Bybit is a cryptocurrency exchange known for derivatives and futures trading, offering up to 100x leverage. It also provides spot trading, staking, and a user-friendly interface with advanced trading tools. Bybit supports a variety of crypto assets and is popular among both retail and institutional traders for its liquidity and robust security features.
With Kryptos, you can easily track your ByBit portfolio in real-time and gain insights into your holdings. Simply connect your ByBit 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 ByBit
- Log in to your ByBit account.
- Click your account icon and navigate to API Management.
- Click Create New Key, name it, and set permissions to Read Only.
- Select the transaction types for tax reporting.
- Complete security verification and create your API key.
- Copy the API key and secret and save them securely (they won’t be shown again).
On Kryptos
- Sign up on Kryptos.io using your Google account.
- Go to Integrations, click on Add Integration, and select ByBit.
- 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 ByBit 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 ByBit 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 ByBit 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 ByBit.
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.
Can I buy extra transactions when my total count is just over the subscription limit?
Yes, we offer an add-on which helps you get additional transactions. You can buy from the pricing plans page when you login to the application.
Can I import data from different exchanges and wallets into Kryptos?
Absolutely. Kryptos supports integration with most major exchanges and wallets, making it easy to import your transaction history. We offer direct API connections with platforms like Binance, Coinbase, and more. You can also upload CSV files for exchanges that don’t support API integration.
Can I speak with someone before I choose a plan?
Yes, feel free to reach out to our sales team to discuss which Kryptos plan best fits your needs. We're happy to help you understand the benefits of each option and find the right fit for your crypto tax needs.
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 do I upgrade to a premium plan?
You can upgrade directly from your account dashboard. Choose the plan that suits your needs and follow the on-screen instructions.
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 secure?
Yes, Kryptos places a strong emphasis on security. We use industry-standard encryption protocols to protect your data, and all transactions are secured on the blockchain. Your privacy and security are our top priorities.