How to Connect Binance with Kryptoskatt

How To Calculate Your Binance Taxes With Kryptoskatt

Binance is one of the most popular exchanges in the world for crypto trading. If you are using Binance, follow these steps to easily connect it with Kryptoskatt – auto-sync all your transactions, analyze your portfolio and calculate your crypto taxes in minutes.

1. To get started – Sign up on Kryptoskatt here and choose your country and currency.
2. Once done, link your Binance account to Kryptoskatt. To do this, you can use any of the following three methods: 
3. API. Add API Keys to Kryptoskatt and import everything at once.
4. CSV. If you do not have API keys, don't worry! We also support CSV files to import all your transactions.
5. Manually. Import transactions manually using our custom CSV upload feature.
6. View and analyze all your transactions in a single dashboard and manage your portfolio
7. Kryptoskatt automatically categorizes all your Binance transactions into gains/losses or income.
8. Now you can sit back and relax while we calculate your Capital Gains Tax and Income Tax from Binance
9. Generate the Binance tax report for free and download it once everything looks good
10. File your Binance taxes online or leverage our crypto tax accountant network to help you out

How To Connect Binance With Kryptoskatt Using API

On Binance :

1. Log in to your Binance account.
2. Click on your account icon in the top right corner of the page and select "API Management" from the dropdown menu.
3. Click on the "Create API" button on the right-hand side of the page.
4. Enter a name for your API key in the "Label" field.
5. Select the "Read Only" option under the "Restrict Access" section.
6. (Optional) If you want to restrict the IP addresses that can access your API key, you can enter them in the "IP Access Restriction" section.
7. Click on the "Create" button.
8. You will now see your newly created API key and secret key. Make sure to copy and save these keys in a secure location, as you will not be able to view the secret key again.

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On Kryptoskatt :

1. Go to kryptoskatt.com & signup using your Google account.
2. From the menu, click on Add Wallets/Exchanges. Go to the Wallets/Exchanges page.
3. Search for Binance or select it from the list below.
4. Now, click on the Binance icon.
5. Choose Import using API Keys.
6. Paste your API Key & API Secret.
7. Click on Import Your Transactions. All transactions are directly imported and tagged by default.
8. If you wish to import custom history, select Advanced Options. Now you can specify the start and end date of your transaction history.

How To Connect Binance With Kryptoskatt Using CSV

On Binance :

1. Log in to your Binance account.
2. Click on your account icon in the top right corner of the page and select "Account" from the dropdown menu.
3. On the left-hand side of the page, click on "Transaction History".
4. Click on the "Download Full Account History" button at the top right-hand corner of the page.
5. Select the date range for the ledger you want to download.
6. Select the "CSV" file format.
7. Check the "Trade History", "Deposit & Withdrawal History", and "Distribution History" checkboxes to include all transactions in the ledger.
8. (Optional) Check the "Include Small Balances" checkbox if you want to include transactions with a balance less than 0.001 BTC.
9. Click on the "Download" button.
10. The CSV file will now be downloaded to your computer.

On Kryptoskatt :

1. Go to kryptoskatt.com & signup using your Google account.
2. From the menu, click on Add Wallets/Exchanges. Go to the Wallets/Exchanges page.
3. Search for Binance or select it from the list below.
4. Now, click on the Binance icon.
5. Choose Upload CSV
6. Click on Import Your Transactions. All transactions are imported and tagged by default.
7. If you wish to import custom history, select Advanced Options. Now you can specify the start and end date of your transaction history.

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How are Binance transactions taxed?

The crypto tax laws may vary depending on the country you reside in and other factors such as your filing status, income bracket, and marital status. But, in general, there are mainly two types of taxes applicable to Binance transactions.

• Income Tax- If you are earning rewards (e.g. through lending or staking) or maybe receiving, you may need to pay income tax.
• Capital Gains Tax- If you profit from the disposal of your crypto assets (e.g. by selling your tokens, Bitcoin,  Ethereum, etc.), you incur capital gains tax. 

Important things to keep in mind while integrating Binance

1. When importing a CSV file, match your Binance account Time Zone in the Kryptoskatt import form.
2. While creating a new key, make the API key read-only.
3. Keep your API Key and API Secret somewhere safe, preferably offline. 

Facing Issues While Connecting Binance To Kryptoskatt?

Go to Resources and head over to the Help Centre page from the dropdown menu. Or send us your queries via the Support Desk. If there’s a critical or urgent issue that needs to be resolved, you can use our live chat option on the right side of the screen or email us at support@kryptoskatt.com.