How To File Your Bybit Taxes With Koinly
How to do your Bybit taxes with Koinly
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.
Follow these steps to sync your ByBit data automatically to Koinly:
- Log in to your Bybit account.
- Hover over your profile icon in the right corner and select API
- Click on Create New Key and select System-generated Keys
- Add a name for the keys, such as "Koinly"
- Make sure that the permissions are set to Read-Only and No IP restriction
- Add all available permissions from the list. This will enable Koinly to sync all of your transaction history but does not grant Koinly access to move or trade your funds.
- Click on Submit and complete the 2FA
- Copy your API key and API secret to Koinly
If you use subaccounts with Bybit, you will need to import this data as well.
If using API, create separate API keys for each subaccount. Add them to separate Bybit wallets in Koinly.
Please check your Transfers between the main account and your subaccounts, as these may need to be added manually.
- Create a free account on Koinly
- Complete onboarding until you get to the Wallets page and find ByBit 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!
- The API does not provide transactions from the last 3 days, but these transactions will be fetched at a later time
- Conversion trades made in the last year are sometimes missing from the API
- Bybit API keys will expire after 90 days so new keys need to be generated regularly
- The API can take a few hours to sync due to rate limitations
Your frequently asked questions
Does Bybit have tax documents?
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.
How do I get Bybit tax documents?
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.
Do you get a 1099 from Bybit?
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.
Does Bybit provide financial or end of year statements?
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.
Do I have to pay taxes on Bybit?
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.
Is Bybit legal in the US?
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.
Does Bybit require KYC?
Bybit has some KYC processes, but only for specific products and withdrawal limits. Smaller traders may use the platform with no KYC.
Is Bybit safe?
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.
Does Bybit have Proof of Reserves?
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.