If you have been trading, staking, or earning crypto on NFTBank, you must also calculate your taxes for all transactions. Coinpanda makes calculating crypto tax for NFTBank quick and easy by following these steps:
Create a free account and connect NFTBank to Coinpanda safely and securely
Next, Coinpanda will import all your trades, deposits, withdrawals, and rewards from NFTBank
Wait for Coinpanda to automatically calculate capital gains and income for your NFTBank transactions
Download your NFTBank tax report
File your NFTBank taxes before the deadline
To calculate your taxes accurately, you must import all transactions from NFTBank to Coinpanda. Coinpanda supports the following transactions from NFTBank today:
CSV file upload
How to connect NFTBank with API
NFTBank does not support API connection at the moment. Please upload a CSV file with your transactions instead.
How to connect NFTBank with CSV
Follow these steps to export your transactions from NFTBank:
Click ‘Get your transaction history for tax filing’
Select ‘Coinpanda’ for tax calculator
Select currency and click ‘Continue’
Add the wallets you want to export transactions from
Enter your email address and click ‘Export Data’
Click the download link in the email and unzip the CSV files
Upload the CSV file(s) to Coinpanda
The zip file includes CSV files for several blockchains. We recommend using API import for Ethereum, Polygon, Loom and Ronin which are supported by blockchain API sync.
For Klaytn, we recommend uploading a CSV file from NFTBank until API sync is supported.
How are NFTBank transactions taxed?
The exact tax implications on NFTBank 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 NFTBank.
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 NFTBank, 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 NFTBank transactions are taxed in your country, we recommend reading our in-depth guides to cryptocurrency taxes.
How do I file my NFTBank taxes?
First, you must calculate capital gains and income from all taxable transactions on NFTBank. 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 NFTBank. 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 NFTBank 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 NFTBank taxes
Sign up free today to calculate your NFTBank taxes
How do I troubleshoot the imported NFTBank transactions to Coinpanda?
While we strive every day to ensure the highest possible accuracy for importing transactions from NFTBank 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 NFTBank API
Updated CSV file format
NFTBank 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 NFTBank 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, NFTBank does not provide complete and ready-to-file tax documents. This is because NFTBank does not have knowledge of your transactions on other exchanges, platforms, or from your self-custody wallets.
How do I get NFTBank tax documents?
The easiest way to get tax documents and reports is to connect your NFTBank account with Coinpanda which will automatically import your transactions. After that, you can download complete tax reports for NFTBank.
Does NFTBank provide financial or end-of-year statements?
No, NFTBank 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 NFTBank?
Yes, all transactions on NFTBank 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 NFTBank taxable?
No, transferring cryptocurrency to NFTBank is not taxed as long as you transfer between your personal wallets or exchange accounts.
How do I avoid paying taxes on NFTBank?
It is impossible to avoid paying taxes completely on NFTBank 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 NFTBank calculate my taxes?
NFTBank 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 NFTBank your entire life, it could technically do so.
Is NFTBank safe?
NFTBank is generally considered to be a safe exchange. Although NFTBank 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 NFTBank.