How to do your Bitfinex taxes in 2022
Introduction to Bitfinex
Bitfinex is a cryptocurrency exchange that was founded in 2012. Bitfinex provides access to peer-to-peer financing, an OTC market, and margin trading for a wide selection of digital assets and derivatives trading in addition to a suite of advanced trading features and charting tools. It provides users with state-of-the-art trading tools, innovative technology and unparalleled levels of customer service.
Bitfinex has remained a leader in cryptocurrency trading since its founding, currently holding the number nine spot among the largest cryptocurrency exchanges in the world by volume. Bitfinex has a close relationship with the Tether stablecoin, also known as USDT.
Do I need to pay taxes when using Bitfinex?
Depending on the country you pay taxes in and the type of transactions you have made, you may need to pay taxes on your Bitfinex 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 Bitfinex transaction history
If you are required to pay taxes on your Bitfinex transactions, you've come to the right place! The first thing you need to do is export your Bitfinex transaction history. Exporting your transaction history is required regardless of whether you are calculating your taxes in excel, using a tax calculator like Divly, or employing a tax lawyer to do the work for you.
Bitfinex allows you to export your transaction history by downloading a CSV file or by connecting via their API. If you are using a tax calculator like Divly, we highly recommend using the Bitfinex API via our Automatic Import. Below you will find a detailed step-by-step guide on how to use both export methods.
You can import transactions from Bitfinex into Divly by using our API integration. After you have provided the API keys, Divly will be able to fetch your latest transactions anytime you click "Import Transactions" in the wallet page.
Step by step guide:
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Sign in to Bitfinex.
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Click the account icon in the top right corner, then click API Keys in the dropdown (https://www.bitfinex.com/api).
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Click Create New Key.
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Don't change any of the toggles (they should all be set to read only by default).
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Enter "Divly" as your label for the API Key and click Generate API Key.
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Enter your 2FA code to authenticate. Check your email sent by Bitfinex to confirm the API Key.
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Copy the API Key and API Secret into Divly.
You can import transactions from Bitfinex into Divly by downloading and importing a CSV file. Make sure to download the CSV file every time you want to include the latest transactions.
Step by step guide:
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Sign in to Bitfinex.
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Click on the account icon in the top right hand corner of the platform, then select Reports in the dropdown.
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At the top, set the date range so that it covers ALL your transaction history. Then click on Export.
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In the field Data to Export, select Ledgers. Do not select anything else.
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Click the button Export and the transaction file will be sent to your email.
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Download the transaction file from your email. Drag and drop the CSV file to where it says Upload CSV. Divly will import the transactions.
If any of the steps above do not work please contact us via our online chat box to seek assistance.
Common issues
- We have recently added support for many new types of transactions on Bitfinex. If certain transactions are sitll missing please feel free to contact Divly support.
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.