How to Report Your Phemex Taxes

Coinpanda has direct integration with Phemex to simplify tracking your trades and tax reporting. Calculate your taxes and generate all required tax reports and forms easily.

API import CSV file import

Supported transaction types

It is important that you import all transactions from Phemex to Coinpanda to calculate your taxes accurately. Coinpanda supports the following transaction types from Phemex today:

Tx TypeAPI importCSV file upload
Deposits and withdrawals
Spot trades
Spot conversions
Closed PNL
Trading fees
Funding payments
RECOMMENDED

Import trades automatically with API

We are only requesting view permissions. This does not give us access to your private keys nor the ability to move your funds.

To add your Phemex account to Coinpanda, follow these steps:

  1. Go to the Phemex website, hover over your email address in the top-right corner, then click ‘API Management’.
    (https://phemex.com/account/api-management)
  2. Click the ‘Create new API key’ button.
  3. Select ‘Default API entry’ and click ‘Next’.
  4. Give your API key a name (ex: Coinpanda), make sure that ‘Don’t bind’ is selected, and select ‘Read-Only’ for permissions. Then click ‘Confirm’.
  5. Enter your 2FA code when asked.
  6. Copy your API Key and API Secret to Coinpanda.

The Phemex API has some limitations so that only the trade history (futures contracts) from the past 2-3 months are available from their API. Due to this, we have now decided to skip all these transactions from the API import. You will therefore need to upload a CSV file (Closed PNL) in addition if you are using API import.

We will update the API integration in the future when/if Phemex can fix the data issue on their end.

Upload a CSV file to Coinpanda

Coinpanda will automatically aggregate all Closed PNL transactions for the same contract to a single daily transaction. All fees and funding payments will be saved as a single daily transaction for all different contracts combined.

This is done to avoid importing thousands of small transactions of insignificant value which is often included in the Phemex CSV files. This means that you might see only 100 transactions on Coinpanda instead of 1,000 or 2,000 using another crypto tax platform. This makes it easier for you to verify that transactions are imported correctly, and the resulting gain/loss will be exactly the same.

Trade history (spot)

  1. Hover over ‘Assets’ in the top menu, then click ‘Spot History’ and then ‘Trade History’.
    (https://phemex.com/assets/spot-trade-history)
  2. Click on ‘Export Spot trade history’.
  3. Select Custom (max range 3 months). Make sure to export files for ALL months you have traded on Phemex.
  4. Upload the CSV file(s) to Coinpanda.

You can also click on ‘Generate Spot Trading Report‘ which lets you generate a single report for your entire spot trade history. The same transactions will be imported for both methods.

Conversion history (spot)

  1. Select ‘Conversion History’ in the left sidebar.
    (https://phemex.com/assets/conversion-history)
  2. Click on ‘Export Conversion History’.
  3. Select Custom (max range 3 months). Make sure to export files for ALL months you have traded on Phemex.
  4. Upload the CSV file(s) to Coinpanda.

You can also click on ‘Generate Conversions Report‘ which lets you generate a single report for your entire conversion history. The same transactions will be imported for both methods.

Deposits and withdrawals

  1. Hover over ‘Assets’ in the top menu, then click ‘Deposit’.
  2. Click on ‘View All’ a little bit down on the page.
    (https://phemex.com/assets/details?tab=Deposit)
  3. Click on ‘Export Deposit History’ and select a time range for your deposit history (max 3 months). Click ‘Export’ to download the CSV file.
  4. Repeat the previous step also for withdrawals by selecting ‘Withdraw’ in the tab.
  5. Upload the CSV file(s) to Coinpanda.

You can also click on ‘Generate Deposits Report‘ and Generate Withdrawals Report which lets you generate a single report for your entire deposit and withdrawal history. The same transactions will be imported for both methods.

Closed PNL (futures contracts)

  1. Hover over ‘Assets’ in the top menu, then click ‘Contract History’ and then ‘PNL Details’.
    (https://phemex.com/assets/contract-pnl-details)
  2. Click on the ‘Closed PNL’ tab and then on ‘Export Closed PNL History’.
  3. Select Custom (max range 3 months). Make sure to export files for ALL months you have traded on Phemex.
  4. Upload the CSV file(s) to Coinpanda.

You can also click on ‘Generate Contract Trading Closed PNL Report‘ which lets you generate a single report for your entire contract PNL history. The same transactions will be imported for both methods.

Closed PNL using Coinpanda generic file

Important update – September 28th, 2021
Phemex allows you to export your Closed PNL history now so we recommend doing that and upload all your CSV files instead of following this manual procedure using the Coinpanda generic file.

If not all Closed PNL transactions are imported from API, you can get around this by manually adding all profit and loss values to the Coinpanda generic file before uploading this file to your Phemex wallet on Coinpanda.

  1. Hover over ‘Assets’ in the top menu, then click ‘Contract History’ > ‘PNL Details’.
    (https://phemex.com/assets/contract-pnl-details)
  2. Select the ‘Closed PNL’ tab.
  3. Copy all values from the last column ‘Realized PNL’ to Coinpanda’s generic file.
    Positive values: Receive (Realized P&L)
    Negative values: Send (Realized P&L)

Note that the ‘Realized PNL’ values include also any funding fees or exchange fees paid. It’s not entirely clear from a tax perspective if such fees can be considered as capital losses directly, so if you want to exclude this, then you can simply copy values from the ‘Closed PNL’ column instead.

phemex 1

This is how the Coinpanda generic Excel file will look like after adding all transactions:

phemex 2 new

You will need to do this for both the ‘BTC Contract Trade Account’ and ‘USD Contract Trade Account’ tab.

We recommend editing the generic XLSX file using Microsoft Excel since using other editing software might break the file format such that the file cannot be uploaded. If you prefer to use the generic CSV file instead, then we recommend using an editor such as Notepad++ which does not break the formatting by adding extra quotes to the columns. It is NOT recommended to edit CSV files using Microsoft Excel.

Should you have any further questions, please contact support:

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