Bybit is a leveraged crypto exchange specializing in derivatives which is popular with veteran crypto investors. Though the exchange only launched in 2018, it has quickly amassed 1.5 million users trading millions daily. Koinly can help you do your Bybit taxes safely, quickly, and accurately.
1. You'll need to have two-factor authentication enabled in your Bybit account to create a new API key, so make sure you've set this up before you try and sync with Koinly. Bybit uses SMS and Google Authenticator for its two-factor authentication.
2. You aren’t required to enter an IP address when you're making your API key . This means you'll need to create a new API key in Bybit every three months.
3. The API only returns the last year of your transaction data. If your account is older than that. then we recommend using CSV files
Bybit has a few CSV files you may need to export and upload to Koinly depending on the transactions you've made in Bybit, including:
Please note - you'll only need the Earn Account Data CSV file if you've participated in the Bybit earn program. If you haven't, you'll only need your Asset History CSV file from Bybit. Let's take a look at how to get each.
You can request your derivative account asset history and spot account asset history by emailing [email protected] Title your subject line "Request Derivative/Spot Account Asset History Data", and include the following information:
You should receive your file back from Bybit within 10 working days - though some users have reported this taking longer.
Once you have your files, here's how to upload them to Koinly.
1. You can only export up to 5 files a day, so depending on how many files you need, you might need to plan to do this over several days. Your exports take around 5 or 10 minutes to process, you'll be able to download them after this. Your download URL will only stay live for 7 days.
2. Bybit has a maximum date range of between 3 to 6 months depending on the data you're exporting. Koinly needs your entire transaction history, for however long you've been using your Bybit account - so make sure you download as many files as you need to cover this period.
Having trouble connecting Bybit with Koinly? No worries - check out these resources:
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No, Bybit doesn't provide a tax report. However, you can use your Bybit transaction history to calculate your crypto taxes using a crypto tax app - like Koinly! You can get this in minutes using the Bybit tax report API.
While Bybit might not provide tax forms and documents, it does offer two easy ways to export your transaction and trade history! The easiest way is to connect to crypto tax software via API or by uploading a CSV file of your Bybit transaction history. Your crypto tax calculator will then calculate your Bybit taxes for you and generate your Bybit tax documents.
Bybit opted to withdraw some services from the US market due to unclear crypto regulations from the US Securities and Exchange Commission (SEC), so it’s unlikely they issue 1099 forms.
No. But you can use your Bybit transaction history as a financial statement. Your Bybit transaction history includes every transaction you've made on Bybit. You can use this file to create a Bybit tax statement for your tax return.
Yes - if you have capital gains or income as a result of your Bybit crypto investment activities, you'll need to report these to your tax office and pay taxes on them. Check out our comprehensive tax guides for complete details.
Bybit technically isn't available to US citizens, but it isn't illegal to use it either and as Bybit has minimal KYC, some US citizens still opt to use the platform despite withdrawing its services in the US.
Bybit has some KYC processes, but only for specific products and withdrawal limits. Smaller traders may use the platform with no KYC.
Bybit is a fairly well-known crypto exchange that follows best practices for crypto security and storage. However, your crypto is always safest in a non-custodial, cold wallet when you're not actively trading.
ByBit is currently in the process of providing Proof of Reserves, confirming via this press release it would be a top priority for the exchange, stating Proof of Reserves is “an example of best practice for other exchanges and a symbol of its ongoing commitment to open and transparent trading.”
For more information about what Proof of Reserves are and why it matters - check out our blog post.