How To Calculate Your UpBit Taxes With Kryptos

UpBit is one of the most popular exchanges in the world for crypto trading. If you are using UpBit, follow these steps to easily 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 UpBit account to Kryptos. To do this, you can use any of the following three methods: 
3. API. Add API Keys to Kryptos and import everything at once.
4. CSV. If you do not have API keys, don't worry! We also support CSV files to import all your transactions.
5. Manually. Import transactions manually using our custom CSV upload feature.
6. View and analyze all your transactions in a single dashboard and manage your portfolio
7. Kryptos automatically categorizes all your UpBit transactions into gains/losses or income.
8. Now you can sit back and relax while we calculate your Capital Gains Tax and Income Tax from UpBit
9. Generate the UpBit tax report for free and download it once everything looks good
10. File your UpBit taxes online or leverage our crypto tax accountant network to help you out

How To Connect UpBit With Kryptos Using API

On UpBit :

1. Log in to your Upbit account.
2. Click on your account icon in the top right corner of the page and select "API Management" from the dropdown menu.
3. Click on the "Create API Key" button on the right-hand side of the page.
4. Enter a name for your API key in the "Label" field.
5. Select the "Read Info" option under the "API Permissions" section.
6. (Optional) If you want to restrict the IP addresses that can access your API key, you can enter them in the "IP Restriction" section.
7. Click on the "Create" button.
8. You will now see your newly created API key and secret key. Make sure to copy and save these keys in a secure location, as you will not be able to view the secret key again.

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 UpBit or select it from the list below.
4. Now, click on the UpBit icon.
5. Choose Import using API Keys.
6. Paste your API Key & API Secret.
7. Click on Import Your Transactions. All transactions are directly imported and tagged by default.
8. If you wish to import custom history, select Advanced Options. Now you can specify the start and end date of your transaction history.

How To Connect UpBit With Kryptos Using CSV

On UpBit :

1. Log in to your UpBit account at https://www.upbit.com/.
2. Go to the "My Page" section by clicking on the profile icon at the top right of the screen and selecting "My Page" from the dropdown menu.
3. In the "My Page" section, click on the "Transaction History" tab.
4. Select the date range for which you want to download the trade history by clicking on the calendar icon and selecting the start and end dates.
5. Click on the "Download" button located at the top right of the screen.
6. In the dropdown menu that appears, select "CSV" as the file format for download.
7. A pop-up window will appear with the message "The CSV file has been prepared for download. Download now?" Click on the "OK" button to start the download process.
8. Save the CSV file to your preferred location on your computer.

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 UpBit or select it from the list below.
4. Now, click on the UpBit icon.
5. Choose Upload CSV
6. Click on Import Your Transactions. All transactions are imported and tagged by default.
7. 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 UpBit 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 UpBit 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 UpBit

1. When importing a CSV file, match your UpBit account Time Zone in the Kryptos import form.
2. While creating a new key, make the API key read-only.
3. Keep your API Key and API Secret somewhere safe, preferably offline. 

Facing Issues While Connecting UpBit 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 support@kryptos.io.