Decentralized exchanges have gained massive adoption from crypto users due to their flexibility and return opportunities.
CoinTracking is a fan of the emergence of decentralized exchanges in the crypto arena, and currently supports all major ETH-based, BSC-based exchanges, and many more.
The rise of crypto-trading to cryptocurrency on decentralized exchanges should match existing tax solutions, and CoinTracking is on the right track to support your DeFi journey.
Today, we show you the best decentralized exchanges in the market, how to import your trades from the most popular DEXes on CoinTracking, insights on DeFi taxes, and more!
Top 7 Decentralized Exchanges
UniSwap is the most popular decentralized exchange, bringing innovation to the space, constant updates, and plenty of opportunities for new ventures and cryptocurrency traders.
Currently, you can import all your crypto trades from Uniswap using an ETH + DEX importer since Uniswap is a decentralized exchange based on Ethereum.
Check out this video on how to import your DEX trades from Uniswap:
In addition, in many countries (for example, the United States), cryptocurrency trading is a taxable event, and you need to track your operations to become fully tax compliant. We recently released a guide covering the many ways you can be taxed when using Uniswap and how to comply. See our Uniswap Tax Guide to learn more.
PancakeSwap is the largest decentralized exchange within the smart blockchain from Binance, and is rapidly gaining adoption among cryptocurrency trading on the basis of its efficiency and low fees.
CoinTracking supports importing all your trades from PancakeSwap to become tax compliant using the Binance Smart Chain blockchain address. Learn how to import your own PancakeSwap deals with this video:
Remember that the IRS treats cryptocurrency transactions the same way, regardless of the exchange you’re using or the blockchain the DEX is built on. You can have multiple taxable events when using PancakeSwap and other DEXes (eg trade, yield farming, liquidity pools).
Find out about all PancakeSwap taxes from our guide.
3. Sushi Swap
SushiSwap is the second most popular decentralized exchange in the Ethereum ecosystem.
It may have started as a controversial project but it quickly gained mass accreditation and further development and commitment from their team to become a well-established DEX.
CoinTracking fully supports all cryptocurrency imports from SushiSwap. You just need to paste your ETH address into our ETH + DEX importer, and within a few minutes, import all the trades you made with that address on SushiSwap.
Learn the simple steps to import SushiSwap deals:
SushiSwap also works on Polygon. CoinTracking also supports importing your trades on Polygon through the Polygon Importer (MATIC).
Don’t forget that if you are in the US, and trade cryptocurrency on Sushiswap, you will have to determine and report the profit/loss on each trade. This is not exclusive to the United States, where many countries impose taxes on cryptocurrency trading. Check out our SushiSwap Tax Guide to learn more.
4. 1 inch drainage
1Inch is one of the most popular decentralized exchange aggregators, works with many blockchains (such as Ethereum, Polygon, etc.) and provides traders with the best available rates when trading crypto-to-crypto in a decentralized manner.
You can easily import your trades from 1 inch by pasting the address you used there (ETH, BSC, Polygon).
TraderJoe is a modern decentralized exchange that was launched in 2021 and is rapidly rising to surpass $4 billion in assets. DEX differentiates itself from other alternatives due to operating under the fast-growing, avalanche blockchain, which enhances the efficiency and tradability of DEX.
CoinTracking is working on importing the Avalanche blockchain to be released by the end of the year. You will be able to import your own liquidity and bets from TraderJoe. Stay tuned for updates through our channels.
6. Quick switch
QuickSwap is one of the largest decentralized exchanges, built under Polygon, which offers more scalability and lower transaction fees.
The new wave of DEXes is created within networks that provide more choices to users while offering attractive rewards when trading, farming or providing liquidity.
CoinTracking currently supports importing trades from QuickSwap using the Polygon (MATIC) importer.
Raydium is one of the largest decentralized exchanges in the Solana ecosystem. Solana has captured the attention of investors, becoming one of the largest networks in crypto. Its scalable and efficient solution is driving more DEXes to appear under its own blockchain.
Fortunately, DeFi traders can use CoinTracking to import their deposits and withdrawals from Raydium using our Solana blockchain importer.
Best DEX Tax Calculator: CoinTracking
The best crypto tax software to import and track your trades from decentralized exchanges is CoinTracking.
Unlike DeFi, you can import your trades using our CSV or API imports from hundreds of other exchanges, track your profits/losses, and generate tax reports according to your preferred method of accounting.
CoinTracking is the complete crypto tax solution for:
DEX TAXES WITH NO ERRORS: The complete US currency tracking service.
CoinTracking also offers a full service for US cryptocurrency traders. A crypto settlement tax expert from Polygon Advisory Group, a leading US tax firm, will review your CoinTracking account, help fix any errors, and ensure your crypto tax reports are submitted flawlessly.
Do you have any questions about crypto taxes? Check out the best guides:
DeFi Taxes: The Complete Guide.
How to save taxes with a Bitcoin IRA.
Do you pay taxes to receive bitcoin tips?
Uniswap . Tax Guide
Is cipher wrap taxable?
How do you calculate taxes at the average dollar cost of bitcoin?
Do you pay taxes on stolen, hacked or lost cryptocurrency?
FIFO for Crypto Taxes? The implications of accounting methods.
NFT Taxes: The Complete Guide.
NFT Guide 2021 (with taxes).
Is bitcoin taxable? The Ultimate Guide to Taxes for 2021.
Do You Pay Taxes on Bitcoin Debit Card Purchases?
The most tax-friendly countries for cryptocurrency.
How do you reduce your crypto taxes?
Crypto tax loss harvest: Here’s what you need to know
Disclaimer: All information provided above is for informational purposes only and should not be considered professional, legal or tax advice. You should do your own research or consult with a professional financial advisor when investing.