Connecting your Binance account

A step-by-step guide for connecting your Binance account to Recap

Daniel Howitt avatar
Written by Daniel Howitt
Updated over a week ago

Expiring API Keys

You may have received an email from Binance advising that your API keys will expire after 30 days of inactivity. We have spoken to Binance and can confirm that read-only API keys or tax-reporting API keys will not expire after 30 days. Only keys with read-write permissions are automatically disabled.

Recap's API keys need unrestricted IP addresses. Our application connects to Binance directly from your device - your device's IP address will change regularly. Our API permissions only require read-only access to your data so IP address restrictions are not required.

Recap supports direct integration with Binance via read-only APIs.

Please note - this isn't a fully automated process if you have Referral Commission, OTC trades (Conversions), Leveraged tokens redemptions and Dust exchanges. For this activity, due to the restrictions of Binance's API, you will have to download Binance statement files and upload them into Recap as explained in Steps 3/4 below.

Step 1 - Create a new API Key in Binance

  1. Log in to your Binance account and find the "API Management" tool in the User dropdown.

  2. Press the "Create Tax Report API" button

  3. Complete the security verification process and enter your 2fa code + the 6-digit code in your inbox

  4. Your new API and Secret key are now available.
    πŸ’‘ Ensure you record the 'Secret Key' as it will only be accessible once.

If you don't have the "Tax Reporting API " option:

  1. Press the "Create API" button

  2. Enter a name for the API (e.g. Recap)

  3. Complete the security verification process and enter your 2fa code + the 6-digit code in your inbox

  4. Ensure that only the "Enable Reading" permission is selected

  5. Ensure that you choose "Unrestricted" IP access

  6. Your new API and Secret key are now available.
    πŸ’‘ Ensure you record the 'Secret Key' as it will only be accessible once.

Step 2 - Connect to your Binance account within Recap

  1. In the Recap app head to Accounts and click the Add Account button, in the top right.

  2. A modal appears, select Exchange API, then Binance from the list of exchanges.

  3. Type a name for the account and click next.

  4. Fill in the fields with the API Key and Secret Key you created in step one then click next.

  5. The modal closes and you'll be back at Accounts where a Binance card has been added and you'll see your data is syncing. Depending on the volume of data this may take a few minutes.

Step 3 - Upload your historical Binance statements

Unfortunately, as mentioned above the Binance API is limited so you'll find that your referral commission and leveraged token redemptions are missing - you will need to add this separately as it cannot be retrieved automatically. (We are in contact with Binance and hope they'll address this in the future).

You need to download Binance statement files that document your transaction history and upload the CSVs directly to Recap. You should do this now (when first connecting your Binance account) for all of your historical data and at regular intervals in the future for transactions you are yet to make (more advice on this in step 4). Here is how...

  1. In Binance head to the "Wallet" dropdown and select "Fiat and Spot".

  2. Click "Deposit Withdraw History".

  3. Next, click "Transaction History".

  4. On the next page, click "Export Transaction Records"

  5. In the pop-up that appears in "Time" choose "Customize" and use the calendar to select the date range for your historical data.

  6. Click the "Generate" button. You'll notice your request appear in the submission list - when your data is ready you will be sent an email containing a link to download it.

πŸ’‘ You may have to download multiple files as Binance has a limit of three months of data per CSV. They are also restrictive with the number of files you can download, so you may be unable to complete this process in one session. Be sure to leave yourself plenty of time when filing your tax return!

  1. So, when you receive your data head back to Recap. In the Accounts page hover over the settings cog on your Binance card, then click "Manage Statements".

  2. The Binance Statement Manager will open. Here you can see all the files you have already uploaded and add more.

  3. Click "Browse" to locate your CSV and then click "Import". The modal will close taking you back to Accounts where you will see your data is loading; this may take some time depending on the number of transactions.

Step 4 - Keeping your Binance account updated

You will need to continue adding this data for future transactions and should do this by following Step 3, changing the date range within the Binance CSV generator to the period required. It is entirely up to you how to keep on top of this and how often you choose to do it, but your data and therefore your tax report will not be truly accurate until you do.

For efficiency and to avoid errors try to get into a routine and stay consistent. We recommend creating one CSV per calendar month, as this makes selecting a date range simple so there is less chance of overlap and incorrect (duplicate) data.

If you use Recap regularly and want to keep your account more up to date you may decide on smaller date ranges, adding data more frequently.

πŸ’‘ Name your CSV's appropriately. If you import a new CSV that shares the name as an existing CSV, Recap assumes there is duplication and automatically deletes the old file replacing it with the new one.

What about Binance Futures?

Futures can be added by creating another connected account (Step 2) using the same API keys. Simply select Binance Futures when you reach the exchange dropdown. The Binance Futures support is fully automated, Recap will retrieve all of your fiat currency transactions.

Need more help?

Click Support to chat to the team. You might also like to join our telegram group where you can interact with other users.

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