How to calculate your Nexo Pro taxes

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Sam Adams
Written by
Samantha Adams
Head of Content

Recap has a comprehensive integration with Nexo Pro that makes it easy to manage your crypto tax calculations. Sign up for Recap and link your Nexo Pro account to securely monitor each transaction, manage your cryptocurrency portfolio, and effortlessly automate your taxes.

*Disclaimer: The information provided in this content does not endorse Nexo Pro. Furthermore, it does not constitute tax advice. If you are uncertain about any financial or tax-related matters, we strongly recommend seeking guidance from a qualified tax professional. Additionally, you may utilise our accountant and professional advisor sharing features.

What is Nexo Pro?

Nexo Pro is a cryptocurrency exchange offering the ability to buy and sell crypto assets while using institutional trading tools. They offer a web platform, a mobile app and custodial insurance.

Here's a breakdown of what Nexo Pro offers:

  • Buying and Selling Crypto: Purchase and sell popular cryptocurrencies like Bitcoin and Ethereum directly on the platform.
  • Liquidity Aggregation: Order books are made up of the total aggregated liquidity from leading exchanges, market makers, and a 3rd party provider.
  • Advanced Trading Tools: Execute orders with Nexo Pro’s spot and margin trading tools.

How to automate your Nexo Pro crypto taxes with Recap

You can make the process of calculating your taxes stress-free with our crypto tax software. Connect your Nexo Pro account to Recap, and our system will classify and value all transactions using our unique fair-market valuation engine and determine your tax liability.

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How are Nexo Pro Transactions Taxed?

Tax implications on your Nexo Pro transactions differ based on transaction types and your tax jurisdiction. Here are the tax guidelines for the different transaction types on Nexo Pro:

Transaction typeCGTIncomeTracked in Recap
Deposits
Withdrawals
Buying crypto with fiat
Crypto to crypto
Selling crypto for fiat

Refer to our tax guides for a more detailed look at crypto tax rules.

Help Guides

Connecting your Nexo Pro account

A step-by-step guide for connecting your Nexo Pro account to Recap.

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Adding your Nexo Account

A step-by-step guide for adding your Nexo account to Recap.

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Connecting your Bitpanda Pro account

A step-by-step guide for connecting your Bitpanda account to Recap.

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Automate your Nexo Pro tax reporting - takes 5 mins.

  • 1

    Sign up to Recap

  • 2

    Set up auto sync with our step by step guide

  • 3

    Generate your tax report ready to self-file or share with your accountant

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FAQs

Do I need to pay tax on my Nexo Pro transactions?

Yes, you may need to pay tax on your Nexo Pro transactions. Tax obligations vary depending on your country’s tax laws and the nature of your transactions. Common taxable events include selling cryptocurrency, trading between coins (crypto to crypto), and making purchases with crypto.

Do the tax authorities know about my Nexo Pro transactions?

Tax authorities may become aware of your Nexo Pro transactions through various means, such as data-sharing agreements between crypto exchanges and tax authorities or during tax audits. It's essential to report your crypto transactions to avoid penalties accurately. Using a crypto tax software like Recap can help ensure your transactions are properly recorded and reported.

What is the benefit of using a crypto tax calculator?

A crypto tax calculator automates the process of calculating taxes on your cryptocurrency transactions, providing accurate tax liability figures and ensuring compliance with tax regulations without manual calculations.

Does Nexo Pro report to HMRC?

Yes, Nexo Pro may report your transactions to HMRC. As a UK taxpayer, your cryptocurrency transactions on Nexo Pro and other platforms are subject to capital gains tax and income tax. Regardless of whether Nexo Pro report your data, it’s your legal responsibility to declare all your crypto earnings to HMRC. Staying compliant with tax regulations is crucial to avoid penalties - check out our comprehensive UK Crypto Tax Guide to learn more.