BitMеx is a cryptocurrеncy exchange and trading platform which is owned and operated by HDR Global Trading Limited that is a Sеychеllеs-basеd company. BitMеx offers an exchange platform that mееts thе requirements of institutional and professional traders, such as lower latеncy, higher liquidity, and availability. Arthur Hayes, Ben Delo, and Samuеl Reed established the company in 2014. It is currently headquartered in the US.
Though BitMex provides many benefits, it lacks a tax calculation tool. So BitMex partnered with KoinX to allow its users to track their trades and generate other tax reports.
Moreover, KoinX merges investor portfolios and transactions with a single unified platform with a standard dashboard enabling users to automate their taxation.
Ready to simplify your BitMex tax reporting? Take the hassle out of tax season with KoinX! Use KoinX today to generate accurate and comprehensive tax reports for your BitMex transactions. Save time and ensure compliance with tax regulations.
A step-by-step guide on how to generate your BitMex tax report with KoinX
Step 1: Log in to the BitMEX account.
Step 2: On the top right corner, please click on the profile section and select API Keys.
Step 3: In the API Keys section, please make sure you select Orders in the Key Permissions and click on Create API Keys.
Step 4: Now, log in to your KoinX account.
Step 5: Click on the Integrations section in the navigation bar.
Step 6: Select BitMex exchange.
Step 7: Paste your API keys and hit the Import Now button.
Note: You will get a mail saying to click the button below to confirm the API key creation.
How To Easily Calculate & File Your BitMex Taxes with KoinX
Step 1: Add all the chains and exchanges where you have an account.
KoinX supports a wide range of major crypto exchanges and blockchains. Alternatively, connect with all the exchanges and chains you know.
Step 2: Review your transactions.
By the latest tax regulations, KoinX ensures its crypto tax reports are accurate. It automatically categorises all your transactions and computes gains and losses.
Step 3: Generate your tax reports for the selected financial year
You can quickly generate a detailed tax report for your portfolio for the selected financial year. Depending on your trading and investment strategy, you can classify your trades as capital gains or company income.
Step 4: File your taxes
KoinX allows you to export your crypto tax reports in various formats. Then you can send it to your tax professional for a quick, painless report filing.
So what are you waiting for? Start investing and begin your crypto journey today to experience the bright future of finance and digital assets.
Important Things to Consider While Generating Your BitMex Tax Report with KoinX
The essential things that you should consider while generating your BitMex Tax Report with KoinX are:
- Ensuring the accuracy of the data: Pay close attention to the accuracy of the data. While it may not be the most exciting task in the world, ensuring that the data you are importing is as accurate as possible is essential. When preparing your BitMEX tax report, data accuracy is necessary to ensure compliance with tax regulations, accurately calculate taxes, maintain an audit trail, and facilitate future tax planning.
- Reviewing transactions: You must review your transactions to avoid errors in computing earnings and losses.
- Currency conversion: If you trade on BitMEX using different cryptocurrencies, you must convert the amounts to your local fiat currency for tax purposes. Find out that the conversion rates are correct and based on credible sources.
Frequently Asked Questions
Do I need to report my BitMex for tax purposes?
Yes. According to the Financial Budget 2022, trading, selling, or spending cryptocurrency is subject to a 30% profit tax, and a TDS of 1% may incur.
Does BitMex report to the Income Tax Department?
No, BitMex does not disclose the user’s taxes to the Tax Service. BitMеx offers an exchange platform that mееts thе requirements of institutional and professional tradеrs. If BitMex is unavailable in your country, it is highly unlikely to report taxes to the Income Tax Department.
Does BitMex provide tax reports?
BitMex is the most suitable trading platform for crypto users and provides tax reports when you integrate your BitMex account with KoinX and then import your transaction data. KoinX is a software that generates correct tax reports for your portfolio while adhering to local tax rules.
How are BitMex transactions taxed?
All crypto transactions in your BitMex account will be taxed by the provisions and legislation set by the relevant government in your jurisdiction. According to the Indian Budget for 2022, profits from all digital assets are subject to a 30% tax and 1% TDS.
How does BitMex tax reporting with KoinX work?
After connecting your BitMex transactions with KoinX, all your crypto trading or investing activity will sync. It will then provide a preview of all the transaction data and reports. You may prevent any abnormal deals by checking for them. It allows KoinX to provide an error-free tax report that can be downloaded in various formats.
What are the most common issues with importing transactions from BitMex to KoinX?
Integration of KoinX with a BitMex account is a seamless process. But you must carefully upload the suitable file to KoinX to generate the correct tax report. You must also double-check the filename and the financial year while uploading. Also, while creating your API key in the BitMex account, ensure that you have selected the read info option to avoid any alterations in your transaction data.
How do I troubleshoot my BitMex integration with KoinX?
For any troubles related to the integration process, you can go through this guide again or approach KoinX customer support through live chat or Twitter, or email support@koinx.com with your concerns.
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