Having trouble setting up Gate.io with Koinly? See our simple guide on how to integrate your transactions with our software.
Gate.io pairs with Koinly through API to make reporting your crypto taxes easy. Once connected, Koinly is able calculate your taxes with precision. It even takes into account your location, generating your clean and accurate tax report, all within 20 minutes.
Good to know (API)
You need to use an APV4 key within Gate.io, not an APIV2 key. For Koinly users who were previously using an APV2 key - you'll need to change to an APV4 key. If you haven't enabled two-factor authentication, skip the step above that mentions it. Just leave the box blank and select ‘show API keys’. Also, realise that it takes a minute for your Gate.io transactions to appear in Koinly. This is normal— it's just Koinly working through the data. If you're having issues with the API method for Gate.io, use the CSV method below instead.
Good to know (CSV)
When you're selecting the date range, make sure to include all your trading history on Gate.io, even if you're only filing for the most recent tax year. This helps Koinly generate an accurate tax report based on all your transactions.For example, many countries allow you to offset losses from previous years against gains from the current year, meaning you're taxed less. But if Koinly doesn't have this information from previous years, it won't be able to calculate this. Also keep in mind that Gate.io limits users to a maximum of 30 CSV file downloads a day.
Once your Gate.io trade history is imported, it's a good idea to check your data on your Koinly Transactions page. This lets you identify any issues - and resolve them, so Koinly can make the right calculations for your tax report.
Got all wallets, exchanges and blockchains?
Do you use more exchanges than just Gate.io? Before anything else, make sure all your wallets and exchanges are synced with Koinly. Koinly needs to know when you're moving crypto between wallets so it can identify these as transfers, which aren't taxable. If you don't sync all your wallets, Koinly will identify some Gate.io transactions as withdrawals or deposits, which are subject to tax.
Look out for big numbers
When all your wallets are added, head to the transactions page. Use the type filter to look at your deposits and withdrawals. This is so you can check there aren't any deposits or withdrawals that you think are actually transfers between your own wallets. If you spot any, fix these manually.
Review the labels of your transactions
Use the wallet filter and select your Gate.io wallet so you can check how your Gate.io transactions are tagged. Tags help Koinly understand the type of transaction, for example a fork or airdrop, so it can figure out what tax applies, if any. If you notice incorrect tags you can change these manually in the Koinly platform.
Withdrawal Tags (sending funds)
A withdrawal is any time you send digital assets out of an exchange or wallet. Koinly sees this as a type of disposal, so the transaction is subject to Capital Gains Tax in most countries. However, some withdrawals, like swapping coins between wallets, are tax free, so you should label these using withdrawal tags.
Deposit Tags (receiving funds)
A deposit is any time you receive a new digital asset. Koinly views this as a purchase at market price. Deposits can fall under Income Tax or Capital Gains Tax depending on the type of deposit and where you live. Label these with deposit tags.
Exchange Tags (trading funds)
An exchange refers to when you buy crypto with fiat currency, sell crypto for fiat or trade crypto for crypto. Buying crypto is tax free and selling crypto is always taxed. Trading crypto for crypto is sometimes taxed depending on your location. Koinly calculates this for you, but there is one exchange tag you might need.
For more helpful advice on getting to grips with Koinly and resolving common issues, read our Getting Started Guide.
Koinly's help section is full of great tips on how to use a cryptocurrency tax calculator to work out your Gate.io taxes. You'll find the answers to many common queries there, as well as some more unusual ones. Some of our most common queries about Gate.io include.