02 · The core
The four measures that are always present
Without these four, there is no in-depth audit: we look at your file before any quote, and if it does not allow them, nothing is invoiced.
01 · Net performance
Core
Net: after the fees actually paid.
What it measures. What was realised: the net proceeds of each sale, minus the cost basis of what was sold — at weighted average cost, never first-in-first-out. A position still open does not count: an unrealised gain is not a gain.
On the example. 49,950 − 40,040 = €9,910. The gross version, without fees, would give €10,000. The €90 difference is the fees — that is the next measure.
What it does not say. Nothing about what you still hold: a purchase with no sale is worth €0 here, whatever its value today. And nothing about whether that result is good — the buy & hold comparison, measure 03, is what asks that question.
If your file does not allow it, the report says
“Your export does not contain the fees you actually paid. The figure above is a gross return: it ignores what your transactions cost you. We do not estimate it — an estimated fee figure would be exactly the kind of number we refuse to produce.”
02 · Cumulative fee cost
Core
Every fee actually paid, in the currency where it was charged, valued in euros on the day of each charge.
What it measures. Money that left — including the fees of a failed transaction, and the network fees of a transfer between your own accounts. The report gives the total, and that total against gross performance.
On the example. 40 + 50 = €90, that is 0.9% of a gross performance of €10,000.
What it does not say. It does not depend on the scope of the fees — "on top of the amounts" or "already inside them", 40 + 50 make 90 either way. What the scope changes is net performance: €9,910 here; €10,000 had the fees already been inside the amounts. That field exists in no export format we have examined. When your file does not say which of the two readings applies, we keep the one that works against you, and the report states on how many operations.
If your file does not allow it, the report says
“The fees are expressed in the currency where they were charged. Your export does not let us tell whether they are already deducted from the amounts or added on top: we kept the most cautious assumption, the one that understates your performance. The euro total, however, is calculated: the scope decides whether fees are added to the amounts or already inside them, it does not change their sum. The report states on how many operations that assumption had to be made.”
03 · Buy & hold comparison
Core
Buy & hold: buy, then do nothing.
What it measures. The main reference is your own basket: the assets you actually bought, on your purchase dates, purchase fees included — but without any of your sales. It answers the only question that concerns you: did my trading in and out earn more than if I had done nothing? A second figure, for information, compares the same capital to bitcoin, every euro entering it on the date you actually committed it.
On the example. The basket: 1 BTC, cost €40,040, without the sale. Its value on 15/04: €50,000. Result of doing nothing: €9,960. Your actual result: €9,910. Difference: −€50 — your trading in and out earned €50 less than doing nothing, and those €50 are exactly the fee on the sale, which doing nothing never pays. The second figure: €40,040 committed on 10/01 at €40,000 per bitcoin, that is 1.001 BTC; on 15/04, €50,050; result €10,010. Here the asset held is already bitcoin: the two figures differ only by the €40 purchase fee, which the reference never paid — €40 at the 10/01 price is worth €50 at the 15/04 price.
What it does not say. This figure is not a recommendation. It says what a reference asset would have done over the same period, not what you should have done. We do not sell advice and this page gives none. The hypothetical reference pays no fees, which favours it slightly against your basket, which does pay them. We do not simulate a fee schedule for a transaction that never took place: that would be exactly the estimated figure this page refuses to produce.
The reading that would suit us — and you — would say your decisions added value. On this example, they removed €50. The report writes it that way.
If your file does not allow it, the report says
“The comparison covers the period from DD/MM to DD/MM, the only period where your data and our reference prices overlap. Outside that window, we do not compare.”
04 · Concentration
Core
The share of your three best operations in your result.
What it measures. On matched positions — a buy reconciled with the sell that closes it — the weight of the three best in the result of those positions. A position still open does not enter here.
On the example. A single position, +€9,910: the three best come down to that one, 100%. A four-position variant, made up for the demonstration and redoable: +5,000, +3,000, +1,500 and +€410, same total of €9,910. The three best weigh €9,500, that is 95.9% — the fourth brought 4% of the result.
What it does not say. When the result of the period is zero or negative, a "share of the result" has no meaning: no percentage is produced. The report then gives the three raw amounts, and says so.
If your file does not allow it, the report says
“N positions out of M could be matched. The remaining M−N correspond to assets acquired before the period covered by your export: they are excluded from this calculation, and that exclusion can make it look better than it is.”
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