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. 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.
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.
Now you've got your CSV file, here's how to upload it to Koinly.
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.
We have lots of helpful resources if you're having any problems with your Bitrue data import to Koinly:
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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.
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.
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.
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.
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.
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.