SafePal Wallet is a popular software wallet that also offers hardware wallets with extremely high levels of security for long-term hodlers. SafePal supports a wide range of popular cryptocurrencies and NFTs. Whatever your investments, Koinly can help with your SafePal crypto taxes - just connect via your public address using API or upload a CSV file. Here's how.
Your SafePal Wallet taxes depend on your transactions and your tax office. You can learn more in our crypto tax guides about how it works where you live, but in brief:
How to report your crypto taxes varies depending on where you live, but generally speaking, you’ll report any capital gains, losses or income from crypto - including your SafePal Wallet investments - as part of your annual tax return.
You can do this yourself, but it’s a lot of work if you’re a busy investor! You need to identify each taxable transaction you made using SafePal Wallet, the kind of tax applied, calculate your gains, losses and any income - then report all this to your tax office.
But, Koinly makes this simple. With Koinly, all you need to do is connect SafePal Wallet automatically. Koinly then calculates your tax liability for you and generates a variety of tax reports, ready to help you file with your tax office come your tax deadline. Here’s how to connect.
You'll need to get your wallet address for each blockchain you interact with using SafePal Wallet - for example, ETH, BNB and ADA. The instructions vary a little depending on the blockchain you're connecting and whether you need to add your public address or your xpub key (see more on exporting xpub keys).
If you use SafePal Wallet to interact with multiple blockchains, you'll need to get your public address or xpub key for each blockchain you interact with using SafePal Wallet and add them to Koinly by repeating the steps above for each blockchain.
You'll need to start by downloading a CSV file with your full trading history from SafePal Wallet before you can upload it to Koinly - here's how.
SafePal Wallet doesn't yet offer a CSV export option within their app - which is why we recommend using the API method to connect to Koinly. However, you can use a blockchain explorer to export a CSV file in many instances or create your own custom CSV file instead. Once you have your CSV file, here's how to upload it to Koinly.
Once you've got your CSV file, here's how to upload it to Koinly.
Double check your transactions are tagged correctly in Koinly for your country’s tax rules!
Problems connecting SafePal Wallet and Koinly? No worries - there's help at hand:
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No, SafePal Wallet does not provide tax reports. It's incredibly difficult for any crypto wallet to provide an accurate tax report due to the multiple wallets investors are normally using - so tracking cost basis and identifying transfers from disposals is almost impossible for any one wallet or exchange. This is why most investors opt to use a crypto tax tool to track their entire crypto portfolio and tax liability from one spot.
The easiest way to get your SafePal Wallet tax documents is to connect to Koinly automatically using your public address. Once connected, Koinly calculates your tax liability and generates your SafePal Wallet tax documents.
No, SafePal doesn't issue users a financial statement or EOFY statement, nor can you export your transaction history as a CSV directly from the app.
Yes. You need to pay taxes on your SafePal Wallet transactions. If you have capital gains or income, you’ll need to report these figures to your tax office - usually as part of your annual tax return.
Yes. SafePal Wallet is regarded as a secure, non-custodial, offline wallet. Cold wallets like SafePal Wallet are generally regarded as the best way to store your crypto in terms of security.