How to Connect Phemex and Koinly

How to connect Phemex 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. Whatever your investments, Koinly can help you do your Phemex taxes.

How to generate a tax statement from Phemex

You might be wondering, does Phemex provide CSV tax and trade history reports? Is it even possible to get tax info and statements from Phemex? The good news is, while Phemex might not provide tax forms and documents, it does offer two easy ways to generate all the information you need for your crypto taxes.

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

Connect to Koinly with the Phemex tax report API

On Phemex

Log in to your Phemex account and click on your profile icon in the top right corner.
From the left hand menu, select API management.
Select create new API key.
Select default API entry.
Give your API key a name - for example, Koinly.
Under IP address, select don't bind.
Under permissions, select read-only.
You'll be sent a verification code for your API key, enter the verification code from your email address.
Copy your API key and API secret. Please note your API secret is only available once, you won't be able to access it again after you've closed the pop-up.

On Koinly

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

How to generate your Phemex account statements

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
Contract trading closed PNL report

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.

On Phemex

Withdrawals report

Log in to Phemex and select assets in the top right corner.
In the menu on the left, select withdraw.
Scroll down to recent history and select view all.
Select generate withdrawals report.
Select the time period and desired symbol(s) for your report.
Select generate.
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.
Select download.

Spot wallet funds report

Log in to Phemex and select assets in the top right corner.
In the menu on the left, select funds.
Select spot wallet from the new top navigation bar.
Select generate spot history report.
Select the time period and desired symbol(s) for your report.
Select generate.
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.
Select download.

Contract trade funds report

Log into Phemex and select assets in the top right corner.
In the menu on the left, select funds.
Select contract trade accounts from the new top navigation bar.
Select generate contract history report.
Select the time period and desired symbol(s) for your report.
Select generate.
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.
Select download.

Investment report

Log in to Phemex and select assets in the top right corner.
In the menu on the left, select funds.
Select investment account from the new top navigation bar.
Select generate investment history report.
Select the time period and desired symbol(s) for your report.
Select generate.
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.
Select download.

Spot trading report

Log into Phemex and select assets in the top right corner.
In the menu on the left, select spot history.
From the new drop down menu, select trade history.
Select generate spot trading report.
Select the time period and desired symbol(s) for your report.
Select generate.
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.
Select download.

On Koinly

Sign in to Koinly and select Wallets.
Select add new wallet: Phemex.
Select import from file.
Upload your CSV files from Phemex.

Good to know

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.

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 check my Phemex import is accurate?

We recommend checking through your Phemex transactions to ensure accuracy regularly. Our crypto tax software is smart, but incorrectly imported data can cause issues. Checking your transactions and correcting any inaccuracies lets Koinly calculate and generate the most accurate tax reports. There are some simple steps you can follow to make sure your Phemex tax report is accurate.

All wallets, exchanges and blockchains

Start by making sure all your wallets and exchange accounts are synced with Koinly. This lets Koinly identify which transactions are transfers and which are deposits or withdrawals. Then you can check through your imported data from Phemex and compare your Phemex balance on Koinly with your balance on Phemex. These should be the same (although a couple of small differences may occur due to conflicting market prices - this is easy to amend).

Look out for big numbers

From here, head to your transactions page in Koinly and take a little time to ensure they're all correct. You can filter by the type of transaction as well as by the amount to identify and amend any transactions that you believe to be incorrect. For example, large withdrawals or deposits that are actually transfers between wallets is another easy fix.

Review the labels of your transactions

Finally, review the labels on your transactions. Koinly will normally do this automatically, but there are some instances when transactions like rewards or mining income aren't marked in the imported data. It's always good to double check your transactions and use any of the following labels as appropriate:

Withdrawal Tags (sending funds):

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

Tag as gift: Gifting crypto is often a non-taxable event in many countries, so make sure to tag these.
Tag as lost: If you have crypto stolen, in many countries you can claim this as a loss.
Tag as cost: Tag any transaction fees.
Sent to Pool: Sending coins to a pool? Mark these as sent to pool. It lets Koinly know you still hold these assets.

Deposit Tags (receiving funds):

Deposits refer to receiving new coins. Koinly sees deposits as a purchase at market price or an investment. They can be subject to Income Tax or Capital Gains Tax, depending on your location and the type of deposit. Check the labels to make sure the right tax is applied.

Tag as airdrop: Most countries see airdrops as a bonus and apply Income Tax.
Tag as fork: Just like airdrops, new coins from a fork may be subject to Income Tax.
Tag as mining: Most countries treat mining as a form of income and apply Income Tax.
Tag as loan interest: If you're loaning crypto and receiving interest, use the this tag. Many countries apply Income Tax to interest.
Tag as income: Crypto income is subject to Income Tax, not Capital Gains Tax - just like any other salary
Received from Pool: Use this tag to mark the capital you originally sent to a pool, not any rewards from it.
Tag as reward: This tag can be used to mark any deposits you receive as a reward, for example staking rewards. In most countries, rewards are subject to Income Tax.

Exchange (trading funds):

Trading crypto for crypto, buying crypto with fiat and selling crypto for fiat are exchanges. Trades are sometimes taxed (depending on where you live), buys are never taxed and sells are always taxed. Koinly calculates all this on your behalf, so there's only one exchange tag you may need.

Tag as swap: If a coin has exchanged its symbol or name, use the swap tag, as this is tax free.

It's really helpful to use our Getting Started Guide before reviewing your transactions. This can help you identify and resolve any issues in no time at all.

How do I troubleshoot my Phemex integration to Koinly?

Koinly has a great help section here, full of excellent advice form our amazing customer support team. You'll find answers to common queries about integrating Phemex and Koinly here, as well as answers to some more unusual problems. Here's some of our most frequently asked questions about Phemex integration:

You can find more Phemex and Koinly help on our discussion forum too, but if you need any further advice, please don't hesitate to contact our customer support team who will be happy to help.