Coinpanda integrates directly with Phemex to simplify your tax reporting. Learn how to calculate your taxes and generate all required tax documents for Phemex quickly.
If you have been trading, staking, or earning crypto on Phemex, you must also calculate your taxes for all transactions. Coinpanda makes calculating crypto tax for Phemex quick and easy by following these steps:
Create a free account and connect Phemex to Coinpanda safely and securely
Next, Coinpanda will import all your trades, deposits, withdrawals, and rewards from Phemex
Wait for Coinpanda to automatically calculate capital gains and income for your Phemex transactions
Download your Phemex tax report
File your Phemex taxes before the deadline
Supported transactions
To calculate your taxes accurately, you must import all transactions from Phemex to Coinpanda. Coinpanda supports the following transactions from Phemex today:
Tx Type
API import
CSV file upload
Deposits and withdrawals
Spot trades
Transfer conversions
Fiat purchases
Closed PNL
Trading fees
Funding payments
RECOMMENDED
How to connect Phemex 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 Phemex account to Coinpanda with API:
Ensure that ‘Don’t Bind’ is selected for IP address
Select ‘Read-Only’ for permissions and click ‘Confirm’
Enter your 2FA code when asked
Copy the API Key and API Secret to Coinpanda
Only contract trade history from the past two months can be imported from the API. If you are using API import, you must also upload a CSV file (Closed PNL) to ensure the completeness of your transactions. We recommend disabling the setting for importing contract trades from API in the API modal to avoid duplicate transactions from CSV files.
There are, however, no limitations to deposits, withdrawals, spot trade history, or other non-contract transactions from the API. If you have not traded derivatives on Phemex, you can safely use the API import option, and uploading CSV files is not required.
Please note that Phemex does not provide your investment account balance from API. Only your balance from the spot and contract trading account will be shown in your wallet balance and dashboard.
How to connect Phemex with CSV
Follow these steps to export your transactions from Phemex:
Make sure to export files covering the entire period you traded on Phemex
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.
Make sure to export files covering the entire period you traded on Phemex
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
Hover over ‘Assets’ in the top menu, then click ‘Deposit’
Make sure to export files covering the entire period you traded on Phemex
Repeat the previous step for withdrawals by selecting the ‘Withdraw’ tab
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.
Click on the ‘Closed PNL’ tab and then on ‘Export Closed PNL History’
Select ‘Custom (max range 3 months)’
Make sure to export files covering the entire period you traded on Phemex
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.
Coinpanda will automatically aggregate all Closed PNL transactions for the same contract into a single daily transaction. All fees and funding payments will be saved as a single daily transaction for all different contracts combined.
This avoids importing thousands of small transactions of insignificant value often included in the Phemex CSV files. Using another crypto tax platform, you might see only 100 transactions on Coinpanda instead of 1,000 or 2,000. This makes it easier to verify that transactions are imported correctly and will not affect the resulting gain/loss.
How are Phemex transactions taxed?
The exact tax implications on Phemex 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 Phemex.
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 Phemex, 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 Phemex transactions are taxed in your country, we recommend reading our in-depth guides to cryptocurrency taxes.
How do I file my Phemex taxes?
First, you must calculate capital gains and income from all taxable transactions on Phemex. 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 Phemex. 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 Phemex 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 Phemex transactions to Coinpanda?
While we strive every day to ensure the highest possible accuracy for importing transactions from Phemex 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 Phemex API
Updated CSV file format
Phemex 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 Phemex 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, Phemex does not provide complete and ready-to-file tax documents. This is because Phemex does not have knowledge of your transactions on other exchanges, platforms, or from your self-custody wallets.
How do I get Phemex tax documents?
The easiest way to get tax documents and reports is to connect your Phemex account with Coinpanda which will automatically import your transactions. After that, you can download complete tax reports for Phemex.
Does Phemex provide financial or end-of-year statements?
No, Phemex 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 Phemex?
Yes, all transactions on Phemex 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 Phemex taxable?
No, transferring cryptocurrency to Phemex is not taxed as long as you transfer between your personal wallets or exchange accounts.
How do I avoid paying taxes on Phemex?
It is impossible to avoid paying taxes completely on Phemex 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 Phemex calculate my taxes?
Phemex 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 Phemex your entire life, it could technically do so.
Is Phemex safe?
Phemex is generally considered to be a safe exchange. Although Phemex 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 Phemex.
