Hi there πŸ‘‹

πŸ’‘ Since Waltio needs your entire transactions from the very first one, a withdrawal is always a deposit. The only use case for the internal transaction label is crypto staking. The "External transaction" label is to be used in the case of temporary or permanent withdrawal from your wallet.

Because an example is worth a thousand words:

1/ You add two API keys: Kraken & Binance.

βœ”οΈ Waltio retrieves all your information about these two platforms.

2/ You start in crypto and buy 1 ETH with EUR on Kraken. This corresponds to an "Exchange" on Kraken of EUR <> ETH in Waltio.

βœ”οΈ So you have 1 ETH in stock on Kraken.

3/ You send this ETH from Kraken to Binance and use the label "Internal Trade".

❌ You have 2 ETH in stock for Waltio because our tool reads the withdrawal of 1 ETH from Kraken which did not decrease your crypto quantity due to the use of the "Internal Operation" label and also reads the deposit of 1 ETH on Binance which also increases your crypto quantity in stock.

😞 We are aware that the word "Internal Operation" can be confusing, but haven't come up with anything better and welcome suggestions.

βœ”οΈ You label the Kraken withdrawal as an "External Operation" and have nothing to do with the deposit on Binance. You do have 1 ETH in stock.

Example of the only use case of the label "Internal operation":

1/ You send 10 DOT on the smart contract of staking DOT (an address which is not on Waltio), they are locked for 6 months and label the operation of withdrawal of these 10 DOT in "Internal operation".

βœ”οΈ So you have 10 DOTs in stock.

2/ After 6 months, you "find" your 10 DOTs and label the operation of depositing these 10 DOTs as "Internal Operation".

βœ”οΈ You still have 10 DOTs in stock.

If you have any other questions, do not hesitate to contact us via the chat just at the bottom right of your screen! πŸ’¬

The Waltio team

Did this answer your question?