How to File Your BitMEX Taxes with Koinly

How to do your BitMEX taxes with Koinly

BitMEX is a popular and secure crypto exchange - particularly for investors looking to trade derivatives with low fees for BMEX stakers. Whatever your BitMEX investments, Koinly can help with your crypto taxes. Here's how.

CSV

Follow these steps to sync your BitMEX data automatically to Koinly:

  1. Log in to your BitMEX account.
  2. Select your profile icon in the top right corner.
  3. Select API keys from the drop-down menu.
  4. Under create an API key, give your API key a name, for example, "Koinly".
  5. Select create API key.
  6. Copy your API key ID and secret, and paste into the fields in Koinly.

On Koinly:

  1. Create a free account on Koinly
  2. Complete onboarding until you get to the Wallets page and find BitMEX in the list
  3. Select API > Paste the API keys you copied above in the appropriate box
  4. Hit Import and wait for Koinly to sync your data. This can take a few minutes
  5. Review your transactions on the Transactions page to ensure everything is tagged correctly and no missing data
  6. Go to the Tax Reports page to view your tax liability!
Having trouble connecting BitMEX with Koinly?

How are BitMEX transactions taxed?

Crypto tax varies depending on where you live, and you can learn more in our crypto tax guides. This said, generally speaking, two taxes may apply to your crypto transactions, including BitMEX transactions:

  • Capital Gains Tax: When you dispose of crypto - by selling, swapping, spending it, or even gifting it (depending on where you live) - you may need to pay Capital Gains Tax on any gain from that transaction.

  • Income Tax: When you earn crypto - like staking rewards or bonuses - this may be viewed as additional income and you may need to pay Income Tax upon receipt.

Does BitMEX report to the tax offices?

BitMEX isn't available in a range of countries due to confusing or lackluster regulations around crypto derivatives. If BitMEX doesn't operate in your country, it's unlikely the exchange is reporting to your tax office. However, as a large exchange, that doesn't mean BItMEX hasn't faced pressure from government agencies including tax offices to comply with customer identification regulations.

Notably, before withdrawing services in the US, FinCEN fined BitMEX $100 million for violating the Bank Secrecy Act (BSA) by providing money transmission services but failing to implement and maintain a compliant anti-money laundering program and customer identification program.

How do I file my BitMEX taxes?

You'll need to calculate and report any capital gains or income you made on BitMEX with your tax office. For most taxpayers, this happens as part of their annual tax return.

There are a couple of ways you can do this:

  1. Do it yourself, by identifying your taxable transactions, calculating your net capital gain or loss, and the fair market value of any crypto income.

  2. Save hours and use a crypto tax calculator like Koinly to easily calculate your taxable income for you, and generate your BitMEX tax report, ready to file with your tax office.

With Koinly, all you need to do is connect automatically using API or by uploading a CSV file of your BitMEX transaction history.

Your frequently asked questions

Does BitMEX have tax documents?
How do I get BitMEX tax documents?
Does BitMEX provide financial or end of year statements?
Do I have to pay taxes on BitMEX?
How are crypto derivatives taxed?
Is BitMEX safe?
Which countries can use BitMEX?
Can I use BitMEX in the US?
Can I use BitMEX in the UK?
Does BitMEX have proof of reserves?

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