How to connect SafePal X1 Wallet with Kryptos & Generate Tax Reports

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How to connect SafePal X1 Wallet with Kryptos & Generate Tax Reports

by
Varun Mehra
Reviewed by
5
min read
Last updated:
2023-10-31
Follow the steps below and get insights into your SafePal X1 wallet and file your crypto taxes stress free with Kryptos

How To Calculate Your SafePal X1 Taxes With Kryptos

If you are using SafePal X1 wallet, follow these steps to connect it with Kryptos – auto-sync all your transactions, analyze your portfolio, and calculate your crypto taxes in minutes.

  1. To get started – Sign up on Kryptos here and choose your country and currency.
  2. Once done, link your SafePal X1 wallet to Kryptos. 
  3. View and analyze all your transactions in a single dashboard and manage your portfolio
  4. Kryptos automatically categorizes all your SafePal X1 transactions into gains/losses or income.
  5. Now you can sit back and relax while we calculate your Capital Gains Tax and Income Tax from your SafePal wallet!
  6. Generate the SafePal X1 tax report for free and download it once everything looks good.
  7. File your SafePal X1 Wallet taxes online or leverage our crypto tax accountant network to help you out.

1. How To Connect SafePal X1 Wallet With Kryptos using Wallet Connect 

  1. Go to kryptos.io & signup using your Google account.
  2. From the menu, click on Add Wallets/Exchanges. Go to the Wallets/Exchanges page.
  3. Search for SafePal or select it from the list below.
  4. Now, click on the SafePal icon.
  5. Click on “Connect with Safepal
  6. On the mobile application, Make sure you’ve selected X1 wallet as default
  7. Scan the QR on Kryptokatt on your SafePal mobile application.
  8. On SafePal Mobile app, select all the chains that are relevant & click Accept.
  9. Kryptos will automatically read all the wallet addresses.
  10. Click on “Import your Transactions
  11. Sit back and let Kryptos synchronize with all of your wallets from SafePal X1.

Note: We currently support auto-sync for EVMs. If you wish to add blockchains like Solana, follow the 2nd method.

2. How To Connect SafePal X1 Wallet With Kryptos 

On SafePal :

  1. Go to your SafePal wallet app.
  2. Select your blockchain on the search bar. We currently support Arbitrum, Avalanche, Bitcoin, BNB Chain, Celo, Cronos, Ethereum, Fantom, Harmony, Moonbeam, Polygon Matic & much more.
  3. Copy your wallet address belonging to that particular blockchain.

On Kryptos :

  1. Go to kryptos.io & signup using your Google account.
  2. From the menu, click on Add Wallets/Exchanges. Go to the Wallets/Exchanges page.
  3. Search for SafePal or select it from the list below.
  4. Now, click on the SafePal icon.
  5. Select your blockchain & name your wallet anything you would like.
  6. Paste your blockchain address.
  7. Click on Import Your Transactions if you wish to proceed with single-blockchain integration, however, if you want to add multiple blockchains, repeat steps 5 & 6 and then click on Import your Transactions.
  8. Sit back and let Kryptos synchronize with all of your assets from SafePal X1.

How to download SafePal Tax Reports

  1. Once synchronization finishes, head to Reports under Menu on Kryptos.
  2. Under summary, click on the Download Tax Report button.
  3. Choose your Tax Report Type and click on download. 

How are SafePal 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 SafePal transactions.

  • Income Tax- If you are earning rewards (e.g. through lending or staking) or 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, BTC, BNB, ETH, etc.), you incur capital gains tax.

Essential things to keep in mind while integrating SafePal

  • In your wallet, make sure you’ve selected the correct network before integrating it.
  • Do not use your private keys for integrations on Kryptos.

Facing Issues While Connecting SafePal 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 a critical or urgent issue needs to be resolved, you can use our live chat option on the right side of the screen or email us at support@kryptos.io.

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