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How to Report Your Bitfinex Taxes
Coinpanda has direct integration with Bitfinex 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 Bitfinex
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 Bitfinex to Coinpanda to calculate your taxes accurately. Coinpanda supports the following transaction types from Bitfinex today:
|Tx Type||API import||CSV file upload|
|Deposits and withdrawals|
|Airdrops, forks, affiliate rewards|
|Realized PnL (Margin)|
|Realized PnL (Futures)|
|Funding Costs (Futures)|
December 2, 2021 – Important message
We have spent a tremendous amount of time on this integration and made several major changes and updates during the past 6 months. To make sure that our integration is as accurate as possible, *and* to avoid possible issues in the future, we have been forced to deploy changes that might not be backward compatible for all users if you have synced your wallet prior to December 2.
We recommend therefore deleting all transactions previously imported to Bitfinex and importing from API again to have all updates reflected. Doing this will most likely increase the accuracy of your tax reports and minimize the time you need to troubleshoot balance discrepancies, missing transactions, etc.
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 Bitfinex account to Coinpanda, follow these steps:
- Go to the API page by hovering over the user icon in the top right corner, and then click ‘API Keys’.
- Click ‘Create New Key’.
- Keep the default permissions unchanged (all read permissions enabled).
- Enter a label for your API key (for example ‘Coinpanda’), and then click ‘Generate API key’.
- Enter your 2FA code if necessary.
- Check your email and confirm the new API key from the verification email sent from Bitfinex.
- Copy your ‘API key’ and ‘API key secret’ to Coinpanda.
Coinpanda will automatically aggregate the following transactions into single daily transactions to reduce the total number of transactions imported:
Funding payments + Margin trading fees + Settlements on margin account
This is done to make it easier to verify the accuracy of the data imported and reduce the total calculation time. It will not affect any of your capital gains calculations.
Bitfinex does not always report accurate timestamps for credit and debit events affecting your balance. Because of this, the transactions imported may not always be arranged in the correct order which can result in negative balance warnings on the Transactions page. This may affect both your portfolio and capital gains calculations, and you will need to manually adjust the timestamps to correct this. To prevent this from happening, Coinpanda will automatically subtract 10 minutes from the timestamp for all Receive (Realized P&L) transactions imported, but you will still need to check this carefully.
In the example below, we see that Bitfinex reports the Realized P&L transaction to be credited after the same amount was sold to USD later. The solution here is to adjust the timestamp of either transaction so that the Realized P&L transaction is credited before the BTC → USD trade was executed. We recommend changing the negative balance threshold to zero on the Advanced Settings page when troubleshooting this.
Transactions imported from Bitfinex API resulting in negative balance warnings:
Transactions after adjusting the timestamp of the Realized P&L transaction. The negative balance warning has now disappeared and all calculations will be done accurately.
Upload a CSV file to Coinpanda
- Go to the Reports page by hovering over the user icon in the top right corner, and then click ‘Reports’.
- Click on ‘Ledgers’ in the left menu at the top.
- Click the calendar icon in the top left corner. Select a date range for the transactions you want to export.
- Click ‘Export’ and select ‘DD-MM-YY’ under Date Format.
- Click the ‘Export’ button.
- You will receive your CSV file by email. Save the file and then upload it to Coinpanda.
The date format MUST be DD-MM-YY for the file to be imported correctly. Bitfinex has changed its default date format in 2021, so we recommend exporting new CSV files from your account if you have exported any files in 2021 or earlier.
Should you have any further questions, please contact support:
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