I'm hoping someone can help me understand how the local currency works. I'm in USD
I have setup the API for all my exchanges and wallets.
I have a couple of questions.
1. There is a check box on the API that says "Skip withdraws and deposits in USD"
I don't understand what this is for. Its on by default so I am assuming I want it on. Can someone explain this?
2. is a bit more complex and may be a side effect from question 1.
So I originally put $700 into Coinbase. That was my buy in for the crypto world. This is all the money I have ever put in. I converted this to either ETH and BTC. From there I have moved it around to various exchanges and made multiple trades.
When I'm the current balance report page. My total value of all currencies says -700USD. and it takes this away from my total balance.
So it shows the total value of all coins which is correct. Then -700 USD and then my total account value which now shows value of coins - USD. So the Total Account Value is off by $700
Shouldn't the value of my USD just be 0?? all that cash was converted to BTC and ETH and those transactions were captured.
I think I know the answer to your second question. When you bought your first BTC or ETH using your 700USD, in essence you "lost" your USD and "gained" BTC. So even when you then trade your BTC with other coins later, you're still down your original 700USD...until you one day sell your cryptos for USD again. It wouldn't be correct if you regarded your original investment of 700USD as free. In reality, it actually cost you 700USD, and that's why you have a negative USD balance.