Change tax report settings

Short answer:

Coinfox defaults to the FIFO method (First-In-First-Out) in combination with account separation to meet tax requirements. These defaults are based on recommendations from tax experts to create compliant tax reports according to guidelines.

Detailed answer:

Profits from trading cryptocurrencies are subject to specific tax regulations. To enable our users to create correct and compliant tax reports, we at Coinfox have implemented the following fixed defaults:

1. Fiat currency: All amounts are displayed in your country's currency.
2. FIFO method (First-In-First-Out): This method assumes that the cryptocurrencies acquired first are also sold first. The FIFO method is widely used and accepted by many tax authorities. 
3. Account separation: Each exchange and wallet is considered a separate account. This separation allows for precise allocation of transactions and is essential for correct tax assessment. 

These fixed settings cannot be changed to ensure that all tax reports comply with current regulations. We continuously collaborate with tax advisors and professionals to adjust our systems to legal changes. Should regulations change, we will update the settings accordingly, so you always receive compliant reports.

Through this automated and standardized approach, we take the complexity of tax settings off your hands and ensure that your tax reports meet your country's requirements.