Voyager, a well-known brand in the cryptocurrency exchange space, gives you access to more than 50 tokens and currencies. Use the straightforward digital application from Voyager Crypto, which is available for free download for iOS and Android users, to buy, sell, and trade assets.
When opposed to other cryptocurrency brokers, Voyager offers a significant advantage in that there are no commission fees associated with investing via them. Additionally, Voyager is one of the few brokers we’ve come across that lets customers collect interest on their cryptocurrency assets.
In this blog, we will deal with how to file Voyager crypto exchange tax forms.
Voyager Crypto Exchange
The Android or iOS application of Voyager connects you to much more than a handful of crypto exchanges for over 50 different virtual currencies and offers up to 9% annual percentage yields on some assets.
US citizens from all states save New York may trade. Anyone outside of the United States can join a queue to be added to the platform when Voyager expands worldwide in 2021.
What Taxes You Need To Pay on Voyager?
Voyager is a cryptocurrency trading platform that allows users to buy, sell, and trade various cryptocurrencies. Here are the types of taxes you might need to consider when trading cryptocurrencies on platforms like Voyager.
- Capital Gains Tax: In many countries, cryptocurrencies are considered assets, and any profit you make from trading them is subject to capital gains tax. This tax is applicable when you sell a cryptocurrency for more than you paid for it. The exact rate and regulations depend on your country’s tax laws and your income level.
- Income Tax: If you are mining cryptocurrencies or earning them as payment for services, the value of the coins you receive may be subject to income tax. This includes cryptocurrencies received as rewards or payments for goods and services.
- Transaction Reporting: Some countries require individuals to report cryptocurrency transactions, even if they are not directly taxable. This means you may need to report details of your trades, such as the date, amount, and type of cryptocurrency bought or sold.
- Tax on Airdrops and Forks: If you receive free cryptocurrencies through airdrops or forks, their value might be considered taxable income. The tax implications of these events can be complex and may vary based on your country’s regulations.
- Tax on Staking Rewards: If you participate in staking on certain cryptocurrencies, the rewards you receive might be subject to taxes. Staking involves actively participating in transaction validation (similar to mining) on a proof-of-stake (PoS) blockchain.
- Gift and Inheritance Tax: If you gift cryptocurrency to someone or pass it down as an inheritance, there might be gift or inheritance tax implications, depending on your jurisdiction.
It’s crucial to keep detailed records of your cryptocurrency transactions, including dates, amounts, and counterparties involved. Some countries have specific regulations regarding the documentation required for cryptocurrency transactions. Additionally, it’s advisable to consult with a tax professional or accountant who is well-versed in cryptocurrency taxation in your country. Tax laws and regulations can be complex and can change, so professional advice tailored to your specific situation is invaluable.
Now the important question is: how to file your Voyager tax forms?
Connecting Your Voyager Crypto Exchange Account To ZenLedger For Your Crypto Tax Forms
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, (Voyager Crypto Exchange, in this case) and instructions will be provided for that specific exchange!
How to Use Voyager Crypto Exchange?
Voyager can be downloaded for Android and iOS devices.
- Set up an account as well as provide details for proof of identity, which is required by U.S. regulation for cryptocurrency platforms (and the majority of financial institutions). You can then fund and begin trading with your account after it has been validated.
- You have the following options for funding your account with USD or cryptocurrency:
- Connecting your bank account using Plaid to make a USD deposit. The daily deposit cap for new accounts is $10,000.
- Make a deposit into a deposit address you create using the app using Bitcoin, Basic Attention Token, Dash, Bitcoin Cash, Ethereum Classic, Ethereum, USD Coin, Tether, Litecoin, Voyager Token, or True USD from another wallet. Cryptocurrency deposits are unrestricted.
- By establishing a recurring purchase in your account, you can organize your investment. It withdraws USD money from your savings account and buys the cryptocurrency of your choice every predetermined amount of time.
Note: You should be aware that while new users are currently wait-listed and granted access to the platform on a rolling basis, there may be a wait before you can start trading on the app.
The Bottom Line: Why Choose Voyager Crypto Exchange?
Try the Voyager cryptocurrency exchange for mobile cryptocurrency investments if you’re new to trading or an experienced trader. With fast access to both significant cryptocurrency projects and minor altcoin initiatives, there’s a good possibility that working with Voyager will introduce you to something new. Voyager is also exceptional in that it offers investors in altcoins a wide variety of interest-bearing choices.
It would be good to see Voyager Crypto keep growing its product and customer support alternatives in the future. The Voyager network provides a simple and user-friendly way to invest in cryptocurrencies, nevertheless.