How To File Your Gate.io Taxes With Koinly
Gate.io is a popular altcoin exchange, offering traders 180 different coins in nearly 400 different cryptocurrency markets. The site also offers advanced trading options like margin trading and liquidity mining.
Follow these steps to sync your Gate.io data automatically to Koinly:
- Log in to your Gate.io account.
- Click on your profile icon.
- Select API management from the drop-down menu.
- Select APIv4 keys.
- Select create new API key.
- Under permissions, check the spot/margin trade and wallet boxes.
- Select read-only for both.
- Select confirm and create.
- Enter your fund password and complete the 2FA.
- Copy the API key and the API secret and add them to the fields in Koinly.
- Create a free account on Koinly
- Complete onboarding until you get to the Wallets page and find Gate.io 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!
- HODL&Earn transactions are not provided by this API
- Startup Sales are not provided by this API
- Dust conversions are not provided by this API
Does Gate.io report to the IRS?
Gate.io withdrew services from the US market in March 2022 due to regulatory issues. As such, it's unlikely the exchange shares any KYC data with the IRS.
How to file Gate.io taxes?
You need to report any gains, losses, or income from your Gate.io investments to your tax office, usually as part of your annual tax return. You need to start by calculating your crypto gains, losses, and income. You can do this yourself, or use a crypto tax calculator like Koinly and save hours. Koinly does all this for you and generates your crypto tax report, ready to file with your tax office.
Your frequently asked questions
Is Gate.io allowed in the US?
Gate.io withdrew services for US residents in March 2022 and many accounts had funds frozen as they did not withdraw their assets by the deadline.
How do I get a Gate.io CSV?
Easy! Log in and go to your wallet, then select account statement. Pick a date range, hit download and you're done.
Is Gate.io IRS compliant?
No. Gate.io withdrew services from the US as it does not meet the regulatory requirements.
Does Gate.io issue 1099 forms?
No. Gate.io does not operate in the US, so does not issue users with 1099 forms.
Does Gate.io have proof of reserves?
Yes - Gate.io has provided Proof of Reserves via a Merkle Tree to their users. Gate.io lets users verify that their deposits are held 1:1 by allowing them to verify their holdings from the Merkle tree and whether these funds are included within the audit conducted through an external third party. For more information, read more about Proof of Reserves and why they matter to you.
Is Gate.io safe?
Gate.io is widely regarded as a safe crypto exchange with strong security practices. However, as ever, you should always store your crypto in a secure, offline, non-custodial wallet when you're not actively trading to ensure your crypto is safe.
Where is Gate.io based?
Gate.io is based in the Cayman Islands. Prior to being rebranded from Bter.com to Gate.io in 2017 following the Chinese's governments ban on fiat-to-crypto trading, the exchange was well known in China, although it's unclear if it was based there.
Is Gate.io closing down?
No. Gate.io withdrew services for US residents, but the exchange remains operational for users around the world otherwise.