How to do your Bibox taxes in 2022
Introduction to Bibox
Bibox was founded in 2017, and is the first “AI-powered digital asset exchange”. Their platform is easy to use and accessible so that it is open to both experienced and new users. Bibox is even easier to use as they have an AI-powered Trading Bot which helps users make trades and maximize profits. Bibox’s desktop version allows for two views depending on the user's preference, with the dashboard being the basic one or one that is full screen that is meant for more experienced users.
Bibox also is one of very few crypto companies that has a Swiss VQF license, which is a license that Switzerland gives out to monitor and control the financial markets. Bibox also has multiple safeguards in place to keep their site secure and users’ assets safe. It is overall a very user-friendly exchange that has low fees and good service.
Do I need to pay taxes when using Bibox?
Depending on the country you pay taxes in and the type of transactions you have made, you may need to pay taxes on your Bibox crypto transactions. If you are unsure, you can try Divly's Crypto Tax Widget which can give you a better indication based on your country's tax rules.
For more information regarding your country-specific crypto tax guidelines, please see Divly's crypto tax guides. These guides are regularly updated with input from our knowledgeable staff and local experts.
How to export your Bibox transaction history
Bibox offers both file export and API access. You can find instructions on how to access both methods below.
Divly currently does not offer API access, please use the File Import method for now.
- Sign in to Bibox.
- Click on your account icon, and from the drop down menu select API.
- On the API page, name your API and click Create.
- Copy and past the API key and secret into Divly to link your Bibox account.
You can import Bibox transactions into Divly by downloading and importing a XLSX file. Make sure to download the XLSX file every time you want to include the latest transactions.
Step by step guide:
Sign in to Bibox.
Drag and drop the XLSX file to where it says Upload CSV. Divly will import the transactions.
Bibox transaction types
We have categorized Bibox transactions and their available export method in the below table. We have also provided information about how these transactions are handled when imported into Divly for relevant users.
|Transaction type||File Import|
Withdrawals refer to crypto transactions sent out of a Bibox account. If you sent your crypto to another crypto wallet you own, make sure it is matched as a Transfer to avoid it being treated as a sale. If the withdrawal refers to a P2P trade, gift, buying goods/services, or another transaction type, please label it accordingly when using Divly. The transaction type applied can affect your taxes.
Deposits refer to crypto transactions being sent to your Bibox account. If you received crypto from another crypto wallet you own, make sure it is matched as a Transfer to avoid it being treated as a purchase. If the deposit refers to a received gift, mining income, or another transaction type, please label it accordingly when using Divly. The transaction type applied can affect your taxes.
Crypto trades refer to crypto being purchased for fiat, crypto being sold for fiat, or trading one cryptocurrency for another.
Fees are included in the trade and will be paid in either fiat or a cryptocurrency, depending on the trade. Make sure to apply the fee in your tax calculations, as it can help reduce your taxes. If you use Divly, this will be handled automatically for you.
Common issues when calculating your Bibox taxes
If you have any issues with calculating your Bibox taxes, feel free to contact our support team which is available via the online chat on the bottom right hand corner of our website. Good luck!
Any tax-related information provided by us is not tax advice, financial advice, accounting advice, or legal advice and cannot be used by you or any other party for the purpose of avoiding tax penalties. You should seek the advice of a tax professional regarding your particular circumstances. We make no claims, promises, or warranties about the accuracy of the information provided herein. Everything included herein is our opinion and not a statement of fact. This article may contain affiliate links.