KuCoin is a centralised cryptocurrency exchange known for its excellent user experience and low fees. The platform facilitates spot, margin and futures trading and allows users to earn through staking and referrals.
With so many ways to profit from crypto, the tax side of things can get complicated. Here is the guide on how to automate your KuCoin taxes with Cryptiony.
KuCoin is a centralised trading platform that allows cryptocurrency investors to buy, sell or swap their crypto assets. The platform supports multiple blockchains so users can deposit or withdraw crypto from their blockchain wallets. Also, users can deposit or withdraw fiat currency to their bank account from the KuCoin website.
If you are in the UK, you must calculate your capital gains, losses and income for the tax year. Check out our crypto tax guide for the UK to learn more about the difference between income tax and capital gains tax.
Once you calculate your KuCoin taxes, you should file a self-assessment report to HMRC.
If you decide to use Cryptiony to calculate your taxes, the first step is to import your transactions into the app. Luckily, there are multiple ways to do this quickly and easily.
The two main options we will discuss are importing via an API (recommended) or as a CSV.
We recommend using the API method for importing transactions as it is automated, and the software pulls all the information it needs.
Generate your KuCoin API keys
To generate your KuCoin API keys, the steps are as follows.
Sign in to KuCoin. Then on the drop-down tab under your account, click API Management.
Select Create API.
Fill in the API name field with an identifying name, like “Cryptiony keys”. Then choose a passphrase.
In the API restrictions box, select general - this means we only have access to read your data. Then under API restrictions - select no.
Copy the API Key and API secret into the Cryptiony integration.
Import your transactions
Sign up for Cryptiony.
From the Cryptiony dashboard, click transactions, then add transactions.
Select KuCoin, then integrate it with the exchange API.
Input your KuCoin API keys into Cryptiony and click integrate.
Although we recommend using an API, there are times when a CSV might be necessary. In those cases, follow the steps below.
How to Download KuCoin Transactions
Importing KuCoin deposits and withdrawals as a CSV
Log in to your KuCoin account.
Click the orders icon in the top right of the screen.
Select the trade history you wish to download (if you want them all, you must do these steps for each trade history).
Click export to CSV and pick a time frame (maximum 100 days, so you may need to repeat this process). Then hit confirm.
For pair, side and type, select all. Then hit confirm.
Importing KuCoin transactions as a CSV
Log in to your KuCoin account.
Click wallet, then from the dropdown box, main account.
Then select history.
Click export to CSV and pick a time frame (maximum 100 days, so you may need to repeat this process). Then hit confirm.
How to upload 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 KuCoin, then import the transaction file.
Select your KuCoin transactions CSV file and hit import.
KuCoin does not provide staking rewards history as a CSV. Instead, use the API method to import them to Cryptiony.
Both loans and trade CSVs must be requested from the KuCoin support team.
KuCoin software had a dramatic change in 2019. Transactions from before then may not be retrievable with an API. If you need historical transactions from pre-2019, use the CSV method.
If requested, it is likely KuCoin would report to HMRC. Its privacy policy states they may share personal data if asked to do so by a government authority.
Yes, if you are based in the UK, KuCoin is easy to access and considered a safe platform due to its regulatory compliance.
Any profits generated on KuCoin should be reported to your local tax authority. Check out our guide on how to report to HMRC to learn more.
Yes, to use the KuCoin platform, you must verify your identity. There are two levels to KYC on KuCoin. KYC1 (basic verification) gives you access to the platform, and KYC2 (advanced verification) gives you more trading benefits.
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