How to Connect KuCoin Futures with Koinly

How to connect KuCoin Futures with Koinly

KuCoin Futures is an advanced crypto trading platform offering crypto derivatives and more. Whatever your crypto investments, figuring out your KuCoin Futures taxes and creating your tax report couldn't be easier if you connect KuCoin Futures with Koinly.

How to get a tax statement from KuCoin Futures

You might be wondering, does KuCoin Futures provide CSV tax and trade history reports? Is it even possible to get tax info and statements from KuCoin Futures? What about a KuCoin Futures API? The good news is, while KuCoin Futures might not provide tax forms and documents, KuCoin Futures does offer 2 easy ways to export your transaction and trade history!

KuCoin Futures pairs with Koinly through API or CSV file import to make reporting your crypto taxes easy. Once connected, Koinly becomes the ultimate KuCoin Futures tax tool. How? Koinly will calculate your KuCoin Futures 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 KuCoin Futures tax statement from Koinly and file it with your local tax authority. Done!

How to connect KuCoin Futures to Koinly via API

On KuCoin Futures

1. Log in to your KuCoin Futures account.
2. Go to the API page.
3. Select create a new API key.
4. Name your API key, for example Koinly.
5. Create an API passphrase.
6. For permissions, select general only.
7. Copy and paste your API key and API secret.
8. Head over to Koinly.

On Koinly

1. Sign up or log in to Koinly and go to the wallets page.
2. Select add new wallet: KuCoin Futures.
3. Select setup auto-sync.
4. Paste the API key into the API key box.
5. Paste the API secret into the API secret box.
6. Enter your passphrase you created earlier.
7. Select secure import.

How to connect KuCoin Futures to Koinly via CSV

On KuCoin Futures

1. Log in to your KuCoin Futures account.
2. Go to assets, then assets overview.
3. Select PNL history from the menu on the left.
4. Select a date range - this should cover your entire trading history on KuCoin futures.
5. Now select save as CSV.
6. Head over to Koinly.

On Koinly

1. Sign up or login into Koinly and head to the wallets page.
2. Add a new wallet: KuCoin Futures.
3. Select import from file.
4. Upload your CSV file(s) to Koinly.

How do I check if my KuCoin Futures import is accurate?

We recommend checking through your imported transactions on Koinly to see if everything is imported, and that your transactions are correctly labelled. 

Koinly’s 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 for you.

There are a few simple steps you can follow to make sure your tax report is accurate:

Sync 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.

Look out for big numbers

Now, 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 an 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.

Withdrawal labels (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.

• Tag as cost: Tag any transaction fees.
• Sent to pool: Sending coins to a pool? Mark these as sent to pool. It lets Koinly know you still hold these assets.
• Tag as gift: Gifting crypto is a non-taxable event in many countries, so make sure to tag these, but only if capital asset gifts are tax-free in your country. Check our guides.
• Tag as lost: If you have crypto stolen, in many countries you can claim this as a loss.

Deposit labels (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.

• Tag as airdrop: Most countries see airdrops as a bonus and apply Income Tax.
• Tag as loan interest: If you're loaning crypto and receiving interest, use this tag. Many countries apply Income Tax to interest.
• Tag as income: Crypto income is subject to Income Tax, not Capital Gains Tax - just like any other salary
• Tag as fork: Just like airdrops, new coins from a fork may be subject to Income Tax.
• Tag as mining: Most countries treat mining as a form of income and apply Income Tax.
• Received from pool: Use this tag to mark the capital you originally sent to a pool, not any rewards from it.
• Tag as reward: This tag can be used to mark any deposits you receive as a reward, for example staking rewards. In most countries, rewards are subject to Income Tax.

Exchange labels (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.

• Tag as swap: If a coin has exchanged its symbol or name, use the swap tag, as this is tax free.

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.

How do I troubleshoot my KuCoin Futures integration to Koinly?

We have a whole support section devoted to answering your most common - and not so common questions about our KuCoin Futures integration. To give you a jumpstart, here are some of the questions we get asked most:

• My CSV file is missing information - help!
• Why aren't my futures transactions in my capital gains report?
• What is the 'treat other gains as capital gains' setting for?

See all our KuCoin Futures and Koinly help content here and feel free to jump on our chat if you need a little more assistance.