Latoken Exchange was founded in 2017 as a decentralized trading platform that allows users to trade a wide range of digital assets. This platform does not support fiat trading. However, on crypto-crypto pairings, there is margin swap trading as well as trading on leveraged perpetual contracts.
The exchange is built on a technology called directed acyclic graph (DAG), which is similar to blockchain but not identical to it. Let us take a complete look at the Latoken exchange review and how to file its taxes.
Latoken Exchange Tax Reporting
In 2014, the Internal Revenue Service issued a Notice 2014-21 which stated the taxability of cryptocurrency. According to the document, cryptocurrencies like Bitcoin, and Ethereum will be treated as property and not currency. As a result, they will be taxed in a similar manner โ as stocks, bonds, and equities.
The taxability of cryptocurrencies can also be classified as capital gains taxes and income taxes based on how a crypto investor earned profits or income using the crypto. It also specifies the various tax rates and tax slabs of crypto transactions.
It must, however, be noted that simply owning crypto (and not selling it) will not incur taxes.
Will Latoken Exchange Provide me with Tax Documents?
Since customers send cryptocurrency in and out of exchanges regularly, the exchange has no tool to clearly identify by what means, the time, to where, or at what price you purchased these crypto assets. It merely checks to verify whether they’re in your account.
When you send cryptocurrency to or from an exchange, that exchange fails to provide you with an appropriate report describing the cost basis (price at which you acquired the assets) and fair market value (the market price at which you sold the assets) of your cryptocurrencies, which are both crucial elements for reporting taxes.
Fortunately, there is another option for investors to appropriately submit their taxes. ZenLedger easily calculates your Latoken taxes and also finds opportunities for you to save money and trade smarter. Letโs find out how to do your Latoken taxes with the help of ZenLedger.
Connecting Your Latoken Exchange To ZenLedger For Your Crypto Tax Documents
As one of the most comprehensive cryptocurrency tax software options on the market, we have import instructions for well over 400+ exchanges.
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, (Latoken Exchange, in this case) and instructions will be provided for that specific exchange!
The Bottom Line
Latoken is used by people from all over the world, with the majority of its users being from Australia, the United Kingdom, China, and Switzerland. The exchange has over 200,000 registered customers, making it one of the market’s fastest-growing exchanges.
- Latoken is among the exchanges that accept a wide range of cryptocurrency tokens. The platform has 60+ recognized currencies and 145 trading pairs for digital assets on its marketplace since it is a key participant in the IEO space.
- Users can deposit currencies straight from their wallets or use the credit or deposit mechanism to purchase supported coins.
- Zero deposit fees
- Reasonable trading fees and withdrawal fees.
ZenLedger easily calculates your crypto taxes and also finds opportunities for you to save money and trade smarter. Get started for free now or learn more about our tax professional prepared plans!