How To Do Your CoinEx Tax With Koinly
CoinEx is a professional crypto exchange founded in 2017. Since its launch, the platform has grown to offer investors around the world more than 600 cryptocurrencies and a variety of other products, including futures, mining pools, and even a multi-million-dollar charity fund. Whatever your CoinEx investments, Koinly can help with your crypto taxes.
Follow these steps to sync your CoinEx data automatically to Koinly:
- Log in to CoinEx.
- In the top right corner, select account.
- From the drop-down menu, select API management.
- Select create API.
- Give your API key a name, for example, "Koinly".
- Enter your TOTP code.
- Select create.
- Copy your API key and secret key and paste them into the fields in Koinly.
- Create a free account on Koinly
- Complete onboarding until you get to the Wallets page and find CoinEx 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!
How are CoinEx transactions taxed?
Crypto tax varies depending on where you live and your tax office. However, in general, crypto is subject to two taxes in most countries - Income Tax and Capital Gains Tax.
Capital Gains Tax: Whenever you sell or swap crypto on CoinEx, you'll likely pay Capital Gains Tax on any profits.
Income Tax: Whenever you earn new tokens on CoinEx - like interest through a CoinEx Financial Account or earning coins through CoinEx Learn to Earn - you'll pay Income Tax upon receipt of those tokens, based on the fair market value (in your fiat currency) on the day you received them.
Want to know how crypto is taxed in your country? Read our crypto tax guides.
Does CoinEx provide tax documents?
No. CoinEx does not provide tax documents for users. Instead, users need to get their CoinEx transaction history and either calculate their taxes themselves or use a crypto tax calculator to help them.
How to get your CoinEx tax report with Koinly
Doing your CoinEx taxes with Koinly couldn't be simpler. CoinEx connects to Koinly via API to automatically fetch your transaction data, or you can upload a CSV file of your transaction history.
Once connected, Koinly becomes the ultimate CoinEx tax tool. Koinly calculates your CoinEx taxes, including capital gains, losses, income, and more, and generates your CoinEx tax report. All you need to do come tax time is download your report and file it with your tax authority.
Does CoinEx report to the IRS?
CoinEx is one of the few large crypto exchanges left with minimal KYC verification in place - you'll only need to complete KYC verification for withdrawals over $10,000. With this in mind, it's unlikely CoinEx is reporting to the IRS, however, as a large, centralized exchange, it's likely CoinEx is facing pressure from tax offices around the world to improve KYC verification processes and ensure tax compliance.