If you have been trading, staking, or earning crypto on BitMEX, you must also calculate your taxes for all transactions. Coinpanda makes calculating crypto tax for BitMEX quick and easy by following these steps:
Create a free account and connect BitMEX to Coinpanda safely and securely
Next, Coinpanda will import all your trades, deposits, withdrawals, and rewards from BitMEX
Wait for Coinpanda to automatically calculate capital gains and income for your BitMEX transactions
Download your BitMEX tax report
File your BitMEX taxes before the deadline
To calculate your taxes accurately, you must import all transactions from BitMEX to Coinpanda. Coinpanda supports the following transactions from BitMEX today:
CSV file upload
BTC and USDT settlements
How to connect BitMEX 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 BitMEX account to Coinpanda with API:
Give your key a name, leave ‘CIDR’ and ‘Key Permissions’ blank, and ‘Withdraw’ unchecked
Click ‘Create API Key’
Copy the ‘ID’ and ‘Secret’ to Coinpanda
Only KYC verified accounts can access the BitMEX API. This means you will see an error message after syncing with API if you are not KYC verified. Please check the KYC status of your BitMEX account if the API sync is not successful before contacting Coinpanda support if you experience issues.
How to connect BitMEX with CSV
Follow these steps to export your transactions from BitMEX:
Keep ‘All’ selected for currency and click ‘Save as CSV’
Upload your CSV file to Coinpanda
Please note that you should NOT download CSV files from the ‘Trade History’ or ‘Order History’ tab. These files are not supported and cannot be uploaded.
How are BitMEX transactions taxed?
The exact tax implications on BitMEX 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 BitMEX.
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 BitMEX, 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 BitMEX transactions are taxed in your country, we recommend reading our in-depth guides to cryptocurrency taxes.
How do I file my BitMEX taxes?
First, you must calculate capital gains and income from all taxable transactions on BitMEX. 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 BitMEX. 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 BitMEX 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 BitMEX transactions to Coinpanda?
While we strive every day to ensure the highest possible accuracy for importing transactions from BitMEX 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 BitMEX API
Updated CSV file format
BitMEX 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 BitMEX 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, BitMEX does not provide complete and ready-to-file tax documents. This is because BitMEX does not have knowledge of your transactions on other exchanges, platforms, or from your self-custody wallets.
How do I get BitMEX tax documents?
The easiest way to get tax documents and reports is to connect your BitMEX account with Coinpanda which will automatically import your transactions. After that, you can download complete tax reports for BitMEX.
Does BitMEX provide financial or end-of-year statements?
No, BitMEX 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 BitMEX?
Yes, all transactions on BitMEX 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 BitMEX taxable?
No, transferring cryptocurrency to BitMEX is not taxed as long as you transfer between your personal wallets or exchange accounts.
How do I avoid paying taxes on BitMEX?
It is impossible to avoid paying taxes completely on BitMEX 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 BitMEX calculate my taxes?
BitMEX 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 BitMEX your entire life, it could technically do so.
Is BitMEX safe?
BitMEX is generally considered to be a safe exchange. Although BitMEX 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 BitMEX.