How to do your WhiteBIT taxes with Koinly
WhiteBIT is a large crypto exchange, particularly popular with European investors, with a huge range of investment opportunities. Investors can buy, sell and trade more than 190 cryptocurrencies, including with margin and futures trading, as well as earn crypto through lending and staking. Whatever your WhiteBIT transactions, Koinly can help you when it comes to tax time. Here's how.
Follow these steps to sync your WhiteBIT data automatically to Koinly:
- Log in to your WhiteBIT account.
- Click on your profile icon in the right corner and select API.
- Select Generate a new key.
- Copy the API key and API secret and add them to the fields in Koinly.
Important: You will also need to add access restrictions to your API keys. To do this:
- Enable Endpoint access restrictions.
- Permissions to enable:
- Enable Trade balance and Order history category,
- Enable Wallet balance and history category.
- Under the Convert category, enable the /convert/history permission
- Click Apply changes in the bottom right corner.
On Koinly:
- Create a free account on Koinly
- Complete onboarding until you get to the Wallets page and find WhiteBIT 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!
- Head over to our help center
- Hit up our discussion boards - we might have already answered your question
- Ask us on social media - we're on Twitter and Reddit
- Contact us on email or live chat
- Got a feature request? Give us feedback on Canny
WhiteBIT has SSO with Koinly, so if you're new to Koinly you can sign up using your WhiteBit account, or log in to an existing Koinly account via WhiteBIT.
Your frequently asked questions
Does WhiteBIT provide tax reports?
No. WhiteBIT does not issue users with tax reports. You can either export your WhiteBit transaction history and use that to calculate your taxes yourself, or use a crypto tax app to do it for you.
How do I get a WhiteBIT tax report?
The easiest way to get your WhiteBIT tax report is to connect automatically to Koinly using API. Just get your WhiteBIT API key and paste it into Koinly when you're adding a wallet and Koinly can calculate your WhiteBIT gains, losses and income for you and generate your WhiteBIT tax report.
Does WhiteBIT provide end of year or financial statements?
No. WhiteBIT does not provide end of year or financial statements, but you can export your WhiteBIT transaction history.
Does WhiteBIT report to tax offices?
WhiteBIT is a large and popular European exchange, based in Europe and as such is regulated and registered within the EU. There are many EU directives that may compel exchanges operating and registered in the EU to share customer data, and WhiteBIT will be no exception to this rule.
Can I use WhiteBIT in the US?
No. WhiteBIT does not offer services to US residents.
Is WhiteBIT legit?
WhiteBIT is a popular crypto exchange with more than 4 million users - predominantly used by European investors, although the exchange has users in more than 150 countries. It's a top 30 exchange in terms of daily trading volume and is trusted by many investors as a reputable and reliable exchange.
Does WhiteBIT require KYC?
Yes. WhiteBIT has KYC. You can try demo tokens to test trading tools before completing KYC verification but to deposit or withdraw funds, you'll need to complete KYC first.
