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BitMEX is a popular crypto and derivatives platform allowing investors to buy and sell perpetuals and futures on various cryptocurrency assets. The platform offers up to 100 times leverage on Ethereum and Bitcoin with low trading charges. Fiat currencies are not supported, except for crypto trading.
How does BitMEX tax reporting work?
BitMEX is an excellent trading platform for crypto investors. However, it doesn’t offer much support when it comes to tax reporting.
Accointing helps analyze and calculate tax on your BitMEX transactions. Our tool can also produce tax reports in the format required by your country. Accointing offers a cost-free BitMEX calculator and tracker for those looking for a BitMEX tax report.
To achieve this, you need to integrate your BitMEX account with Accointing and then import your transaction data. The following are ways to do that:
- API – Grant Accointing automatic access and auto-sync to your BitMEX account.
- CSV - Export BitMEX transaction history and import it into Accointing
- Accointing template – Download and fill our template, then upload it into Accointing.
Integrate with Accointing via the BitMEX API
- Sign in to your BitMEX account.
- In the top right corner, click your account email address and choose ‘Account & Security.’
- Click on ‘API Keys’ on the left sidebar.
- Set the name of the key as Accointing.
- Don’t set anything for the CIDR and the key permissions inputs. Also, leave the ‘Withdraw’ checkbox unchecked.
- Click the ‘Create API Key’ button.
- Copy and keep the API key and secret key safe.
- Sign in to your Accointing account.
- Under the Wallets menu, choose the ‘Add wallet’ option.
- Key in BitMEX in the search input and select it from the list.
- Choose the recommended Automatic option and click Continue.
- Set the wallet name as BitMEX.
- Copy and paste the API key and secret key into their respective inputs.
- Choose ‘All’ under the ‘Import from’ dropdown.
- Click the Save button to start the integration.
API supported features:
- Affiliate payouts.
- Margin trades.
API unsupported features:
- Commission from referral program.
- Trading fees.
Integrate with Accointing via the BitMEX CSV/XLSX file
Downloading CSV files from BitMEX
If you don’t want to link your Bitmex 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.
- Sign in to your BitMEX account.
- In the top right corner, click the wallet icon.
- On the wallet page, click on ‘Transaction History.’
- Under the ‘Transaction history’ tab, set the currency to ‘All.’
- Click the Save as CSV button on the extreme right to download the file.
Importing CSV files into Accointing
- Log in to your Accointing account.
- Under the Wallet menu, choose the ‘Add wallet’ option.
- Search for BitMEX in the search input then select it from the list.
- Select the ‘File import’ option then click Continue.
- Enter BitMEX as the wallet name.
- Browse the BitMEX CSV file downloaded and select it for upload.
- Select ‘All’ from the ‘Import from’ dropdown.
- Click the Save button to start the import process.
How to review and track your BitMEX transactions in Accointing
- Once done importing transactions from BitMEX into Accointing, navigate to the dashboard for a summary view of your trading portfolio.
- Set the relevant date range to analyze your BitMEX performance history, gains, and losses.
- Select the different crypto assets to view and analyze your buy and sell dates. You can also select multiple crypto assets at one time and compare their performance as per the set dates.
- You’re now ready to start tracking your BitMEX portfolio, distribution and spread. You can also determine where each of your assets is kept, whether in an exchange or a wallet.
Common issues with importing transactions from BitMEX
Importing the BitMEX CSV file downloaded my result into astronomical balances, profits, and losses. This problem is due to improper CSF file formatting. Unfortunately, there isn’t much you do to change this. However, you can send your BitMEX CSV file to their support team to format it for you.
If the BitMEX support responds in time, they will create a parser for the file and send it back for use.