How To Calculate Your Bithumb Taxes With Kryptos

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

1. To get started – Sign up on Kryptos here and choose your country and currency.
2. Once done, link your Bithumb account to Kryptos. To do this, you can use any of the following three methods: 
3. API. Add API Keys to Kryptos 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 (refer to our Manual Transactions Guide).
6. View and analyze all your transactions in a single dashboard and manage your portfolio
7. Kryptos automatically categorizes all your Bithumb 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 Bithumb
9. Generate the Bithumb tax report for free and download it once everything looks good
10. File your Bithumb taxes online or leverage our crypto tax accountant network to help you out

How To Connect Bithumb With Kryptos Using API

On Bithumb :

1. Sign in to Bithumb.
2. Select the menu icon.
3. Choose "API Management" from the drop-down menu.
4. Create a new API key (Note: Two-factor verification may be required during this step).
5. Make a note of your API key and API secret as the API Secret won’t be shown again.
6. Ensure that your API keys are activated by clicking "Activate" on the API Management page.

On Kryptos :

1. Go to kryptos.io & signup using your Google account.
2. From the menu, click on Add Wallets/Exchanges. Go to the Wallets/Exchanges page.
3. Search for Bithumb or select it from the list below.
4. Now, click on the Bithumb 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 Bithumb With Kryptos Using CSV

On Bithumb :

1. Log in to your Bithumb account.
2. Navigate to the "Wallet" section.
3. Access your "Trade History" within the wallet.
4. Locate and click on the "Download" icon.
5. Choose a time frame for the trade history data, keeping in mind the maximum limit is 6 months. To obtain your complete Bithumb transaction history, you may need to download multiple CSV files.
6. Select the "All" option to include all transactions within the chosen time frame.
7. Finally, click on "Download" to obtain the CSV file(s) containing your Bithumb trade history.

On Kryptos :

1. Go to kryptos.io & signup using your Google account.
2. From the menu, click on Add Wallets/Exchanges. Go to the Wallets/Exchanges page.
3. Search for Bithumb or select it from the list below.
4. Now, click on the Bithumb 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.

How are Bithumb 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 Bithumb 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 Bithumb

1. When importing a CSV file, match your Bithumb account Time Zone in the Kryptos 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 Bithumb To Kryptos?

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@kryptos.io.