How To Calculate Your Bitfinex Taxes With Kryptoskatt
Bitfinex is one of the most popular exchanges in the world for crypto trading. If you are using Bitfinex, follow these steps to easily connect it with Kryptoskatt – auto-sync all your transactions, analyze your portfolio and calculate your crypto taxes in minutes.
To get started – Sign up on Kryptoskatt here and choose your country and currency.
Once done, link your Bitfinex account to Kryptoskatt. To do this, you can use any of the following three methods:
API. Add API Keys to Kryptoskatt and import everything at once.
CSV. If you do not have API keys, don't worry! We also support CSV files to import all your transactions.
Manually. Import transactions manually using our custom CSV upload feature.
View and analyze all your transactions in a single dashboard and manage your portfolio
Kryptoskatt automatically categorizes all your Bitfinex transactions into gains/losses or income.
Now you can sit back and relax while we calculate your Capital Gains Tax and Income Tax from Bitfinex
Generate the Bitfinex tax report for free and download it once everything looks good
File your Bitfinex taxes online or leverage our crypto tax accountant network to help you out
How To Connect Bitfinex With Kryptoskatt Using API
On Bitfinex :
Log in to your Bitfinex account.
On the top right corner, look for the Profile Icon & select it.
In the drop-down menu, look for API Keys.
Now select Create New Key. The permissions granted should be set to read-only access by default, as shown in the screenshot below, but double-check it & click on Generate API Key.
Put in your 2-Factor Authentication.
Copy the API Key & the API Secret.
On Kryptoskatt :
Go to kryptoskatt.com & signup using your Google account.
Search for Bitfinex or select it from the list below.
Now, click on the Bitfinex icon.
Choose Upload CSV
Click on Import Your Transactions. All transactions are imported and tagged by default.
If you wish to import custom history, select Advanced Options. Now you can specify the start and end date of your transaction history.
How are Bitfinex 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 Bitfinex 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 Bitfinex
When importing a CSV file, match your Bitfinex account Time Zone in the Kryptoskatt import form.
While creating a new key, make the API key read-only.
Keep your API Key and API Secret somewhere safe, preferably offline.
Facing Issues While Connecting Bitfinex 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 email@example.com.
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