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How to File Your LBank Taxes with Koinly

LBank pairs perfectly with Koinly to make crypto tax easy! 🤝 Connect LBank with Koinly to quickly calculate your taxes. ⚡ Just follow a few simple steps! 🖱️

Last updated: Thursday, 17 November 2022

How to do your LBank taxes with Koinly

LBank is a Hong Kong based crypto exchange established in 2015. The popular exchange offers a range of exciting investment opportunities including spot trading, futures, ETFs, and flexible and locked earn programs. Whatever your investments, Koinly can help with your LBank taxes.

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

How do I file my LBank taxes?

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

There are a couple of ways you can do this - do it yourself, by identifying your taxable transactions, calculating your net capital gain or loss, and the fair market value of any crypto income.

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

Koinly works by importing your crypto transaction data to analyze what's taxable, and what's not.

Koinly lets you manage all your crypto transactions - from all the blockchains, wallets and exchanges you use - from one single platform, making crypto tax simple. Here's how to connect.

How to integrate LBank with Koinly using CSV

Due to API limitations, the best way to connect LBank and Koinly is by uploading a CSV file of your LBank transactions. Here's how to get your LBank transaction history CSV file.

How to download and export transaction history CSV from LBank

Excluding for futures, LBank don't offer a means on the platform to export a CSV file of your entire transaction history, so here's what you need to do instead. You'll need to submit a request to LBank, either through the LBank support center or via their live chat while you're logged into your LBank account. In your request, you'll need to include a verification photo of your face, with your ID card and a piece of paper that includes the following information written on it:

  • LBank
  • Time & date of request
  • Your request to download your transaction records

You can upload this as an attachment with your request or send via live chat. Once LBank has verified your request, you'll receive your CSV file within one week.

How to upload your LBank CSV file to Koinly

  1. Sign up or log in to your Koinly account and go to the wallets page
  2. Select add new wallet: LBank
  3. Select import from file
  4. Upload your CSV file(s)

Good to know

1. When downloading your CSV files, check that the file covers your full trading history.

2. Don't forget to tag your airdrops and forks. This will ensure that they show up correctly as income on your Koinly tax reports.

How to connect Koinly and LBank via API

On LBank

  1. Log in to LBank
  2. Hover over the profile icon in the top right corner
  3. From the drop down menu, select My API
  4. Enter a name for your API, for example, Koinly
  5. Check that read only is the only permission checked
  6. Complete your email verification
  7. Select add
  8. Copy your API key and secret key and store these somewhere safe, you won't be able to access them again

On Koinly

  1. Sign up or log in to your Koinly account and go to the wallets page
  2. Select add new wallet: LBank
  3. Select set up auto-sync
  4. Paste the API key and API secret into Koinly
  5. Select secure import

Good to know

1. The LBank API only returns trades only for last 7 days and only mainnet coins. This is why we recommend using the CSV method above instead.

2. The API import may take a few minutes which is normal.

3. Spot a yellow circle in your Koinly Wallet? Koinly has calculated your balances based on the imported transactions but the balances reported by the API aren't quite matching up. Don’t worry, this is easy to fix! See our support article for quick troubleshooting steps.

How do I troubleshoot my LBank integration to Koinly?

If you need help connecting LBank and Koinly, check out these great resources:

Calculate your LBank taxes

Sign up free today and calculate your LBank taxes

Does LBank provide tax documents?

No. LBank does not issue tax documents for users. LBank users are based all around the world and it would be very difficult for LBank to do this accurately. The best way to get your LBank tax documents is to connect LBank to crypto tax software like Koinly.

How do I get tax reports and forms from LBank?

The easiest way to get your crypto tax reports from LBank is to get a CSV file of your complete LBank transaction history by following the steps above and upload it to Koinly, which will then calculate your LBank taxes and generate your LBank tax report.

Does LBank provide financial or end of year statements?

No. LBank does not provide users with financial or end of year statements. You can, however, use crypto tax software to generate these documents for tax purposes.