Crypto tax for Binance trader

Tax calculation and portfolio tracking for cryptocurrencies

Functions of the crypto app Blockpit

What advantages does Blockpit offer Binance trader?
Portfolio Management
Automatic import
Downloadable tax report

About the cryptocurrency exchange Binance

Fees, security, functions & cryptocurrencies for Binance

Since 2018, the crypto exchange Binance has been one of the largest exchanges on the Internet. The name is derived from the following two words: “binary” and “finance”. Several million users use the platform to trade cryptocurrencies. On Binance, only cryptocurrencies can be traded and exchanged. The platform is mainly about how many different cryptocurrencies are offered and how high the fees are. Binance offers a total of 171 different coins for purchase, sale and exchange. For example: Bitcoin, BTC, Ethereum, Ripple, XRP, Litecoin, Kucoin, Dash, NEO, Stellar Lumens, TetherUS, Bitcoin Cash, TRON, Monero, Cardano, MIOTA, NEM, Binance Coin,…
Wie auch bei anderen Kryptobörsen werden Fiat-Währungen ausschließlich zum Erwerb verschiedener Coins genutzt. Die Transaktionen sind bei Coinbase mit einer Schritt-für-Schritt Anleitung ausgestattet. Ebenfalls bietet Coinbase eine mobile App an. Diese besitzt im Gegensatz zur Desktop-Version zusätzlich einen Wallet zur Aufbewahrung.
Das Angebot an Kryptowährungen ist bei Coinbase im Vergleich zu anderen Kryptobörsen wie Kraken, Binance oder Bitpanda sehr bescheiden. Die Nutzer können lediglich nur mit folgenden fünf Coins handeln: Bitcoin, Ethereum, Litecoin, Bitcoin Dash und USD Coin.

Security with Binance

A special feature of Binance is that they offer their own wallet called “Trust Wallet” for the storage and use of cryptos. Binance also focuses on security. Each session is tracked. The exchange is a licensed trader for cryptos and payments to the platform can only be made via a wallet. This means that users do not have to enter significant personal data. Binance is a pure cryptocurrency exchange and therefore does not allow Fiat transactions. This means that users must first buy a cryptocurrency before they can trade with it via Binance.

Binance fees

If you have digital currencies in several wallets, you can connect them all to your account on the Binance platform and switch from one wallet to another or transfer coins at any time. However, a small percentage is retained per cryptocurrency, depending on the currencies traded. There are no other Binance fees for withdrawals or deposits. There are many different ways to buy digital currencies beforehand.

A distinction must be made here between two different fees. A trading fee must be paid for each transaction. However, this is also the case with other exchanges. The costs per purchase or sale amount to 0.1% of the traded turnover. Here it is advantageous to pay the amount in the exchange’s own cryptocurrency, because here you get a 25% discoun

Binance vs. Coinbase vs. Kraken vs. Bitfinex vs. eToro

Many traders are faced with the difficult decision of which crypto exchange to use: Binance vs. Kraken, Binance vs. Coinbase, Binance vs. KuCoin, Binance vs. Bittrex, Binance vs. eToro and many more. It is important to get an overview of the various functionalities of the individual exchanges. Some exchanges are recommended for beginners, others for more advanced crypto traders.

Binance Review & Experience

One advantage is that Binance is a large crypto exchange and therefore trades with many cryptocurrencies/coins. There are only small fees for trading. A disadvantage is certainly that trading against fiat currencies is not possible.

How do I get my Binance API key?

Easy import of your transactions via API import from Binance

  1. Go to your Binance account menu.
  2. In the API section, click Enable or API Settings. Either option might be available, depending on whether you have created a key in the past or not.
  3. Enter a label (e.g. “Blockpit”) and click Create new key. You’ll receive a confirmation e-mail from Binance.
  4. After you’ve set up your API key and secret, click Edit and check only the box next to Read Info.
  5. Copy the key and secret to the widget creation window. You’re all set now!
  6. More information in our Help Center.

Enter crypto taxes from Binance

How do I enter my Binance trades in my tax return?

Cryptocurrencies and taxes are a complicated subject. Unfortunately, there is hardly any information collected on the net. Therefore our focus is on a simple and understandable solution for crypto taxes. The taxation of cryptos like Bitcoin, Ethereum and co affects not only investors and traders, but also state institutionstax consultants and companies. Tax your crypto taxes correctly and stay on the right side thanks to our audited tax report. With Blockpit, you can import your crypto taxes on binance trades quickly and easily using the API.

With our webapp and mobile app, you can easily enter taxes on Bitcoin. All trades are recorded in real time. Blockpit also offers a real-time overview of portfolio development and information on taxable profits.

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