Kraken is one of the oldest cryptocurrency exchanges. But it has certainly kept up with the times.
Today, the platform houses over 185 cryptocurrencies, offers up to 25% APR on staking and provides advanced trading tools for users. One issue many Kraken users face is calculating their taxes. With so many ways to generate revenue, keeping track of their transactions can be a headache.
This is why we invented Cryptiony, the automated tax software designed to make your life easier.
Kraken is a cryptocurrency exchange which offers a wide range of cryptos, passive income opportunities and futures trading.
For Kraken users, the easiest way to keep track of your crypto tax is by integrating Kraken with Crptiony.
The first step in calculating your Kraken taxes is to export the transactions off the platform.
There are two main ways to do this, via a CSV file or an API integrated with another software.
Using a CSV file, you could calculate your taxes or send your transaction history to an accountant. The main issue with this method is that cryptocurrency tax regulations are complex, and even accounts are not usually up to date. Therefore, you may end up filing your crypto taxes incorrectly.
The safest and fastest way to file crypto taxes correctly is by allowing Cryptiony to do it for you automatically. To do this, you need to import transactions to the platform.
Let’s start by explaining how to import transactions with the API method.
Integrating Kraken to Cryptiony via an API is the most proficient way to generate a tax report on Cryptiony.
Generate your Kraken API keys
Log in to Kraken.
From the Kraken dashboard, go to your profile, then security.
Select API and then add key.
Enter your key name and check the query funds, query ledger entries, query closed orders & trades and export data boxes.
Click generate, then save your API key and API secret for the Cryptiony integration.
Import your transactions
Sign up for Cryptiony.
From the Cryptiony dashboard, click transactions, then add transactions.
Select Kraken, then integrate with the exchange API.
Input your Kraken API keys into Cryptiony and click integrate.
Once your transactions are imported, you can import transactions from another exchange or head over to the taxes section to generate a report.
Although the API method is more straightforward, there are still times you may need to import a CSV.
How to download Kraken transactions
Log into your Kraken account.
Click history from the navigation bar at the top.
Next, select ledgers from the drop-down.
Enter your date range and click submit.
Finally, download the file.
How to upload Kraken transactions to Cryptiony
Log in to Cryptiony.
From the dashboard, select transactions, then add transactions.
Click integrate the exchange on the top right of the screen.
Select Kraken, then import the transaction file.
Select your Cryptiony transactions CSV files and hit import.
Yes, almost all Kraken services are supported in the UK. The only exceptions are off-chain staking and futures trading.
Kraken has not stated it reports to HMRC, although it complies with all UK cryptocurrency regulations. This means it is likely that Kraken cooperates with HMRC, or at least would cooperate if requested.
Yes, Kraken users in the UK can withdraw to a bank account. They can also withdraw to their crypto wallet if they want to.
Kraken supports cash-to-cash, cash-to-crypto, crypto-to-crypto and crypto-to-cash payments. Users can pay for USD with GBP, or swap it directly for many cryptocurrencies on the platform. However, not all cryptocurrencies have GBP coin pairings. The easiest way to pay on the platform is to swap your GBP for USD or BTC and make swaps that way.
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