If you have been trading, staking, or earning crypto on FTX, you must also calculate your taxes for all transactions. Coinpanda makes calculating crypto tax for FTX quick and easy by following these steps:
Create a free account and connect FTX to Coinpanda safely and securely
Next, Coinpanda will import all your trades, deposits, withdrawals, and rewards from FTX
Wait for Coinpanda to automatically calculate capital gains and income for your FTX transactions
Download your FTX tax report
File your FTX taxes before the deadline
To calculate your taxes accurately, you must import all transactions from FTX to Coinpanda. Coinpanda supports the following transactions from FTX today:
CSV file upload
Trades + Conversions (Spot)
Realized PnL (Futures)
Trading Fees (Futures)
Funding Payments (Futures)
Rebase tokens (Ampleforth)
* The FTX API does not provide data for USD to stablecoin conversions. FTX does also not allow exporting these transactions from their web interface. The only solution now is to add these transactions manually for your portfolio to be accurate.
November 13th, 2022 The FTX API is no longer operational following the FTX collapse, and the only way to import historical transactions is with CSV files. We encourage all users to export all CSV files as explained below as soon as possible since this will most likely not be possible in the near future.
When you have all your CSV files exported, you should upload all files to Coinpanda to ensure the tax report will be as accurate as possible. Coinpanda supports all CSV files and transaction types from FTX International and FTX US.
How to connect FTX 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 FTX account to Coinpanda with API:
Coinpanda has also support for FTX subaccounts! You must create a separate API key and FTX wallet on Coinpanda for each subaccount. The API key created for your main account will only sync data from this account.
How to connect FTX with CSV
Follow these steps to export your transactions from FTX:
In the ‘Staking Reward History’ window, click the ‘Filter time window’ icon (top-right corner), select a period that includes all your received staking rewards, and then click ‘Search’
Click the ‘Download CSV’ icon
Upload the CSV file to Coinpanda
FTX allows exporting a maximum of 5000 transactions in each CSV file. Because rewards are paid out hourly, you might need to export multiple files by selecting specific periods that do not exceed 5000 transactions.
How are FTX transactions taxed?
The exact tax implications on FTX 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 FTX.
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 FTX, 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 FTX transactions are taxed in your country, we recommend reading our in-depth guides to cryptocurrency taxes.
How do I file my FTX taxes?
First, you must calculate capital gains and income from all taxable transactions on FTX. 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 FTX. 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 FTX 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 FTX transactions to Coinpanda?
While we strive every day to ensure the highest possible accuracy for importing transactions from FTX 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 FTX API
Updated CSV file format
FTX 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 FTX 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, FTX does not provide complete and ready-to-file tax documents. This is because FTX does not have knowledge of your transactions on other exchanges, platforms, or from your self-custody wallets.
How do I get FTX tax documents?
The easiest way to get tax documents and reports is to connect your FTX account with Coinpanda which will automatically import your transactions. After that, you can download complete tax reports for FTX.
Does FTX provide financial or end-of-year statements?
No, FTX 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 FTX?
Yes, all transactions on FTX 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 FTX taxable?
No, transferring cryptocurrency to FTX is not taxed as long as you transfer between your personal wallets or exchange accounts.
How do I avoid paying taxes on FTX?
It is impossible to avoid paying taxes completely on FTX 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 FTX calculate my taxes?
FTX 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 FTX your entire life, it could technically do so.
Is FTX safe?
FTX is generally considered to be a safe exchange. Although FTX 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 FTX.