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How To File Your Gate.io Taxes With Koinly

Gate.io pairs perfectly with Koinly to make crypto tax easy! 🤝Sync Gate.io with Koinly to calculate your crypto taxes fast. ⚡ Connect in minutes! 🖱️

Last updated: Thursday, 2 February 2023

How to do your Gate.io taxes with Koinly

Gate.io is a popular altcoin exchange, offering traders 180 different coins in nearly 400 different cryptocurrency markets. The site also offers advanced trading options like margin trading and liquidity mining.

  1. Sign up to Koinly and choose your country and currency
  2. Connect Gate.io with Koinly to import all your Gate.io trades safely and securely
  3. Koinly categorizes Gate.io transactions into gains, losses and income
  4. Koinly calculates your Gate.io Capital Gains Tax and Gate.io Income Tax
  5. Download your Gate.io tax report from Koinly
  6. File your Gate.io taxes online or with your crypto tax accountant

Watch how to do your Gate.io taxes fast

Does Gate.io report to the IRS?

Gate.io withdrew services from the US market in March 2022 due to regulatory issues. As such, it's unlikely the exchange shares any KYC data with the IRS.

How to file Gate.io taxes?

You need to report any gains, losses or income from your Gate.io investments to your tax office, usually as part of your annual tax return. You need to start by calculating your crypto gains, losses and income. You can do this yourself, or use a crypto tax calculator like Koinly and save hours. Koinly does all this for you and generates your crypto tax report, ready to file with your tax office. 

Just connect automatically via API, or upload a CSV file. Here’s how.

How to connect Gate.io to Koinly automatically

On Gate.io

  1. Log in to your Gate.io account.
  2. Click on your profile icon.
  3. Select API management from the drop down menu.
  4. Select APIv4 keys.
  5. Select create new API key.
  6. Under permissions, check the spot/margin trade and wallet boxes.
  7. Select read only for both.
  8. Select confirm and create.
  9. Enter your fund password and complete the two-factor authentication.
  10. Copy the API key and the API secret.

On Koinly

  1. Sign up or log into Koinly and go to wallets.
  2. Select add new wallet: Gate.io.
  3. Select set up auto-sync.
  4. Paste the API key into the API key box.
  5. Paste the API secret into the API secret box.
  6. Select secure import.

Important

1. You need to use an APV4 key within Gate.io, not an APIV2 key. For Koinly users who were previously using an APV2 key - you'll need to change to an APV4 key. If you haven't enabled two-factor authentication, skip the step above that mentions it. Just leave the box blank and select ‘show API keys’.

2. It takes a minute for your Gate.io transactions to appear in Koinly. This is normal— it's just Koinly working through the data. If you're having issues with the API method for Gate.io, use the CSV method below instead.

How to integrate Gate.io with Koinly using CSV

You'll need to start by downloading a CSV file with your full trading history from Gate.io before you can upload it to Koinly - here's how.

How to download and export your transaction history CSV file from Gate.io

  1. Log in to your Gate.io account.
  2. Select wallet, then account statement from the drop down menu.
  3. Select a date range. This should include your entire Gate.io transaction history.
  4. Download your PurseLog file by selecting download.

How to upload your Gate.io CSV to Koinly

  1. Sign up or log in to your Koinly account and head to wallets.
  2. Select add new wallet: Gate.io.
  3. Select import from file.
  4. Upload your CSV file.
  5. Select import.

Important

1. When you're selecting the date range, make sure to include all your trading history on Gate.io, even if you're only filing for the most recent tax year. This helps Koinly generate an accurate tax report based on all your transactions. For example, many countries allow you to offset losses from previous years against gains from the current year, meaning you're taxed less. But if Koinly doesn't have this information from previous years, it won't be able to calculate this.

2. Also keep in mind that Gate.io limits users to a maximum of 30 CSV file downloads a day.

How do I troubleshoot my Gate.io integration to Koinly?

Don't worry if you're having trouble with your Gate.io data import - there's lots of help available:

Calculate your Gate.io taxes

Sign up free today to calculate your Gate.io taxes.

Is Gate.io allowed in the US?

Gate.io withdrew services for US residents in March 2022 and many accounts had funds frozen as they did not withdraw their assets by the deadline.

How do I get a Gate.io CSV?

Easy, log in and go to your wallet, then funds overview, then select billing details then all bills. Pick a date range, hit download and you're done.

Is Gate.io IRS compliant?

No. Gate.io withdrew services from the US as it does not meet the regulatory requirements.

Does Gate.io issue 1099 forms?

No. Gate.io does not operate in the US, so does not issue users with 1099 forms.

Does Gate.io have proof of reserves?

Yes - Gate.io has provided Proof of Reserves via a Merkle Tree to their users. Gate.io lets users verify that their deposits are held 1:1 by allowing them to verify their holdings from the Merkle tree and whether these funds are included within the audit conducted through an external third party. For more information about what Proof of Reserves are and why it matters - check out our blog post on it here.

Is Gate.io safe?

Gate.io is widely regarded as a safe crypto exchange with strong security practices. However, as ever, you should always store your crypto in a secure, offline, non-custodial wallet when you're not actively trading to ensure your crypto is safe.

Where is Gate.io based?

Gate.io is based in the Cayman Islands. Prior to being rebranded from Bter.com to Gate.io in 2017 following the Chinese's governments ban on fiat-to-crypto trading, the exchange was well known in China, although it's unclear if it was based there.

Is Gate.io closing down?

No. Gate.io withdrew services for US residents, but the exchange remains operational for users around the world otherwise.