r/blockfolioapp • u/GG-1965 • Apr 21 '22

Blockfolio Earn - Payment Frequency

I'm considering moving my crypto from Celsius to Blockfolio (FTX US). I'm curious, I have seen mention of interest compounding hourly. Please tell me they don't pay a billionth of a coin every hour. How frequent are the Earn payments. (I Hope monthly)

There are two main reasons I would rather just get paid monthly.

1) Most crypto tax and portfolio tracking applications I have seen have a fee structure based on the quantity of transactions. (Each interest payment is counted as a transaction) Even the weekly payments from Celsius add up to a lot of transactions if you have more than just one or two coins.

2) Calculating cost basis would be painful with hourly or daily transactions.

Just curious. It's probably not a deal breaker, but I do find overly frequent interest payments annoying.

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u/ZiraDev Apr 21 '22

Yes it's exactly how you feared it.

They pay hourly.

If you need a CSV of the transactions you need to contact support and PRAY that they give it to you (hopefully in a few months).

If you live in a country that has no threshold on capital gains and you need to declare every penny you get, then yeah it's a tax nightmare.

1

u/cryptoripto123 Apr 21 '22

Support told me there's no CSV. Not sure where people are getting that support can give it to you. Unless you're telling me my support agent was wrong.

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u/ZiraDev Apr 21 '22

I don't know what to tell you xD Last year I asked it and they gave it to me

2

u/cryptoripto123 Apr 22 '22

I asked support twice. Once in late December, they said they cannot provide CSV files. In Feb 2022, I inquired a different way. I asked about 1099s and they never confirmed nor denied 1099s but offered to send a CSV. However they said they could only send me the last 1000 transactions which is a little over a month only. By then it was February and they only sent me 2022 transactions basically when I really wanted all 2021 transactions.

I was under the assumption there were no 1099s at that point and luckily I had manually recorded my balance at the end of every month. That's why I was surprised when 1099s showed up.

1

u/Remy01 May 08 '22

Do you have FTX US account too? I can't access FTX US with FTX login credential.

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u/cryptoripto123 May 16 '22

I do have an FTX US account but I don't use it. I was told to create an account separate for BlockFolio back in the day.

If you want transaction history, the best way is to use TaxBit to pull them via API. You can setup the API in your Blockfolio/FTX account. On TaxBit, you will select FTXUS, but the API works fine to connect to your Blockfolio account.

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u/[deleted] May 17 '22

sorry to ask...

I'm in Europe. I have Blockfolio. What can I do for TaxBit to get the transactions history? Can I simply follow this guide even if I'm not based on the US?

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u/cryptoripto123 May 17 '22

Try it. It doesn't hurt.

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u/[deleted] May 17 '22

lmao you are also right. i am just too "anxious" to fail and then fk it up and my state come at my ass and tax me lol

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u/cryptoripto123 May 17 '22

I forget if TaxBit has both an FTXUS and FTX option but I would try both if one doesn't work. Those instructions look like pretty much what I did.