Accounting methods and cost basis

What is "Cost Basis"?

Cost basis is the total amount you paid to acquire a digital asset, including transaction fees, in US dollars. OKX uses the fair market value at the time of the transaction to determine this.Cost basis is used to calculate your capital gains or losses.

Which methods for identifying digital assets sold does OKX support?

OKX offers three methods to determine which assets are sold first:

1. FIFO (First In, First Out): The oldest assets you buy are sold first. (Default Method)

2. LIFO (Last In, First Out): The most recently purchased assets are sold first.

3. HIFO (Highest In, First Out): The most expensive assets you buy are sold first.

How do I change my accounting identification method?

Navigate to Your tax summary > Settings to select your preferred method. Please note that changes only apply to future transactions.

An example of what your tax summary looks like