of the stablecoin into your local currency.
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Crypto <> crypto: Divly uses either the Received Currency or Sent Currency to convert to your local currency. The side chosen will depend on what your local tax authority has designated as the correct method.
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Crypto <> crypto (the side of the trade used to convert to your local currency can't be priced): Divly uses the opposite side of the trade and converts it to your local currency.
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Crypto <> crypto (neither side can be priced): Divly creates a Missing Price Information warning, notifying the user that the Transaction Value needs to be updated manually.
Market prices for cryptocurrencies
Divly supports thousands of cryptocurrencies in the crypto universe. We fetch our rates using CoinGecko that provides some of the most commonly used aggregated crypto price timeseries data.
Market prices for fiat currencies
Divly supports all major fiat currencies across the globe. We fetch our rates using open exchange rates which provides consistent and reliable exchange rate data.
Why is Divly missing pricing history for a specific crypto?
There are many very small cryptocurrencies that are so unheard of that no pricing aggregator will ever collect market price data. In these cases it becomes very hard for Divly to assess what the real market price is.
To ensure you can do your taxes correctly, Divly provides a warning called Missing Price Information that flags this transaction to the user. You can then input your own market price manually by editing theTransaction Value.
Divly is using the wrong price for my cryptocurrency!
There are a few cases where the price may need to be rectified manually:
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The cryptocurrency was so volatile that it might have pumped 300% during a few minutes, and then quickly decline. The daily rate Divly uses may not accurately represent the exact time you made the purchase. In this case feel free to edit this manually in Divly.
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A token uses the same symbol as a more known cryptocurrency and hence Divly applies the pricing data from the more known cryptocurrency. For example, if a small token were to use the symbol ETH, Divly would use the price of Ethereum rather than the obscure currency's real price.
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Sometimes market prices may differ between exchanges. In this case the price Divly stores may differ from the exchange you used.