Coinpanda integrates directly with Bithumb to simplify your tax reporting. Learn how to calculate your taxes and generate all required tax documents for Bithumb quickly.
If you have been trading, staking, or earning crypto on Bithumb, you must also calculate your taxes for all transactions. Coinpanda makes calculating crypto tax for Bithumb quick and easy by following these steps:
Create a free account and connect Bithumb to Coinpanda safely and securely
Next, Coinpanda will import all your trades, deposits, withdrawals, and rewards from Bithumb
Wait for Coinpanda to automatically calculate capital gains and income for your Bithumb transactions
Download your Bithumb tax report
File your Bithumb taxes before the deadline
Supported transactions
To calculate your taxes accurately, you must import all transactions from Bithumb to Coinpanda. Coinpanda supports the following transactions from Bithumb today:
Tx Type
API import
CSV file upload
Deposits
Withdrawals
Trades
RECOMMENDED
How to connect Bithumb with API
We are only requesting view permissions. This does not give us access to your private keys or the ability to move your funds.
Follow these steps to add your Bithumb account to Coinpanda with API:
In the API activation section, activate permissions for ‘Member wallet information’ and ‘Member trade log’
Leave the fields for IP restrictions empty
Enter your security password and the verification number sent to your phone number
Click ‘Create API KEY’
Copy the API key and API secret to Coinpanda
The last step is to activate your API Keys by clicking the ‘Activation’ button on the Bithumb API page
Note that Bithumb only allows for data export from their API for the past 30 days. You must upload a CSV file with older transactions if you have transactions from before that date.
How to connect Bithumb with CSV
Follow these steps to export your transactions from Bithumb:
Note that Bithumb only allows for data export for the past 6 months. If you have transactions before that date, try contacting Bithumb customer support for a full historical XLSX file. You can import the historical transactions to Coinpanda as well.
How are Bithumb transactions taxed?
The exact tax implications on Bithumb transactions depend on which country you live in and the type of transactions you have made. In general, you must pay either capital gains tax or income tax on your cryptocurrency transactions on Bithumb.
Capital gains tax: Whenever you sell a cryptocurrency for more than you purchased it for, you generate a capital gain. On the other hand, if you sell the cryptocurrency for less than you paid initially, you have a capital loss, which can offset other gains in most cases.
Income tax: Earned cryptocurrency on Bithumb, such as staking, interest, bonuses, and referral rewards, is typically seen as taxable income from a tax perspective and must be reported in your tax return.
To learn more about how Bithumb transactions are taxed in your country, we recommend reading our in-depth guides to cryptocurrency taxes.
How do I file my Bithumb taxes?
First, you must calculate capital gains and income from all taxable transactions on Bithumb. When you have this information ready, you can report capital gains and income together with other forms of income such as employment and dividends in your annual tax return.
To calculate your capital gains, you must first export a complete history of all transactions made on Bithumb. Once you have this data, you can calculate your capital gains or losses by determining the price at which you bought the cryptocurrency (your cost basis) and the price at which you sold it (your proceeds). Luckily, Coinpanda can help you with this and generate ready-to-file tax forms quickly and easily.
After downloading your Bithumb tax statements from Coinpanda, the last step is to report the capital gains and income on your tax return before the deadline. Most countries allow you to self-declare taxes online in 2023, but you can also get help from a professional tax accountant to file taxes for you.
Calculate your Bithumb taxes
Sign up free today to calculate your Bithumb taxes
How do I troubleshoot the imported Bithumb transactions to Coinpanda?
While we strive every day to ensure the highest possible accuracy for importing transactions from Bithumb to Coinpanda, it can happen that either not all transactions are imported or that some data is imported incorrectly. Some reasons for this can be:
Changes in the Bithumb API
Updated CSV file format
Bithumb does not provide a complete record of all transactions
To get the best help from Coinpanda support, you must first identify which transactions are missing or incorrectly imported. To do this, we recommend comparing your transaction history on Bithumb with the transactions imported into your Coinpanda account. See also our help article with an overview of known exchange API limitations.
The quickest way to get help from our dedicated support team is to send a message in the Live Chat.
No, Bithumb does not provide complete and ready-to-file tax documents. This is because Bithumb does not have knowledge of your transactions on other exchanges, platforms, or from your self-custody wallets.
How do I get Bithumb tax documents?
The easiest way to get tax documents and reports is to connect your Bithumb account with Coinpanda which will automatically import your transactions. After that, you can download complete tax reports for Bithumb.
Does Bithumb provide financial or end-of-year statements?
No, Bithumb does not provide a complete financial or end-of-year statement for your crypto transactions. However, you can get this using a crypto tax calculator.
Do I have to pay taxes on Bithumb?
Yes, all transactions on Bithumb involving the disposal of a crypto asset are in most cases taxable. You must also pay income tax on earned crypto such as staking, interest, or referral rewards.
Is transferring to Bithumb taxable?
No, transferring cryptocurrency to Bithumb is not taxed as long as you transfer between your personal wallets or exchange accounts.
How do I avoid paying taxes on Bithumb?
It is impossible to avoid paying taxes completely on Bithumb legally if you live in a country that taxes cryptocurrency. However, there are several ways you can reduce your taxes, such as tax loss harvesting.
Can Bithumb calculate my taxes?
Bithumb cannot calculate your taxes since it does not have knowledge of your transactions made on other exchanges or platforms. However, if you have only interacted with crypto on Bithumb your entire life, it could technically do so.
Is Bithumb safe?
Bithumb is generally considered to be a safe exchange. Although Bithumb follows industry best practices for safety and to prevent malicious attacks, there is always a risk associated with keeping your crypto on centralized third-party exchanges including Bithumb.
