Deribit is a cryptocurrency exchange specializing in derivatives trading, offering Bitcoin and Ethereum futures and options with high leverage. It is designed for professional traders, providing advanced tools for managing risk, such as options strategies and perpetual contracts. Known for its deep liquidity and fast execution, Deribit focuses on giving users access to both futures and options markets in a secure environment.
With Kryptos, you can easily track your Deribit portfolio in real-time and gain insights into your holdings. Simply connect your Deribit account to Kryptos (see instructions below). Kryptos consolidates your transactions, provides a comprehensive view of your assets, and keeps your tax reporting ready in the background.
Pick your import method.
On Deribit
- Log in to your Deribit Exchange account.
- Click on the Profile Icon in the top right-hand corner and select API from the dropdown menu.
- On the API page, click the Add new key button.
- Select Read for all permissions and name your key.
- Under IP Whitelist, select Allow all IP addresses.
- Click Create to generate your read-only API key.
- Copy and store your API key and secret key safely, as the secret key won’t be displayed again.
Note: Each Deribit sub-account has its own API key. If you want to add sub-account transaction data, create separate API keys for each sub-account.
On Kryptos
- Sign up on Kryptos.io using your Google account.
- Go to Integrations, click on Add Integration, and select Deribit.
- Choose Import using API Keys, paste your API Key & Secret, and click on Import Your Transactions.
- For custom history, select Advanced Options to specify the date range.
Managing Your Portfolio with Kryptos
After integrating your Deribit account, Kryptos offers a suite of tools to help you manage and optimize your portfolio effectively. Here are some key use cases:
- Real-Time Portfolio Tracking: Monitor your crypto assets with real-time insights into holdings, transactions, and market movements for informed decision-making.
- Asset Allocation Insights: Analyze the distribution of your investments, identify overexposures, and rebalance your portfolio to diversify and reduce risk.
- Integrated DeFi & Staking Overview: Manage both traditional crypto assets and DeFi investments, with a consolidated view of earnings and positions.
- Tax-Loss Harvesting: Identify opportunities to sell underperforming assets to offset gains and reduce tax liability, especially during year-end planning.
- Transaction Categorization: Automatically categorize transactions for better organization, making it easier to analyze your portfolio and generate reports.
Tax Reporting
How to Generate Tax Reports
Once you have integrated all of your wallets and exchanges, generating tax reports is straightforward:
- Go to Reports from the main menu.
- Scroll down and you’ll see the “Reports” section.
- Choose your desired report and click on the Complete icon to download the report.
How are Deribit Transactions Taxed?
- Income Tax: If you earn rewards from staking, lending, or receive crypto payments, you may need to pay income tax.
- Capital Gains Tax: Profits from selling or disposing of crypto assets, such as Bitcoin or Ethereum, are typically subject to capital gains tax.
Kryptos automatically calculates these taxes based on your Deribit transaction data, ensuring accuracy and compliance with local regulations.
Security Measures
- Generate Secure API Keys: Ensure your API keys are read-only and store them securely.
- Regular Updates: Regularly update your API keys and review their permissions.
- Offline Storage: Store your API Secret key offline to prevent unauthorized access.
Troubleshooting and Support
Common Issues
- API Errors: Ensure your API keys are correct and have the necessary permissions.
- CSV Upload Issues: Verify the naming of the CSV files as mentioned above.
- Missing Transactions on CSV: Check the date range and account settings on Deribit.
Support Channels
- Help Center: Visit the Kryptos Help Center for detailed guides and FAQs.
- Live Chat: Use the live chat option on the Kryptos website for immediate assistance.
- Email Support: Contact support@kryptos.io for email support.
FAQs
Can I connect multiple wallets and exchanges?
Absolutely. Kryptos allows you to connect multiple wallets and exchange accounts, providing a comprehensive view of your entire crypto portfolio. This data is then used to calculate your taxes and give you valuable insights.
How are transactions measured?
We count transactions from day-1 of your crypto journey and not each year separately, as we need full data from the beginning to calculate your gains accurately.
Does Kryptos offer customer support?
Yes, we offer 24/7 customer support through multiple channels, including email, live chat, and a comprehensive help center, ensuring that you get timely assistance whenever you need it.
How does Kryptos help with crypto tax calculations?
Kryptos offers an automated crypto tax calculation tool that aggregates transaction data across various wallets, exchanges, and DeFi protocols. The platform supports country-specific tax regulations, ensuring users stay compliant with their local laws while filing accurate reports.
Does Kryptos offer security features for transaction management?
Kryptos ensures the security of transaction data with end-to-end encryption and adheres to strict data privacy laws. The platform uses advanced security protocols to protect your information and provide a safe environment for managing your crypto transactions.
What support does Kryptos offer to individual users?
Kryptos offers robust customer support including FAQs, support tickets, and live chat options to assist users with any questions or issues they may encounter. This ensures that individuals have access to timely help when needed.
What sets Kryptos apart from other crypto tax software like Koinly?
Kryptos offers more than just tax reporting. Here's what makes us different:
- Real-Time Financial Analytics: Unlike Koinly, Kryptos gives you real-time insights into your portfolio performance.
- Interoperability: With our data integration framework, Kryptos Connect, you can connect third-party apps like accounting and portfolio management tools effortlessly.
- Global Coverage: We support tax regulations for a wider range of countries, including Germany, Australia, Italy, and more.
- User Participation: Our "Build to Earn" model rewards users for contributions to the platform, providing opportunities to engage beyond simple tax reporting.
What services does Kryptos offer for individual users?
Kryptos provides individual users with a suite of tools for managing their crypto assets, including crypto portfolio tracking, tax calculation, and compliance services. The platform is designed to simplify the complexities of crypto finance for personal use.