How to file your BitMart taxes with Koinly
How to do your BitMart taxes with Koinly
BitMart is a global crypto exchange offering spot, margin, and futures trading, as well as staking, NFTs and more. Whatever your BitMart investments, Koinly can help with your BitMart taxes.
Follow these steps to sync your BitMart data automatically to Koinly:
- Log in to BitMart.
- Select your account name in the top right corner.
- Select API Management from the drop-down menu.
- Under create new API, write a name in the memo box.
- Make sure that under authority, only read-only is selected.
- Complete 2FA.
- Select submit.
- Copy your API key - store it somewhere safe, you won't be able to see it again.
- Select confirm.
- Paste your API key into the field in Koinly.
- Create a free account on Koinly
- Complete onboarding until you get to the Wallets page and find BitMart in the list
- Select API > Paste the API keys you copied above in the appropriate box
- Hit Import and wait for Koinly to sync your data. This can take a few minutes
- Review your transactions on the Transactions page to ensure everything is tagged correctly and no missing data
- Go to the Tax Reports page to view your tax liability!
This API can only provide the 200 most recent trades. If you have more trades than this then you will need to use CSV files instead
Does BitMart report to the IRS?
As BitMart operates in the US, it’s likely the exchange has faced pressure from the IRS to share customer data in order to ensure tax compliance. The IRS is able to request KYC data from centralized crypto exchanges. The best way to remain tax compliant is to report your BitMart transactions accurately.
Your frequently asked questions
Does BitMart have tax documents?
No. BitMart does not provide users with tax documents. The easiest way to get your BitMart tax documents is using crypto tax software like Koinly.
How do I get BitMart tax documents?
The simplest way to get your BitMart tax documents is to connect Koinly to BitMart automatically, or upload a CSV file of your BitMart transaction history. Koinly will then calculate your BitMart taxes and generate your BitMart tax report.
Do you get a 1099 from BitMart?
Although BitMart operates in the US, they have not been known to send 1099 forms to users or the IRS. Many of the earn products on BitMart are not available to US users.
Does BitMart provide financial or end of year statements?
No, BitMart doesn’t supply a financial or EOFY statement. But you can use the CSV file of your BitMart transaction history instead to calculate your crypto taxes.
Do I have to pay taxes on BitMart?
Yes, if you have capital gains or income as a result of your crypto investment activities on BitMart, you'll need to report these to your tax office and pay taxes on them - or face steep tax evasion penalties.
Does BitMart have KYC?
Yes, you’ll need to complete KYC verification in order to use BitMart. Like many other exchanges - they have different levels of verification and these different verification levels have their own withdrawal limits.
Is BitMart safe?
Yes. BitMart has a reputation for being a safe and secure crypto exchange. However, in the wake of the collapse of large exchanges recently, the best practice is always to store your crypto in a cold, non-custodial wallet when you’re not actively trading.
Does BitMart report to other tax offices?
BitMart is a global exchange that operates in 180 countries… in other words, it’s highly likely BitMart reports to other tax offices like HMRC, the ATO and the CRA. Your customer data may be requested by these tax offices in order to ensure tax compliance.