Founded in 2017, CoinEx is a global cryptocurrency exchange that offers a wide range of trading tools, including spot trading, futures trading, margin trading, automated market maker system, and staking. Haipo Yang, an early crypto investor, is the founder of this platform and aims to provide a secure, stable, and efficient cryptocurrency exchange.
Organising various crypto transactions and calculating taxes for filing can be tedious. Many investors and traders now use KoinX to streamline tax management tasks.
KoinX is an automated tax calculation tool that helps you to understand your tax obligation and manage it in the most optimum manner.
In this article, we provide you with a comprehensive guide on how you can integrate your CoinEx account with KoinX to start generating accurate tax reports.
A step-by-step guide on how to generate your CoinEx tax report with KoinX
Step 1: Log in to your CoinEx account.
Step 2: On the top right corner of the profile section, click on the API Management.
Step 3: Click on Create API and make sure you give only Read-Only access to the permissions
Step 4: Log in to KoinX.
Step 5: Click on the Integrations section in the navigation bar.
Step 6: In the search bar, search for CoinEx exchange and select the exchange.
Step 7: Paste your API keys and hit the Import Now button.
How to easily calculate & file your CoinEx taxes with KoinX
Step 1: Add all the chains and exchanges where you have an account
KoinX has integration support for all the popular exchanges, wallets and chains. You can visit the KoinX website and find all the options in the integration section. It will allow you to import all your transaction data in one convenient place.
Step 2: Review your transactions
After you share the transaction data, KoinX will categorise it and calculate the accurate gains and losses through the transactions. You can review the organised category-wise transaction and be informed about the gains and losses in your portfolio.
Step 3: Generate your tax reports for the selected financial year
Koinx can make all the essential tax reports according to the latest tax regulations and help you understand the tax obligation better. You can categorise your trades as Capital Gains or as Business Income. If crypto is your passive income source, you can select capital gains, and if it’s your primary income source, you can select business income.
Step 4: File your taxes
You can preview the tax amount on your dashboard and download the whole report in various formats. KoinX can also assist in the filing process, and you can also share your tax reports with professionals to get advice.
Important things to consider while generating your CoinEx tax report with KoinX
- Ensure all the exchanges and wallets you use are integrated with KoinX to get a tax report of your whole crypto portfolio.
- You can use the sync now button to update your latest CoinEx transaction with KoinX.
- Select the read-only option while creating a new API to avoid tampering with your transaction data.
With KoinX’s powerful automated system, crypto tax management has never been easier. Take the first step into hassle-free management of taxes with KoinX.
Frequently Asked Questions
Do I need to report my CoinEx transactions for tax purposes?
If you invest and trade in cryptocurrencies via CoinEx, you must report the transactions for tax purposes. Avoiding paying taxes is illegal and can lead to a ban on your portfolio or other punishment by the authorities.
Does CoinEx report to the Income Tax Department?
No, CoinEx does not report the tax matters of its user to the income tax department. It is a global cryptocurrency exchange that provides a platform for users to trade a wide range of cryptocurrencies.
Does CoinEx provide tax reports?
No, CoinEx does not provide tax reports. It is a cryptocurrency exchange platform that allows users to carry out crypto transactions under various contracts and build a personal crypto portfolio. But you can use KoinX to generate errorless tax reports of your portfolio.
How are CoinEx transactions taxed?
CoinEx operates in multiple countries around the world. Each country has its own tax law and regulations placed on crypto. Like in India, profits from any crypto transaction are subject to a 30% tax, including 1 %TDS.
How does CoinEx tax reporting with KoinX work?
You can import all your transactions in one place for categorising and calculating the gain and losses through KoinX. It will calculate taxes according to the latest tax regulation and provide accurate tax reports. You can download or share it directly to get expert advice on the report.
What are the most common issues with importing transactions from CoinEx to KoinX?
Ensure you share the transactions of the whole financial year to get a full-fledged tax report. If some transactions need to be included in the data, it may lead to errors in tax reports.
How do I troubleshoot my CoinEx integration with KoinX?
Suppose you need help with integrating your HitBTC with KoinX. You can always reach out to the customer care service of KoinX. Connect with the support team via live chat, Twitter, or email at support@koinx.com.
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