Phemex pairs perfectly with Koinly to make crypto taxes easy. Connect Phemex to Koinly to quickly calculate your Phemex taxes and create the right tax documents to submit to your country's tax authority. Koinly completely supports Phemex and makes tax reporting a breeze.
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!
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:
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.
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.
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.
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.
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.
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.
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: