The German Tax Office (BZSt) has made it clear that short-term profits from selling, swapping or spending crypto and most crypto income is subject to Income Tax. You'll need to report any taxable crypto transactions in your annual tax return - but not all crypto exchanges make this information easy to get. Fortunately, some do - and we've got the best of them in this line up. Here's the top 5 German crypto exchanges for getting your crypto taxes done in no time at all, as well as the information the BZSt needs about your crypto transactions.
What do I need to file my crypto taxes with BZSt?
To file your crypto taxes with the BZSt, you need your crypto transaction history - for every single exchange, wallet or blockchain you use. You’ll need to identify each taxable transaction and calculate your profits and any additional income as a result of your crypto trading history.
We’ve got a whole guide on German Crypto Tax, but in brief the BZSt is only interested in crypto income from mining, staking and so on, as well as short-term profits when you sell, swap or spend crypto you’ve held less than a year. In these instances, you’ll pay Income Tax at your regular Income Tax rate on any profits or on any additional income (based on the fair market value of the tokens on the day you received them).
So you’ll need to identify all of these taxable transactions from your non-taxable transactions like long-term profits from crypto you’ve held for more than a year, transfers between your own wallets and purchases of crypto with fiat currency. Once you’ve done that, calculate the sum of your short-term profits and losses by subtracting your cost base from your disposal price, and the total sum of any additional crypto by identifying the fair market value of any tokens on the day you received them. You’ll then report all of this to the BZSt in your annual tax return.
If it sounds like a lot of work… it’s because it is. Fortunately, crypto tax solutions exist (like Koinly), that make this a lot easier. All you need to do is get your transaction history from the exchanges, wallets or blockchains you’re using which you can usually do via API or by exporting a CSV file of your transaction history. Upload or connect with your chosen crypto tax solution and all those tricky calculations are done on your behalf, with a crypto tax report ready to download to help you file with the BZSt.
As we said though, not every exchange makes this easy - so here’s the best German crypto exchanges to get your tax report in a snap.
BitPanda is a highly trusted crypto exchange offering an impressive range of cryptocurrencies, ETF investment opportunities, indices and more. For more advanced investors, Bitpanda Pro offers professional trading solutions. In even better news, no matter which Bitpanda platform you're using - Bitpanda taxes are easy.
Both platforms let you connect via API to your crypto tax solution, as well as offer simple CSV export options if you prefer.
Does Bitpanda report to the BZSt?
It's likely Bitpanda shares KYC information with the BZSt. Under EU directives on data sharing, all companies that provide financial services in crypto - including exchanges - must have KYC verification processes and KYC data will be shared between EU member states.
How to get your Bitpanda tax data
Through API: The simplest way to get your Bitpanda or Bitpanda Pro tax information is through API. In Bitpanda, you can generate an API key by selecting the panda icon in the top right corner, then API keys then creating a new API key. For Bitpanda Pro, these instructions are almost identical, though you'll need to generate two separate keys to sync both. Once you have your API key, simply paste it into your chosen crypto tax solution when adding your wallets.
Through CSV: If you'd rather use CSV, no problem. In Bitpanda, select the panda icon in the top right corner, then history, then transaction history and download your CSV. For Bitpanda pro, select the panda icon in the top right corner, then exports, then new export and full history to generate your export. Remember to include your trades and transactions by checking the relevant boxes. Once you have your CSV file, upload it to your crypto tax solution.
Want more info? We’ve got step by step guides on how to connect Bitpanda and Bitpanda Pro with Koinly.
As one of the largest crypto exchanges in the world, it should come as no surprise to see Binance featured in this list. Millions of investors in Germany and around the world use Binance for a huge variety of trading options everyday.
Unsurprisingly then, Binance makes tax time simple as you can connect via API in minutes to fetch your transaction history, or export a CSV file of your Binance transaction history.
Does Binance report to the BZSt?
Yes, it's likely Binance report to the BZSt and other tax authorities throughout Europe. Under EU directives on data sharing, crypto exchanges like Binance that provide financial services must have KYC verification processes in place and share KYC data with relevant authorities upon request.
Through API: The easiest way to get your Binance transaction data is by using their API. This imports all your Binance transaction data into your chosen crypto tax solution automatically. All you need to do is head to the API management page in Binance and create a tax report API, then copy and paste your API details into your crypto tax calculator.
Through CSV: Don't worry if you prefer to use CSV files. Log into Binance and head to your wallet, then transaction history, then generate all statements. You'll need to pick a date range (max. 12 months) and then export. You may need to do this multiple times to get your complete transaction history. This ensures your crypto tax solution can identify your long-term profits (non-taxable!) from your short-term profits (taxable).
Want more information? We’ve got step by step instructions on how to connect Binance with Koinly.
Coinbase is another hugely popular crypto exchange worldwide, with more than 70 million users trading daily. For more experienced investors looking for products like options and futures, there's Coinbase Pro, as well as Coinbase Wallet for investors looking for DeFi opportunities.
Whatever Coinbase offering you're using - crypto tax is simple with this exchange. Simply connect automatically via API, or upload a CSV file of your transaction history to your chosen crypto tax solution.
It's important to note, if you're using more than one Coinbase platform, you'll need to connect each of these separately with your crypto tax tool.
Does Coinbase report to the BZSt?
Yes, it’s very likely Coinbase is required to share KYC data with the BZSt, as well as other EU tax authorities. Under the European Union directives on data sharing, crypto exchanges like Coinbase may be required to share KYC data with tax authorities and other agencies on request.
How to get your Coinbase tax data
Through API: The simplest way to get your Coinbase transaction data is via API. You can do this straight from your crypto tax platform, just log in and add your Coinbase account - you'll then be taken to the Coinbase site to authorise access.
Through CSV: Prefer CSV files? Not a problem. Request a data export from Coinbase by going to privacy and then settings. When you're making your request for data export, check the transaction history box. Your CSV file will be sent to the email associated with your Coinbase account. Once you've got it, upload it to your chosen crypto tax tool.
Need more information? We’ve got step by step instructions on how to connect Coinbase, Coinbase Pro and Coinbase Wallet to Koinly.
eToro krypto steuern
eToro is popular worldwide, but it's a particularly prominent crypto exchange in Europe, offering low fees and a user friendly platform, as well as investment opportunities outside the crypto market!
When it comes to your crypto taxes, eToro offers a simple CSV export that you can upload directly to your crypto tax tool.
Does eToro report to the BZSt?
Yes, as a large financial service provider, eToro may share customer data with the BZSt on request. Under the EU directives on data sharing, financial service providers like eToro may share KYC data with tax authorities from EU member states.
Through CSV: As eToro doesn’t have an API the easiest way to get your eToro transaction data for your crypto taxes is by exporting a CSV file. In eToro, select your portfolio from the left hand menu, then history, then settings. Then select the account statement option. You’ll need to pick a time frame and make sure you select excel as your file format type before exporting. When you’re picking your time frame - make sure it covers the entire time period you’ve used your eToro account for, otherwise your crypto tax tool won’t be able to distinguish your taxable short-term trades from your tax-free long-term trades.
Want more information? We’ve got step by step instructions on how to connect eToro with Koinly.
Crypto.com offers investors a huge selection of opportunities including Visa cards, an NFT platform, margin trading, DeFi staking and their own Crypto.org public blockchain to name only a few.
Whatever your investments, Crypto.com makes tax time easy. You can get your Crypto.com transaction history via API automatically, or export a CSV file to upload to your crypto tax tool.
Does Crypto.com report to the BZSt?
Crypto.com may share customer data with the BZSt. As a large crypto exchange, Crypto.com is required by EU data sharing directives to collect and share customer data with relevant authorities from EU member states upon request.
How to get your Crypto.com tax report
Through API: The easiest way to connect your crypto tax tool and Crypto.com is via API - though the instructions differ a little depending on whether you're using Crypto.com or the Crypto.com App (the latter only has CSV). For Crypto.com, find your profile icon in the top right corner, then select profile from the drop down menu, then API keys. Generate your new read-only API key and copy and paste into your crypto tax tool.
Through CSV: Using the Crypto.com app? You'll need to get a CSV file. Select accounts at the bottom of the app, then transaction history, then the export icon. Then select the wallet you'd like to export (fiat wallet, crypto.com visa card or crypto wallet - you'll actually need all three of these files) and a start and end date, then export to CSV.
Need more information? We have step by step instructions on how to connect Crypto.com and the Crypto.com app to Koinly, as well as how to connect the Crypto.org Chain to Koinly.
Need a crypto tax solution?
Not sure which crypto tax solution to pick? Koinly connects with all of the exchanges above and hundreds more, as well as many more wallets and blockchains via API or by uploading a CSV file.
Once connected, Koinly will identify your taxable and non-taxable transactions and calculate your profits, losses, income and more, all ready to view in your tax summary.
Better still - Koinly is completely free to use. You’ll only pay when you want to download your crypto tax report, with paid plans starting from €49.
Sign up and try Koinly free today.