How to do your Waves Exchange taxes in 2022
This guide is written to help users understand how to do their Waves Exchange taxes. It is intended for anyone having used the Waves Exchange platform and needs to pay their taxes for the current tax year and/or prior tax years.
Introduction to Waves Exchange
Waves Exchange is a cryptocurrency trading platform established in 2017. Waves provides a wide variety of transaction types including DeFi transactions such as staking and liquidity pools. Waves Exchange also has it's own token called the Waves.Exchange Token (WX).
Do I need to pay taxes when using Waves Exchange?
This depends on the country you pay taxes in. For a better answer please see your country crypto tax guide on our blog. Since Waves Exchange supports a wide variety of transaction types (including DEFI), the answer you are seeking depends on your personal trading history. If you are unsure you can start by importing your transactions to Divly which will be able to classify them and provide instructions on how to proceed.
How to export your Waves Exchange transaction history
To export transactions from Waves Exchange, you will need to download a CSV file. Waves Exchange does have an API, but we have not rigorously tested it as of writing. However, Waves Exchange makes it simple to export your full transaction history in one CSV file.
File import
You can import transactions 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 Waves Exchange.
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Near the top of the page, click on Wallets and in the drop down select Assets.
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Click on Internal Transactions on the sidebar.
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Click the button Export in the top right hand corner. The CSV file will start to download.
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Drag and drop the CSV file to where it says Upload CSV. Divly will import the transactions.'
Waves Exchange transaction types
Waves Exchange offers a wide variety of transction types that include the common deposits, withdrawals, and trades. It also supports airdrops, staking, and other DEFI transaction types. Please be aware of these when doing your taxes, regardless of whether you use a tax lawyer, Divly, or a manual excel sheet.
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 Waves Exchange, as well as ensure they are automatically accounted for in the tax calculations.
Common issues when doing your Waves Exchange taxes
Below are two common things to look out for when doing your Waves Exchange taxes:
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If there is no value provided in the column Amount Asset Ticker, Divly won't be able to import that transaction.
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Waves Exchange has been adding multiple new transaction types lately. If you do find yourself to be using a new transaction type, feel free to contact our support team which is available via the online chat on the bottom right hand corner of our website. We will gladly help classify this transaction to make future imports easier.
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.