If you have been trading, staking, or earning crypto on Hotbit, you must also calculate your taxes for all transactions. Coinpanda makes calculating crypto tax for Hotbit quick and easy by following these steps:
Create a free account and connect Hotbit to Coinpanda safely and securely
Next, Coinpanda will import all your trades, deposits, withdrawals, and rewards from Hotbit
Wait for Coinpanda to automatically calculate capital gains and income for your Hotbit transactions
Download your Hotbit tax report
File your Hotbit taxes before the deadline
To calculate your taxes accurately, you must import all transactions from Hotbit to Coinpanda. Coinpanda supports the following transactions from Hotbit today:
CSV file upload
Deposits and withdrawals
Import trades automatically with API
Hotbit does not support API service at the moment, but they have communicated that they will add this in the future. You can follow the current status here: https://www.hotbit.io/support?page=api
We will add API integration as soon as this is released and made available by Hotbit.
How to connect Hotbit with CSV
Follow these steps to export your transactions from Hotbit:
November 11, 2022: Hotbit has recently changed the file format. Please export a new CSV file by following the steps above.
If you cannot export your trade history from the steps above, you can also contact Hotbit customer support and request your complete history exported as an XLSX file which you can also upload to Coinpanda.
How are Hotbit transactions taxed?
The exact tax implications on Hotbit 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 Hotbit.
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 Hotbit, 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 Hotbit transactions are taxed in your country, we recommend reading our in-depth guides to cryptocurrency taxes.
How do I file my Hotbit taxes?
First, you must calculate capital gains and income from all taxable transactions on Hotbit. 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 Hotbit. 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 Hotbit 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 Hotbit transactions to Coinpanda?
While we strive every day to ensure the highest possible accuracy for importing transactions from Hotbit 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 Hotbit API
Updated CSV file format
Hotbit 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 Hotbit 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, Hotbit does not provide complete and ready-to-file tax documents. This is because Hotbit does not have knowledge of your transactions on other exchanges, platforms, or from your self-custody wallets.
How do I get Hotbit tax documents?
The easiest way to get tax documents and reports is to connect your Hotbit account with Coinpanda which will automatically import your transactions. After that, you can download complete tax reports for Hotbit.
Does Hotbit provide financial or end-of-year statements?
No, Hotbit 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 Hotbit?
Yes, all transactions on Hotbit 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 Hotbit taxable?
No, transferring cryptocurrency to Hotbit is not taxed as long as you transfer between your personal wallets or exchange accounts.
How do I avoid paying taxes on Hotbit?
It is impossible to avoid paying taxes completely on Hotbit 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 Hotbit calculate my taxes?
Hotbit 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 Hotbit your entire life, it could technically do so.
Is Hotbit safe?
Hotbit is generally considered to be a safe exchange. Although Hotbit 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 Hotbit.