By an odd stroke of luck, I've found myself earning a small-but-steady stream of income from Binance referral commissions.
It's a bit difficult to figure out exactly how much I'm earning on a day-to-day basis though, given that the income is split up into a multitude of individual fraction-of-a-cent commissions, spread among the 150+ currencies that Binance supports.
It's also difficult to track for income tax and capital gains purposes.
To solve these problems, I've built an open source "Referral Income Analyzer" tool. It will sum all of your Binance commissions together into daily or monthly (or any interval you specify) totals for each cryptocurrency.
Here's an example of what the output looks like: example. I set the format so that it could be easily imported to CoinTracking.info (full disclosure: that's a referral link) for income tax and capital gains reporting.
The tool also has a beta feature that will try to determine the cost basis of each income event using historic price data from Binance's API. That feature has some accuracy issues though.
I built this for my own personal use, but I imagine there might be a handful of others who could also find it useful. I've posted the tool for download here, along with more details on what it does and how it works: https://referralanalyzer.now.sh/
You can find the GitHub repository here, if you'd like to tinker with the code or compile it yourself.
I'm also planning to write a Medium article in the near future going into depth on how I handled the tax calculation and reporting for my Binance commission income. If that's something you'd be interested in, feel free to shoot me a DM or drop a comment here, and I'll message you when it's published.
via Binance https://ift.tt/2YL6BnI