BigONE is a cryptocurrency exchange platform established in 2017. It is used for trading many cryptocurrencies. Incorporated in Seychelles, it has a global reach and operates in countries like Russia, Brazil, Vietnam, Seychelles, Singapore, Japan, and Indonesia. BigONE aims to provide people with a comfortable trading experience, utmost security, and trusteeship services.
If you are engaged in crypto transactions and have built a crypto portfolio, you must know the tax liabilities it carries. KoinX is a handy tool that will streamline managing your crypto taxes with its automated system. It will help you stay on top of your crypto taxes and avoid penalties.
This article will provide an in-depth explanation of how you can seamlessly connect your BigONE account with KoinX.
A step-by-step guide on how to generate your BigONE tax report with KoinX
Step 1: Log in to your BigONE account.
Step 2: On the top right corner, under the profile section, please click on the Settings option.
Step 3: Click on the API Keys section.
Step 4: Click on the Add button.
Step 5: Check the permissions correctly and hit the Next button, and your API key will be created accordingly.
Step 6: Next, log in to your KoinX account.
Step 7: Click on the Integrations section in the navigation bar.
Step 8: In the search bar, search for BigONE exchange and select the exchange.
Step 9: Paste your API keys and hit the Import Now button.
How To Easily Calculate & File Your BigONE Taxes with KoinX
Step 1: Add all the chains and exchanges where you have an account
KoinX gives support for the integration of all the major exchanges and wallets. You can connect all the tools you use for crypto transactions under one platform for managing taxes. You’ll find all the integration options in the Integration section of the KoinX home page.
Step 2: Review your transactions
After you successfully integrate your BigONE account with KoinX, it will organise your transaction history in a way that is categorised according to the nature of transactions. This makes it easier to review the transaction and find any irregularities to avoid errors.
Step 3: Generate your tax reports for the selected financial year
KoinX contains all the data about what a report will include and what necessary factors are needed in the report while filing the taxes. It will generate a tax report within a few minutes which will be accurate, and you even get an expert review on KoinX before filing.
Step 4: File your taxes
After previewing your taxes, the full report can be downloaded from KoinX in various formats. The report made by KoinX is structured so that you can understand all the tax obligations and how you are liable for the taxes.
Important Things to Consider While Generating Your BigONE Tax Report with KoinX
- While making a new API, there will come an interface that will contain the permission of the API. Ensure that you give read-only permission before pasting the API in KoinX.
- Maintaining a detailed record of your BigONE transaction history is always good to ensure that the reports generated will be correct.
- You must review your transaction on the review page after you import the transaction history from your BigONE account. This will avoid any irregularities in calculating realised and unrealised gains/losses.
- Ensure that the transaction history of your BigONE account is imported from the opening of the account. This way, KoinX can provide the highest degree of accuracy and completeness in the tax reports.
With KoinX, you don’t have to worry about taxes anymore. It has become a go-to platform for many investors to calculate their crypto tax and get exhaustive tax reports.
Frequently Asked Questions
Do I need to report my BigONE for tax purposes?
Yes, you need to report your BigONE account transactions for tax purposes. It is mandatory for all people engaged in crypto activities to follow the tax laws and provisions given by the concerned authority.
Does BigONE report to the Income Tax Department?
No, BigONE is not involved in the users’ tax purposes. It is a global cryptocurrency exchange that provides a platform for buying and selling various cryptocurrencies.
Does BigONE provide tax reports?
No, BigONE does not provide tax reports. It only provides a platform where you can buy and sell cryptocurrencies. It also provides other financial services like staking and liquidity mining. The KoinX platform provides comprehensive tax reports; you have to integrate your BigONE account with KoinX.
How are BigONE transactions taxed?
As per the 2022 Indian budget, all crypto transactions, including trading, selling, or spending crypto, are subject to a 30% tax on profits; also, you may face 1% TDS. The tax regulation may differ according to the country you reside in.
How does BigONE tax reporting with KoinX work?
To streamline your tax management, integrate your BigONE account with KoinX. It will calculate your realised and unrealised gains from the transaction history of your BigONE account. Your detailed tax report will be ready to be downloaded directly from KoinX.
What are the most common issues with importing transactions from BigONE to KoinX?
While following the above-given step, you may come across the permission section of API. You must select the permission properly, and you can refer to the image in this article or watch the video tutorial above.
How do I troubleshoot my BigONE integration with KoinX?
To solve any issues regarding the integration with KoinX, you can return to this article or contact KoinX customer support via chat box, Twitter, or email – support@koinx.com.
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