Kraken is one of the best exchange platforms to buy or sell cryptocurrency. Due to its low trading fees and access to over 100 digital assets for spot trading, it has earned a reputation as a leader in the industry.
How does Kraken tax reporting work?
Kraken has the right idea when it comes to cryptocurrency trading and investment. However, when it comes to tax reporting, it does not directly support that feature. That’s why Accointing’s portfolio tracker and Kraken tax calculator are available to assist you. You can quickly generate a Kraken tax report matching your country’s format requirements.
You can achieve this by connecting your Kraken account to Accointing and then importing transaction history. Here are the various ways to achieve that:
- API – Allow Accointing access to your Kraken account and sync transactions automatically.
- CSV - Export your Kraken transaction history to CSV and import the file into Accointing.
- Accointing template – fill out our simple template, then upload it into Accointing.
Integrate with Accointing via the Kraken API
The Kraken API allows you to seamlessly connect Kraken to Accointing and generate your tax reports in minutes. Follow these simple steps to initiate the integration:
- Sign in to your Kraken profile.
- On the top right corner, click on Security.
- From the dropdown menu, choose API.
- On the next page, click Add key.
- Enter the API key name as “Accointing.”
- Ensure the Query funds, Query closed orders and trades, Query ledger entries, and Export data checkboxes are checked.
- In the bottom right corner, click “Generate key.“
- Copy the displayed API key and secret key and keep them safe for the next use.
- Go to Accointing and log in to your account.
- Point to the Wallets menu and click on Add wallet.
- In the search field, key in Kraken and select it from the list.
- Choose the first automatic option and click Continue.
- Enter the wallet name as Kraken.
- Paste the previously copied API and secret keys into their respective inputs.
- Select All to import all transaction history data from Kraken.
- Click Save to complete the integration.
API supported features:
- Trades and fees.
- Margin trades.
- Rollover margin fees.
API unsupported features:
- Kraken purchases.
- Referral program commissions.
- Leveraged tokens – redemptions and subscriptions.
Integrate with Accointing via the Kraken CSV/XLSX file
If you don’t want to link your Kraken 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 Kraken
- Login to your Kraken account, then click on History from the main navigation menu.
- Click the Export option.
- Choose Ledgers on the dropdown tab.
- Set a date range.
- Click Submit and download the CSV file generated.
Importing CSV files into Accointing
- Login to your Accointing account.
- Under the Wallets menu, click Add wallet.
- Search for Kraken in the input field and select it from the list.
- Enter Kraken as the wallet name.
- Browse to the location of the downloaded CSV file and import it.
- Set a start date for the import or select All to import all the data.
- Click Save to initialize the import.
How to review and track your Kraken transactions in Accointing
- Proceed to your Accointing dashboard to view your portfolio summary once done with importing transaction history data.
- Start analyzing your Kraken profits, losses, and performance history by choosing the applicable dates.
- Click to view and evaluate the buy and sell dates of various crypto assets. You can also select multiple assets at once to compare the performance of required dates.
- Keep tabs on your Kraken portfolio, spread, and distribution. Learn where each asset is stored, whether in an exchange or a wallet.
Common issues with importing transactions from Kraken
During the CSV file export from Kraken, the download doesn’t happen immediately. Instead, your request is sent to a waiting queue. You’ll only be able to download once the status changes to “Processed”, and this can take days. Also, Kraken won’t send you an email notification when it's ready. So, you’ll have to check it manually from time to time.
The API integration also doesn’t kick in right away. It may take several hours before your transaction history is visible.