Kucoin Tax Guide
Kucoin is one of the largest international crypto exchanges in existence. Serving over 5 million users from over 200 countries they have truly created a great exchange with a wide range of products and services. Launched in 2017 Kucoin became known as The People’s Exchange providing 24/7 support in multiple languages.
In just 3 years Kucoin has become one of the largest exchanges in the world and there is a reason for that. Kucoin has a reputation for adopting new coins and has built up a large, diverse range of listings on their site, rivaling any centralised exchange.
As Kucoin is an international exchange there is no verification needed in the signup process, all you need is an email address or a phone number and can transfer your cryptocurrency from any wallet to your new Kucoin account or buy with fiat directly.
Kucoin offers some of the lowest fees for a centralised exchange. With trading fees starting at 0.1% for new users and decreasing with trade volume there withdrawal fees are also low at 0.0004 BTC and 0.004 ETH.
As of September 2020, there have been no security breaches known to the public. Kucoin has taken great strides to secure the platform to finance industry standards.
You personally can increase your security on the platform by setting up things like:
Anti-phishing safety phrase.
Login safety phrase.
Restrict login IP.
Like all exchanges trading on Kucoin is subject to either capital gains or income tax depending on a variety of factors including if you are trading as a business or individual. For a comprehensive breakdown of crypto taxes in Australia visit our Crypto Tax Guide.
It is important to recognize when a capital gains event occurs - when you are transferring between crypto and fiat or crypto to crypto and whether or not you are in control of the funds in your exchange account from a legal perspective (some exchanges will take control of your funds while some simply negotiate on your behalf).
Records may be requested from the ATO for up to 5 years after the trade has occurred so it is important to keep records of all transactions with basic information including date, time, amount, currency. Luckily Kucoin offers two ways to access this data - a simple CSV export of your transaction history, or you can create an API to collect the data for you.
At this time CryptoTaxCalculator supports a CSV file upload of Kucoin data and this can be done in 6 easy steps:
Login to KuCoin
Navigate to Orders > Spot Trade History > Trade History
Click on ‘Export to CSV’
KuCoin only allows for 100 days to be exported at a time, so select 100-day intervals from your all-time trading history
Once the CSV is downloaded, navigate to https://www.kucoin.com/account/download
Click on the download icon
All content in this article is general information only and does not constitute financial, tax or legal advice. It is not intended to be used by anyone for the purpose of financial advice, legal advice, tax advice, tax avoidance, promoting, marketing or recommending to any other party any matter addressed herein. For tax, financial or legal advice please consult your own professional.