Blockfolio Tax Reporting
TokenTax imports Blockfolio data for easy cryptocurrency trade tracking and tax filing.
Our Partnership with Blockfolio
We’re partnered with Blockfolio, the world's most popular cryptocurrency portfolio tracker. We're excited to bring easy tax filing to crypto holders all around the world.
History of the Blockfolio platform
Blockfolio is a United States-based portfolio tracker founded in 2014. As of 2020, it is the most popular platform for tracking all your portfolio trades in one centralized view with over 60 million users.
Blockfolio has integrations with a variety of trading platforms, signals and information feeds in a convenient and intuitive portfolio tracking platform. It connects with over 500 exchanges and messaging applications.
The platform has a variety of signals and news feeds that allow users to stay connected and informed about new developments in the crypto space. It also has an exclusive signal which allows users to get direct updates from team leaders of tokens.
As a trader, you can sign up for token update feeds to follow and get access to these direct communications from the token team leaders, as unprecedented access.
There are taxes on all of your trades from different exchanges
Tax implications for Blockfolio depend on your trades on different exchanges, since Blockfolio is aggregating them into one view. Remember that all of your trades from crypto to crypto and crypto to fiat are taxed.
Even if the trades are across different exchanges, you still need to track your cost basis for whichever accounting method you are using.
For example, you may have bought bitcoin on one exchange, traded it for ethereum, and thereafter transferred it to another exchange to trade for cosmos in one tax year. You would need to report both the trade from bitcoin to ethereum and ethereum to cosmos on your taxes.
You can read our crypto tax guide for more information on how all your crypto transactions are taxed, or you can also reach out to us on our chat function to learn more about your unique situation.
FBAR considerations for portfolio trackers
It is important to understand that even though Blockfolio is based in the United States, you are still trading on exchanges all over the world. That means you could still be subject to the Foreign Bank Account Report (FBAR) form.
If the aggregate amount you held on foreign exchanges was greater than the FBAR threshold at any given time in the year, you should disclose this information on an FBAR.
For example, you may have traded on three international exchanges and two exchanges based in the United States. If the maximum total amount held on the three foreign exchanges was over the FBAR threshold, you may need to report for the year. Ask us about our FBAR automated calculation on our chat function (lower right corner).