How To File 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.
Follow these steps to sync your Phemex data automatically to Koinly:
- 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, and paste into the fields in Koinly.
- Create a free account on Koinly
- Complete onboarding until you get to the Wallets page and find Phemex in the list
- Select API > Paste the API keys you copied above in the appropriate box
- Hit Import and wait for Koinly to sync your data. This can take a few minutes
- Review your transactions on the Transactions page to ensure everything is tagged correctly and no missing data
- Go to the Tax Reports page to view your tax liability!
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.
Your frequently asked questions
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.