If you have been trading, staking, or earning crypto on Bitfinex, you must also calculate your taxes for all transactions. Coinpanda makes calculating crypto tax for Bitfinex quick and easy by following these steps:
Create a free account and connect Bitfinex to Coinpanda safely and securely
Next, Coinpanda will import all your trades, deposits, withdrawals, and rewards from Bitfinex
Wait for Coinpanda to automatically calculate capital gains and income for your Bitfinex transactions
Download your Bitfinex tax report
File your Bitfinex taxes before the deadline
To calculate your taxes accurately, you must import all transactions from Bitfinex to Coinpanda. Coinpanda supports the following transactions from Bitfinex today:
CSV file upload
Deposits and withdrawals
Airdrops, forks, affiliate rewards
Realized PnL (Margin)
Realized PnL (Futures)
Funding Costs (Futures)
How to connect Bitfinex 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 Bitfinex account to Coinpanda with API:
Keep the default permissions unchanged (all read permissions enabled)
Enter a label for your API key (Ex: ‘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
Copy the ‘API key’ and ‘API key secret’ to Coinpanda
Transactions from the last 6 years only can be imported from the Bitfinex API. Older transactions must be added manually. We encourage you to contact Bitfinex customer support and request that they remove this API limitation.
Coinpanda will automatically aggregate the following transactions into single daily transactions to reduce the total number of transactions imported:
Remove ‘Account Summary’ and select only ‘Ledgers’
Make sure that ‘DD-MM-YY’ is selected for timestamp
You will receive the CSV file by email. Please 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 changed its default date format in 2021, so we recommend exporting a CSV file if you have exported any files in 2021 or earlier.
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 your portfolio and capital gains calculations, and you will need to adjust the timestamps to correct this manually. 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 Settings page when troubleshooting this.
How are Bitfinex transactions taxed?
The exact tax implications on Bitfinex 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 Bitfinex.
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 Bitfinex, 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 Bitfinex transactions are taxed in your country, we recommend reading our in-depth guides to cryptocurrency taxes.
How do I file my Bitfinex taxes?
First, you must calculate capital gains and income from all taxable transactions on Bitfinex. 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 Bitfinex. 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 Bitfinex 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.
Calculate your Bitfinex taxes
Sign up free today to calculate your Bitfinex taxes
How do I troubleshoot the imported Bitfinex transactions to Coinpanda?
While we strive every day to ensure the highest possible accuracy for importing transactions from Bitfinex 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 Bitfinex API
Updated CSV file format
Bitfinex 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 Bitfinex 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, Bitfinex does not provide complete and ready-to-file tax documents. This is because Bitfinex does not have knowledge of your transactions on other exchanges, platforms, or from your self-custody wallets.
How do I get Bitfinex tax documents?
The easiest way to get tax documents and reports is to connect your Bitfinex account with Coinpanda which will automatically import your transactions. After that, you can download complete tax reports for Bitfinex.
Does Bitfinex provide financial or end-of-year statements?
No, Bitfinex 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 Bitfinex?
Yes, all transactions on Bitfinex 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 Bitfinex taxable?
No, transferring cryptocurrency to Bitfinex is not taxed as long as you transfer between your personal wallets or exchange accounts.
How do I avoid paying taxes on Bitfinex?
It is impossible to avoid paying taxes completely on Bitfinex 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 Bitfinex calculate my taxes?
Bitfinex 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 Bitfinex your entire life, it could technically do so.
Is Bitfinex safe?
Bitfinex is generally considered to be a safe exchange. Although Bitfinex 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 Bitfinex.