How to do your Bittrex taxes in 2022
This guide aims to be a valuable resource for those that have traded crypto on Bittrex and are wondering if and how one should pay taxes on it. You should find the contents of this article helpful when calculating your Bittrex taxes. However, make sure you complement this guide with the crypto tax guide relevant to your country.
Introduction to Bittrex
Bittrex was established in 2014 and is headquartered in Seattle. The exchange initially offered only crypto-for-crypto transactions, but recently expanded to add fiat-for-crypto transactions. Bittrex is a go to for many active traders because of its low fee structure and numerous cryptocurrencies offered. Bittrex offers users the ability to trade more than 440 cryptocurrencies, making it one of the top exchanges in terms of cryptos offered. Bittrex is not the easiest for new traders to pick up on or understand, so it is typically used by more experienced traders.
Bittrex, like many other exchanges operates on the taker/maker fee structure. Also similar to other exchanges, the fees decrease as the user’s trading volume increases. This makes it easier for users to calculate their fees, and allows them to minimize them if they desire. One of the biggest negatives of Bittrex is that there is no live customer support.
Do I need to pay taxes when using Bittrex?
On Bittrex you can perform deposits, withdrawals, and trades between different cryptocurrencies. These transactions can have tax consequences depending on the country you pay taxes in. See our crypto tax guides for more information regarding your country.
As Bittrex does not provide tax reports for their customers, you will be responsible to assemble and calculate your Bittrex taxes. This can be done using excel, a tax lawyer, or a tax calculator like Divly.
How to export your Bittrex transaction history
Bittrex 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 Bittrex API via our Automatic Import. This is because the Bittrex CSV file does not include Deposits or Withdrawals.
It is possible to receive a file from Bittrex including your deposits and withdrawals if you submit a support request. If you do receive such a file, contact Divly support and we will ensure to build an import process for it.
You can import transactions from Bittrex 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.
Trades for delisted pairs cannot be fetched by the Bittrex API. Please use the File Import method to import these trades if needed.
Step by step guide:
Sign in to Bittrex.
Click on My Account in the top right corner, then click API Keys in the side menu.
Click the link Add new key....
Select READ INFO so it is activated. Don't activate the other options, Divly only needs read data.
Enter your Authenticator Code and click Confirm.
Copy the API Key and API Secret into Divly.
You can import transactions from Bittrex 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.
The Bittrex CSV file does not include deposits or withdrawals. You will need to add these manually or alternatively use the Automated Import instead.
Step by step guide:
Sign in to Bittrex.
In the navigation bar at the top right click Orders.
Next to the Order History section click on the button Download History. Select the year and click the button Download.
Repeat the above step until you have downloaded all your transaction history from Bittrex.
Drag and drop the CSV file(s) to where it says Upload CSV. Divly will import the transactions.
Bittrex transaction types
We have categorized Bittrex 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.
Withdrawals refer to crypto transactions sent out of a Bittrex 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 Bittrex 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. In Bittrex, these transactions are respectively called Buy, Sell, and Convert. Typically a Buy is not a taxable event, yet these transactions are still required to calculate the cost basis. A Sell or a Convert are seen as taxable events in most countries.
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.
Here are the most common issues when doing your Bittrex taxes:
- If you imported your Bittrex transaction history via the File Import, all your deposits and/or withdrawals will not be included. This can become an issue if you have transferred crypto in or out of Bittrex. You can resolve this by either adding your Bittrex withdrawals and deposits manually in Divly, or by choosing to use the Automatic Import instead.
If you have any other issues calculating your Bittrex 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.