Binance is the world’s most popular cryptocurrency exchange platform with the largest daily crypto trading volume. It also offers a reliable crypto wallet where traders can store their cryptocurrency funds. The platform offers a relatively secure and versatile way for investors to maximize their profits.
How does Binance tax reporting work?
Binance is one of the most in-demand cryptocurrency exchanges out there, but it doesn't do much to help you handle your crypto taxes. Luckily, there's Accointing, which allows you to connect with Binance and do your taxes with ease.
Accointing’s Binance calculator and portfolio tracker can help you analyze your trading data including deposits, withdrawals, and trades. Consequently, you can generate your tax report for a required period as per your country’s specified format.
To get started, you have to link your Binance account or import transaction history into Accointing through the following methods:
- API – Automatically connect and sync your Binance account with Accointing
- CSV – Download your Binance transaction history in CSV format and upload it into Accointing
- Accointing template – Fill out our simple template with your Binance account data and upload it into Accointing
Integrate with Accointing via the Binance API
Connecting your Binance account with Accointing via API is easy. Here are the steps to follow to achieve this:
- Login to your Binance account and navigate to your dashboard.
- Scroll down to the vertical menu and select API Management.
- Specify a name for your API, such as Accointing, and click Create API. By default, Binance will make it read-only.
- Copy the issued API key and secret codes.
- Now login to Accointing.
- Hover over Wallets and select Add wallet.
- On the search field, type Binance and select it from the dropdown.
- Select the first option of Automatic, which is Accointing’s recommended method of linking with Binance. Now click Continue.
- Specify the wallet name.
- Enter the previously copied API Key and Secret Key.
- Select All to import all your Binance transaction history data. Otherwise, specify the dates to import data for the required period.
- Click save and that’s it; you’ve connected your Binance to Accointing.
API supported features:
- Spot Trades, both classic and advanced.
- Spot transfers.
- Fiat trades and transfers.
- Leveraged tokens.
- Margin trades, loans, and repayments.
- Dust conversions (BNB).
- P2P trades.
- Binance Swap trades.
- Airdrops and distributions.
- Mining income.
- Savings interests.
API unsupported features:
- Referral program commissions.
- Leveraged tokens – redemptions and subscriptions.
- Futures battle.
- Binance swap – liquidity pools.
Integrate with Accointing via the Binance CSV file
If you don’t want to link your Binance 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 guide to go about it.
Downloading CSV files from Binance
- Login to your Binance account.
- Hover over the Wallet menu and select Overview.
- Scroll down to the bottom and click on Transaction History on the vertical menu.
- Select Deposit from the Type dropdown.
- Under Time dropdown, select Customize to specify the start and end date. The period should be at most 3 months.
- Under Assets and Status, select All.
- Specify TxID if available.
- Click the Export Deposit History link at the end to download the CSV file.
- Repeat the process until you’ve generated all transaction data to the current or desired date.
Importing CSV files into Accointing
- Login to Accointing.
- Hover over the Wallets menu and click Add wallet.
- In the search field, enter Binance and select it from the dropdown.
- Click the File import option and click Continue.
- Specify the wallet name as Binance.
- Choose the specific transaction item, such as Trades, Deposit History, Withdrawal History, etc, and browse the location of the downloaded CSV file.
- Select All under the Import From dropdown. Alternatively, specify the appliable date.
- Click Save.
How to review and track your Binance transactions in Accointing
- Once done with importing your Binance transactions, go to the Accointing dashboard and view the summary of your account.
- Choose applicable start and end dates to view and analyze your Binance performance history, profits, and losses.
- View the various crypto assets, and click to analyze the buy and sell dates. Accointing allows you to choose multiple assets at a go to compare data for chosen dates.
- It’s now easier to track your Binance investments portfolio, distribution, and spread. Accointing also lets you know where each of your assets is stored.
Common issues with importing transactions from Binance
Despite Binance being a popular platform, downloading CSV files has its challenges. The exchange only allows a maximum download of one-year history data at a go. You’ll have to do multiple downloads for more than a year.
Binance also requires you to have enabled and completed the KYC before linking with an API. Also, the data supplied by the Binance API may make it harder for Accointing to generate comprehensive tax reports. If you notice the challenge, you can try using the CSV option, which gives more accuracy.