BitForex is a popular crypto exchange platform with an incredible choice of trading pairs and a high degree of liquidity. The platform boasts more than 300 crypto assets including Bitcoin, Litecoin, and Ethereum with a slightly lower withdrawal charge compared to most exchanges.

How does BitForex tax reporting work?

Do you need to file your BitForex taxes but can’t seem to find a tax report from the platform? BitForex doesn’t offer much when it comes to tax reports. But luckily, Accointing can do that seamlessly. Accointing’s BitForex tax calculator and portfolio tracker allows you to analyze your trades history, determine your taxes, and produce a tax report in your country’s specific format. 

All you need to do is connect your BitForex account to Accointing and import your transaction history. Here are ways to do that:

1. API – Allow Accointing automatic access and auto-sync connection to your BitForex account.
2. CSV – Export your BitForex transaction history and import it into Accointing.
3. Accointing template - download and fill out our simple template then upload it into Accointing.

Integrate with Accointing via the BitForex API

1. Sign in to your BitForex account.
2. In the top right corner, under your email, choose API Management.
3. Click Create API Key button. Make sure the 2F authentication is enabled for this to work.
4. Set the API name to Accointing and leave the bind IP input empty.
5. Key in the 2F authentication code and click confirm.
6. Copy the displayed API key and secret key and keep them safe.
7. Go to Accounting.com and log in to your account.
8. Under the Wallets menu, click on Add wallet.
9. Search for BitForex in the search input and select it from the list.
10. Choose the Automatic option and click Continue.
11. Set the wallet name as BitForex.
12. Copy and paste the API key and secret key into their respective inputs.
13. Choose ‘All’ from the ‘Import from’ dropdown.
14. Click the Save button to complete the API integration.

API supported features:

• Withdrawals.
• Deposits.
• Fees.  

API unsupported features:

• Referral program commissions.

Integrate with Accointing via the BitForex CSV/XLSX file

Downloading CSV files from BitForex

If you don’t want to link your Bitforex account with Accointing using the API, you can also do so by importing a CSV file containing your history of trades, withdrawals, and deposits. Here is a simple step to go about it.

1. Sign in to your BitForex account.
2. In the top right corner, click the Orders menu.
3. Click the Orders History tab.
4. Choose All under the second dropdown from the left.
5. Specify a date range as desired and click the inquire button.
6. Once your transaction history is displayed, click the Download CSV link on the far right.

Importing CSV files into Accointing

1. Login to your Accointing profile.
2. Under the Wallet menu, click Add wallet.
3. Search for BitForex in the search input and select it from the list.
4. Select the File import option and click Continue.
5. Set the wallet name as BitForex.
6. Browse the file location and select it for upload.
7. Click the Import from the dropdown and select All.
8. Click Save to complete the import.

How to review and track your BitForex transactions in Accointing

1. Once you've imported your BitForex transactions into Accointing, you can view your portfolio's performance history.
2. Set the desired date range and start analyzing your BitForex transaction history, gains, and losses. 
3. select the different crypto assets to evaluate the buy and sell dates. You can also view and compare cryptocurrency assets on Accointing by selecting more than one at the same time.
4. You’re all set to track your BitForex investment portfolio, spread, and distribution. You can now keep track of your BitForex investments portfolio, distribution, and spread. Also, find out which assets are in what wallets or exchanges.

Common issues with importing transactions from BitForex

The BitForex API doesn’t allow trades from delisted pairs or trades carried out before October 30th, 2020 to be synchronized. If the data are a few rows, you can manually insert them, but the alternative option is to use the CSV import method. 

The BitForex API is also limited in that it syncs transaction data for a short timeframe. As such, it may not provide enough data to generate comprehensive tax reports. The best is to use the CSV import option.

With the CSV import, BitForex doesn’t include transactions before October 30th, 2020, and therefore will have to be downloaded separately.