How To Do Your FTX Taxes

Want to do your crypto taxes, but don't know where to start? Koinly integrates perfectly with FTX crypto exchange. Once paired, Koinly calculates all your taxes and generates your tax report, ready to hand over to your tax authority.

API Import CSV File Import

How To Do Your FTX Taxes with Koinly

FTX crypto exchange has seen rapid growth since it launched in 2018 and is now one of the most popular crypto exchanges worldwide. The exchange specialises in advanced trading like derivatives, futures and leveraged tokens.

To get started with your crypto taxes, integrate FTX with Koinly through API or CSV file import. Once your FTX data is imported, Koinly will calculate your gains, losses, expenses and income to generate your tax report. All you need to do is press download.

How to connect FTX to Koinly via API

On Koinly

  1. Sign up or log in to Koinly and go to wallets.
  2. Select add new wallet: FTX.
  3. Select set up auto-sync.
  4. Head to FTX.

On FTX

  1. Log in to FTX.
  2. In the top right corner, click on your profile.
  3. Select settings.
  4. Select API.
  5. Select create read-only API key.
  6. Copy the API key and the API secret.

On Koinly

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

Good to know

It takes a minute for Koinly to import your data via API, so don't worry if you don't see your transactions straight away - this is normal!

If you've done margin trades in FTX, these will be imported as PnL. So you won't see any actual trades, just the profit or loss as a result of the trades.

How to connect FTX to Koinly via CSV Upload

On Koinly

  1. Sign up or log in to Koinly and select wallets.
  2. Select add new wallet: FTX.
  3. Select import from file.
  4. Head over to FTX.

On FTX

  1. Log in to FTX.
  2. In the top right corner, click on your profile.
  3. You'll need to download the various CSV files of any transactions you've made on FTX. Where applicable, this will include your order history, trade history, PnL and rewards. If you head into any of these pages from your profile, you'll be able to download the relevant CSV file.
  4. Download the CSV file(s).

On Koinly

  1. Upload the CSV file(s).
  2. Select import.

Good to know

Investors using the FTX.US site should use the CSV file import method as FTX.US API integration often has issues for our users.

Where do I see my FTX trades on Koinly?

You can use your Koinly dashboard as a portfolio tracker. Once you've synced all your wallets and exchanges, head to your dashboard and you'll be able to view your overall balance, assets and transactions. If you'd like to just look at your FTX transactions, go to wallets and select your FTX wallet.

How do I check that my FTX import is accurate?

Our crypto tax software is pretty smart, but if there are issues with the imported data, Koinly can't generate an accurate tax report. You should check through your FTX transactions once you've imported your data, whether that was through CSV or API integration. This will help you identify any potential miscalculations and resolve them, so you get an accurate tax report. Follow these simple steps to check your tax report.

All wallets, exchanges and blockchains

The most common issue our users face is transfers between wallets incorrectly appearing as withdrawals or deposits. This is usually because they haven't synced all the crypto exchanges and wallets they use with Koinly. Doing this lets Koinly know when digital assets are moving between wallets, which is tax free, as opposed to withdrawals or deposits, which are subject to tax.

Look out for big numbers

Once you've got all your wallets added, head over to Koinly's transactions page and filter by type. Look at both your deposits and withdrawals and check there aren't any that you believe are transfers between your own wallets. If there are, you can fix this manually.

Review the labels of your transactions

Now use the wallet filter and select your FTX wallet. This lets you check through all your FTX transactions, so you can ensure they're tagged correctly. At times, API integration is limited, while CSV data may be missing tags altogether. These tags are really important as they help Koinly understand the type of transaction and apply the right tax - either Capital Gains Tax or Income Tax. You can add tags manually in the Koinly platform if they're missing.

Withdrawal Tags (sending funds):

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

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

Deposit Tags (receiving funds):

Deposits refer to receiving digital assets. Koinly sees these as a purchase at market price or an investment. Deposits may be subject to Income Tax or Capital Gains Tax, depending on your location and the type of deposit. You can label these with deposit tags.

  • Tag as airdrop: Many tax offices see airdrops as a bonus, making them subject to Income Tax.
  • Tag as fork: Like airdrops, any new coins from a fork could be seen as a a bonus and subject to Income Tax.
  • Tag as mining: Most countries consider mining to be income, so it's subject to Income Tax.
  • Tag as loan interest: Receiving interest from loaning crypto is often seen as income and subject to Income Tax.
  • Tag as income: Like any other salary, getting paid in crypto is subject to Income Tax.
  • Received from pool: Use this tag to label 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 seen as a bonus and subject to Income Tax.

Exchange Tags (trading funds):

When you trade crypto for crypto, buy crypto with fiat or sell crypto for fiat, this is an exchange. Selling crypto is always taxed, buying crypto is never taxed and trading crypto is sometimes taxed depending on where you live. Koinly calculates all of this for you, so there's only one label you may need to tag an exchange.

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

There are lots more helpful hints on how to use Koinly and troubleshoot common issues in our Getting Started Guide.

How do I get my FTX tax report?

Tax deadline on the horizon? Koinly makes getting your crypto tax reports easy. Once you've imported your FTX transactions, Koinly does some clever calculations behind the scenes to calculate your taxes.

Koinly starts by identifying the market rates for all your transactions:

  • Calculates the fair market value (FMV) of all your cryptocurrency transactions in the currency of your choice, for example, USD or GBP.

Next, Koinly calculates your taxable position, including:

  • Net capital gains
  • Income
  • Short-term gains
  • Long-term gains
  • Expenses
  • Capital losses

Koinly compiles all the information above in one simple tax summary, available on your tax report page. If you scroll down the page, you'll find the option to download a variety of tax reports, including:

  • End of Year Holdings Report
  • Capital Gains Report
  • Complete Tax Report
  • Transaction History
  • Income Report
  • Expenses Report
  • Gifts, Donations and Lost Assets

As well as the reports above, Koinly also generates specific tax reports, based on where you live. For example, the IRS Schedule D Form for US investors or the HMRC Capital Gains Summary for UK investors.

Got the FTX tax report - what do I do with it at tax time?

Once you've downloaded the tax report you need, all you have to do is file your taxes with your tax authority.

Every country has a slightly different process for this and a different tax deadline. However, most tax offices have an online portal where you can submit your annual tax returns.

If you're using an accountant, you can invite them to view your crypto tax report from your account settings.

Does FTX report to the IRS, HMRC, ATO and other tax authorities?

Tax authorities around the world are putting the pressure on crypto exchanges to share customer data to improve security and ensure tax compliance from investors.

FTX haven't outright stated that they share customer data with any specific tax authorities. However, as one of the most popular crypto exchanges with a huge daily trading volume, it is very likely that tax authorities are pressuring them to do so. The best thing crypto investors can do to ensure tax compliance is ensure they report their investments accurately to their relevant tax office.

How do I troubleshoot my FTX integration to Koinly?

Koinly's help section is full of helpful articles about common queries from our users, so this is a great place to learn about everything Koinly. Some of our most frequent FTX questions include:

If you can't find the answer you need in our help section, head over to our community, where our users discuss everything Koinly. Don't worry if you're still stuck, just get in touch.