How to do your QuickSwap taxes with Koinly
Whatever your QuickSwap transactions, you'll need to figure out if you owe tax on them. Koinly can help. It's this simple:
Sign up to Koinly and choose your country and currency.
Connect the wallets you use to interact with QuickSwap to Koinly to import all your trades safely and securely
Koinly identifies the cost basis of all your coins and tokens, as well as your taxable transactions.
Koinly calculates any capital gains, losses, and income from your taxable transactions.
Koinly generates your crypto tax report - ready to help you file with your tax office, or hand it over to your accountant.
How to import QuickSwap transactions to Koinly automatically
To import your QuickSwap transactions to Koinly, you'll need to connect each Polygon wallet you use to interact with QuickSwap. This is easy to do, you just need your public address - and we have steps on how to get your public address for all the most popular wallets on our integration pages.
On wallet
Open or log in to your wallet
Select the Polygon blockchain
Copy your public address
On Koinly
Sign up or log in to your Koinly account and go to wallets
Search for and select Polygon
Give your wallet a name - for example - MetaMask or Trust Wallet
Paste your public address
Select import
Important
Remember, you'll need to connect every wallet you use with QuickSwap to Koinly in order to calculate your gains, losses, and income correctly.
How to use QuickSwap?
It's easy to use QuickSwap - all you need is a non-custodial wallet. QuickSwap supports:
MetaMask
Trust Wallet
OKX Wallet
Phantom Wallet
Brave Wallet
Coinbase Wallet
And many more WalletConnect-compatible wallets
Once you've got your wallet funded, all you need to do is connect to QuickSwap and you'll be able to trade, add liquidity, and more.
What can you do on QuickSwap?
You can use QuickSwap to:
Trade tokens including leveraged trading using perpetual crypto contracts
Provide liquidity to earn rewards
Earn dual rewards in QuickSwap farms
Stake QUICK to earn rewards
Is QuickSwap safe?
As a decentralized exchange, QuickSwap does not suffer from many of the risks associated with centralized exchanges. You always retain custody over your crypto when using dexes like QuickSwap. However, decentralized exchanges do come with other risks. QuickSwap was hit with a $220,000 flash loan attack back in 2022.
Your frequently asked questions
How are QuickSwap token swaps taxed?
Generally speaking, any gain from crypto to crypto trades - including tokens - is subject to Capital Gains Tax. However, crypto tax varies depending on where you live (so make sure to read our crypto tax guides).
How is QuickSwap liquidity supply taxed?
Most tax offices haven't released dedicated guidance on liquidity provision for dexes yet. This said, the conservative position is to assume these transactions are taxable. As you receive LP tokens when you provide liquidity on QuickSwap, this may be viewed as a crypto to crypto trade and therefore any gain as a result of adding or removing liquidity may be taxable.
How is earn dQUICK taxed?
if you want to increase your QUICK rewards, you can stake your QUICK in the Dragon's Lair and you'll receive dQUICK - a token that allows you to increase your QUICK earnings. While generally staking rewards where you earn new tokens may be taxed as income, in this instance, you don't earn more dQUICK tokens - instead the value of your dQUICK tokens increases. So from a tax perspective, when you stake your QUICK, you receive dQUICK - which may be a crypto to crypto trade. Similarly, when you unstake your QUICK, you'll trade dQUICK for QUICK. This means these transactions may be taxed as crypto to crypto trades, which means any gain from these transactions is generally subject to Capital Gains Tax.
