Fantom is a highly scalable EVM-compatible blockchain with over 200 decentralised applications on its network. It currently sits in the top 10 layer 1 blockchains by total value locked with over $500 million staked.
Using our software, you can track and automatically calculate your crypto taxes in seconds and for far less than hiring an accountant. Follow this guide to find out how.
Fantom is a highly scalable layer 1 blockchain used to run decentralised applications. Users often make more transactions on Fantom than networks like Ethereum, as its high scalability makes gas fees far cheaper.
While this is great for Fantom users, it makes calculating taxes much more challenging.
However, with Cryptiony, you only have to import your Fantom wallet, and we can pull your transactions and calculate your crypto tax automatically.
You must have a blockchain wallet to use the Fantom network. You can learn more about wallets in our how to store crypto blog post.
Once your wallet is set up, you can buy and sell crypto on the Fantom blockchain; the best way is through decentralised exchanges (DEXs).
There are many laws and regulations that make calculating crypto tax difficult. But the safest and fastest way to do your Fantom taxes is with the Cryptiony tax calculator app.
While some investors use an accountant to calculate their crypto taxes, they can be expensive and unfamiliar with crypto tax rules, potentially leading to them incorrectly filing the taxes, which will lead to a fine.
On the other hand, the Cryptiony tax software automatically attributes your profits to the correct tax type and generates a tax report in seconds. Moreover, your first 500 transactions are for free!
When calculating your crypto tax, the first thing to do is import your Fantom transactions to Cryptiony. You can do this via our Fantom integration, which imports your transactions in seconds.
Before importing your transactions, you need your wallet address. The method to get your wallet address varies depending on your wallet. Still, you can usually find it by clicking receive from your wallet dashboard – you will find your Fantom wallet address beginning with 0x.
Once you have it, follow the steps below.
Sign up for Cryptiony.
From the Cryptiony dashboard, click transactions, then connect the wallet. .
Select Fantom, then name the wallet and input your wallet address.
Select connect wallet.
To ensure we attribute all your transactions to the correct taxes, sync all your wallets and exchanges.
Although our software is accurate, it’s always best to double-check that all your transactions have been imported correctly. You can do this by clicking taxes on the left navigation bar, scrolling to the bottom of the summary and selecting the transaction list. Then you can ensure all your transactions are included and attributed correctly.
If your transactions have not been imported correctly, please visit our help centre.
Any profits from trading or other forms of income on the Fantom blockchain are subject to taxation. Although Fantom is a decentralised blockchain, HMRC can still trace your transactions, and not filing your taxes could land you in trouble.
It depends on how you acquired it. If you purchased the crypto with fiat or another crypto, then no, because you have not triggered a taxable event. But for the crypto you receive without paying, either as a gift, reward or in exchange for goods or services, you must pay tax on its fair market price at the time you receive it.
You must first create a tax report to file your Fantom crypto taxes to HMRC. The most accurate, quick and cost-friendly way to do this is with the Cryptiony automated tax software, and your first 500 transactions free of charge.
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