Coinpanda integrates directly with Cryptopay to simplify your tax reporting. Learn how to calculate your taxes and generate all required tax documents for Cryptopay quickly.
If you have been trading, staking, or earning crypto on Cryptopay, you must also calculate your taxes for all transactions. Coinpanda makes calculating crypto tax for Cryptopay quick and easy by following these steps:
Create a free account and connect Cryptopay to Coinpanda safely and securely
Next, Coinpanda will import all your trades, deposits, withdrawals, and rewards from Cryptopay
Wait for Coinpanda to automatically calculate capital gains and income for your Cryptopay transactions
Download your Cryptopay tax report
File your Cryptopay taxes before the deadline
How to connect Cryptopay with API
Cryptopay does not support API connection at the moment. Please upload a CSV file with your transactions instead.
How to connect Cryptopay with CSV
Follow these steps to export your transactions from Cryptopay:
Log in to your account on Cryptopay
Look for a page or button on Cryptopay to export a CSV file containing your transaction data
Remember to export files for all your transactions:
deposits
withdrawals
trade history
interest payments
staking rewards
Upload the CSV file(s) to Coinpanda
File upload from Cryptopay is currently in beta which means that your file might not always import correctly. Please get in touch with us in the live chat if you have any questions.
How are Cryptopay transactions taxed?
The exact tax implications on Cryptopay 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 Cryptopay.
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 Cryptopay, 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 Cryptopay transactions are taxed in your country, we recommend reading our in-depth guides to cryptocurrency taxes.
How do I file my Cryptopay taxes?
First, you must calculate capital gains and income from all taxable transactions on Cryptopay. 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 Cryptopay. 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 Cryptopay 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 Cryptopay taxes
Sign up free today to calculate your Cryptopay taxes
How do I troubleshoot the imported Cryptopay transactions to Coinpanda?
While we strive every day to ensure the highest possible accuracy for importing transactions from Cryptopay 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 Cryptopay API
Updated CSV file format
Cryptopay 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 Cryptopay 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, Cryptopay does not provide complete and ready-to-file tax documents. This is because Cryptopay does not have knowledge of your transactions on other exchanges, platforms, or from your self-custody wallets.
How do I get Cryptopay tax documents?
The easiest way to get tax documents and reports is to connect your Cryptopay account with Coinpanda which will automatically import your transactions. After that, you can download complete tax reports for Cryptopay.
Does Cryptopay provide financial or end-of-year statements?
No, Cryptopay 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 Cryptopay?
Yes, all transactions on Cryptopay 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 Cryptopay taxable?
No, transferring cryptocurrency to Cryptopay is not taxed as long as you transfer between your personal wallets or exchange accounts.
How do I avoid paying taxes on Cryptopay?
It is impossible to avoid paying taxes completely on Cryptopay 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 Cryptopay calculate my taxes?
Cryptopay 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 Cryptopay your entire life, it could technically do so.
Is Cryptopay safe?
Cryptopay is generally considered to be a safe exchange. Although Cryptopay 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 Cryptopay.
