How to Do Your Gate.io Taxes?
Gate.io, a Chinese crypto-to-crypto exchange has been in operation since 2013. It is regarded as one of the finest and most dependable cryptocurrency platforms in the world. With over 10 million registered members, it is primarily a platform for professional traders. Learners with minimal expertise, on the other hand, can also benefit from this platform.
Gate.io Tax Reporting
Cryptocurrency is classified as a digital asset in the United States, and the IRS regulates it similarly to stocks, equities, and other financial assets.
Gains from cryptocurrencies are taxed, but not in the same manner as profits from traditional assets. Cryptocurrency taxes are determined by how you acquired it (capital gain or income) and how long you held it. Crypto asset earnings, losses, and income must all be disclosed on your tax returns.
Will Gate.io Provide me with Tax Documents?
Cryptocurrency investors don’t just stick to one exchange, wallet, and platform. They might also be trading on Binance or making money on other platforms.
However, the limitation of Gate.io is that it only provides a tax document for transactions undertaken in the Gate.io software. Simply put, Gate.io is unable to offer comprehensive profits, losses, and income tax information if you utilize other cryptocurrency wallets, exchanges, DeFi protocols, or other platforms outside of Gate.io.
Fortunately, there is another option for investors to appropriately submit their taxes. ZenLedger easily calculates your crypto taxes and also finds opportunities for you to save money and trade smarter. Let’s find out how to do your CoinSpot taxes with the help of ZenLedger.
Connecting Your Gate.io To ZenLedger For Your Crypto Tax Forms
Within ZenLedger, on the Import Transactions page and Exchanges tab, select the Exchange you want to import. Then you'll see a table that outlines the possible methods. For many centralized exchanges, we support a direct API code import, while others may require a CSV import. Decentralized exchanges may require a wallet address.
To import your transactions from an exchange, simply navigate to the [Exchanges] tab of the [Imports] page. Select the exchange that you are looking to import, (Gate.io, in this case) and instructions will be provided for that specific exchange!
The Bottom Line
Even though Gate.io has a robust trading engine, it has one drawback. The user interface is cluttered and is not the greatest platform for beginner investors to start. It is, however, a great platform for intermediate and advanced traders and here’s why:
- Offer 180+ coins and over 400 crypto exchanges
- Margin trade with 10x leverage
- Trade-in cryptocurrency markets
- Engage in periodic investment plans
- Margin borrow funds or lend
- Participate in Initial Exchange Offerings (IEOs)
- Low fees
- High security
- 24/7 live customer support along with guides and FAQs