Introduction

Cryptocurrency is a new booming investment market. Everyone wants to dive into this. But it is not easy. So we are going to cover three crypto apps that will make your life easier. In this article Top 3 Crypto Exchange Apps List for 2022/2023 we will discuss CoinStats, RoundlyX, and Cryptotrader. tax.

Top 3 Crypto Exchange Apps List for 2022/2023 are:

CoinStats 

CoinStats is an app that tracks your entire crypto portfolio. In addition, it has a personalized crypto news feed. The reason this is important is that many of us use multiple exchanges, multiple trades, and we get lost. We don’t know are we up or are we in the negative. So this takes all of your information and invests your crypto in one spot. Therefore you know precisely what is going on. On top of this just being an app to track whether you are in profits or losses, it is also very important for tax season.

Most of us wait until tax season and boom we are hit with an unexpected bill. We’re not keeping track of our finances but with an app such as coin stats or the others out there, we know exactly what to expect. So when tax season arrives you don’t want to be hit with an unexpected bill knowing what’s going to happen will save you more money.

Example

For example, if you know when you purchase the crypto you will know the difference between whether it’s a short-term capital gain or a long-term capital gain. If it’s long-term you held it for more than one year you will pay less tax and it also can help save you money.

For example, let’s say you are overall in the negative and it’s nearing tax season. If you see you are in the negative you can perform what’s known as a wash sale. This is not allowed with stocks but it currently is allowed with crypto because crypto is considered property. So if you see overall you are in the negative but you don’t want to get rid of your crypto. What you can do is sell your crypto and buy it back immediately and you create a tax loss on paper even though you didn’t get rid of any of your crypto.

Relatable – Top 10 Crypto Mistakes To Avoid In 2021.

RoundlyX

The second app that will make your life easier when it comes to crypto is RoundlyX. This is an app that takes your spare change, rounds it up, and then invests it into the cryptocurrency of your choice. This takes dollar cost average and recurring buys to the next level. So for example let’s say you go into the store and you buy a coffee and it’s $25. The app will round up to the nearby dollar. So it will round up 75 cents and when enough roundups accumulate a buy is executed and held in your exchange account for the cryptocurrency that you choose.

Remember the whole point here is to make it simple, easy, and passive. This app can be connected to four different exchanges at the moment including Voyager, Coinbase, Kraken and, Okcoin. So this is the second app in the list of Top 3 Crypto Exchange Apps List for 2022/2023 that will make your life easier when it comes to crypto.

CryptoTrader.Tax

The third app that will make your life easier when it comes to crypto is CryptoTrader.Tax. This is crypto tax software. We might expect what we’re going to pay in tax or know what our tax write-offs or losses will be. But when tax season arrives and you need to file. It’s going to be extremely difficult to file it manually. There are so many complexities to crypto tax. There are short-term capital gains, long-term capital gains, maybe you earn crypto awards, you have a crypto interest or you were paid in crypto. That’s no longer capital gains that are now income tax and it gets very complex especially if you’re using multiple exchanges. So this puts it all in one simple and easy. 

If you’re someone reading, that may be using one platform. You bought one or two cryptos and you buy not very often possibly you can do it manually. But anything more than that you will need crypto tax software. There are many others out there and surprisingly if you go to an accountant and just give them a random sheet from your platform or your exchange they don’t know what to do with it. Many accountants are still new to crypto. So this app will put it all together and you hand it to your accountant. But let’s say you do taxes on your own maybe you use something like TurboTax. Cryptotrader. tax is an official TurboTax partner so it integrates very easily. This is the third app in the list of Top 3 Crypto Exchange Apps List for 2022/2023.

Conclusion

The whole purpose of this article is to make things simple and make them easy. In addition, when you’re using apps like CoinStats, RoundlyX, and Cryptotrader. tax not only is it easy but it helps you make money in the long run. So before starting your cryptocurrency journey do proper research and understand how exactly the market work. Therefore I hope this article Top 3 Crypto Exchange Apps List for 2022/2023 will give enough idea regarding the Crypto Exchange Apps.

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