BTC Markets is an Australian crypto exchange that's particularly popular with large-scale investors thanks to its fee tier and API trading capabilities. If you're using BTC Markets to invest in Bitcoin and other cryptocurrencies, the ATO will want their cut of your profits by the 31st of October. If you need to learn how to calculate and file your BTC Markets taxes with the ATO, you're in the right place. Here's how:
The tax you’ll pay on your BTC Markets transactions all depends on how long you’ve held your asset, how much you earn, and the specific transactions you’ve made - as well as where you live. You can learn all about it in our Australia crypto tax guide, but in brief, you’ll pay Capital Gains Tax or Income Tax, depending on your specific transactions:
Outside Australia? Check out our other crypto tax guides to learn more!
Yes, BTC Markets may report to the ATO. As an AUSTRAC registered exchange, BTC Markets may be required to share customer data with the relevant government authorities including the ATO.
The ATO is very clear that if you're selling or swapping crypto on exchanges like BTC Markets - you'll need to pay Capital Gains Tax on any gains, as well as Income Tax on any additional income from crypto.
If you're a busy investor with a lot of transactions - it's a lot of work. But fortunately, a BTC markets tax calculator can help. To get started, you'll need your BTC Markets transaction history. Here's how to get it using API or by getting a CSV file of your transaction history.
The easiest way to do your Independent Reserve taxes is to connect to crypto tax software via API. Just log in to Independent Reserve and head to settings, then API. Create a read-only API key and copy your API key and secret, then paste this into your crypto tax calculator when adding a new wallet. Done!
You only need a read-only API to connect Koinly & BTC Markets. So don’t worry about Koinly having trade access or other access to your BTC Markets account.
You'll need to start by downloading a CSV file with your full trading history from BTC Markets 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.
Problems connecting BTC Markets and Koinly? No worries - there's help at hand:
Sign up free today to calculate your BTC Markets taxes
No, BTC Markets don’t provide a tax report, but you can get one using crypto tax software.
BTC Markets offers 2 easy ways to export your transaction history:
1. If you're using crypto tax software - the BTC Markets tax API is quicker and automatically fetches your transaction history. To connect, just log in to BTC Markets and select account then API key. Create a read-only API and copy your API key and secret, then paste these details into your crypto tax tool when you're adding a new wallet.
2. Prefer to use a CSV file? No problem. Log in to BTC Markets and select buy/sell, then trade history to export to CSV. Use your CSV file to calculate your crypto taxes yourself or upload it to a crypto tax calculator.
No, BTC Markets doesn't issue users with a financial or EOFY statement. Instead, you’ll need to get your BTC Markets transaction history, via CSV or API.
Yes - you’ll pay tax on any capital gains or income from your BTC Markets transactions. And if you’re thinking of avoiding your taxes? Think again - the penalties are steep!
Yes. BTC Markets is regarded as a safe and secure crypto exchange with best security practices and has not been hacked to date.
Yes, BTC Markets is an AUSTRAC registered Digital Currency Exchange and requires users to complete KYC verification in order to use the platform.
BTC Markets has not released a Merkle Tree proof of reserve, but the exchange may do so in the future to reassure customers their assets are safe. BTC Markets does state on its site that the exchange manages a full reserve and processes reconciliations regularly.
BTC Markets currently only allows Australian residents over the age of 18 to create an account.