FAQs
Can my Bitwave data be uploaded directly to accounting software platforms like QuickBooks, Xero, Sage, and Netsuite?
Yes, Bitwave offers two-way syncing with all of the leading accounting platforms, so you can import your chart of accounts, contacts, and categories into Bitwave. Then use our workflow to categorize and journal your crypto transactions and then have that automatically pushed into your accounting platform. We connect via API with accounting software tools like QuickBooks, Xero, Sage, and Netsuite.
What Crypto exchanges does Bitwave support?
We have an API connection with all of the leading crypto exchanges. Bitwave’s robust set of integrations provides a single connected view of all of your company’s crypto assets. With Bitwave, it is easy to import trading and transaction data from nearly any crypto exchange via our API, or through a CSV upload for exchanges that we do not sync automatically. Additionally, we can build custom integrations to fit your needs.
Supported Exchanges: Anchorage, BitGo, Binance, Bitfinexm Bitstampm Bittrexm Coinbase Custodym Coinbase Exchange, Coinbase Prime, Coinbase Pro, Fireblocks, FTX, Gemini, ItBit, Kraken,NYDIG, Paxos PrimeTrust, andSFOX.
What DEXs and DeFi protocols do you support?
Bitwave features a dynamic engine for adding new DeFi tokens and DeFi protocols. We currently support all of the major DeFi protocols and we continuously add support for new protocols.
Supported DeFi Protocols: Sushiswap, Uniswap, Curve, Balancer, Compound, MakerDao, Aave, Harvest Finance, Opyn, Vesper, C.R.E.A.M. Finance, Yearn.Finance, and more.Click here for the full list of supported protocols.
What coins does Bitwave support?
Bitwave supports thousands of cryptocurrencies, tokens, DeFi governance tokens, coins, and NFTs from all major exchanges and wallets.
Supported Blockchains: Bitcoin, Ethereum (We support all ERC-20 tokens and Layer 2), Celo, Dash, EOS, Bitcoin Cash, and more. Click here to see all the blockchains Bitwave supports.
Are my transactions synced automatically?
Yes, Bitwave will automatically sync your transaction history if you connect your wallets and exchanges to your Bitwave account. Some exchanges do not offer APIs, in which case you can import your transaction history manually via our upload tool.
Is Bitwave easy to use?
Yes, Bitwave has a clean interface that makes it easy to use. If you are familiar with other financial or accounting software tools, using Bitwave will be a snap!
Does Bitwave track crypto-to-crypto exchanges? Are crypto-to-crypto trades taxed?
Yes, any time that you trade one cryptocurrency for another, you are effectively selling the first currency and buying the second. This creates either a profit or a loss for the first cryptocurrency, and a new cost basis for reporting the second. Bitwave accurately tracks both the capital gains and the new cost basis. Additionally, we support the leading DEXes and DeFi protocols as well as multi-asset trades.
Does Bitwave track internal transfers? Are internal wallet-to-wallet transfers taxable?
Yes, the Bitwave platform properly matches transfers between company-owned wallets and accurately tracks the cost basis. If your company owns both wallets, then there is no gain or loss, and therefore there is no tax liability. However, without Bitwave to monitor these transactions, wallet-to-wallet transfers can significantly complicate your cost basis calculations, which is why a complete end-to-end platform like Bitwave is necessary.
Can I journal my blockchain transactions as crypto expenses?
Yes, once you have connected your wallets or exchange accounts, or imported your trade history, the Bitwave platform offers easy workflows for doing your bookkeeping work including journaling some transactions as expenses.
Can Bitwave help me determine my ROI on DeFi investments?
Yes, Bitwave will give you an overview of your total capital gains or losses, including your yield on various DeFi liquidity pools.
Can Bitwave track taxes on liquidity pools and lending pools?
Yes, with Bitwave you can track gains and losses and taxes for DeFi protocol liquidity pools and lending pools?
Can I export my Bitwave data?
Yes, you can sync data directly from Bitwave into your accounting platform, download it, or export it in one of our reports.
Does Bitwave support crypto invoicing and crypto bill pay?
Yes, with Bitwave you can handle all of your crypto AR (accounts receivable) and AP (accounts payable) work. You can create invoices in Bitwave or sync them from QuickBooks or Xero.
Does Bitwave support FIFO, LIFO, Cost Averaging, and/or Specific Identification tax strategies?
Yes, Bitwave supports FIFO (First-in, First-out), LIFO (Last-in, First-out), Cost Averaging, and Specific Identification. Whichever tax strategy you choose to use, Bitwave’s software will support it. Remember to speak to your CPA or tax attorney before selecting the tax strategy that your business will use.
How do cryptocurrency taxes work?
Paying crypto taxes is similar to paying taxes on traditional assets. Any profits are taxed as capital gains, which means that you must pay taxes on the difference between the price at which you bought/acquired the cryptocurrency, and the price at which you sold/traded them. So it is important to track your cost basis accurately. Bitwave automatically tracks your cost basis for you.
If you incurred expenses related to acquiring your crypto or sold your digital assets at a loss, then you may be able to deduct those from your taxes. Bitwave makes it easy to track this data with our crypto bookkeeping workflow. You should always consult with a tax professional. Bitwave has a partner network of experienced crypto CPAs and bookkeepers.