How does Bittax work?​

By Subject

    • The imports, withdrawals and trades information from within your various exchanges is one of the most important sources of information needed in order to provide correct tax calculation. Adding information from exchanges is achieved by uploading CSV files exported from your exchanges – to the Bittax platform.
    • It is very important to provide complete information that includes all exchange  imports, withdrawals and trades information relating to the period for which you wish to create a tax report. Some exchanges export CSV files that provide only 30 days or 3 months worth of information. In such a case, we will need you to provide multiple exported CSV files – each one covering a 3 month period – in order to build a complete picture for tax calculation.
    • We currently support CSV files from various leading exchanges and are constantly working to add support for additional exchanges. All CSV files uploaded to Bittax will appear in the MY FILES screen.

    • The imports, withdrawals and trades information from within your various exchanges is one of the most important sources of information needed in order to provide correct tax calculation. Adding information from exchanges is achieved by uploading CSV files exported from your exchanges – to the Bittax platform.
    • It is very important to provide complete information that includes all exchange  imports, withdrawals and trades information relating to the period for which you wish to create a tax report. Some exchanges export CSV files that provide only 30 days or 3 months worth of information. In such a case, we will need you to provide multiple exported CSV files – each one covering a 3 month period – in order to build a complete picture for tax calculation.
    • We currently support CSV files from various leading exchanges and are constantly working to add support for additional exchanges. All CSV files uploaded to Bittax will appear in the MY FILES screen.
    • The MY TRANSACTIONS screen is useful for providing the crucial information missing after providing public keys and exchange CSV files – in order to build a complete picture for tax calculation.
    • The MY TRANSACTIONS screen displays the constantly updated list of all transactions related to you. we need your help in identifying additional public keys that belong to your wallet or were assigned to you by an exchange. Only after identifying ALL public keys from all of your wallets and ALL public keys assigned to you by exchanges – together with the CSV files you provide from all of your exchanges – will Bittax have the information needed to generate a complete and correct tax report. Note that failure to identify every single address that belongs to you – or wrongly identifying one as such – will affect the tax report.
    • SELECTOR BUTTON: As you scroll through the transactions in the MY TRANSACTIONS screen, you will notice that next to every one or more inputs and outputs of a transaction, there is a selector button that can be toggled between the following states: MY WALLET | MY EXCHANGE | 3RD PARTY. The selector button will by default display 3RD PARTY but will automatically be set to MY WALLET for Inputs and Outputs corresponding with public keys that we know are yours. We need you to use the selector button to identify additional Inputs or Outputs with addresses that belong to your wallets or that were assigned to you by one of your exchanges.
    • MISSING CSV: If you identify an Input/Output address as being assigned to you by your exchange you will be prompted to upload a CSV file exported from your exchange that includes the information regarding the identified Input or Output. You can provide a new CSV file or select from the list of CSV files you have already uploaded to Bittax. Until you provide the necessary exported CSV file, the Input/Output will be marked with a red MISSING CSV label which you can select at any given time in order to upload the missing CSV file. All CSV files uploaded to Bittax will appear in the MY FILES screen.
    • CUSTOM TITLE: For your convenience, we added the ability to provide a custom title for any public key. If a custom title is set, the custom title and first 4 characters of the public key will be displayed everywhere on the platform, instead of the original full public key. Select the button with the “tag” image near any Input/Output to set a custom title. Select the “abc” button near Inputs/Outputs for which a custom title has been set in order to edit the custom title.
    • STAR ICON: You will notice that by default, all Inputs and Outputs of a newly added transaction will by default appear with a star icon. Inputs/Outputs with addresses belonging to your wallets will not appear with a start icon. The purpose of the star icon is to make sure you review these Inputs and Outputs in case one of them belongs to you, in which case we need you to identify them with the SELECTOR BUTTON. You can also manually toggle star icons ON/OFF and use the star icon as a sort of TO DO reminder. An UNMARK ALL button will allow you to toggle off all currently visible star icons. Please use this feature carefully.

      • EXCLAMATION MARK: There are 2 different scenarios in which a purple exclamation mark will appear adjacent to one or more Inputs/Outputs of a transaction.
            • The first scenario is when Bittax identifies multiple Outputs that are marked as 3RD PARTY and we are convinced that at least one of the outputs has an address that is yours and should be marked as MY WALLET. This will most probably be an output that did not go to a 3RD PARTY but is rather CHANGE from the transaction that belongs to you. Purple arrows will indicate the Outputs – one of which we suspect belongs to you.
            • The second scenario is when Bittax identifies an Input or Output address as belonging to a specific Exchange and you are required to decide if the address belongs to you or not. A Purple arrow will indicate the suspect Input/Output.

        FILTERS: The MY TRANSACTIONS screen displays information regarding all transactions of all supported crypto coins and tokens associated with all of the public keys you provided. Filter buttons are visible in the top section of the screen in order to filter the displayed transactions allowing you to focus on a certain group of transactions.

    1) Bit2c

        • Please sign-in to your Bit2c Account
        • Go to Trade > My account.
        • Important – Please Make sure to select the complete date range – from the first transaction you ever performed in Bit2c until today.
        • Download excel

    2) Binance

        • Please sign-in to your Binance Account
        • Go to Orders -> Trade History
        • Export the Complete Trade History

    Please make sure to download all three of the following files:

        1. Trades file: TradeHistory
        2. Deposits file: DepositHistory
        3. Withdrawals file: WithdrawalHistory

    3) Bitfinex

        • Please sign-in to your Bitfinex Account
        • Go to Account -> Reports
        • Under Trade History Please make sure to select the complete date range – from the first transaction you ever performed in Bitfinex until today.

    4) Bitstamp

        • Please sign-in to your Bitstam Account
        • Go to  Transactions
        • Select the Export option – Please make sure to select the complete date range – from the first transaction you ever performed in Bitstamp until today.

    5) Bittrex

        • Please sign-in to your Bittrex Account
        • Go to Orders
        • Download HistoryPlease make sure to select the complete date range – from the first transaction you ever performed in Bittrex until today.

    6)     Cryptopia

        • Please sign-in to your Cryptopia account
        • Go to Exchange -> Trade History
        • Select the option to Export page to csvPlease make sure to select the complete date range – from the first transaction you ever performed in Cryptopia until today.

    7) Kraken

        • Please sign-in to your kraken Account
        • Go to History -> Export  
        • Select ledgers from the dropdown menu, the relevant and maximum period of time and check mark Select All in the Field selection.
        • Select Submit and then once ready, refresh the page and select Download

    Attention: This is a new Kraken Ledgers importer.

    You have 4 trades imported with the old Kraken importer. These are not compatible with the new Kraken Ledgers importer.

    We recommend to delete all old Kraken trades on the Enter Coins page and to import them again using this new Kraken import function.

    The new importer will also consider deposits, withdrawals, and custom fees.

    Alternatively you can find the old Kraken importer here.

    8) Poloniex

      • Please sign-in to your Poloniex Account
      • Go to ORDERS -> MY TRADE HISTORY & ANALYSIS
      • Export your complete Trade-History on Poloniex

    The tax report accuracy is directly linked to the accuracy of the information you provide us with. The law requires all tax reporting be complete and accurate. Only tax calculations based on a complete picture of all wallet and exchange  imports, withdrawals and trades information can act as a basis for a complete and accurate tax report. Although Bittax uses advanced algorithms to identify public keys belonging to users’ wallets or assigned to users by exchanges – the information provided by the user is crucial. Failure to provide all relevant information from the various exchanges or correctly identify public keys belonging to you will affect the tax calculation. Please be very careful when marking addresses as belonging to you and even more so when deleting a public key or exchange CSV file – always double check and make sure the information you are providing is correct.

     

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