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How To File Your Phemex Taxes With Koinly

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How to do your Phemex taxes with Koinly 

One of the largest crypto exchanges worldwide, Phemex lets crypto investors of all experience levels buy, sell, trade and stake their crypto assets. Koinly can help you do your Phemex taxes safely, quickly, and accurately. 

  1. Sign up to Koinly and choose your country and currency
  2. Connect Phemex with Koinly to import all your Phemex trades safely and securely
  3. Koinly categorizes Phemex transactions into gains, losses and income
  4. Koinly calculates your Phemex Capital Gains Tax and Phemex Income Tax
  5. Download your Phemex tax report from Koinly
  6. File your Phemex taxes online or with your crypto tax accountant

Watch how to do your Phemex taxes fast 

Does Phemex report to tax offices?

Phemex is a large crypto exchange and as such will definitely be of interest to tax offices around the world including the ATO, HMRC and the CRA. Many of these tax offices require exchanges to put KYC processes in place and share customer data to ensure tax compliance.

How to connect Koinly and Phemex via API

On Phemex

  1. Log in to your Phemex account and click on your profile icon in the top right corner.
  2. From the left hand menu, select API management.
  3. Select create new API key.
  4. Select default API entry.
  5. Give your API key a name - for example, Koinly.
  6. Under IP address, select don't bind.
  7. Under permissions, select read-only.
  8. You'll be sent a verification code for your API key, enter the verification code from your email address.
  9. Copy your API key and API secret.

On Koinly

  1. Sign up or log in into Koinly and head to the wallets page.
  2. Add a new wallet: Phemex.
  3. Select setup auto-sync.
  4. Paste the API key and API secret.
  5. Select secure import.

Important

Please note, Koinly only requests read-only API permissions and this does not give us access to moving your funds.

How to integrate Phemex with Koinly using CSV

You can't download a complete transaction history CSV file from Phemex, so you'll need to download several different CSV files to import to Koinly. The files you can download are:

  • Withdrawals report
  • Spot wallet funds report
  • Contract trade funds report
  • Investment report
  • Spot trading report
  • Deposits report (You do not need this for Koinly)
  • Contract trading closed PNL report (You do not need this for Koinly)

If you're uploading these CSV files to Koinly - you'll only need the first five reports as they include all the information Koinly needs to calculate your crypto taxes. Follow the steps below - or use Phemex's guide on how to get the different account statements.

How to download and export your transaction history CSV file from Phemex

Withdrawals report

  1. Log in to Phemex and select assets in the top right corner.
  2. In the menu on the left, select withdraw.
  3. Scroll down to recent history and select view all.
  4. Select generate withdrawals report.
  5. Select the time period and desired symbol(s) for your report.
  6. Select generate.
  7. It may take up to a day to generate your report - once the status of the report changes from 'generating' to generated, you'll be given the option to download your report.
  8. Select download.

Spot wallet funds report

  1. Log in to Phemex and select assets in the top right corner.
  2. In the menu on the left, select funds.
  3. Select spot wallet from the new top navigation bar.
  4. Select generate spot history report.
  5. Select the time period and desired symbol(s) for your report.
  6. Select generate.
  7. It may take up to a day to generate your report - once the status of the report changes from 'generating' to generated, you'll be given the option to download your report.
  8. Select download.

Contract trade funds report

  1. Log into Phemex and select assets in the top right corner.
  2. In the menu on the left, select funds.
  3. Select contract trade accounts from the new top navigation bar.
  4. Select generate contract history report.
  5. Select the time period and desired symbol(s) for your report.
  6. Select generate.
  7. It may take up to a day to generate your report - once the status of the report changes from 'generating' to generated, you'll be given the option to download your report.
  8. Select download.

Investment report

  1. Log in to Phemex and select assets in the top right corner.
  2. In the menu on the left, select funds.
  3. Select investment account from the new top navigation bar.
  4. Select generate investment history report.
  5. Select the time period and desired symbol(s) for your report.
  6. Select generate.
  7. It may take up to a day to generate your report - once the status of the report changes from 'generating' to generated, you'll be given the option to download your report.
  8. Select download.

Spot trading report

  1. Log into Phemex and select assets in the top right corner.
  2. In the menu on the left, select spot history.
  3. From the new drop down menu, select trade history.
  4. Select generate spot trading report.
  5. Select the time period and desired symbol(s) for your report.
  6. Select generate.
  7. It may take up to a day to generate your report - once the status of the report changes from 'generating' to generated, you'll be given the option to download your report.
  8. Select download.

How to upload your Phemex CSV file to Koinly

Now you've got your CSV file, here's how to upload it to Koinly.

  1. Sign in to Koinly and select wallets.
  2. Select add new wallet: Phemex.
  3. Select import from file.
  4. Upload your CSV files from Phemex.

Important

1. If you're using the CSV file upload method make sure to import your deposits, withdrawals and trades for ALL trading years and not just the current year. This will allow Koinly to correctly calculate your taxable position. Phemex only lets you generate 3 months worth of transaction data at a time, so you may need to download multiple files to include your full transaction history.

2. Koinly will automatically aggregate all Closed PNL transactions for the same contract to a single daily transaction. All fees and funding payments will be saved as a single daily transaction for all different contracts combined. This is done to avoid importing thousands of small transactions of insignificant value which is often included in the Phemex CSV files. This means that you might see only 100 transactions on Koinly instead of 1,000 or 2,000 using another crypto tax platform. This makes it easier for you to verify that transactions are imported correctly, and the resulting gain/loss will be exactly the same.

How do I troubleshoot my Phemex integration to Koinly?

Need help importing your Phemex transaction data?

Calculate your Phemex taxes

Sign up free today to calculate your Phemex taxes.

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Does Phemex have tax documents?

No, Phemex doesn’t provide a tax report. However, it provides financial statements which can be useful in calculating and reporting taxes. This is a seamless process if you use the Phemex tax report API which automatically collects your transaction history and sends it to the crypto tax software of your choice.

How do I get Phemex tax documents?

The easiest way to get your Phemex tax documents is to connect to crypto tax software via API or by uploading a CSV file of your Phemex transaction history. You can download or export your transaction history from your Phemex account. Your crypto tax calculator will then calculate your Phemex taxes for you and generate your Phemex tax documents.

Does Phemex provide financial or end of year statements?

Yes, Phemex does provide account statements - which you will need to calculate your crypto taxes. It is important to note that Phemex will not give you a financial statement in one CSV document, rather you’ll have to download multiple CSV files to create a financial statement. After you have downloaded the files, you can import your Phemex files into a trustworthy tax calculator like Koinly to calculate your tax.

Do I have to pay taxes on Phemex?

Yes - if you have made any capital gains or income as a result of your crypto investment activities on Phemex, you'll need to report these to your tax office in your annual tax return and pay taxes on them. Find out how to calculate your income and gains in our country tax guide.

Can Americans use Phemex?

Phemex isn’t illegal to use in the US, but it isn’t licensed either due to convoluted state regulations, many states are unable to access certain products. Some US residents can use specific products on Phemex.

Does Phemex require KYC?

Yes. Phemex has KYC processes in place. Any users who fail to comply with the KYC verification requirements may have their account restricted.

Where is Phemex located?

Phemex headquarters are located in Singapore, though users around the world may use the platform.

Does Phemex have proof of reserves?

Yes. Phemex provides Merkle Tree proof of reserves. You can see the information here.

Does Phemex report to the IRS?

Phemex is not licensed to operate in the US, so it’s unlikely they report to the IRS. However, that could all change quickly if the IRS or the SEC take an interest. It is advisable that all your taxable transactions are reported correctly.

Last updated: Friday, 18 August 2023

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