- How do I automatically import my Coinbase transactions in order to calculate my Coinbase taxes?
- What is a Live Connection, and how does it benefit me?
- Is the Live Connection safe to use?
If you’ve ever had any of these questions relating to the Coinbase Live Connection, this article is for you. In this article we will try to answer these questions, and more.
Connecting to Coinbase using the Live Connection
We’ll start by connecting to our coinbase account. To do so is super easy, you just have to take the following two steps.
- Request access to your Coinbase account
- Authorize ACCOINTING.com access to view the requested information
First, search for “Coinbase” on ACCOINTING.com. Then, click on the button titled “Click here to connect Coinbase”. Doing so will request access to your Coinbase account. The screenshot below will show what this would look like.
Example of connecting to a new Coinbase account using the Live Connection
Next, It’ll ask you to sign in to your Coinbase Account. Once completed, you’ll be prompted to give ACCOINTING.com access to your account. A screenshot of what that looks like is included below.
Example of authorization screen for the Coinbase Live Connection
Once done, the connection is complete and your transactions should import automatically. The following section will try to explain how the Coinbase Live Connection works. In doing so, you can see if this type of connection is right for you.
How the Coinbase Live Connection Works
By using the Coinbase Live Connection, you are giving ACCOINTING.com access to view your transactions. Since the viewing of transactions is the only permission given, it is perfectly safe to use this type of connection.
After connecting your Coinbase account, you may have noticed that most of the types of transactions get handled automatically by ACCOINTING.com. One of the things that Coinbase does not handle well is the Staking. For this type of transactions, you would need to handle them in the same way as any other Staking transactions. You can go to “Adding Staking Transactions in ACCOINTING.com” for information on how to do this.
By now, you should have a decent understanding of what the Coinbase Live Connection is and how it works. Just in case you skipped over the article, you connect your Coinbase account by authorizing ACCOINTING.com to view your transactions. Your staking transaction occuring inside your Coinbase account, are handled the same way as any other staking transactions.