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How to file your BitMart taxes with Koinly

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

API Import CSV File Import
Last updated: Friday, 18 November 2022

How to do your BitMart taxes with Koinly

BitMart is a global crypto exchange offering spot, margin and futures trading, as well as staking, NFTs and more. Whatever your BitMart investments, Koinly can help with your BitMart taxes.

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

Watch how to do your BitMart taxes fast

How are BitMart transactions taxed?

Your BitMart taxes will depend on your transactions on the platform and your country’s crypto tax rules. However, generally speaking, you’ll pay either Income Tax or Capital Gains Tax (or both!) on your BitMart transactions...

Does BitMart report to the IRS?

As BitMart operates in the US, it’s likely the exchange has faced pressure from the IRS to share customer data in order to ensure tax compliance. The IRS is able to request KYC data from centralized crypto exchanges. The best way to remain tax compliant is to report your BitMart transactions accurately.

How do I file my BitMart taxes?

Generally speaking, you need to report any gains, losses or income from crypto to your tax office as part of your annual tax return - including your BitMart transactions. 

How to connect Koinly and BitMart automatically

On BitMart

  1. Log in to Bitmart
  2. Select your account name in the top right corner
  3. Select API Management from the drop down menu
  4. Under create new API, write a name in the memo box
  5. Make sure that under authority, only read-only is selected
  6. Complete 2FA
  7. Select submit
  8. Copy your API key and secret - store them somewhere safe, you won't be able to see them again
  9. Select confirm 

On Koinly

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

Important

1.  The BitMart API only returns transaction data for your last 200 trades.

2. If your account has more than 200 trades, use the CSV file method below instead.

How to integrate BitMart with Koinly using CSV

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

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

BitMart don’t offer a simple CSV export option within their platform - but you can request a CSV file of your BitMart transaction history by submitting a request. Please note, it may take up to 15 days for you to receive your CSV file from BitMart - so don’t leave it until the tax deadline is looming!

How to upload your BitMart CSV to Koinly

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

  1. Sign in to Koinly and select wallets
  2. Select add new wallet: BitMart
  3. Select import from file
  4. Upload your CSV file(s)

Important

When requesting your CSV file, check that the file covers your full trading history, for however long you’ve had your BitMart account.

How do I troubleshoot my BitMart integration to Koinly?

Problems connecting BitMart and Koinly? No worries - there's help at hand:

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Does BitMart have tax documents?

No. BitMart does not provide users with tax documents. The easiest way to get your BitMart tax documents is using crypto tax software like Koinly.

How do I get BitMart tax documents?

The simplest way to get your BitMart tax documents is to connect Koinly to BitMart automatically, or upload a CSV file of your BitMart transaction history.  Koinly will then calculate your BitMart taxes and generate your BitMart tax report.

Do you get a 1099 from BitMart?

Although BitMart operates in the US, they have not been known to send 1099 forms to users or the IRS. Many of the earn products on BitMart are not available to US users.

Does BitMart provide financial or end of year statements?

No, BitMart doesn’t supply a financial or EOFY statement. But you can use the CSV file of your BitMart transaction history instead to calculate your crypto taxes.

Do I have to pay taxes on BitMart?

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

Does BitMart have KYC?

Yes, you’ll need to complete KYC verification in order to use BitMart. Like many other exchanges - they have different levels of verification and these different verification levels have their own withdrawal limits.

Is BitMart safe?

Yes. BitMart has a reputation for being a safe and secure crypto exchange. However, in the wake of the collapse of large exchanges recently, the best practice is always to store your crypto in a cold, non-custodial wallet when you’re not actively trading.

Does BitMart report to other tax offices?

BitMart is a global exchange that operates in 180 countries… in other words, it’s highly likely BitMart reports to other tax offices like HMRC, the ATO and the CRA. Your customer data may be requested by these tax offices in order to ensure tax compliance.