If you have been trading, staking, or earning crypto on Bitmynt, you must also calculate your taxes for all transactions. Coinpanda makes calculating crypto tax for Bitmynt quick and easy by following these steps:
Create a free account and connect Bitmynt to Coinpanda safely and securely
Next, Coinpanda will import all your trades, deposits, withdrawals, and rewards from Bitmynt
Wait for Coinpanda to automatically calculate capital gains and income for your Bitmynt transactions
Download your Bitmynt tax report
File your Bitmynt taxes before the deadline
How to connect Bitmynt 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 Bitmynt account to Coinpanda with API:
Create a Bitcoin wallet in your Coinpanda account.
Add the BTC address to which you have either sent Bitcoin to or from.
How to connect Bitmynt with CSV
Follow these steps to export your transactions from Bitmynt:
Because [dynamic_data] does not allow the export of your transaction history, the recommended solution is to add transactions by uploading a generic Excel file. We support both XLSX and CSV formats. Please follow the steps described in this guide.
How are Bitmynt transactions taxed?
The exact tax implications on Bitmynt 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 Bitmynt.
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 Bitmynt, 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 Bitmynt transactions are taxed in your country, we recommend reading our in-depth guides to cryptocurrency taxes.
How do I file my Bitmynt taxes?
First, you must calculate capital gains and income from all taxable transactions on Bitmynt. 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 Bitmynt. 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 Bitmynt 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 Bitmynt taxes
Sign up free today to calculate your Bitmynt taxes
How do I troubleshoot the imported Bitmynt transactions to Coinpanda?
While we strive every day to ensure the highest possible accuracy for importing transactions from Bitmynt 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 Bitmynt API
Updated CSV file format
Bitmynt 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 Bitmynt 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, Bitmynt does not provide complete and ready-to-file tax documents. This is because Bitmynt does not have knowledge of your transactions on other exchanges, platforms, or from your self-custody wallets.
How do I get Bitmynt tax documents?
The easiest way to get tax documents and reports is to connect your Bitmynt account with Coinpanda which will automatically import your transactions. After that, you can download complete tax reports for Bitmynt.
Does Bitmynt provide financial or end-of-year statements?
No, Bitmynt 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 Bitmynt?
Yes, all transactions on Bitmynt 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 Bitmynt taxable?
No, transferring cryptocurrency to Bitmynt is not taxed as long as you transfer between your personal wallets or exchange accounts.
How do I avoid paying taxes on Bitmynt?
It is impossible to avoid paying taxes completely on Bitmynt 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 Bitmynt calculate my taxes?
Bitmynt 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 Bitmynt your entire life, it could technically do so.
Is Bitmynt safe?
Bitmynt is generally considered to be a safe exchange. Although Bitmynt 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 Bitmynt.