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Crypto tax for Coinbase & Coinbase Pro trader

Tax calculation and portfolio tracking for cryptocurrencies

Functions of the crypto app Blockpit

What advantages does Blockpit offer Coinbase trader?

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Portfolio Management
  • Overview of your portfolio development in real time
  • Available as webapp or mobile App
  • Information on taxable gains/losses etc.
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Tax report as download
  • Easy recording of your trades
  • PDF-Download of the tax return
  • Proof of origin at banks & tax offices
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Calculate profits & losses
  • Selection of different calculation methods like FIFO, HIFO, LIFO
  • Trades from Wallets in a Dashboard
  • Information on taxable gains/losses

About the cryptocurrency exchange Coinbase & Coinbase Pro

Fees, security, functions & cryptocurrencies for Coinbase

The Crypto-Exchange, founded in 2012, is now available in over 30 countries. Users of Coinbase also get access to the trading platform Coinbase Pro. This is a professional trading platform from Coinbase and is aimed to more experienced traders.
As with other crypto exchanges, Fiat currencies are used exclusively to purchase different coins. The transactions at Coinbase are equipped with a step-by-step guide. Coinbase also offers a mobile app. In contrast to the desktop version, this has an additional wallet for storage.
The range of cryptocurrencies offered by Coinbase is very modest compared to other crypto exchanges such as Kraken, Binance or Bitpanda. Users can only trade the following five coins: Bitcoin, Ethereum, Litecoin, Bitcoin Dash and USD Coin.


Security at Coinbase & Coinbase Pro
On the positive side, 98% of the systems are stored offline, so hackers should not be able to access them via the Internet. The other 2% are online, but protected by a security system. It is also worth pointing out that the user's investments are covered by insurance against theft. In addition, an AES-256 encryption is used, which is often used by banks. Furthermore, every user is asked to complete a two-factor authentication.

Fees at Coinbase & Coinbase Pro
Like other Exchanges, Coinbase also charges fees. On the FAQ page of the exchange you can find a list of all fees. In contrast to Coinbase, the fees for the Pro version of exchange are lower.

Coinbase vs. Bitpanda vs. Coinbase vs. eToro
One of the first decisions that trading beginners come into contact with is the right choice of crypto exchange: Coinbase vs. Coinbase Pro, Coinbase vs. Robinhood, Coinbase vs. Binance, Coinbase vs. Bitpanda, Coinbase vs. Kraken, Coinbase vs. eToro, Coinbase vs. Exodus and many more.

Kraken Review & Experience
On the positive side, payments by credit card are possible. This means that cryptocurrencies and coins can be purchased directly. The Exchange is also especially suitable for beginners. It should be noted, however, that a wallet is required.

How do I get my Coinbase API key?

Easy import of your transactions via API import from Coinbase

  1. Go to settings Coinbase API Keys
  2. Click "New API key"
  3. Select "All Accounts"
  4. Grant at least these "read" permissions:
    • - wallet:accounts:read
    • - wallet:buys:read
    • - wallet:checkouts:read
    • - wallet:deposits:read
    • - wallet:sells:read
    • - wallet:orders:read
    • - wallet:payment-methods:read
    • - wallet:transactions:read
    • - wallet:withdrawals:read
  5. More information in our Help Center.
 

How do I get my Coinbase Pro API key?

Easy import of your transactions via API import from Coinbase Pro

  1. Go to Coinbase Pro (GDAX) API Keys
  2. Under Profile Information in the API Settings tab, click the "+ NEW API KEY" button at the top right corner
  3. Select your profile and "read permissions", use "blockpit" as passphrase, and then enter your 2FA code
  4. Finally, click the "Create API Key" button at the bottom to make a unique key
  5. The new API key and secret will be displayed on the API Settings page
  6. Enter the key and the secret at Blockpit
  7. Find more information in our Help Center.
 

Enter crypto taxes from Coinbase

How do I enter my Coinbase Pro trades in my tax return?

Unfortunately, many Coinbase & Coinbase Pro users do not know how or where to enter their crypto taxes on their trades. Clearly defined regulations on the subject of taxes on cryptocurrencies such as Bitcoin & Co are difficult to find on the internet. That's why Blockpit has summarized all information about Bitcoin & taxes. One of the first points of contact on the subject of taxes on cryptocurrencies is the crypto tax guide, which was created by tax experts from the crypto sector. The e-paper deals with the tax regulations of Bitcoin, Ethereum & Co. in Germany, Austria and Switzerland. Therefore Blockpit's software is recommended. It is available as webapp as well as mobile app for iOS and Android. Blockpit offers an audited tax report for your realised gains/losses, which you can present as proof of origin to the tax office or other authorities. Coinbase and Coinbase Pro users can easily import their transactions into the Blockpit software thanks to API import. This gives you real-time control over your crypto taxes. Use Blockpit and keep track of your crypto taxes thanks to Blockpit portfolio management.
Blockpit-tax calculation and portfolio tracking