If you earn income from Binance referrals, you've likely discovered how difficult it is to track. The income is split up into a multitude of individual fraction-of-a-cent commissions, spread among the 150+ currencies that Binance supports.
To handle this, I've created an open source "Referral Income Analyzer" for Binance. I built this tool for my own personal use, but I imagine others might find it useful as well.
The tool can:
It does all of this without requiring you to provide your Binance API key or password. Instead, you export your commission data from Binance, and then load it into the Analyzer.
The Analyzer is available for both Windows and Mac OS. I built it using Electron, so if you'd like a version for a different operating system, let me know and I can probably prepare that for you pretty easily.
A quick disclaimer: I ask you to accept all liability for any problems that might arise from using this tool.
For the Windows version, extract the full contents of the ZIP file and then run "Binance Referral Analyzer.exe"
Here's an example of the "standard" output from this tool: https://1drv.ms/x/s!AulxQQJVHqAIcNWauymQMuTMsW4?e=hyntAF
And here's an example of the output from this tool when you choose to include "contemporary value": https://1drv.ms/x/s!AulxQQJVHqAIbp-AUrS_iIcRbNk?e=vqFEys
You don't need to enter your Binance password or a Binance API key into this tool. Instead, you'll provide the tool with exports of your commission history from Binance.
You can export your commission history from Binance in CSV format by clicking the "Export" link under "Commission History" on this page: https://www.binance.com/en/activity/referral
Unfortunately you can only export 30 days of data at a time, and Binance will only produce one commission export for you every 24 hours. If you try to export again within 24hrs, it will look like it's working, but in reality it's just giving you the same file again. Because of this limitation, it might take you a while to export all the data you need.
My primary motivation in building this tool was to help me figure out the taxes that I owe on my Binance referral income. That said, I'm not an expert in accounting or tax law, so please take all of this with a grain of salt.
By default, the tool will export your commissions (consolidated down to daily, weekly or monthly totals) in a CSV format that is ready to import into CoinTracking.info using their Bulk CSV Import feature.
You can then connect your CoinTracking.info account to the Binance API, to automatically load all of your Binance trades and dust conversions. It can also import your trades from most other exchanges.
Once you've got everything loaded into CoinTracking.info, you can have it export a "Tax Report" for you for any tax year. That tax report will show you the total income that you earned from all of your commissions, and also calculate the capital gains/losses that you realized when you sold off your commissions (either through direct trades or through dust conversion).
I'm a big fan of CoinTracking.info, and have used it for several years now to handle my cryptocurrency taxes. Personally I find that it works quite well with TaxAct, but it's also compatible with a lot of other tax software (including TurboTax and HR Block), as well as paper filing.
If you appreciate the Referral Income Analyzer, and if you choose to sign up for CoinTracking.info, I'd be grateful if you'd use my referral link. You'll get a 10% discount if you ever upgrade to a paid plan, and I'll get a small kickback.
Referral Link: https://cointracking.info?ref=R317011
Rather than sending me a donation, I'd ask you to make a donation to Doctors Without Borders, which is one of my favorite charities. Afterward shoot me an email to let me know that you've donated, and you'll make my day. 😊
I'd love to hear from you! Feel free to ping me with questions, bug reports, feature suggestions, love poems, or anything else. You can reach me at email@example.com