If this is your first time checking out Coinpanda, we highly recommend that you read this article to understand the basics and how to get started in no time. Here is a quick summary:
Sign up for a 100% free account and add your exchange accounts and wallets
Import your transactions either with API keys (auto-sync) or by importing CSV/XLSX files
Wait for Coinpanda to calculate capital gains automatically for all transactions
When the calculations have been completed, and you want to export a tax report, upgrade to the plan that suits you best and download any tax report with the click of a button.
Now, let's go through this step by step.
Step 1 - Add your wallets
Coinpanda uses wallets to organize your crypto transactions. You can create a wallet for each exchange you have traded on (ex: Coinbase, Binance, KuCoin), a separate wallet for your hardware wallets (ex: Trezor, Ledger Nano), or a wallet for different apps or services you have used (ex: Crypto.com, Uphold, Nexo). You can also add multiple wallets for the same exchange, blockchain, or wallet if you need to.
Wallets are used to simplify importing transactions. How you organize your wallets does not impact tax calculations. The only thing that matters is that you need to import all transactions.
To add your first wallet, go to the Wallets page, click Add Wallet, and you will be presented with this screen:
While we do support more than 900 exchanges, blockchains, wallets, and services, there is always a chance that we don't yet support an exchange or wallet you have been using. In this case, you can add your transactions manually or post a feature request in our forum, and we will support it later. We continuously add new exchanges, which usually take no more than 4-5 days.
Step 2 - Import transactions
After adding your wallets, it's time to import all your transactions. For exchanges that support API, you will see an Auto-Sync button. Clicking this button lets you connect with API so Coinpanda can synchronize your transactions automatically.
When you have added API keys to all wallets, click the Sync Wallet button to start importing all transactions. This can take anywhere from a few seconds up to 20 minutes for some exchanges, such as Binance and KuCoin.
When the sync process has been completed, you will see a record in the Import History window showing the total number of transactions that were imported.
You also have the option to upload CSV files by clicking the Upload File button. We recommend using this method for exchanges or services without API support. You can also upload our generic Excel file if exporting a CSV file from the exchange is not possible.
Remember that in order to calculate your capital gains accurately, we need your entire transaction history across all exchanges from all years. If you have any questions about how to import transactions, you can send us a message in the Live Chat, and our support staff will help you.
Step 3 - Calculate your capital gains
After adding your first transactions, Coinpanda will automatically fetch market rates for your crypto assets and calculate your capital gains. You will see "Calculations are ongoing..." in the message window in the bottom left corner while Coinpanda crunches numbers.
When calculations have been completed, you will see the message "Calculations have completed!". This means that Coinpanda has successfully calculated capital gains for all transactions. You can now safely export your tax reports, which we will explain in the next step.
Step 4 - Download tax reports
On the Tax Reports page, you will see a summary of your capital gains and crypto received or sent during the tax year. You can view some of this information for free, but to see your total capital gains and download tax reports, you need to upgrade to a paid tax plan if you have more than 25 transactions. If you have less than that, you can download all tax reports and forms for free!
Coinpanda lets you download different tax reports and also country-specific tax forms. For example, if you are from the US, you will need to download IRS Form 8949 and IRS Schedule D.
If you need to provide full documentation for your capital gains calculations, you can download the Complete Tax Report, which is a PDF file showing your entire transaction history, along with a complete breakdown of your cost basis and capital gains.
After downloading your tax reports, the last step is preparing and filing your annual tax return as normal. This concludes this tutorial for how to get started with Coinpanda!
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