How to do your Swissborg taxes in 2022
Introduction to Swissborg
Swissborg was founded in 2016 in Lausanne, Switzerland. It is an Ethereum based exchange, that is built to be available for everyone and easy to use. Swissborg holds security in high regard as well with some of the best cold storage practices, Secure multiparty computation , constant stress tests, and a partnership with Fireblock.
Swissborg grew from a small company of 9 employees to over 200 employees from more than 20 countries. The platform ended up hitting the Unicorn Status in 2021, when Swissborg passed over $1 billion as a private startup. In addition to their easy to use website, Swissborg has an award winning app available on the Apple App Store and Google Play, with a 4.5 star rating. The app allows for users to create and manage their crypto portfolios, buy and trade crypto assets, stake their crypto, and generate wealth in many other ways.
Do I need to pay taxes when using Swissborg?
This depends on the country you pay taxes in. For a better answer please see your country crypto tax guide on our blog. Check whether your country requires you to pay taxes on crypto to crypto trades or interest received. In most countries, they are taxable events.
How to export your Swissborg transaction history
You can import transactions into Divly by downloading and importing a XLSX file. Make sure to download the XSLX file every time you want to include the latest transactions.
Step by step guide:
Sign in to Swissborg.
Go to the Account Statement menu and select the first and last date. Make sure to include your full transactions history.
Download the XLSX file that contains all your crypto transactions.
Drag and drop the XLSX file to where it says Upload CSV. Divly will import the transactions.''
Swissborg transaction types
If you have utilized Swissborg for cryptocurrency trading, then you will likely have made deposits, withdrawals, trades, as well as earned yield. There are no other transaction types that we are aware of that are possible to be made via Swissborg at the time of writing.
When accounting for your trades, it's good practice to utilize the fees to lower your taxes. If you use a service like Divly, this will be handled automatically. Divly can read and import both withdrawal fees and trading fees from Swissborg, as well as ensure they are automatically accounted for in the tax calculations.
When accounting for Yield Earnings in Swissborg, make sure to convert the value of the interest in your local currency. Ensure you do this conversion based on the exchange rates on the day you received the interest. Many countries require you to sum up all the interest earned throughout the year. If you are using Divly, earnings are automatically labelled as Interest Received and summed up in your tax report.
There are no known common issues experienced by our users when calculating their Swissborg taxes.
If you do encounter any issues with calculating your Swissborg 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.