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.
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.
Please note, Koinly only requests read-only API permissions and this does not give us access to moving your funds.
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.
Now you've got your CSV file, here's how to upload it to Koinly.
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.
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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.
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.
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.
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.
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.
Yes. Phemex has KYC processes in place. Any users who fail to comply with the KYC verification requirements may have their account restricted.
Phemex headquarters are located in Singapore, though users around the world may use the platform.
Yes. Phemex provides Merkle Tree proof of reserves. You can see the information here.
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.