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Much like there are different personas investing in stocks, there are different audiences who interact within the cryptocurrency space.\u00a0<\/span><\/p>\n Depending on what activities they have engaged in, how well-versed they are with cryptocurrency protocols, and how often they trade; different information will be required from each client.<\/span><\/p>\n <\/p>\n 1.\u00a0<\/strong>How many exchanges have you traded on?<\/b><\/p>\n Cryptocurrency exchanges function in a similar way to brokerages. Users can buy, sell and convert their cryptocurrencies via an exchange. The largest difference between exchanges and brokerages is the fact that crypto users typically use a handful of different exchanges simultaneously.\u00a0<\/span><\/p>\n For every exchange that a user has traded on, an accountant will need to familiarise themselves with that particular CSV format in order to collate each CSV file together.<\/span><\/p>\n <\/p>\n 2. How many transactions have you made?<\/b><\/p>\n Due to the volatile nature of the crypto market, the majority of crypto users are involved with short timeframe trading. When combined with trading bots and leveraged trades, it isn\u2019t uncommon for crypto traders to have tens of thousands of transactions per year.<\/span><\/p>\n Most crypto-to-crypto transactions are not denominated in AUD, rather, they\u2019re often denominated in other cryptocurrencies. There can be up to 36 decimal places involved in the prices of cryptocurrencies.<\/span><\/p>\n <\/p>\n 3. Do you have your own wallet?<\/b><\/p>\n<\/div>\n\n<\/div>\n<\/div>\n\n<\/div>\n<\/div>\n