How to Report Your Binance Isolated Margin Taxes
Coinpanda has direct integration with Binance Isolated Margin 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 Isolated Margin
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.
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 Isolated Margin 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’.
(https://www.binance.com/en/my/settings/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 that Binance does not provide accurate data for all margin transactions. We encourage you to check and verify all transactions imported carefully to make sure that your tax report is as accurate as possible. Please contact us in the live chat if you believe one or more transactions are missing and/or imported incorrectly.
Secondly, calculating taxes for margin trading on Binance is not only very complex, but it is also not clarified from a legal or tax perspective how margin trading including borrowing coins and repaying loans actually should be reported and how it affects the tracking of cost basis. Due to these reasons, we do not guarantee that our interpretation of how to handle margin trading on Binance for tax purposes is in fact correct. If you are in doubt, we highly encourage you to contact a tax professional in your country for advice before reporting the calculations provided by us.
