How am I supposed to know if I am in profit or a loss if I have been trading across multiple exchanges? For example, if I bought $1,000 in Bitcoin on Coinbase, transferred it over to multiple exchanges, and purchased other coins with that $1,000. Is it as simple as downloading the tax reports from the exchanges?
You can use a portfolio manager tool to get the current value of your portfolio or you can maintain your own excel sheet where you can enter the current USD value of the coins you hold. Multiple the fund value with the funds you hold and sum the USD value you get. Doing manually is hectic but if you have less coins in portfolio and if you are not checking frequently than manually calculating is cost effective.