Founded in 2017, BitForex is an international centralised cryptocurrency exchange with more than 6 million users worldwide. It is a Hong Kong-based platform founded by Garrett Jin and Jason Luo. The platform offers various trade features like spot trading, Perpetual trading, and more. It also provides a platform for the developer to start their Nft project and other financial services like loans and staking.
The transaction type changes with trading tools like spot, perpetual futures, and staking. It makes it challenging to organise your transaction and make reports manually. But this task can be made very easy with the help of KoinX, and it is a crypto tax calculation tool that computes all your transactions and provides an accurate tax report.
You can use the KoinX features by integrating the tool with your BitForex account. In this article, we provide a comprehensive guide to walk you through the steps to integrate BitForex with KoinX.
Stay compliant and avoid tax surprises. Integrate your BitForex account with KoinX and effortlessly organise your crypto transactions to get errorless tax reports.
A step-by-step guide on how to generate your BitForex tax report with KoinX
Step 1: Log in to your BitForex account.
Step 2: On the top right corner of the profile section, click on the API Management section.
Step 3: Click on the Create API Key.
Step 4: Name your API key and make sure to copy your API keys.
Step 5: Log in to your KoinX Account.
Step 6: Please click on the Integrations section.
Step 7: Select the Exchanges category and select BitForex exchange.
Step 8: Now paste your API keys and hit the Import Now button.
How To Easily Calculate & File Your BitForex Taxes with KoinX
Step 1: Add all the chains and exchanges where you have an account
In the integrations feature in KoinX, you will find many exchanges, wallets and chains. You can search for BitForex in the list and integrate your account by following the above-given steps.
Step 2: Review your transactions
Once you integrate your Bittrex account, KoinX will allow you to review the transactions you shared to generate tax reports. Ensure that the transaction data is complete and avoid the chances of getting an incomplete report.
Step 3: Generate your tax reports for the selected financial year
The KoinX platform stays updated about all the crucial tax obligations around crypto. It is assured that you will get a report that is fully compliant with the tax regulations of your region. Note that you must carefully share the transactions of the correct financial year to get an accurate report for filing.
Step 4: File your taxes
After getting the tax reports in a few minutes, you can download them in various formats as you see fit for sharing with tax professionals. The tax report created by KoinX is broken down so that any individual can understand the content.
Important Things to Consider While Generating Your BitForex Tax Report with KoinX
- After completing the integration, ensure you share your entire transaction history from BitForex to calculate your transaction history correctly.
- If you trade frequently, you must keep your transaction in sync with KoinX. You can utilise the “sync now” option on your KoinX dashboard.
- While creating the new API key, you can label it as KoinX to let you know it is being used in KoinX. Also, ensure that you have selected the read-only option for the API.
KoinX is a powerful tool that streamlines your tax management process. It allows users to manage their assets with peace of mind while it does all the tiresome tasks automatically. So no more wasting time manually figuring out the taxes or getting penalised for false reports.
Frequently Asked Questions
Do I need to report my BitForex for tax purposes?
Yes, reporting your BitForex transactions for tax purposes is vital to compliance with tax regulations. Otherwise, it can invite audits on your portfolio from the authorities and lead to penalties.
Does BitForex report to the Income Tax Department?
No, BitForex does not report to the Income tax department about the taxes of their users. It is a cryptocurrency exchange that facilitates trading a wide range of cryptocurrencies on its platform using various tools. It is your responsibility to report your taxes to the Income tax department.
Does BitForex provide tax reports?
No, BitForex does not provide your tax reports. A digital asset exchange provides a platform to trade various cryptocurrencies and NFTs. KoinX will provide you with accurate tax reports of your BitForex crypto portfolio.
How are BitForex transactions taxed?
BitForex is an international crypto exchange with more than 6 million users worldwide. The tax laws on crypto differ according to the country. The Indian government addressed the tax regulation of crypto in its budget for the year 2022; it mandates that there will be 1% TDS (Tax Deducted at Source) for transactions over Rs 50,000 and a flat 30% tax on all the profit gained by either selling, mining or swapping.
How does BitForex tax reporting with KoinX work?
Integrating your BitForex account with KoinX computes your transaction data and produces a report in a few minutes. It will take you to your dashboard to see your portfolio value, realised gains, and unrealised gains. The full-fledged report will contain more parameters that will help you while filing the taxes. Also, you can download it in various forms.
What are the most common issues with importing transactions from BL3P to KoinX?
It is important to note that while making a new API of your BitForex account, you must label it properly to avoid any confusion, and the API permission should be in the ‘read-only’ mode.
How do I troubleshoot my BitForex integration with KoinX?
If you face any issues integrating your BitForex account with KoinX, refer to this article, or connect with the support team of KoinX via the site chat box, Twitter, or email at support@koinx.com.
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