eToro CSV: Withdrawals to crypto wallet have a mirror withdrawal of fiat
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Jack
When I import my eToro transactions using the transactions XLSX file downloaded from eToro, my fiat balances are wrong.
I noticed that, when I withdraw assets to my crypto wallets, Koinly imported a withdrawal of fiat - the amount is the same as the value of the withdrawn asset.
Workaround
I should manually delete the two fiat withdrawals next to the withdrawal of my crypto asset
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Inherent Porpoise
Please deposit crypto to attachment QR code
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Inherent Porpoise
Please manually import wallet transfers into QR code on file with wallet Bitcoin address thank you bc1q8xpnsekdslsgjgudlgl0s5g0q03sp3gaez9q3r
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Amazing Chipmunk
It is important to note that when crypto is withdrawn from the eToro trading platform to the eToro wallet, this is not simply a normal crypto wallet-to-wallet transfer. Rather, the original crypto positions are closed on the eToro platform, generating an associated taxable event. The eToro $ account balance in the eToro account statement increments, reflecting the conversion of crypto to fiat, then the $ balance is decremented again to reflect the generation of new crypto assets in the eToro crypto wallet. The cost basis for the new wallet positions is defined by the date of the transfer, not by the purchase date of the crypto positions which have been closed and "transferred".
Currently, Koinly does not treat these eToro "pseudo-transfers" as taxable events, as it should. In fact, the correct approach would probably be to show the eToro crypto positions being closed and converted to fiat, with the fiat then being converted to crypto in the eToro wallet. That is what actually happens, and is probably why the eToro "transfer" fees to the wallet are so high.