dYdX is a decentralised exchange built on Ethereum layer 2 using zero-knowledge proofs for enhanced security, decentralisation, and privacy. It does not rely on an automated market maker (AMM) for trading.
KoinX simplifies crypto tax management, portfolio tracking, and accounting, making it easier for investors to be compliant. It is the most popular tax calculation platform for Indian crypto users.
This post explains how to generate a dYdX tax report using KoinX.
A Step-By-Step Guide On How To Integrate Your dYdX Account With KoinX
Follow these steps to swiftly and effortlessly generate your dYdX tax report using KoinX’s user-friendly cryptocurrency tax management solution:
Step 1: Connect your wallet securely.
Step 2: Verify that you are connecting to the correct network, which in this case should be the Ethereum mainnet.
Step 3: Locate the History section on the trading platform and click on it to access your trade history.
Step 4: Click on the Export button and download the “Trades,” “Funding,” and “Transfers”.CSV files.
Step 5: Log in to your KoinX account using your secure credentials.
Step 6: Navigate to the Integrations section of the KoinX platform by using the navigation bar.
Step 7: Select dYdX from the list of available decentralised exchanges under “Integrations.”
Step 8: Upload the CSV files you downloaded earlier to their respective rows in the dYdX integration section.
Step 9: Once all CSV files have been uploaded, click on the “Submit” button to complete the integration process.
Watch how to generate your dYdX tax report with KoinX
Ready to stay fully compliant with the latest tax regulations? Watch our tutorial on how to generate your dYdX tax report with KoinX and start streamlining your crypto tax reporting today.
Important Things to Consider While Generating Your dYdX Tax Report with KoinX
- Please note that KoinX currently does not fetch your trades in real-time from dYdX Exchange. To ensure that your latest transactions are accurately synced, we kindly request that you generate and upload the latest “Trade Reports” by following the steps mentioned above. We appreciate your cooperation and thank you for using KoinX.
- Please ensure to download the transaction reports since the creation of your dYdX account. By downloading the transaction reports since the day you created your dYdX account, any missing transactions can be identified, thus ensuring the accuracy and completeness of your calculations.
- To avoid any irregularities in calculation of profits, we recommend you to review your imported transactions on our transactions page.
How To Easily Calculate & File Your dYdX Taxes using KoinX
Step 1: Add all the chains and exchanges where you have an account.
KoinX supports a wide range of major crypto exchanges and wallets, which enables anyone to conveniently import all their transaction data, in one place.
Step 2: Review your transactions.
KoinX will automatically categorise all transactions and compute gains and losses accordingly, ensuring 100 percent accuracy and compliance with the latest tax regulations.
Note: If you see warnings in your portfolio, refer to this article to fix the issues.
Step 3: Generate your tax reports for the selected Financial Year
You have the option to categorise your trades as Capital Gains or as Business Income.
If you are trading in crypto as a secondary source of income (like just passively investing for returns) then please select Capital Gains.
If you are trading with the intent of making crypto as your primary source of income, then please select Business Income.
KoinX produces all the essential tax reports while providing a clear breakdown of your crypto tax obligations.
Step 4: File your taxes
Export tax reports directly from KoinX and import them into your preferred tax software, or provide them to your tax professional for swift and hassle-free filing.
Frequently Asked Questions
Do I need to report my dYdX for tax purposes?
If you are based in India and you have traded on the dYdX Exchange, it’s important to note that the 2022 Budget by the Indian government mandates that all cryptocurrency transactions are taxable. This means that profits from dYdX are subject to a 30% tax and 1% TDS. It’s necessary to report your dYdX investments for tax purposes to avoid penalties or legal issues in the future.
Does dYdX provide tax reports?
dYdX currently does not have a built-in tax reporting feature. However, investors can easily generate accurate tax reports for their dYdX transactions by integrating their accounts with KoinX, a comprehensive cryptocurrency tax management solution.
How are dYdX transactions taxed in India?
dYdX transactions, including trading, selling, or spending crypto, are subject to a 30% tax on profits, as per the 2022 Indian budget. If you are an investor selling crypto assets for more than INR 50,000(in cases of a specified person) or INR 10,000 in a financial year, you may also face a 1% TDS.
How does dYdX tax reporting with KoinX work?
With KoinX, you can easily generate tax reports for your dYdX investments. Once integrated, KoinX will automatically sync all your transactions, calculate your realised and unrealised gains, and produce downloadable tax reports that can be used for filing your taxes or shared with your tax professional.
What are the most common issues with importing transactions from dYdX to KoinX?
Please make sure to upload the downloaded files under the correct subheading to avoid any errors.
If you are facing any issues, please feel free to contact our support team.
How do I troubleshoot my integration with KoinX?
For any troubles related to integration, you can carefully navigate through the steps once again mentioned in our guide. Alternatively, you can also reach out to us on Twitter or write to us at support@koinx.com.
