Founded in 2013, Okcoin is a global cryptocurrency exchange platform headquartered in San Francisco. Mingxing Xu, or Star Xu, is the platform’s founder; he has worked in companies like Alibaba and Yahoo and has an extensive technology management background. The platform aims to make crypto investing and trading easily accessible to anyone worldwide.
Since crypto usage has increased, the need for proper tax management has also increased. For optimum tax management of the Okcoin crypto portfolio, many investors and traders use KoinX. It is a powerful automated tax calculation tool streamlining the crypto tax management process.
You can manage crypto taxes by seamlessly integrating your Okcoin account with KoinX. In this article, we guide you through the integration process. Don’t let taxes keep you from exploring the opportunities that crypto offers. KoinX will empower you to manage your crypto tax effortlessly.
A step-by-step guide on how to generate your Okcoin tax report with KoinX
Step 1: Log in to the Okcoin account.
Step 2: On the right corner of the Profile section, click on the API option.
Step 3: Click on API and hit Create API key.
Step 4: Make sure you have given Read-only as permission and hit 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 Okcoin exchange and select the exchange.
Step 8: Paste your API keys and hit the Import Now button.
How To Easily Calculate & File Your Okcoin Taxes with KoinX
Step 1: Add all the chains and exchanges where you have an account
KoinX allows you to integrate all the chains and exchanges you use for crypto transactions under one platform. You can generate tax reports of multiple exchange accounts. You will find the option for Okcoin in the integration section of KoinX.
Step 2: Review your transactions.
After you integrate your account, you will have to import the transactions of your Okcoin account to KoinX. Ensure the transactions shared are from when you started your Okcoin account.
Step 3: Generate your tax reports for the selected financial year
KoinX assures you that it will generate a tax report that is 100% compliant with the latest tax law and regulations. It will generate reports that will help you understand your tax obligations better. You can develop your tax report according to your investment and trading methods.
Step 4: File your taxes
After KoinX generates an accurate tax report, it will also help you file your taxes with the authorities. You can export the tax reports from KoinX in your preferred format. This will enable you to file your taxes swiftly.
Important Things to Consider While Generating Your Okcoin Tax Report with KoinX
- After integration, KoinX will automatically fetch your transaction data at regular intervals. If you want to update the transaction in KoinX at any given time, you can use the sync now button on your dashboard.
- When creating a new API address in your Okcoin account, tick the ‘read-only’ permission to avoid any alteration in your transaction data by the parties who have access to the API.
- You must share the whole transaction data of your Okcoin account. KoinX will need the transaction data from the date you opened the account till the latest transactions for generating an errorless tax report.
KoinX offers a wide range of features that will allow you to enjoy peace of mind while seamlessly generating your tax reports without errors.
Frequently Asked Questions
Do I need to report my Okcoin transactions for tax purposes?
Yes, if you have an account with the OkCoin exchange and transact through it, you are obliged to report your taxes. Many countries have tax laws and regulations placed on crypto, and you must follow the rules given by the concerned authority to avoid any legal punishment or penalties.
Does Okcoin report to the Income Tax Department?
No, Okcoin does not report the tax matters of its users to the Income Tax Department. It is a cryptocurrency exchange that facilitates the trade of various cryptocurrencies on its platform.
Does Okcoin provide tax reports?
No, Okcoin does not provide its users with tax reports. It is a crypto exchange that provides trading tools to buy and sell a wide range of cryptocurrencies to people in around 190 countries. KoinX is an automated tax calculator tool that provides accurate tax reports
How are Okcoin transactions taxed?
Each country in which Okcoin operates has different tax laws and regulations. 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 Okcoin tax reporting with KoinX work?
After you integrate your Okcoin account with KoinX, it will categorise your transactions to review and then compute all the gains and losses. After you review the data, it will 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 Okcoin to KoinX?
You may run into a problem if you don’t ensure to select the ‘read-only’ permission while creating an API. This will prevent anyone from tampering with your transaction data.
How do I troubleshoot my Okcoin integration with KoinX?
KoinX has active customer support to help you resolve all your problems. If you find any issues while following the above-given steps, you can contact support via live chat, Twitter, or email at support@koinx.com.
More Integrations
Ethereum
USDT
XRP
MATIC
