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:
Start by signing up for a 100% free account. Add your transactions by either connecting exchanges/wallets with API keys (auto-sync), importing CSV/XLSX files, or adding transactions manually. Coinpanda will then fetch all market rates for your crypto assets (we support more than 7000 cryptocurrencies) and calculate your capital gains automatically. When you are done and want to export a tax report, simply 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 process 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 (Coinbase, Binance, FTX, etc), a separate wallet for your hardware wallets (Trezor, Ledger Nano), for a BTC or ETH address, or a wallet for different apps you have used (Crypto.com, Uphold, Delta, etc). You can even add multiple wallets for the same exchange/blockchain/app if you need.
Wallets are used to simplify importing and auto-sync of 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, simply go to the Wallets page, click Add new wallet, and you will be presented with this screen:
While we do support more than 500 exchanges, blockchains, wallets, and apps, there is always a chance that we don't yet support an exchange/wallet you have been using. In this case, you can either add your transactions manually or post a feature request in our forum and we will add support for it later. We are continuously adding new exchanges and it takes usually no more than 4-5 days.
Step 2 - Import transactions
After adding your wallets, it's time to import all your transactions. From the Wallets page, clicking on for example Coinbase will take you to the page shown below. For exchanges that support API, you will see an Auto-sync data button. Clicking this button lets you connect with API so that Coinpanda can automatically synchronize your transactions.
This is the recommended method as it will increase the likelihood of importing your entire transaction history correctly. After connecting with API, all your future transactions will be automatically synced to Coinpanda when clicking the blue "Sync Wallet" button.
You have also the option to upload CSV files by clicking the Import data from file button. We recommend using this method for exchanges or apps that don't support API. You can also upload our generic Excel file.
To calculate your capital gains accurately, we need your entire transaction history across all exchanges from all years. If you have 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. This will happen in the background so this will be a good time to get a cup of coffee. 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 "Your tax 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 you have either received or sent. You can view some of this information for free, but to see your total capital gains and to download tax reports, you will need to upgrade to one of our tax plans if you have more than 25 transactions. If you have less than that, you can download all tax reports and tax 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, all you have to do is prepare and file your annual tax return as normal. This concludes this tutorial for how you get started with Coinpanda!