Some exchanges make it easier than others to get your crypto taxes done and reported to HMRC. Learn about the best crypto exchanges for UK taxpayers.
Once again, HMRC has sent out ‘nudge’ letters reminding crypto investors to pay their crypto taxes.
While a personalised letter from HMRC is scary enough, the news gets even more frightening. Now, HMRC are making information requests to UK-based crypto exchanges to ensure tax compliance. They’re tapping into customer data, transaction history - and can even trace UK taxpayers cross-border. They haven’t yet divulged which exchanges they’re tapping into. But our guess is that the largest by market cap are sure to be in the firing line.
Suffice to say - you need to pay your crypto taxes. And that means being able to provide accurate information on your trades, together with cryptocurrency value in GBP at acquisition and disposal, along with a clear explanation for each transaction in terms of capital gains, or income tax.
Some exchanges make this much easier than others. So when it comes to accessing the data you need, here are the best UK exchanges for getting your crypto taxes done.
But first, what is it exactly that the HMRC wants from you at tax time?
What information does HMRC need for my crypto taxes?
HMRC wants to know about all your taxable crypto transactions. You can check out our UK Crypto Tax Guide for more information about which crypto transactions are taxable and how they’re taxed.
You’ll need to report all income and crypto gains to HMRC. As a bare minimum, you’ll need to report:
- The number of disposals.
- The proceeds from your disposals.
- Your overall purchase price and allowable costs.
- Your total capital gain for the year.
- Your total capital loss for the year.
- Your net capital gain or loss.
- The fair market value of your total crypto income at the point you received it.
As well as this, if the HMRC decides to audit your crypto transactions, you’ll also need records of:
- The date you acquired an asset.
- The date you disposed of an asset.
- Your cost basis for each asset (in GBP).
- The fair market value (in GBP) of the asset the day you disposed of it.
- The capital gain or loss you made from the disposal.
- Proof of purchase.
- Proof of disposal.
Of course, this is a huge amount of information for some crypto investors. Especially when you’re using multiple exchanges and wallets.
Some exchanges make it much easier than others to get all the information you need for your crypto taxes. This usually made available in 2 ways:
- A complete transaction history file - like a spreadsheet in CSV format for you to download.
- Integrating directly with crypto tax software like Koinly via API.
Let’s run through the top 10 UK exchanges that will help you get your crypto taxes done in a snap.
It should come as no surprise to see crypto exchange Binance tops this list. Binance is the biggest crypto exchange in the world in terms of daily trading volume. Millions of crypto investors trade billions every day - including UK investors.
In even better news - Binance makes it pretty easy to get the information you need for your crypto taxes. The exchange offers API integration with many crypto tax software companies. You can set these up easily in the API management page in Binance.
Alternatively, if you’d rather DIY - Binance also offers users CSV files of their complete transaction history. All you need to do to get it is hop into your account, head to your wallet and generate your statement.
The only limitation of the CSV file option on Binance is that users are limited to exporting 3 months of data at a time. This won’t be a problem for newer users, but we’d recommend sticking to an API integration with crypto tax software to swerve a heap of CSV files! Get started on your Binance taxes with Koinly.
Does Binance report to HMRC?
Almost definitely. As the largest crypto exchange in the world - Binance has faced pressure from tax authorities around the world to share customer information. HMRC haven't yet named Binance as one of the crypto exchanges that they've contacted, but as they've already contacted other much smaller exchanges, it is very likely that Binance is in contact with HMRC.
Coinbase is another giant crypto exchange with more than 70 million users trading billions daily. They also offer Coinbase Pro - a professional crypto trading platform offering more advanced trading options for investors like options and futures. Meanwhile, Coinbase Wallet works with many DeFi apps to empower investors to take part in the DeFi revolution.
It's also super easy to get your crypto taxes from Coinbase. They offer API integration with most major crypto tax software providers. This is read-only access - so you don't need to worry about other apps having access to your crypto exchange or wallets. Similarly, Coinbase Pro also offers API integration.
If you'd rather use CSV files - either to do your crypto taxes manually or to import to a crypto tax software app, you can do this with Coinbase, Coinbase Pro and Coinbase wallet.
All you need to do is request a data export with Coinbase. Fill it out with all the information you need (your complete transaction history usually!) and wait for your CSV file to appear in your email inbox.
It’s worth noting if you’re using both Coinbase and Coinbase Pro - you’ll need to integrate both of these with your chosen crypto tax software. Get started on your Coinbase taxes with Koinly.
Does Coinbase report to HMRC?
Yes. HMRC has stated that they contacted Coinbase asking for customer data and transaction histories to ensure tax compliance.
Kraken is practically an old timer in the crypto world - having been around since 2011! It's in the top 10 exchanges worldwide in terms of daily trading volume and it's a popular choice for UK investors. The platform offers a huge variety of trading pairs, as well as low fees and more advanced trading options for more experienced investors.
When it comes to your crypto taxes - Kraken makes things pretty simple. You can create API keys from the 'security' section in your account. You can then use this key to sync your transaction data with crypto tax software providers.
Kraken also offers a CSV file export of your complete transaction history. Unlike many other exchanges, this file isn't limited to a certain time period - you can choose a custom date range. Simple!
Get started on your Kraken taxes with Koinly.
Does Kraken report to HMRC?
Probably. HMRC haven't named Kraken as one of the exchanges they've contacted (yet), but as a large crypto exchange with UK crypto investors - it is highly likely HMRC have contacted Kraken.
KuCoin is popular with investors worldwide thanks to the wide range of cryptocurrencies available and how easy their app is to use. The exchange also offers custodial and noncustodial services, so you can store your assets in the exchange or connect a third-party wallet. This is a big appeal for investors who want more control over their crypto assets.
You can create an API to integrate with crypto tax software apps within KuCoin. Just head to the API management page and create a read-only access API.
KuCoin does offer CSV files for users, but it's a little more convoluted than some would like. Transaction data is separated into the different types of transactions. As well as this, CSV files can only cover a maximum of 100 days. For some users, this isn't a problem. But for users making many different types of transactions, it's a bit of a headache!
Fortunately, you can contact KuCoin support to get around this. You can simply request a full transaction history and they'll be able to get one over to you quite quickly - meaning you'll have one file instead of dozens! Get started on your KuCoin taxes with Koinly.
Does KuCoin report to HMRC?
It is very likely KuCoin has contact with HMRC. With more than 8 million investors using the exchange around the world and a considerable number of these in the UK, HMRC will be interested in obtaining customer records from KuCoin.
A much smaller exchange compared to some of the giants, Gemini is popular thanks to its easy-to-use interface. Gemini also offers a more advanced platform for experienced traders, as well as an unusual peer-to-peer trading portal.
Like all the exchanges above, Gemini integrates with crypto tax software apps via API. All you need to do is head to API settings in your account and create a new API key to use.
If you’d rather stick to spreadsheets - you can also export your complete transaction history on Gemini in a CSV file.
If you're on desktop, this is under your account balance and history page. Whereas if you're on the mobile app, you'll need to go into Portfolio and then transaction history. Get started on your Gemini taxes with Koinly.
Does Gemini report to HMRC?
Probably. Gemini might be based in the US, but a considerable number of UK investors use the platform. Gemini does report to other tax offices like the IRS, so it is likely they have taken this approach with HMRC.
Despite being headquartered in Australia, CoinJar is popular with UK crypto investors. The exchange offers different platforms for a range of experience with both a desktop interface and mobile app. Investors can buy and sell with low fees, as well as spend with the CoinJar card.
There's two ways to get the tax information you need from CoinJar - through API or CSV.
If you're using a crypto tax calculator - API is the easiest route. You shouldn't even need to go into your account to generate an API. Simply head into your chosen crypto tax platform and add your CoinJar account. You'll be taken to your CoinJar account where you can grant access and you're good to go.
If you're also using CoinJar exchange, you'll need to add API integration for this too. Head to settings in your account and you can set up settings from the API key page.
For those who'd rather do things manually - CoinJar makes this simple too. To get a CSV file of your transaction history, just head to settings and select reports and statements. There's actually a few different CSV files available, so you'll need to download all of these and upload them to your crypto tax calculator or combine them manually. Get started on your CoinJar taxes with Koinly.
Does CoinJar report to HMRC?
Almost definitely. CoinJar is based in Australia, but very popular with UK investors. The exchange has faced significant pressure from the Australian Tax Office to share customer information to ensure tax compliance. It is highly likely HMRC have taken the same approach with CoinJar.
An all-in-one crypto platform, Crypto.com attracts investors with low fees, more than 20 fiat currencies, high-yield savings accounts and even crypto cash back cards. The exchange has also become a popular platform for NFT drops and auctions - offering investors exclusive access to popular artists.
Crypto.com does have an API for integration with crypto tax apps. You can find the API keys page under settings. You'll just need to complete two-factor authentication and enter the API key into your chosen crypto tax app.
Some users do report issues with the crypto.com API. So it might be a better plan to export a CSV file of transactions instead. You can find your transaction history under the accounts tab. If you're uploading this to a crypto tax app, make sure you export data that covers your entire trading history on crypto - not just the current financial year. Get started on your Crypto.com taxes with Koinly.
It's likely Crypto.com report to HMRC to ensure tax compliance. The exchange offers a lot of guidance on crypto taxation around the world - including UK crypto taxes. It is likely they've faced pressure from tax authorities including HMRC.
With more than 190 cryptocurrencies available, Bittrex has attracted UK crypto investors with advanced security features and low fees. The platform isn't the easiest to navigate initially, but the elastic computing supporting the platform makes it one of the fastest exchanges around.
Like all the exchanges above - Bittrex supports API and CSV file methods to export your crypto tax information.
To find the API key for crypto tax software, you'll find the API key page under the account tab. You only need to grant read-only access, so you don't need to worry about another app having access to your account.
If you can't create an API key - this is likely because you haven't set up two-factor authentication yet. Make sure to do this before you try creating a new API key.
Another helpful tip - if you've traded any pairs that have since been delisted on the platform, this transaction data won't be included in your API data. In these instances, you'll be better off exporting a CSV file of your transaction data.
You'll find some of your transaction history under orders and you can export data for each year. However, this data won't include your deposits and withdrawals on Bittrex. So instead, we recommend filing a request with Bittrex support and requesting a CSV file of your complete transaction history on the exchange. Get started on your Bittrex taxes with Koinly.
Does Bittrex report to HMRC?
HMRC haven't confirmed that they have contacted Bittrex. However, exchanges offering derivative trading have been of much interest to the Financial Conduct Authority (FCA) over the last year. As Bittrex offer leveraged tokens, it is highly likely that both the FCA and HMRC have had contact with Bittrex.
A relative newcomer to the crypto exchange space - Gate.io has quickly jumped to one of the top 10 exchanges for daily trading volume. This is down to the wide variety of cryptocurrencies and trading pairs on the platform, as well as more advanced investment options like liquidity mining and margin trading.
You can find the API management page in Gate.io in the drop down menu from your profile icon. You'll want to use APIv2 keys to connect to crypto tax software apps, not APIv4 keys. You'll only need read-only access when you're creating a new API key for use with a crypto tax app.
If you'd rather use CSV files to do your taxes manually or upload transaction data manually - this is easy to do with Gate.io. Select billing details, all bills and download your PurseLog file. This will have your entire transaction history on Gate.io. Get started on your Gate.io taxes with Koinly.
Does Gate.io report to HMRC?
Probably. Gate.io is in the top 10 of largest crypto exchanges based on daily trading volume. HMRC have been contacting large crypto exchanges with UK users to share customer data.
Last up on our list is Bitstamp. Bitstamp is a great crypto exchange platform for beginners. It supports common fiat currencies including GBP and offers a strong selection of trading pairs. The exchange also has a great selection of educational content for those brand new to crypto trading.
You can get an API key from Bitstamp to automatically import your transaction data to your crypto tax software. First, make sure you've set up two-factor authentication. You'll find the API key page within the access control section in settings. You only need to enable permissions for user transactions and account balance when creating a new API key.
Alternatively, to get a CSV file of your transaction history on Bitstamp - go to activity under your user icon and then transaction history. You'll be able to export all your transactions here. Get started on your Bitstamp taxes with Koinly.
Does Bitstamp report to HMRC?
It's very likely Bitstamp has had contact with HMRC. The exchange is popular with UK investors and has a London based office.
How Koinly works with the top UK crypto exchanges
Koinly makes it easy to do your UK crypto taxes - whatever exchange you’re using. We support all 10 of the exchanges listed above, as well as hundreds more exchanges, wallets and blockchains. You can see a full list of our integrations here.
All you need to do is connect your exchange or wallet via API or import a CSV file. Just select add a new wallet and find the wallet you’re using.
Then you can pick whether to automatically connect with an API or upload a CSV file of your transaction history from that wallet.
It’s really important you connect all the exchanges and wallets you use so Koinly can calculate your crypto taxes accurately. Once you’ve imported your data, you’ll be able to see all your wallets and transactions in the Koinly platform. So not only is it a great crypto tax calculator - but it also doubles up as a great crypto portfolio tracker too!
You’ll be able to find all the information you need about your crypto capital gains, losses, income and expenses under the tax reports page. You can also download specific tax reports based on your location. For example, the HMRC Capital Gains Summary form.