Founded in 2014, EXMO is a cryptocurrency exchange that provides a platform for users to trade a wide range of cryptocurrencies. Edward Bark and Ivan Petuhovschii are the platform’s founders who envision making cryptocurrencies more accessible globally. It offers a trading setup suitable for new and professional traders and features like OTC trading, API, a mobile app, referrals, staking, etc.
To simplify the tax reporting process, EXMO users have started using KoinX, an automated tax calculation platform. It streamlines the crypto tax management process by completing all the necessary tax-related tasks with its powerful automated system.
In this article, we will guide you on how you can integrate your EXMO account with KoinX to start optimising your tax reports. With KoinX, you can calculate your crypto tax more quickly and accurately, thus saving you a lot of time and effort.
A step-by-step guide on how to generate your EXMO tax report with KoinX
Step 1: Log in to your EXMO account.
Step 2: On the top right corner of the profile section, click on the Settings icon.
Step 3: Click on the API button on the Settings page.
Step 4: Click on Create API key.
Step 5: Make sure you have permitted Read-only before hitting the Create button.
Step 6: Log in to KoinX.
Step 7: Click on the Integrations section in the navigation bar.
Step 8: In the search bar, search for EXMO exchange and select the exchange.
Step 9: Paste your API keys and hit the Import Now button.
How to easily calculate & file your EXMO taxes with KoinX
Step 1: Add all the chains and exchanges where you have an account
KoinX allows you to bring all the crypto exchanges and wallets under one platform for generating tax reports. You will find all the exchange and wallet options in the integration section of KoinX. Navigate to the integration section and search for EXMO exchange to start integrating with KoinX.
Step 2: Review your transactions
It is better if you have your yearly transaction organised beforehand. You will be able to have a clear view of the type of transactions and will be able to pick out any irregularities in the data.
Step 3: Generate your tax reports for the selected financial year
KoinX always stays updated about all the new regulations around crypto. So you can rest assured that it will generate an accurate tax report 100% compliant with the tax resolution given by the authorities. You will be able to understand your tax obligation better with KoinX.
Step 4: File your taxes
Now that your crypto tax report is ready, you can file your taxes seamlessly with the authorities. KoinX can also help you file and provide expert advice on the platform.
Important things to consider while generating your EXMO tax report with KoinX
You must note that while generating a new API in the EXMO account, select the ‘read-only’ permission on the displayed dialogue box.
The transaction history you provide to KoinX must be from when you opened your EXMO account. There should not be any gaps in the transaction history.
Ensure you integrate all the exchanges and wallets with KoinX to generate a full-fledged tax report of your crypto portfolio.
KoinX has changed its approach to doing taxes; now, it is quicker and easier. It will allow you to manage your complex crypto taxes with peace of mind.
Frequently Asked Questions
Do I need to report my EXMO transactions for tax purposes?
You must report your taxes if you are a crypto user and conduct any crypto transaction through EXMO or any other exchange. You must know and understand the law and regulations set by the concerned authority in your region on crypto transactions.
Does EXMO report to the Income Tax Department?
EXMO does not report the user’s taxes to the Income tax department. It is a crypto exchange platform based in London that facilitates the trade of various cryptocurrencies and allows users to build a crypto portfolio.
Does EXMO provide tax reports?
No, EXMO does not provide you with tax reports. EXMO is a centralised crypto exchange that allows users to buy and sell cryptocurrencies and provides tax reports of these transactions. KoinX will provide you with 100 % compliant tax reports for the swift filing of taxes.
How are EXMO transactions taxed?
EMXO exchange provides its service in various countries of the world. Crypto transactions are taxed according to the country’s mandated tax regulations. Like in India, according to the 2022 Budget, trading, selling, or spending cryptocurrencies are subject to a 30% tax on profits.
How does EXMO tax reporting with KoinX work?
You can seamlessly integrate your EXMO account with KoinX. After integration, it will organise and compute your transaction data to provide an accurate tax report. You can download and share the full tax report directly from KoinX to get advice from tax professionals.
What are the most common issues with importing transactions from EXMO to KoinX?
Sometimes while importing the transaction history, you may select the wrong transaction date, increasing the chances of getting errors in the tax report. Since KoinX provides a clear preview of transactions in an organised manner, you can check all the transactions more efficiently.
How do I troubleshoot my EXMO integration with KoinX?
If you face any trouble while performing the steps, refer to the video tutorial above. Alternatively, you can connect with the customer care service of KoinX through the site chat box, Twitter, or email at [email protected].