Currency.com is a regulated tokenised securities exchange that allows trading cryptocurrencies, indices, commodities, shares and fiat currencies on its platform. Founded by Viktor Prokopenya, a serial technology entrepreneur, this platform proclaims to provide high transaction speed, robust security and an intuitive interface on its platform for users. The platform’s core values are innovation, security and flexibility, with a vision to democratise finance.
Managing and reporting crypto tax all by yourself can be overwhelming. It can be easily made using KoinX, a powerful automated tax calculation tool that can streamline your tax management process.
In this article, we will provide a comprehensive guide on how you can seamlessly integrate your Currency.com account with KoinX and generate accurate tax reports. With KoinX, you won’t have to worry about tax reports as they will be accurate and fully compliant with the latest tax regulations.
A step-by-step guide on how to generate your Currency.com tax report with KoinX
Step 1: Log in to your Currency.com account.
Step 2: On the bottom left corner, click on the Settings icon.
Step 3: Click on the API integration and click on Generate API key.
Step 4: Make sure to give the Read permission before hitting the Generate key button.
Step 5: Log in to KoinX.
Step 6: Click on the Integrations section in the navigation bar.
Step 7: In the search bar, search for Currency.com exchange and select the exchange.
Step 8: Paste your API keys and hit the Import Now button.
How to easily calculate & file your Currency.com taxes with KoinX
Step 1: Add all the chains and exchanges where you have an account
KoinX supports various major crypto exchanges, wallets, and blockchains. You can find the options for all the exchanges and wallets in the integration section of KoinX. You can
conveniently integrate all the exchanges, wallets and chains you are engaged with in KoinX.
Step 2: Review your transactions
KoinX will automatically categorise all your transactions and computes the gains and
losses. You can review the transaction and solve any problems related to the transaction data. KoinX system will inform you about any issue on your dashboard.
Step 3: Generate your tax reports for the selected financial year
KoinX always has the latest data on regulations set by the authorities to provide full-proof tax reports to its users. For generating tax reports, you can categorise your transaction according to your investment or trading methods as either capital gains or business income.
Step 4: File your taxes
You can export your crypto tax reports directly from KoinX in various formats. You can also share it with a tax professional for advice to proceed with swift and hassle-free report filing.
Important things to consider while generating your Currency.com tax report with KoinX
- KoinX syncs your transactions at a regular period. However, you can use the sync now button on your KoinX dashboard if you want to sync the transaction at any given time.
- When making a new API address in your Currency.com account, select the “read-only” permission to avoid any alteration in your transaction data by other parties.
- Reviewing all your transactions to avoid any irregularities in calculating profits/losses and overall tax reports is better.
Say goodbye to manually making your tax report and filing it. KoinX will help you with both troublesome tasks while you utilise the time and effort to improve your investment strategies.
Frequently Asked Questions
Do I need to report my Currency.com transactions for tax purposes?
Yes, you must report your taxes if you perform crypto transactions via Currency.com or any other exchange. You must follow the tax law and regulations set by the concerned authority of your country.
Does Currency.com report to the Income Tax Department?
No, Currency.com does report users’ taxes to the Income tax department. It is a cryptocurrency exchange that provides users with a platform to buy and sell a wide range of cryptocurrencies.
Does Currency.com provide tax reports?
No, Currency.com does not provide its users with tax reports. It is a crypto exchange that enables users to trade various cryptocurrencies and build a crypto portfolio. KoinX is the platform that provides accurate tax reports of your crypto portfolio.
How are Currency.com transactions taxed?
The tax laws and regulations are different in various countries of the world. As the Indian government’s 2022 budget states: trading or spending cryptocurrencies is subject to a 30% profit tax. Crypto transactions are also subject to 1% TDS.
How does Currency.com tax reporting with KoinX work?
After you integrate your Currency.com account with KoinX, it will compute all your gains and losses and then generate an accurate crypto tax report of your transaction data. You can download the tax report or share it directly from KoinX.
What are the most common issues with importing transactions from Currency.com to KoinX?
When creating a new API for your Currency.com account, you must select the ‘read-only
option’ to avoid permitting alteration of your data. If not, the parties with access to the API could disrupt your transaction data.
How do I troubleshoot my Currency.com integration with KoinX?
KoinX provides reliable customer support to help you resolve all your problems. If you run into a problem while following the above-given steps, you can contact support through live chat, Twitter, or email at support@koinx.com.
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