How to do your Bitfinex taxes with KoinlyÂ
Bitfinex is a popular crypto exchange for advanced investors looking to conduct large transactions with a range of digital assets and a host of trading options, including margin trades and lending. Koinly can help you do your Bitfinex taxes safely, quickly, and accurately.Â
- Sign up to Koinly and choose your country and currency
- Connect Bitfinex with Koinly to import all your Bitfinex trades safely and securely
- Koinly categorizes Bitfinex transactions into gains, losses and income
- Koinly calculates your Bitfinex Capital Gains Tax and Bitfinex Income Tax
- Download your Bitfinex tax report from Koinly
- File your Bitfinex taxes online or with your crypto tax accountant
Watch how to do your Bitfinex taxes fast
How to connect Koinly and Bitfinex via API
On Bitfinex
- Log in to your Bitfinex account.
- In the top right hand corner, scroll over the profile icon to open up the drop down menu.
- From the drop down menu, select security.
- On the right hand navigation bar, select API.
- Select create new key.
- The permissions granted should already be set to read-only access, but you may want to double check this.
- Select generate API key.
- Complete the two-factor verification.
- Copy both the API key and the API key secret from Bitfinex.
On Koinly
- Sign up or log in to your Koinly account and head to the wallets page.
- Select add new wallet: Bitfinex.
- Select set up auto-sync.
- Paste the API key into the API key box.
- Paste the API key secret into the API secret box.
- Select secure import.
Please note, if you have margin trade transactions in your Bitfinex account, API auto-sync can't import this transaction data just yet. Don't worry, you can use the CSV file import method below instead.
Important
When using the API integration method, it takes a little time for your data to sync in Koinly, especially if you have a lot of transactions.
How to integrate Bitfinex with Koinly using CSV
You'll need to start by downloading a CSV file with your full trading history from Bitfinex before you can upload it to Koinly - here's how.
How to download and export your transaction history CSV file from Bitfinex
- Log in to your Bitfinex account.
- In the top right hand corner, scroll over the profile icon to open up the drop down menu.
- Select reports.
- Select export in the top navigation bar.
- In the new pop-up, under data to export, select ledgers from the drop down menu.
- Select export.
- This CSV file is sent via email, so log into your email account and download the CSV file there.
How to upload your Bitfinex CSV to Koinly
- Sign up or log in to your Koinly account and head to the wallets page.
- Select add new wallet: Bitfinex.
- Select import from file.
- Upload your CSV file.
- Select import.
Important
1. Bitfinex offers a lot of different data to export. It's really important you download the ledgers file. This has your complete transaction history, so it gives Koinly the information it needs to generate an accurate tax report with no missing data.
2. You'll receive your ledgers CSV file to the email account associated with your Bitfinex account. When you download the CSV file, it will be a zip file. You'll need to extract this before uploading it to Koinly.
How do I troubleshoot my Bitfinex integration to Koinly?
Problems with Bitfinex? Not to worry - there’s plenty of help available:
- Head over to our help center
- Hit up our discussion boards - we might have already answered your question
- Ask us on social media - we're on Twitter or Reddit
- Contact us on email or live chat
- Got a feature request? Give us feedback on Canny
Calculate your Bitfinex taxes
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Does Bitfinex have tax documents?
No, Bitfinex does not provide a tax report. However, you can use your Bitfinex transaction history to generate a Bitfinex tax report using a crypto tax app.
How do I get Bitfinex tax documents?
The easiest way is to connect to a crypto tax app via API. The API fetches your transaction data to calculate your crypto taxes for you. If you'd rather not use an API, you can download a CSV file of your Bitfinex trading history using the steps above.
Does Bitfinex provide financial or end of year statements?
No, but your Bitfinex ledgers file includes your complete trading history on Bitfinex. You can use this to create a Bitfinex tax statement for your local tax office.
Do I have to pay taxes on Bitfinex?
Yes, if you’ve made any capital gains or income as a result of your crypto investment activities on Bitfinex, you'll need to report these to your tax office and pay taxes on them.
Is Bitfinex available in the US?
No. Bitfinex is not licensed to operate in the USA. However, as KYC verification is minimal and only required for fiat withdrawals and deposits, some US investors still use the platform.
Is Bitfinex safe?
Although Bitfinex was subject to a hack in 2016 (to the tune of around 119,000 BTC), the exchange improved security practices and is generally considered a safe exchange.
How did Bitfinex get hacked?
Bitfinex suffered a security breach in which 2,000 approved transactions were sent to a single wallet. In February 2022, the US government recovered and seized some of the stolen Bitcoin.
Does Bitfinex require KYC?
Yes. Bitfinex requires KYC for fiat withdrawals and deposits.
Does Bitfinex have Proof of Reserves?
Yes - Bitfinex has provided Proof of Reserves via a snapshot of addresses they own via a GitHub repository. Bitfinex outlines which wallets are cold versus hot wallets and also maintains an “in-house opensource library” called Antani to demonstrate exchange-wide Proof of Reserves. For more information about what Proof of Reserves are and why it matters - check out our blog post.