Bitfinex is a popular crypto exchange for advanced investors looking to conduct large transactions with a range of digital assets and a host of trading options, including margin trades and lending. Koinly can help you do your Bitfinex taxes safely, quickly, and accurately.
Please note, if you have margin trade transactions in your Bitfinex account, API auto-sync can't import this transaction data just yet. Don't worry, you can use the CSV file import method below instead.
When using the API integration method, it takes a little time for your data to sync in Koinly, especially if you have a lot of transactions.
You'll need to start by downloading a CSV file with your full trading history from Bitfinex before you can upload it to Koinly - here's how.
1. Bitfinex offers a lot of different data to export. It's really important you download the ledgers file. This has your complete transaction history, so it gives Koinly the information it needs to generate an accurate tax report with no missing data.
2. You'll receive your ledgers CSV file to the email account associated with your Bitfinex account. When you download the CSV file, it will be a zip file. You'll need to extract this before uploading it to Koinly.
Problems with Bitfinex? Not to worry - there’s plenty of help available:
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No, Bitfinex does not provide a tax report. However, you can use your Bitfinex transaction history to generate a Bitfinex tax report using a crypto tax app.
The easiest way is to connect to a crypto tax app via API. The API fetches your transaction data to calculate your crypto taxes for you. If you'd rather not use an API, you can download a CSV file of your Bitfinex trading history using the steps above.
No, but your Bitfinex ledgers file includes your complete trading history on Bitfinex. You can use this to create a Bitfinex tax statement for your local tax office.
Yes, if you’ve made any capital gains or income as a result of your crypto investment activities on Bitfinex, you'll need to report these to your tax office and pay taxes on them.
No. Bitfinex is not licensed to operate in the USA. However, as KYC verification is minimal and only required for fiat withdrawals and deposits, some US investors still use the platform.
Although Bitfinex was subject to a hack in 2016 (to the tune of around 119,000 BTC), the exchange improved security practices and is generally considered a safe exchange.
Bitfinex suffered a security breach in which 2,000 approved transactions were sent to a single wallet. In February 2022, the US government recovered and seized some of the stolen Bitcoin.
Yes. Bitfinex requires KYC for fiat withdrawals and deposits.
Yes - Bitfinex has provided Proof of Reserves via a snapshot of addresses they own via a GitHub repository. Bitfinex outlines which wallets are cold versus hot wallets and also maintains an “in-house opensource library” called Antani to demonstrate exchange-wide Proof of Reserves. For more information about what Proof of Reserves are and why it matters - check out our blog post.