How to Find the Average Cost on Coinbase

Are you a cryptocurrency investor who uses Coinbase as your preferred platform? If yes, then you must be aware of the importance of knowing the average cost of your digital assets. The average cost of your investment is a crucial metric that helps you gauge the profitability of your portfolio. In this article, I will guide you on how to find the average cost on Coinbase.

Understanding the Average Cost

The average cost is the total cost of your investment divided by the total number of assets purchased. It is an important metric that helps you understand the profitability of your investment. The average cost of your investment is calculated based on the price of the asset at the time of purchase.

Steps to Find the Average Cost on Coinbase

Step 1: Log in to Your Coinbase Account

The first step is to log in to your Coinbase account. You can do this by visiting the Coinbase website and entering your login credentials.

Step 2: Click on the Portfolio Tab

Once you are logged in, click on the Portfolio tab. This will take you to the page where you can view all your assets.

Step 3: Select the Asset for Which You Want to Find the Average Cost

Select the asset for which you want to find the average cost. Once you have selected the asset, you will be taken to the asset’s page.

Step 4: Click on the Buy/Sell Tab

On the asset’s page, click on the Buy/Sell tab. This will take you to the page where you can view all your purchase and sale transactions for that particular asset.

Step 5: Click on the Show Advanced button

On the Buy/Sell page, click on the Show Advanced button. This will show you additional details about your transactions.

Step 6: View the Average Cost

Once you have clicked on the Show Advanced button, you will be able to view the average cost of your investment for that particular asset. The average cost will be displayed under the Cost Basis column.

Why is Knowing the Average Cost Important?

Knowing the average cost of your investment is important for several reasons. Firstly, it helps you understand the profitability of your investment. If the current price of the asset is higher than your average cost, then you are making a profit. On the other hand, if the current price is lower than your average cost, then you are making a loss.

Secondly, knowing the average cost is important for tax purposes. When you sell your assets, you will need to report the capital gains or losses on your tax returns. The capital gains or losses are calculated based on the difference between the selling price and the average cost.

Conclusion

Knowing the average cost of your investment is crucial for any cryptocurrency investor. It helps you understand the profitability of your portfolio and is also important for tax purposes. By following the simple steps outlined in this article, you can easily find the average cost of your assets on Coinbase.

FAQs

1. Can I find the average cost of all my assets on Coinbase?

Yes, you can find the average cost of all your assets on Coinbase by following the same steps outlined in this article for each asset.

2. Is the average cost updated in real-time?

No, the average cost is not updated in real-time. It is calculated based on the price of the asset at the time of purchase.

3. Can I change the cost basis of my assets on Coinbase?

No, you cannot change the cost basis of your assets on Coinbase. The cost basis is calculated based on the price of the asset at the time of purchase.

4. Is the average cost the same as the current market price?

No, the average cost is not the same as the current market price. The average cost is the total cost of your investment divided by the total number of assets purchased. The current market price is the price at which the asset is currently trading.

5. Can I export my transaction history from Coinbase?

Yes, you can export your transaction history from Coinbase. To do this, go to the Settings tab and click on the Statements tab. From there, you can download your transaction history in CSV or PDF format.

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