If you have been trading, staking, or earning crypto on BingX, you must also calculate your taxes for all transactions. Coinpanda makes calculating crypto tax for BingX quick and easy by following these steps:
Create a free account and connect BingX to Coinpanda safely and securely
Next, Coinpanda will import all your trades, deposits, withdrawals, and rewards from BingX
Wait for Coinpanda to automatically calculate capital gains and income for your BingX transactions
Download your BingX tax report
File your BingX taxes before the deadline
To calculate your taxes accurately, you must import all transactions from BingX to Coinpanda. Coinpanda supports the following transactions from BingX today:
CSV file upload
How to connect BingX 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 BingX account to Coinpanda with API:
Log in to your BingX account
Create API keys from the API page
Copy the API Key and Secret Key to Coinpanda
Only deposits and withdrawals can be imported from API at this point. Please contact us in the live chat if you have made recent spot trades on BingX so we can investigate if the transactions can be imported from API.
How to connect BingX with CSV
Follow these steps to export your transactions from BingX:
The exact tax implications on BingX 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 BingX.
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 BingX, 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 BingX transactions are taxed in your country, we recommend reading our in-depth guides to cryptocurrency taxes.
How do I file my BingX taxes?
First, you must calculate capital gains and income from all taxable transactions on BingX. 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 BingX. 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 BingX 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.
How do I troubleshoot the imported BingX transactions to Coinpanda?
While we strive every day to ensure the highest possible accuracy for importing transactions from BingX 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 BingX API
Updated CSV file format
BingX 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 BingX 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, BingX does not provide complete and ready-to-file tax documents. This is because BingX does not have knowledge of your transactions on other exchanges, platforms, or from your self-custody wallets.
How do I get BingX tax documents?
The easiest way to get tax documents and reports is to connect your BingX account with Coinpanda which will automatically import your transactions. After that, you can download complete tax reports for BingX.
Does BingX provide financial or end-of-year statements?
No, BingX 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 BingX?
Yes, all transactions on BingX 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 BingX taxable?
No, transferring cryptocurrency to BingX is not taxed as long as you transfer between your personal wallets or exchange accounts.
How do I avoid paying taxes on BingX?
It is impossible to avoid paying taxes completely on BingX 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 BingX calculate my taxes?
BingX 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 BingX your entire life, it could technically do so.
Is BingX safe?
BingX is generally considered to be a safe exchange. Although BingX 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 BingX.