iDEX is a decentralised cryptocurrency exchange based in Switzerland. The platform was established in 2017 and provides users with numerous features, including gas-free trading, a user-friendly interface, and dApps and API integrations. It is a hybrid exchange that combines the features of a traditional order book with automated market making. It makes it a fast and efficient way to trade cryptocurrencies. But cryptocurrency trading brings with it the liability of crypto taxation.
So if you are an iDEX user looking for crypto tax software to generate your tax report in minutes, then your search is over here at KoinX. The automated computation system of KoinX makes it easier and more efficient for users to generate their tax reports. Moreover, you can gain insight into the transactions’ classification and an accurate preview of the taxes charged.
This guide sheds light on the integration of IDEX with KoinX.
A step-by-step guide on how to generate your IDEX tax report with KoinX
Step 1: Log in to your IDEX account.
Step 2: On the top right corner of the profile section, click on API Keys.
Step 3: Click on the API integration before clicking on Generate new API key.
Step 4: Allow Read-Only under API Restrictions and hit the Generate new API key button.
Step 5: Log in to KoinX .
Step 6: Click on the Integrations section in the navigation bar.
Step 7: In the search bar, search for IDEX exchange and select the exchange.
Step 8: Paste your API keys and hit the Import Now button.
How to easily calculate & file your IDEX taxes with KoinX
Step 1: Add all the chains and exchanges where you have an account
There are various cryptocurrency exchanges available on KoinX. Users who want to generate tax reports for IDEX first must set up the account. To generate IDEX tax reports, you must sync your account with KoinX.
Step 2: Review your transactions
All financial entities must follow all the rules laid down by the authorities of a specific region.
Before you file your taxes, review all the transactions, as per their classification; profits gained and taxes calculated on them. This will help you understand the crypto tax in a much better way.
Step 3: Generate your tax reports for the selected financial year
Selecting the exact year you want the data is crucial while generating the IDEX tax report. This will maintain the accuracy of the tax report and facilitate an easier way of segregating each transaction as a trading or investment method. You can further divide them into either capital gains or business income.
Step 4: File your taxes
If you want to access your tax report, you can do so on KoinX. It is available in any format you need, making it easy to share it with the relevant authorities. It also gets rid of any gap that may occur.
Important things to consider while generating your IDEX tax report with KoinX
Integrating IDEX with KoinX is a challenging task. Thus, before venturing into it, users must remember some essential points. These are as follows:
- Users must sync all the transactions with the KoinX platform. Once you do so, you can avoid all errors or gaps.
- Secondly, users must carry all the data from the crypto exchange platform to the tax software. Remembering to select the date the account was first created is vital.
- Finally, users must assess the tax reports before it is sent off for data computation. It will then sort out all the profits and losses and generate a report accordingly.
KoinX is easy to handle and one of the most efficient platforms for crypto tax computation. It even follows all the rules and regulations that are constantly changing to stay compliant.
Frequently Asked Questions
Do I need to report my IDEX transactions for tax purposes?
Yes, you need to file your IDEX transactions report for tax purposes. It has become compulsory for all legal and financial entities to follow all the rules and regulations for crypto tax filing. Those traders making profits from trading, selling, or buying crypto must file for taxes.
Does IDEX report to the Income Tax Department?
No, IDEX does not report to the Income Tax Department. It is primarily a crypto exchange platform that gives access to several cryptocurrencies. It can carry out all crypto asset trading, selling, and buying. As an authentic source, it must follow all the tax rules and regulations for a specific region.
Does IDEX provide tax reports?
No, IDEX does not provide tax reports. It is a decentralised crypto exchange platform wherein you can trade, buy or sell digital assets. If you want access to accurate tax reports, KoinX is a viable source. It can carry out the task with ease.
How are IDEX transactions taxed?
The authorities have devised a new set of rules and regulations for taxes. The same is also applicable to IDEX. Per the rules of the Indian Budget 2022, all crypto transactions must bear a 30% tax and 1% TDS.
How does IDEX tax reporting with KoinX work?
After setting up IDEX with KoinX, the latter gets access to all the transaction details of the former. It presents all the data organised, making previewing it all easier. Users can even look at the data for any changes occurring within it. After completing all the steps, the crypto tax software will begin the computation process and produce perfect reports.
What are the most common issues with importing transactions from IDEX to KoinX?
There are specific issues that occur while importing transactions from IDEX to KoinX. But it can all be eliminated if users check thoroughly whether they have selected the exact year they want the data. They must also check the correct file and whether they have set the ‘read info’ option while generating the API key.
How do I troubleshoot my IDEX integration with KoinX?
Integrating IDEX with KoinX can be much easier if you refer to the guide. But for further information, users can contact them through live chat, Twitter, or email at firstname.lastname@example.org.