Each country uses different methods for calculating your capital gains. In the USA the most common method is FIFO followed by the less-common LIFO. Canada uses ACB. UK uses Shared Pool and so on. Koinly supports FIFO, LIFO, ACB, Shared Pool, HIFO and even less common variations that involve wash sales (such as the FIFO used in Ireland).

Koinly uses recommended settings for the Home country that you selected when signing up. If you are in doubt, you can contact your tax authorities and ask them which method you should use to calculate your capital gains and change it on the Settings page.

For a run down of the different methods and how they affect your capital gains you can refer to this blog post and this one for Shared Pool.