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How To File Your Bitrue Taxes With Koinly

Bitrue pairs perfectly with Koinly to make crypto tax easy! 🤝Sync Bitrue with Koinly to calculate your crypto taxes fast. ⚡ Connect in minutes! 🖱️

Last updated: Monday, 30 January 2023

How to do your Bitrue taxes with Koinly 

Bitrue is a Singapore-based crypto investment platform. The exchange lets investors buy, sell and exchange a huge variety of cryptocurrencies. For the more experienced crypto investor, there's also futures trading, loans, investments and staking. Koinly can help you do your Bitrue taxes safely, quickly, and accurately. 

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

Watch how to do your Bitrue taxes fast

How to connect Koinly and Bitrue via API

On Bitrue

  1. Log in to your Bitrue account.
  2. In the top right corner, select your profile icon.
  3. From the drop down menu, select API.
  4. Enter a name for your API key, for example, Koinly.
  5. Select create API key.
  6. Complete the two-factor verification.
  7. Go to the email address associated with your Bitrue account and select the verification link.
  8. For IP access restrictions, select "Not limited to any IP".
  9. Copy your API key and API secret key.
  10. Complete the two factor verification.

On Koinly

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

Important

1. Rewards from the 'Earn' program are not provided by the Bitrue API. If you have received staking or lending rewards then you will need to import those using CSV files. The CSV file that includes this data is called 'Bonuses'.

2.  Futures and dust conversions are not provided by the API. There is also no CSV file for these types so if you have these transactions, they need to be added manually.

How to integrate Bitrue with Koinly using CSV

You'll need to start by downloading a CSV file with your full trading history from Bitrue before you can upload it to Koinly - here's how.

How to download and export your transaction history CSV file from Bitrue

  1. Log in to your Bitrue account.
  2. In the top right corner, select assets.
  3. From the drop down menu, select overview.
  4. Select export asset transaction history.
  5. Bitrue splits transaction data into deposits, withdrawals, bonuses, order history, loans and trade history. You'll need to download all the files relevant to your transactions. The order history and trade history file contain the same information, so you do not need to upload both of these to Koinly, just the trade history file.
  6. Select the date range.
  7. Select ok.

How to upload your Bitrue CSV to Koinly

Now you've got your CSV file, here's how to upload it to Koinly.

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

Important

1. Bitrue only lets you export data in 3 month periods. You'll need files that cover your entire trading history on Bitrue for Koinly - so this may end up being multiple CSV files for long-term users. If this is the case for you, we recommend using the API integration method instead.

2. Don't forget to tag your airdrops and forks. This will ensure that they show up correctly as income in your Bitrue tax reporting.

How do I troubleshoot my Bitrue integration to Koinly?

We have lots of helpful resources if you're having any problems with your Bitrue data import to Koinly:

Calculate your Bitrue taxes

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Does Bitrue have tax documents?

No, Bitrue does not provide tax documents. It is difficult for any crypto exchange platform or wallet provider to provide a blanket tax report because crypto investors generally aren’t using just one exchange or wallet. However, Bitrue lets you download a CSV file of your transaction history which can be used to generate a Bitrue tax report.

How do I get Bitrue tax forms?

While Bitrue might not provide tax forms and documents, it does offer two easy ways to export transaction and trade history. You can either export your transaction history via API or CSV file import to make reporting your crypto taxes easy.

Do you get a 1099 from Bitrue?

Bitrue doesn’t have mandatory KYC - it’s only if you want to withdraw large amounts daily that you’ll need to complete KYC verification. With this in mind, it’s unlikely that Bitrue is issuing 1099 forms to users or the IRS.

Does Bitrue provide financial or end of year statements?

No, Bitrue does not supply a financial statement. But you can use your Bitrue transaction history CSV file as an alternative to a financial statement, or get a tax report by connecting with a crypto tax app via API.

Do I have to pay taxes on Bitrue?

Yes - if you have capital gains or income as a result of your crypto investment activities on Bitrue, you'll need to report these to your tax office and pay taxes on them.

Does Bitrue have proof of reserves?

Bitrue has not yet released proof of reserves but has issued a statement saying they're actively working on releasing an proof of reserves audit.