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How to Connect Bitrue and Koinly

Easily calculate your bitrue taxes and generate the correct tax documents to send to your tax agency. Koinly supports Bitrue and makes your tax reporting a walk in the park.

API Import CSV File Import

How to connect Bitrue with Koinly

Bitrue is a Singapore based crypto management 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.

How to get a tax statement from Bitrue

You might be wondering, Is it even possible to get tax info and statements from Bitrue? Does Bitrue provide CSV tax and trade history reports? What about a Bitrue tax API? The good news is, while Bitrue might not provide tax forms and documents, Bitrue does offer 2 easy ways to export transaction and trade history!

Bitrue pairs with Koinly through API or CSV file import to make reporting your crypto taxes easy. Once connected, Koinly becomes the ultimate Bitrue tax tool. How? Koinly will calculate your Bitrue taxes based on your location AND generate your EOFY tax report, all within 20 minutes! All you’ll need to do at tax time is download your Bitrue tax statement from Koinly and file it with your local tax authority. Done!

Connect to Koinly with the Bitrue tax report API

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. Head over to Bitrue.

On Bitrue

  1. Log in to your Bitrue account.
  2. In the top right corner, select your account number.
  3. From the drop down menu, select account.
  4. From the left hand menu, select API.
  5. Enter a name for your API key, for example, Koinly.
  6. Select create new API key.
  7. Complete two-factor authentication.
  8. Select confirm.
  9. Go to your email and complete the email verification.
  10. On the API key page, tick read information and trading available.
  11. Click save settings.
  12. Complete two-factor authentication again.
  13. Copy your API key and copy the secret key.

On Koinly

  1. Paste the API key into the API Key box.
  2. Paste the API secret key into the secret key box.
  3. Select secure import.

Good to know
Only your most recent 1000 trades will be provided by Bitrue API. If you have more trades than this, use the CSV method instead.
You'll need to enable read info and trading available permissions for the Bitrue API to work with Koinly. Don't worry, Koinly still won't make trades through your account - this is just necessary for the Bitrue API key to work. If you're not comfortable with this - use the CSV method instead.

How to import your Bitrue tax report CSV file to Koinly

On Bitrue

  1. Log in to your Bitrue account.
  2. In the top right corner, select assets.
  3. From the drop down menu, select my assets.
  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.
  6. Select the date range.
  7. Select ok.

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 import from file.
  4. Upload your CSV files.

Good to know
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.

How do I check my Bitrue import is accurate?

Checking your transactions and correcting any inaccuracies lets Koinly calculate and generate the most accurate tax reports. We recommend checking through your Bitrue transactions to ensure accuracy regularly. There are some simple steps you can follow to make sure your Bitrue tax report is accurate.

Sync all wallets, exchanges and blockchains

Start by making sure all your wallets and exchange accounts are synced with Koinly. This lets Koinly identify which transactions are transfers and which are deposits or withdrawals.

Look out for big numbers

Now, head to your transactions page in Koinly and filter by the type of transaction as well as by the amount to identify and amend any transactions that you believe to be incorrect. Large withdrawals or deposits that are transfers between wallets is an easy fix.

Review the labels of your transactions

Next, review the labels on your transactions. Koinly normally does this automatically, but there are some instances when transactions like rewards or mining income aren't tagged in the imported data. Use any of the following labels.

Withdrawal Labels (sending funds):

Withdrawals refer to sending coins, tokens and funds. Koinly sees these as a disposal of an asset, which makes the transaction subject to Capital Gains Tax in most countries. But, some withdrawals are tax free and you should label these using withdrawal tags.

  • Tag as gift: Gifting crypto is often a non-taxable event in many countries, so make sure to tag these.
  • Tag as lost: If you have crypto stolen, in many countries you can claim this as a loss.
  • Tag as costTag any transaction fees.
  • Sent to pool: Sending coins to a pool? Mark these as sent to pool. It lets Koinly know you still hold these assets.

Deposit Labels (receiving funds):

Deposits refer to receiving new coins. Koinly sees deposits as a purchase at market price or an investment. They can be subject to Income Tax or Capital Gains Tax, depending on your location and the type of deposit. Check the labels to make sure the right tax is applied.

  • Tag as income: Crypto income is subject to Income Tax, not Capital Gains Tax - just like any other salary
  • Tag as fork: Just like airdrops, new coins from a fork may be subject to Income Tax.
  • Tag as mining: Most countries treat mining as a form of income and apply Income Tax.
  • Received from pool: Use this tag to mark the capital you originally sent to a pool, not any rewards from it.
  • Tag as reward: This tag can be used to mark any deposits you receive as a reward, for example staking rewards. In most countries, rewards are subject to Income Tax.
  • Tag as airdrop: Most countries see airdrops as a bonus and apply Income Tax.
  • Tag as loan interest: If you're loaning crypto and receiving interest, use this tag. Many countries apply Income Tax to interest.

Exchange Labels (trading funds):

Trading crypto for crypto, buying crypto with fiat and selling crypto for fiat are exchanges. Trades are sometimes taxed (depending on where you live), buys are never taxed and sells are always taxed. Koinly calculates all this on your behalf, so there's only one exchange tag you may need.

  • Tag as swap: If a coin has exchanged its symbol or name, use the swap tag, as this is tax free.

It's really helpful to use our Getting Started Guide before reviewing your transactions. This can help you identify and resolve any issues in no time at all.

How do I troubleshoot my Bitrue integration to Koinly?

Koinly has a great help section here with heaps of excellent advice form our amazing customer support team. You'll find answers to common queries about integrating Bitrue and Koinly there. Here's some of our most frequently asked questions about Bitrue integration:

You can find more Bitrue and Koinly help on our discussion forum too. If you need any further help, don't hesitate to contact our customer support team who will be happy to help resolve your query.