Phemex is a cryptocurrency exchange offering spot trading, derivatives, and contract trading for various digital assets. It features low fees, high-speed transactions, and tools for advanced traders like perpetual contracts with up to 100x leverage. Phemex also supports staking, savings, and an intuitive mobile app for on-the-go trading.
With Kryptos, you can easily track your Phemex portfolio in real-time and gain insights into your holdings. Simply connect your Phemex account through API or CSV (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 Phemex
- Log in to your Phemex account and click on your Profile Icon in the top right corner.
- From the left-hand menu, select API Management.
- Select Create New API Key.
- Choose Default API Entry.
- Name your API key, for example, “Kryptos”.
- Under IP Address, select Don’t Bind.
- Under Permissions, ensure Read-Only is selected.
- You’ll receive a verification code via email. Enter the verification code from your email.
- Copy your API Key and API Secret, and paste them into the fields in Kryptos.
On Kryptos
- Sign up on Kryptos.io using your Google account.
- Go to Integrations, click on Add Integration, and select Phemex.
- 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 Phemex 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 Phemex 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 Phemex 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 Phemex.
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.
How does Kryptos help with crypto tax calculations?
Kryptos automates the process of calculating taxes on crypto transactions by using real-time data and compliance with local crypto tax regulations. This helps individuals accurately report their taxes and reduce the manual effort involved.
Is Kryptos free to use?
Yes, Kryptos offers a 7 day free trial so you can experience the platform's features and benefits before subscribing. Learn more about our pricing structure and features now.
Is Kryptos suitable for both individuals and businesses?
Yes, Kryptos offers specialised features for different user groups:
- Individuals: Manage personal crypto transactions and tax reporting.
- Businesses: Automate tax calculations and financial reporting for your business operations.
- Accountants: Streamline the tax preparation process for clients using our platform.
- Developers: Build on Kryptos with our integration tools to enhance your own financial products.
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.
I’m already using another crypto tax software. Can I migrate to Kryptos?
Yes, Kryptos supports easy migration from popular platforms like Koinly, CoinTracker, and others. All you need to do is export your transaction data from your current platform and import it into Kryptos in a few simple steps. Our support team is here to assist you throughout the process if needed.