How to Integrate Koinly and ByBit

How to integrate ByBit with Koinly

ByBit is a leveraged crypto exchange, specializing in derivatives and popular with veteran crypto investors. Though the exchange only launched in 2018, it has quickly amassed 1.5 million users trading millions daily.

How to get a tax statement from ByBit

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

ByBit pairs with Koinly through API or CSV file import to make reporting your crypto taxes easy. Once connected, Koinly becomes the ultimate ByBit tax tool. How? Koinly will calculate your ByBit 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 ByBit tax statement from Koinly and file it with your local tax authority. Done!

Connect to Koinly with the ByBit tax report API

On Koinly

Sign up or log in to Koinly and go to wallets.
Select add new wallet: ByBit.
Select set up auto-sync.
Head over to ByBit.

On ByBit

Log in to your ByBit account.
In the top right hand corner, hover over your profile icon.
From the drop down menu, select API.
Select create new API key.
Select API transaction.
Enter a name for your API key, like Koinly.
Leave the IP address box empty.
Under API key permissions, check all boxes.
Check read-only.
Select confirm.
Complete two-factor verification.
Copy the API key and API secret.

Back to Koinly

Paste the API in to the API key box.
Paste the API secret into the API secret box.
Select secure import.

Good to know

You'll need to have two-factor authentication enabled in your ByBit account to create a new API key, so make sure you've set this up before you try and sync with Koinly. ByBit uses SMS and Google Authenticator for its two-factor authentication. Your API secret will only appear once, when you first create it. So copy this first and paste it somewhere safe so you don't lose it, otherwise you'll have to start all over again. You don't have to enter an IP address when you're making your API key . This means you'll need to create a new API key in ByBit every three months.

How to import your ByBit tax report CSV file to Koinly

On Koinly

Sign up or log in to Koinly and head to wallets.
Select add new wallet: ByBit.
Select import from file.
Head over to ByBit.

On ByBit

Log in to your ByBit account.
Scroll down to the footer and select help center.
In the top navigation select submit a request.
From the drop down menu select request for data export.
Enter your email address.
Check the relevant trading pair boxes.
Select a start and end date.
Under data requested, select assets history, closed profits and loss and trade history.
Under file type, check CSV.
Write a subject line and description. In the description, state the purpose of the CSV file and that you would like it to include your complete transaction history.
Select submit.
Wait for the data to be sent to your email and download it when it arrives.

Back to Koinly

Upload the CSV file(s).
Select import.

Good to know

ByBit say they respond to requests within 3 business days, so it's unlikely you'll get your CSV file straight away. If you're still waiting on your CSV file after three days, you can get in touch with ByBit via their live chat, Twitter or on the ByBit subreddit to chase this up.

How do I check that my ByBit import is accurate?

Koinly is pretty clever - and we're always making it smarter - but if the data you import has issues or missing data, Koinly can't generate an accurate tax report. This is why we always recommend customers check through their ByBit transaction history, whether you used the API or CSV file integration method. This gives you a chance to identify and resolve any issues, so your tax report is correct. Follow these simple steps to check your data.

All wallets, exchanges and blockchains

It's important that you sync every crypto wallet and exchange with Koinly. This lets Koinly know when you're transferring funds between wallets, which is tax free. If you don't do this, Koinly will identify these transfers as either deposits or withdrawals, which are both subject to tax.

Look out for big numbers

Once you've synced your wallets, go to the transactions page. Use the type filter to filter for both withdrawals and deposits. Then check there aren't any deposits or withdrawals you think are transfers between wallets. If you find any - fix them manually.

Review the labels of your transactions

Next up, use the wallet filter and select your ByBit wallet, so you can only see your ByBit transactions. Look through your transactions and check the labels are correct. Koinly uses these labels to understand the different types of transaction so it knows whether to apply Capital Gains, Income Tax or no tax at all. You can add any missing tags and amend tags in Koinly.

Withdrawal Tags (sending funds):

Any time you send crypto, this is a withdrawal and Koinly sees this as a disposal. This makes it subject to Capital Gains Tax as standard. However, some withdrawals like gifts or losses are tax free. Label these using withdrawal tags.

Tag as cost: Tag any transaction costs.
Tag as gift: Gifting crypto is tax free in many countries. Check your country's crypto tax rules and tag any gifts.
Sent to pool: Tag any assets in liquidity/staking pools as sent to pool so Koinly knows you still own the asset.
Tag as lost: Tag any stolen crypto and claim it as a loss, depending on your country's tax rules.

Deposit Tags (receiving funds):

Any time you receive new crypto, Koinly sees this as a purchase at market price or an investment. Deposits can be subject to either Income Tax or Capital Gains Tax. It depends on your location and why you received the asset. You can use deposit tags to let Koinly know which tax to apply.

Tag as income: Like any salary, getting paid in crypto is subject to Income Tax.
Tag as loan interest: Receiving interest from loaning crypto is often considered income and subject to Income Tax.
Tag as fork: Any new coins from a fork could be considered a bonus and subject to Income Tax.
Tag as mining: Most countries think of mining as income, so it's subject to Income Tax.
Tag as airdrop: Like forks, many countries consider airdrops to be a bonus, making them subject to Income Tax.
Received from pool: You should only tag the original capital you sent to a pool, not any rewards as a result of it.
Tag as reward: Use this to tag any rewards from referral schemes, staking pools and so on. Rewards are often considered to be a bonus and subject to Income Tax.

Exchange Tags (trading funds):

An exchange is when you trade crypto for crypto, buy crypto with fiat or sell crypto for fiat. Buying crypto is tax free, while selling crypto is always taxed. Trading crypto is taxed depending on where you live. Koinly can calculate all of this for you and apply the relevant taxes, but there is an exchange tag you could need in rare instances.

Tag as swap: Use this tag if a cryptocurrency has changed its symbol/name. This is tax free.

If you want more tips on learning how to use Koinly and answers to common queries, make sure to read our Getting Started Guide.

How do I troubleshoot my ByBit integration to Koinly?

Koinly has a great help section, with useful articles on common issues our users need help with, as well as some not so common ones! Some of our most common ByBit integration queries include:

If you're still stuck, head over to our community where you can search for common questions and resolutions for ByBit integration. Alternatively, get in touch.