Connect
Bitfinex with Kryptos
Bitfinex is a cryptocurrency exchange offering advanced trading features like spot, margin, and derivatives trading. It supports a wide range of cryptocurrencies and provides additional features such as staking, lending, and API integrations for automated trading. Known for its deep liquidity, Bitfinex is popular among institutional and professional traders.
With Kryptos, you can easily track your Bitfinex portfolio in real-time and gain insights into your holdings. Simply connect your Bitfinex 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.
On Bitfinex
- Log in to your Bitfinex account.
- On the top right corner, look for the Profile Icon and select it.
- In the drop-down menu, look for API Keys.
- Select Create New Key. Ensure that the permissions granted are set to read-only access.
- Confirm the action by entering your 2-Factor Authentication.
- Copy the API Key and API Secret.
On Kryptos
- Sign up on Kryptos.io using your Google account.
- Go to Integrations, click on Add Integration, and select Bitfinex.
- 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.
On Bitfinex
- Log in to your Bitfinex account.
- Hover over the Profile Icon in the top right corner to open the drop-down menu.
- Select Reports.
- Click Export in the top navigation bar.
- In the new pop-up, select Ledgers from the drop-down menu under Data to Export.
- Click Export.
- The CSV file will be sent via email. Go to your email account and download it.
On Kryptos
- Sign up on Kryptos.io using your Google account.
- Go to Integrations, select Bitfinex, and choose Upload CSV.
- Upload the downloaded file and click on Import Your Transactions.
On Kryptos
- Go to Integrations, click Add Integration, and select Add Custom Wallet.
- Name and create your wallet, then click on the wallet icon.
- Select Import File, download the Kryptos Sample File, and fill it with your transaction data.
- Upload the completed file and click Import Transactions to sync.
Managing Your Portfolio with Kryptos
After integrating your Bitfinex 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 Bitfinex 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 Bitfinex 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 Bitfinex.
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.
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