Crypto tax for Kraken trader

Tax calculation and portfolio tracking for cryptocurrencies

Functions of the crypto app Blockpit

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

About the cryptocurrency exchange Kraken

Fees, security, functions & cryptocurrencies for Kraken

The crypto exchange Kraken published its official trading platform for cryptocurrencies for the first time in 2013. The trading options are very diverse and there are a large number of cryptocurrencies such as Bitcoin, BTC Cash, Ethereum, Ripple, Stellar Lumens, Dash,… as well as allowed fiat currencies like Euro, Pound, Yen or Dollar. Especially for crypto beginners the Exchange is recommended, because it offers step-by-step instructions. Kraken only provides trading in cryptocurrencies and has no stocks or commodities. Compared to Exchange Binance, Kraken does not offer its own wallet.

Security with Kraken

Safety is a top priority with Kraken. As a result, the exchange website has been voted the most secure exchange site several times. The provided data is sent exclusively encrypted and all systems are isolated from each other. This is to prevent the data from being stolen during an attack.

Kraken fees

There are fees per transaction and these depend on the assets used or the trading volume of the last 30 days and on purchases or sales. A principle with Kraken is that the higher the assets used, the lower the fees to be paid. In summary, Kraken’s payout and deposit fees are very low compared to other crypto exchanges. However, operators charge higher transaction fees.

Kraken vs. Bitpanda vs. Coinbase vs. eToro

The first decision of trading beginners is the decision of a suitable crypot exchange. It is particularly important to get an overview of the functionalities of the individual exchanges, because some are aimed more for beginners, others for advanced users. Interested traders should therefore deal with the following exchanges: Kraken vs. Coinbase, Kraken vs. Binance, Kraken vs. Bitstamp, Kraken vs. Bitfinex, Kraken vs. GDAX or Kraken vs. eToro.

Kraken Review & Experience

Basically it can be said that there are fair trading fees with Kraken. The liquidity is high and the exchange seems to be especially suitable for beginners. A disadvantage is that a wallet is needed and only known coins can be traded.

How do I get my Kraken API key?

Easy import of your transactions via API import from Kraken

  1. Login into your Kraken account and go to “Settings”
  2. Click on API
  3. Enter a label (e.g. “Blockpit”) and click Create new key. You’ll receive a confirmation e-mail from Binance.
  4. Click on “Generate new Key” and select in the permissions only “Query Ledger Entries”, “Query Open Orders & Trades”, “Query Closed Orders & Trades” and “Query Funds”
  5. Copy the key and secret to the widget creation window. You’re all set now!
  6. Find more information in our Help Center.

Enter crypto taxes from Kraken

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

Many Kraken users do not know how to enter their trades in the tax return. Because unfortunately there are often still no clearly given regulations to the topic of cryptocurrencies and taxes on Bitcoin. Therefore the focus of us lies on supplying information about the taxation of cryptocurrencies such as Bitcoin. First contact point is the crypto tax guide, which was developed by tax experts and informs about the crypto tax regulations of AustriaGermany and Switzerland. Furthermore we offer a software which helps with the taxation of Bitcoin taxes. Our software is available as a webapp or as an app for Andoid and iOS on the road. Tax your crypto taxes correctly and stay on the safe side thanks to an audited tax report. At Blockpit you can easily import your Kraken trades via API access and have real-time control over your crypto taxes

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