CoinExchange has officially shut down, but you can still upload old CSV files to Coinpanda.
How to do your CoinExchange taxes
If you have been trading, staking, or earning crypto on CoinExchange, you must also calculate your taxes for all transactions. Coinpanda makes calculating crypto tax for CoinExchange quick and easy by following these steps:
- Create a free account and connect CoinExchange to Coinpanda safely and securely
- Next, Coinpanda will import all your trades, deposits, withdrawals, and rewards from CoinExchange
- Wait for Coinpanda to automatically calculate capital gains and income for your CoinExchange transactions
- Download your CoinExchange tax report
- File your CoinExchange taxes before the deadline
How are CoinExchange transactions taxed?
The exact tax implications on CoinExchange 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 CoinExchange.
- 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 CoinExchange, 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 CoinExchange transactions are taxed in your country, we recommend reading our in-depth guides to cryptocurrency taxes.
How do I file my CoinExchange taxes?
First, you must calculate capital gains and income from all taxable transactions on CoinExchange. 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 CoinExchange. 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 CoinExchange 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 CoinExchange transactions to Coinpanda?
While we strive every day to ensure the highest possible accuracy for importing transactions from CoinExchange 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 CoinExchange API
- Updated CSV file format
- CoinExchange 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 CoinExchange 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.Start Live Chat!
Other options for contacting support:
Frequently asked questions
Does CoinExchange provide tax documents?
No, CoinExchange does not provide complete and ready-to-file tax documents. This is because CoinExchange does not have knowledge of your transactions on other exchanges, platforms, or from your self-custody wallets.
How do I get CoinExchange tax documents?
The easiest way to get tax documents and reports is to connect your CoinExchange account with Coinpanda which will automatically import your transactions. After that, you can download complete tax reports for CoinExchange.
Does CoinExchange provide financial or end-of-year statements?
No, CoinExchange 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 CoinExchange?
Yes, all transactions on CoinExchange 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 CoinExchange taxable?
No, transferring cryptocurrency to CoinExchange is not taxed as long as you transfer between your personal wallets or exchange accounts.
How do I avoid paying taxes on CoinExchange?
It is impossible to avoid paying taxes completely on CoinExchange 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 CoinExchange calculate my taxes?
CoinExchange 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 CoinExchange your entire life, it could technically do so.
Is CoinExchange safe?
CoinExchange is generally considered to be a safe exchange. Although CoinExchange 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 CoinExchange.