KoinX is an intuitive and user-friendly platform to simplify and automate your crypto taxation, making it easier for you to manage your crypto portfolios and assets.
With seamless integrations with exchanges, blockchains, and wallets, KoinX allows you to combine investment portfolios and transactions on a centralised dashboard. This enables you to consolidate all your crypto data into a single platform, thereby making it easier to automate tax calculation.
This article provides a guide towards starting with KoinX and setting up a user account to integrate it with popular exchanges like Binance, CoinDCX, etc or wallets like MetaMask.
Creating a KoinX account is straightforward. To get started with KoinX:
- Navigate over to the KoinX Get Started page by clicking on Get Started for FREE. You can make your account by using your email and mobile number. You can even use a Google account to sign up.
- Signing up with an email id/mobile number will send an OTP to the added contact number or email address, which will be valid for 5 minutes.
KoinX’s direct integration with up to 180+ other exchanges and blockchains make it very simple for the platform to gather data for tax calculation. You can integrate exchanges via APIs or CSV files and blockchain wallets by using the wallet’s public address.
To do this, after setting up the account, click over to the KoinX dashboard and navigate to the Integrations tab. From the Integrations section, you can connect to the respective wallets, blockchains or crypto exchanges.
Among exchanges, options include Binance, Coinbase, Kraken, and many more. Each of the mentioned exchange integrations is supported natively by KoinX. All you have to do is:
- Find and select the desired crypto exchange, upon which you will be redirected to the ‘Add Integration’ page.
- Here, you can change the selected exchange. Scroll down to the ‘File Upload’ section and select the Upload Trade History’ button.
- This will launch the system file explorer, from there navigate and upload the Transaction Report File.
- Ensure that the correct file corresponding to the selected exchange is uploaded and click on Submit. (Note: Additionally, you can also upload the ‘P2P orders’ report of a decentralised exchange like Binance)
- Download your transaction files for all the years of trading and upload them. Every deposit, withdrawal, and trade should be added for accurate tax calculation.
And that’s it! Upon submission, KoinX’s auto detect feature will automatically calculate and generate a tax report which will be ready for download and can be used for filing tax returns.
KoinX also offers an auto-detection feature that synchronises data from integrated exchanges, wallets, and blockchains for seamless real-time portfolio management.
KoinX supports integrations with a variety of wallets, including MetaMask, Coinbase Wallet, Trust, Block and many more. For this:
- Select the desired wallet from the list of supported wallets.
- Upon selection, the wallet will pop up. Here, enter the wallet password and select the account which is to be integrated with KoinX.
- Once connected, the wallet will automatically get integrated with the platform and you will be redirected to the KoinX dashboard, wherein your data will be shown.
- From the dashboard, click on the Generate Tax Report option to generate the required Tax Report.
KoinX will generate and send the document to you registered email account in a few minutes – and voila, it’s that simple.
Blockchain integrations are similar to exchange integrations. Amongst blockchains, Bitcoin, Ethereum, Polygon and Arbitrum are a few that KoinX supports integrations with.
For blockchain integrations:
- Navigate over and select the required blockchain.
- You will be redirected to the ‘Add Integration’ page. Here, enter the wallet’s Public Address or
- Blockchain Domain, which is the account address that you see on your wallet, and then click on Submit.
- Upon submission, all the transactions on that chain will be added to the KoinX dashboard.
- From the dashboard, review the transactions and generate the Tax Report for the required financial year.
Custom File Integration
You can also add custom files to the KoinX platform which contain transaction records. For this, select the Custom Files option from the ‘Add Integrations’ page.
Proper account setup and integrations play a crucial role in effective portfolio management. By integrating your exchange accounts with KoinX, you can avoid the hassle of manually tracking and updating your transactions. KoinX also offers advanced tracking and analysis tools, allowing you to monitor the performance of your investments and analyse market trends.
KoinX provides free and paid plans based on the user’s requirements. An overview of the paid plans is given below.
We encourage you to explore the features and functionalities of KoinX. Take advantage of the various tools and charts available to gain insights into your portfolio’s performance. By utilising KoinX to its full potential, you can make informed investment decisions and stay ahead in the dynamic world of cryptocurrencies.