How To Calculate Your ByBit Taxes With Kryptos
ByBit is one of the most popular exchanges in the world for crypto trading. If you are using ByBit, follow these steps to easily connect it with Kryptos – auto-sync all your transactions, analyze your portfolio and calculate your crypto taxes in minutes.
- To get started – Sign up on Kryptos here and choose your country and currency.
- Once done, link your ByBit account to Kryptos. To do this, you can use any of the following methods:
- API. Add API Keys to Kryptos and import everything at once.
- Manually. Import transactions manually using our custom CSV upload feature.
- View and analyze all your transactions in a single dashboard and manage your portfolio
- Kryptos automatically categorizes all your ByBit transactions into gains/losses or income.
- Now you can sit back and relax while we calculate your Capital Gains Tax and Income Tax from ByBit
- Generate the ByBit tax report for free and download it once everything looks good
- File your ByBit taxes online or leverage our crypto tax accountant network to help you out
How To Connect ByBit With Kryptos Using API
On ByBit :
- Log in to your ByBit account.
- Click on your account icon on the top right corner, and select "API Management" under API from the dropdown menu.
- Click on the "Create New Key" button on the top right corner.
- Give your API key a name and set the API key permissions to "Read Only".
- Select the types you wish your tax reports to be generated for.
- Complete the security check and click on "Create API Key".
- You will be shown your newly generated API key and secret. Make sure to copy and save them in a secure place, as they will not be shown again.
On Kryptos :
- Go to kryptos.io & signup using your Google account.
- From the menu, click on Add Wallets/Exchanges. Go to the Wallets/Exchanges page.
- Search for ByBit or select it from the list below.
- Now, click on the ByBit icon.
- Choose Import using API Keys.
- Paste your API Key & API Secret.
- Click on Import Your Transactions. All transactions are directly imported and tagged by default.
- If you wish to import custom history, select Advanced Options. Now you can specify the start and end date of your transaction history.
How are ByBit transactions taxed?
The crypto tax laws may vary depending on the country you reside in and other factors such as your filing status, income bracket, and marital status. But, in general, there are mainly two types of taxes applicable to ByBit transactions.
- Income Tax- If you are earning rewards (e.g. through lending or staking) or maybe receiving, you may need to pay income tax.
- Capital Gains Tax- If you profit from the disposal of your crypto assets (e.g. by selling your tokens, Bitcoin, Ethereum, etc.), you incur capital gains tax.
Important things to keep in mind while integrating ByBit
- When importing a CSV file, match your ByBit account Time Zone in the Kryptos import form.
- While creating a new key, make the API key read-only.
- Keep your API Key and API Secret somewhere safe, preferably offline.
Facing Issues While Connecting ByBit To Kryptos?
Go to Resources and head over to the Help Centre page from the dropdown menu. Or send us your queries via the Support Desk. If there’s a critical or urgent issue that needs to be resolved, you can use our live chat option on the right side of the screen or email us at email@example.com.