Crypto tax varies depending on where you live and how your tax office views crypto assets and your investment activities. However, in general, two kinds of tax may apply to your MEXC transactions:
No, MEXC does not issue tax documents for users. Instead, users need to download their MEXC transaction history and either calculate their MEXC gains and income themselves or use crypto tax software to do it in a fraction of the time.
MEXC and Koinly pair up to become your ultimate MEXC tax tool. You can connect MEXC with Koinly in one of two easy ways. Either use the MEXC API to connect to Koinly automatically and fetch your transaction data, or export a CSV of your MEXC transaction history and upload that to Koinly instead.
Once connected, Koinly will calculate your MEXC taxes based on your location and generate your crypto tax report, all within 20 minutes. All you’ll need to do at tax time is download the crypto tax report you need from Koinly and file it with your tax authority.
The MEXC API does not return any information on margin/futures trades. If you have these transactions, you'll need to add these to Koinly by uploading a CSV file instead.
There are quite a few CSV files you'll need to get your complete transaction history from MEXC, so we'll walk you through each.
Good to know
Koinly needs your entire MEXC transaction history in order to calculate your taxes correctly, this means you may need to download many CSV files to cover all your different kinds of transactions for however long you've had your MEXC account. MEXC limits your CSV downloads each month, so you may need to download your files over a period of time if you have a lot of trades on an old account.
As a large centralized crypto exchange operating in the US and many other countries, it's highly likely MEXC Global has faced pressure from tax offices around the world to share customer data to ensure tax compliance. However, MEXC is no longer available to US investors due to the regularly environment, so it's unlikely MEXC reports to the IRS.
If you're having trouble connecting MEXC and Koinly, these resources might help:
No. MEXC has withdrawn services to US investors due to the regulatory environment.
MEXC offers security measures such as multi-sig, email verification, mobile verification, google authenticator, anti-phishing code, and anti-DDOS.
No, To date, MEXC has not experienced a crypto hack.
MEXC’s has an Investor Protector Fund that would protect users against technical abnormalities that result in a hack.
No, MEXC is a centralized exchange, so you would not own your keys on MEXC.
Yes, like most exchanges, MEXC reserves the right to freeze accounts should law enforcement require them to do so.
There are currently 1455 different coins available to trade on MEXC.
Yes. The MEXC app is currently available for iOS, Android, and Windows.
MEXC offers a fixed trading fee of 0.2% for makers and takers and also offer a tiered system for other products, such as futures.
MEXC doesn’t have any limitations in place when it comes to minimum deposits, but they have implemented some restrictions on withdrawals. Unverified accounts can only withdraw 5 BTC per day, while verified accounts can take 50 BTC per day.
Yes - but the KYC requirements are straightforward and you can access some products without it.