The Internet Computer Protocol (ICP) is a decentralized blockchain designed to run scalable, secure, and efficient decentralized applications (dApps) directly on the internet. It aims to extend the public internet, allowing software to be hosted and run without the need for traditional servers or cloud services. ICP uses advanced cryptographic techniques to provide fast, low-cost transactions and aims to support a wide range of web services and dApps.
With Kryptos, you can easily track your ICP wallet in real-time and gain insights into your holdings, generate holdings and tax reports, and manage your portfolio.
Pick your import method.
On ICP
- Go to your ICP wallet.
- It can be Metamask, Exodus, or any wallet that supports the ICP Network.
- Copy your wallet address.
On Kryptos
- Go to Kryptos.io & signup using your Google account.
- From the menu, click on Integrations.
- Click on Add Integration, and search for ICP.
- Now, click on the ICP icon.
- Select Import using Address
- Name your wallet anything you would like.
- Paste your ICP wallet address.
- Click on Import Your Transactions. All transactions are directly imported and tagged by default.
Managing your portfolio with Kryptos
After integrating your ICP wallet, Kryptos offers a suite of tools to help you manage and optimize your portfolio effectively. Here are some key use cases:
- Real-Time Portfolio Tracking: Monitor your crypto assets with real-time insights into holdings, transactions, and market movements for informed decision-making.
- Asset Allocation Insights: Analyze the distribution of your investments, identify overexposures, and rebalance your portfolio to diversify and reduce risk.
- Integrated DeFi & Staking Overview: Manage both traditional crypto assets and DeFi investments, with a consolidated view of earnings and positions.
- Tax-Loss Harvesting: Identify opportunities to sell underperforming assets to offset gains and reduce tax liability, especially during year-end planning.
- Transaction Categorization: Automatically categorize transactions for better organization, making it easier to analyze your portfolio and generate reports.
Tax Reporting
How to generate Tax Reports
Once you have integrated all of your wallets and exchanges, generating tax reports is straightforward:
- Go to Reports from the main menu.
- Scroll down and you’ll see the “Reports” section.
- Choose your desired report and click on the Complete icon to download the report.
How are ICP transactions taxed?
- Income Tax: If you earn rewards from staking, lending, or receiving crypto payments, you may need to pay income tax.
- Capital Gains Tax: Profits from selling or disposing of crypto assets, such as ICP or wETH, are typically subject to capital gains tax.
Kryptos automatically calculates these taxes based on your ICP transaction data, ensuring accuracy and compliance with local regulations.
Troubleshooting and Support
Common Issues
- Invalid Credentials: Make sure to copy the entire wallet address string.
- Sync Failed: Make sure to copy the correct address from the respective network.
Support Channels
- Help Center: Visit the Kryptos Help Center for detailed guides and FAQs.
- Live Chat: Use the live chat option on the Kryptos website for immediate assistance.
- Email Support: Contact support@kryptos.io for email support.
FAQs
Can I connect multiple wallets and exchanges?
Absolutely. Kryptos allows you to connect multiple wallets and exchange accounts, providing a comprehensive view of your entire crypto portfolio. This data is then used to calculate your taxes and give you valuable insights.
Can I switch between plans?
Yes, you can upgrade or downgrade your plan at any time based on your needs.
How does Kryptos help with crypto tax calculations?
Kryptos automates the process of calculating taxes on crypto transactions by using real-time data and compliance with local crypto tax regulations. This helps individuals accurately report their taxes and reduce the manual effort involved.
What sets Kryptos apart from other crypto tax software like Koinly?
Kryptos offers more than just tax reporting. Here's what makes us different:
- Real-Time Financial Analytics: Unlike Koinly, Kryptos gives you real-time insights into your portfolio performance.
- Interoperability: With our data integration framework, Kryptos Connect, you can connect third-party apps like accounting and portfolio management tools effortlessly.
- Global Coverage: We support tax regulations for a wider range of countries, including Germany, Australia, Italy, and more.
- User Participation: Our "Build to Earn" model rewards users for contributions to the platform, providing opportunities to engage beyond simple tax reporting.
What support does Kryptos offer to individual users?
Kryptos offers robust customer support including FAQs, support tickets, and live chat options to assist users with any questions or issues they may encounter. This ensures that individuals have access to timely help when needed.
What payment methods are accepted?
As of now we accept major credit/debit cards.
What kind of support does Kryptos offer?
Kryptos provides 24/7 customer support via email, live chat, and a comprehensive Help Center. We also have a dedicated onboarding team to assist new users with setup and migration from other platforms.
What types of transactions can I manage with Kryptos?
Kryptos supports a wide range of transactions including trades, transfers, and wallet interactions across various blockchain networks and decentralised finance (DeFi) platforms, ensuring comprehensive management of all your crypto activities.