Right then, time for some tax talk. Are you ready? You better be. Today we’re talking about Gate.io, and how to sort out your tax statements and reporting (without driving you completely mad).
Gate.io is an exchange popular for altcoins, offering traders 180 different coins in nearly 400 different cryptocurrency markets. Let’s jump into sorting your tax reports. No one wants a stern knock on the door from those tax authorities. Not at all.
Does Gate.io provide a tax report?
As an exchange, Gate.io does not provide a specific tax report.
However, while Gate.io might not provide tax documents, it does offer the ability to download your export transaction and trade history to external crypto tax software, which generates tax reports for you.
If you want an accurate and reliable tax report, you are much better served integrating your Gate.io transactions with a specialised software built for that very purpose. Koinly is an example.
How to download Gate.io transaction history
Gate.io allows you to The first is on the Gate.io desktop website by going to the primary navigation at the tool, and clicking on “Orders”. This will drop down some options, the first one being ”Spot Orders”. Click on that.
Next, click on 'Trade History' on the left hand side. This allows you to look up the trade history of markets in a select time frame. To download these records. Click the 'download' bottom in the top right. This gives you a Gate.io CVS report.
Now, having a downloaded file of your transactions is all well and good. But if you want to get any meaningful insights from this, there’s a lot more work to do. You can’t get a tax report, you only get the transaction data.
However, if you were to integrate with tax software, the whole process becomes much easier for you. Upon integration, Koinly generates a full tax and transaction report. It can even combine the data from other exchanges (such as Binance and Gemini) so you can see all of your data and insights in one place. To learn how to integrate your crypto transactions with Koinly, find our easy-to-follow integration guide here.
Alternatively, download the CSV file of your Gate.io transaction history using the steps above. You can then either send this to your accountant, or, if you're feeling brave, calculate your taxes manually. This may take your hours, and with natural human error, it's impossible to guarantee accuracy.
Does Gate.io provide an end of year statement?
Gate.io won't provide you with an EOFY statement, but as alluded to above, you can download a CSV file of your trade history which could function as an end of year statement. Follow the CSV instructions above to do this.
What is Gate.io tax API?
APIs (application programming interfaces) are used for integration with crypto tax software. To learn how to do this with Koinly, for example, see integration guide linked to above.
Does Gate.io report to the tax authorities?
In short, yes they do. Although there isn’t official confirmation for this, you would have to assume they do. Most legit exchanges do KYC “know your customer” stage before operating on their exchange.
A large element of KYC’s purpose is to prevent illegal activities, such as tax evasion, and ensure taxpayers are paying their fair share. If a crypto exchange doesn't perform KYC, then it could be vulnerable to such illegal activity.
Why are crypto tax calculator tools the best solution?
As mentioned throughout this piece, Koinly is a crypto tax tool that calculates your crypto taxes for you, meaning you don’t have to go through the hassle of doing it yourself.
Not only does the software integrate with Gate.io’s transaction history, but it calculates your taxes in a format that makes sense for your country’s tax office. Essentially, Koinly does all the boring tasks that would cost your hours and hours sitting at a computer.
As a quick breakdown, here’s a short summary of what Koinly does:
- Imports all your trades including purchases, sales, swaps, and rewards.
- Converts your transactions into your country’s currency at fair market value (this in itself is a massive time saver).
- Deciphers out which of your Gate.io trades are taxable and which are not.
- Allows you to submit a clean and accurate report to your tax office.
Sign up for free and sort out your taxes within minutes.