dYdX is a decentralized exchange (DEX) specializing in perpetual trading for over 35 popular cryptocurrencies, including Bitcoin, Ether, Dogecoin, and Cardano. It offers a platform for margin trading, lending, and borrowing services, operating atop the Ethereum blockchain and utilizing Layer 2 solutions for enhanced scalability and reduced transaction costs. dYdX employs smart contracts to facilitate decentralized trading, eliminating the need for intermediaries and providing users with greater control over their assets.
With Kryptos, you can easily track your dYdX trades & balances in real-time and gain insights into your holdings, generate holdings and tax reports, and manage your portfolio.
Pick your import method.
On Kryptos
- Go to Kryptos.io & sign up using your Google account.
- From the menu, click on Integrations.
- Select Add Integration
- Search for dYdX on the search bar
- Select “Import using Address”
- Name your wallet anything you like.
- Copy your dYdX wallet address from dYdX.trade & paste it here.
- Click on “Import your transactions” after pasting the address.
- Allow Kryptos to sync with your dYdX account.
Note: We currently don’t support Valut and its transactions but we will add it soon.
Managing your portfolio with Kryptos
After integrating dYdX 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 crypto 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 DYDX, BTC or ETH, are typically subject to capital gains tax.
Kryptos automatically calculates these taxes based on your crypto 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 Kryptos help with DeFi tax reporting?
Absolutely. Kryptos automatically generates tax-compliant reports based on your DeFi transactions, saving time and ensuring accuracy during tax season. This feature simplifies staying compliant with evolving regulations, making tax preparation hassle-free.
Does Kryptos offer customer support?
Yes, we offer 24/7 customer support through multiple channels, including email, live chat, and a comprehensive help center, ensuring that you get timely assistance whenever you need it.
How do I upgrade to a premium plan?
You can upgrade directly from your account dashboard. Choose the plan that suits your needs and follow the on-screen instructions.
Is Kryptos secure?
Yes, Kryptos places a strong emphasis on security. We use industry-standard encryption protocols to protect your data, and all transactions are secured on the blockchain. Your privacy and security are our top priorities.
Is Kryptos free to use?
Yes, Kryptos offers a 7 day free trial so you can experience the platform's features and benefits before subscribing. Learn more about our pricing structure and features now.