How to Report Your Binance Futures Taxes
Coinpanda has direct integration with Binance Futures to simplify tracking your trades and tax reporting. Calculate your taxes and generate all required tax reports and forms easily.
Prepare your tax forms for Binance Futures
There are a few ways you can import your transactions to Coinpanda:
- API import: Connect your account directly using API keys. This is the simplest way to synchronize all your trades and transactions automatically. Simply follow the steps below to get your API keys (key + secret) and your tax forms will be ready shortly.
- File upload: You can also upload a CSV/Excel file instead of connecting your account with API keys by following the steps explained below.
- Add manual: The last option is to manually add transactions one by one from the Transactions page. This is only recommended if you have very few transactions.
Remember also to tag your transactions if you have received airdrops, forks or staking rewards!
Supported transaction types
It is important that you import all transactions from Binance Futures to Coinpanda to calculate your taxes accurately. Coinpanda supports the following transaction types from Binance Futures today:
|Tx Type||API import||CSV file upload|
|Bonuses and rewards|
|Internal Binance transfers|
|Cross collateral transfers|
December 23rd, 2021 – Important message
We have recently completed a major upgrade to the Binance Futures API integration. Because of these major changes, we highly recommend reimporting all transactions if you have synced your Binance Futures wallet prior to this date.
Import trades automatically with API
We are only requesting view permissions. This does not give us access to your private keys nor the ability to move your funds.
To add your Binance Futures account to Coinpanda, follow these steps:
- Go to the Binance API page by hovering over the user icon in the top header and then click ‘API Management’.
- Click on ‘Create Tax Report API’.
- Click ‘Get code’ to receive a verification code to your email address.
- Enter the verification code and your 2FA code if required, then click ‘Submit’.
- Copy the API Key and Secret Key to Coinpanda.
Please note: Earlier in 2022, Binance introduced several limitations to their API so that only futures data from the last 3 months are available. This is, unfortunately, completely out of our control, and we encourage you to contact Binance customer support and request that they remove this limitation. For now, we recommend using file upload as described below instead.
Coinpanda will automatically aggregate all Realized P&L transactions for the same timestamp to a single transaction. All fees and funding payments will be saved as a single daily transaction for each individual settlement currency.
This is done to avoid importing thousands of small transactions of insignificant value which is often provided by the Binance API. This means that you might see only 100 transactions on Coinpanda instead of 1,000 or 2,000 using another crypto tax platform. The resulting gain/loss will be exactly the same.
You might see one or more Negative balance warnings on the Transactions page. This can happen because Binance allows having negative wallet balances and is therefore most likely not due to an error with the API import.
Upload a CSV/XLSX file to Coinpanda
- Go to the Futures page by hovering over ‘Orders’ in the top header and click ‘Futures Order’.
- Click ‘Transaction History’ in the left menu under the ‘Futures Orders’ menu.
- Click on ‘Export complete transaction history’ and select a custom time period (maximum time range is 3 months).
- Click ‘Export’ to download the file. Make sure to export files for all months you have traded futures on Binance.
- Repeat the previous steps also for Coin-margined futures by selecting the COIN-M Futures tab.
- Upload the XLSX file(s) to Coinpanda.
- Click ‘Trade History’ in the left menu under the ‘Futures Orders’ menu.
- Click on ‘Export Trade History’ and select ‘Beyond 3 months – custom’.
- Select a time period for each year and then click ‘Generate’.
- Repeat the previous step also for Coin-margined futures by selecting the COIN-M Futures tab.
- Download the file(s) when ready.
- Upload the XLSX file(s) to Coinpanda.
Uploading the trade history file is optional, and transactions imported will not be considered in any tax calculations. They will simply be shown as information about your trades on the Transactions page. Our general recommendation is to not upload this file.