Coinpanda integrates directly with Bitbuy to simplify your tax reporting. Learn how to calculate your taxes and generate all required tax documents for Bitbuy quickly.
If you have been trading, staking, or earning crypto on Bitbuy, you must also calculate your taxes for all transactions. Coinpanda makes calculating crypto tax for Bitbuy quick and easy by following these steps:
Create a free account and connect Bitbuy to Coinpanda safely and securely
Next, Coinpanda will import all your trades, deposits, withdrawals, and rewards from Bitbuy
Wait for Coinpanda to automatically calculate capital gains and income for your Bitbuy transactions
Download your Bitbuy tax report
File your Bitbuy taxes before the deadline
Supported transactions
To calculate your taxes accurately, you must import all transactions from Bitbuy to Coinpanda. Coinpanda supports the following transactions from Bitbuy today:
Tx Type
API import
CSV file upload
Deposits
Withdrawals
Trades
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How to connect Bitbuy 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 Bitbuy account to Coinpanda with API:
Scroll to the bottom of the page and select ‘API’ in the footer
Send an email to api@bitbuy.ca and explain that you need a read-only API key for tax purposes
Wait for BitBuy to send you the API keys by email
Copy the API keys to Coinpanda once you have received the keys
Bitbuy API is currently in beta. Please contact us in the Live Chat if you have questions about this API integration. Note that beta integrations might not always sync properly.
How to connect Bitbuy with CSV
Follow these steps to export your transactions from Bitbuy:
Select ‘Profile’ in the top right corner and then ‘Settings’
Scroll down to ‘End of year reports’
Select the report to download. You will need to download a report for every year you have been trading using BitBuy to get your complete transaction history
Upload the CSV file(s) to Coinpanda
How are Bitbuy transactions taxed?
The exact tax implications on Bitbuy 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 Bitbuy.
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 Bitbuy, 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 Bitbuy transactions are taxed in your country, we recommend reading our in-depth guides to cryptocurrency taxes.
How do I file my Bitbuy taxes?
First, you must calculate capital gains and income from all taxable transactions on Bitbuy. 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 Bitbuy. 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 Bitbuy 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 Bitbuy transactions to Coinpanda?
While we strive every day to ensure the highest possible accuracy for importing transactions from Bitbuy 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 Bitbuy API
Updated CSV file format
Bitbuy 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 Bitbuy 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, Bitbuy does not provide complete and ready-to-file tax documents. This is because Bitbuy does not have knowledge of your transactions on other exchanges, platforms, or from your self-custody wallets.
How do I get Bitbuy tax documents?
The easiest way to get tax documents and reports is to connect your Bitbuy account with Coinpanda which will automatically import your transactions. After that, you can download complete tax reports for Bitbuy.
Does Bitbuy provide financial or end-of-year statements?
No, Bitbuy 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 Bitbuy?
Yes, all transactions on Bitbuy 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 Bitbuy taxable?
No, transferring cryptocurrency to Bitbuy is not taxed as long as you transfer between your personal wallets or exchange accounts.
How do I avoid paying taxes on Bitbuy?
It is impossible to avoid paying taxes completely on Bitbuy 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 Bitbuy calculate my taxes?
Bitbuy 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 Bitbuy your entire life, it could technically do so.
Is Bitbuy safe?
Bitbuy is generally considered to be a safe exchange. Although Bitbuy 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 Bitbuy.
