Hotbit announced it was halting operations on May 22 and urged users to withdraw their funds before June 21, 2023. As well as withdrawing your funds, we recommend you export CSV files of your Hotbit transaction history as soon as possible to ensure you can file your taxes correctly.
Connect Hotbit with Koinly to calculate your crypto tax
Hotbit is a popular global crypto exchange with a range of investment options to suit every investor, including spot and ETF trading, with more than 2877 cryptocurrencies on offer. Whatever your investments, Koinly can help with your Hotbit taxes.
How are Hotbit transactions taxed?
Crypto tax varies depending on where you live and your tax office's take on it. This said, in general two kinds of tax may apply to your Hotbit transactions - Income Tax and Capital Gains Tax.
- Capital Gains Tax: When you sell or swap crypto on Hotbit, you'll likely pay Capital Gains Tax on any profits.
- Income Tax: When you earn new coins or tokens on Hotbit - like through Hotbit events and airdrops - you'll likely need to pay Income Tax upon receipt of new tokens.
Does Hotbit provide tax documents?
No. Hotbit does not issue tax documents for users, instead, you'll need to get your Hotbit transaction history to calculate your taxes. You can do this yourself, or use a crypto tax app like Koinly to calculate your taxes and generate your tax report for you.
How to get your Hotbit tax report with Koinly
Using Koinly, you can get your Hotbit taxes done in no time at all. All you need is a CSV file of your Hotbit transaction history.
Once you have your Hotbit CSV file, just upload it to Koinly and Koinly becomes the ultimate Hotbit tax tool. Koinly calculates your Hotbit taxes based on your location and generates a variety of crypto tax reports, so you can file with your tax office in no time at all.
How to connect Hotbit to Koinly via CSV
On Hotbit
- Log in to Hotbit.
- In the top right corner, select orders.
- Select a date range.
- Select export.
- Your Hotbit file will be formatted as an outdated Excel file which does not work with Koinly. Open your downloaded file in your chosen app, like Google Sheets, and export it as a CSV file before uploading it to Koinly. You can see step-by-step instructions in our how to fix invalid CSV/Excel files help guide.
On Koinly
- Sign up or log in to your Koinly account and go to the wallets page.
- Select add new wallet: Hotbit.
- Select import from file.
- Upload your CSV file.
Good to know
Your Hotbit export will not include your withdrawals and deposits. You'll need to add these transactions manually to Koinly.
Does Hotbit report to the IRS?
Hotbit doesn't require KYC for the majority of users, only users identified as high risk, like if they need to reset their 2FA settings. As such, it's unlikely Hotbit is reporting to the IRS or any other tax offices. This said, as a large centralized exchange, Hotbit is undoubtedly facing pressure to improve KYC processes in order to ensure tax compliance, so this could change quickly.
How do I check if my Hotbit import is accurate?
If you're having trouble connecting Hotbit and Koinly, these resources will help:
- Try our help center for user guides.
- Search the FAQs in our discussion boards.
- Ask us - we’re on Twitter and Reddit.
- No luck? Contact us.