BingX Tax Guide

What does BingX do?

BingX is a leading crypto exchange, enabling spot, copy, and derivatives trading for several digital assets. BingX supports over 500 cryptocurrencies on its platform.

Its simple-to-use approach has led to being used by over 5 million people across 100 countries since coming to market in 2018.

Recently, BingX partnered with CoinTracking to improve the tax reporting needs of its customers by using premier crypto tax software to track crypto trades, determine capital gains, and generate tax reports.

Let’s cover how to report your BingX tax requirements.

How to do taxes with BingX?

You have to pay crypto taxes if you trade cryptocurrencies on BingX since buying and selling crypto is a taxable event in the US.

If you buy any crypto and sell it for another one or FIAT (e.g., USD) on BingX, you’d have to report the capital gains/losses from those trades.

On BingX, you can trade crypto on Spot but also Futures. Trading crypto in both cases is a taxable event, and you should determine the capital gains/losses on each transaction.

BingX tax documents

On BingX, you can export your crypto trading information to a crypto tax tool like CoinTracking to help you generate the right crypto tax documents.

If you trade cryptocurrencies on BingX, you’d need to determine capital gains/losses on each trade based on your chosen crypto accounting method and report it on the right crypto tax forms.

In the US, capital gains/losses are included on Form 8949 and Schedule D of Form 1040. With crypto tax software like CoinTracking, you can generate these forms by tracking your BingX trades.

How to report your BingX trades?

You can report your crypto trades by exporting them from your BingX account and importing them into crypto tax software like CoinTracking.

Here’s how to export your BingX trades:

• Login into your BingX account
• Click “Export Statements/Orders”
• Download your transaction information based on its type – Spot, Contract (for Standard Futures), and Swap (for Perpetual Futures).
• You’ve successfully exported your crypto trades from BingX.
• You can upload your files into the BingX importer on CoinTracking.

Now, you’re ready to report your BingX tax obligations.

How to do your BingX taxes?

You can report your BingX taxes by determining the gains/losses on your BingX trades and generating tax reports like Form 8949 and Schedule D of your Form 1040.

On Form 8949, you have to separate your crypto gains depending on their holding period. If you held your crypto for less than 12 months, you’d be taxed at a short-term capital gains tax rate between 10% and 37%.

If you held your crypto for more than 12 months, you’d be taxed at a long-term capital gains tax rate between 0% and 20%. Here are other ways to reduce your crypto taxes.

Does BingX report to IRS?

Crypto providers that serve US customers can be compelled by authorities and court directives to report their customers’ information.

BingX and other crypto exchanges operating in the US can report information to the IRS and other tax authorities.

The best BingX tax calculator

The leading crypto tax software for BingX is CoinTracking. BingX has recently partnered with CoinTracking to improve the tax experience of its customers and make it easier to report crypto taxes.

With CoinTracking, you can import trades from 100+ crypto exchanges, track your gains/losses, generate crypto tax reports, and more:

• Import trades from 110+ available exchanges, including DeFi and NFTs
• 20+ advanced crypto portfolio reporting features, including which coins are eligible for a tax-free rate
• 10+ accounting methods (e.g., FIFO, LIFO, HMRC, ACB)
• Tax reports across countries

Crypto taxes done for you with Full-Service

CoinTracking also offers a Full Service for US crypto investors. A crypto reconciliation tax expert from Polygon Advisory Group, a leading US crypto tax firm, will review your CoinTracking account, help fix any errors, and ensure you submit your crypto tax reports error-free.