If you are tax resident in South Africa, SARS taxes your worldwide crypto disposals, including trades on an offshore exchange like Bybit. Where the exchange is based does not change what you have to declare. Spot sales, swaps between coins, and spending crypto are disposals, and each needs a rand value and a base cost.
Whether a gain counts as revenue or capital depends on how and why you trade, and active trading points more strongly towards revenue. That distinction, together with FIFO base cost and record-keeping, is covered in our guide to how SARS taxes crypto in South Africa. What follows here is the Bybit-specific part: creating a read-only API key, exporting your account data, and what Coinfig does with it.
Connect Bybit with a read-only API key
Coinfig has a direct Bybit API connection. One Bybit rule to know first: keys can only be created on the Bybit website, not in the app.
- On the Bybit website, click the person icon in the top right corner and go to API, or open API Management directly.
- Click Create New Key and choose a system-generated key.
- Set the key's permissions to Read-Only. Bybit's API treats a key as either read and write or read only, and Coinfig only needs read only.
- Enter your Google Authenticator 2FA code and click Next Step.
- Copy the API key and secret, then paste both into Coinfig when you add Bybit as a source.
A key without an IP restriction has an expiry date on Bybit, so you may need to create a new one before you next refresh your data.
Official guide: How to create your API key
How to export your Bybit account data
For a full history, or if you prefer files, use the Data Export page. Bybit's export covers up to three years of recent data. Account data export is not available in the Bybit app, and it needs an account with Identity Verification or Business Verification.
- On the Bybit website, hover over your Profile and go to Account, then Data Export. You can also reach it from Assets, then Funding Account, then History, then Data Export.
- Choose Transaction Log (every asset movement in your account) and Order History (your trades). Both download as CSV files. The Account Statement is a PDF snapshot and is not needed for the calculation.
- Select the records to include and set the time range. Use Customize for specific dates. Each export covers at most one year, so create one export per year of history.
- Click Export Now.
- When the status changes to Exported, click Download. Bybit also emails you. Transaction Log and Order History exports can take one to three days, and the download link stays valid for seven days.
Official guide: How to self-export my account data
What to declare to SARS from Bybit
- Every spot disposal, including coin-to-coin swaps, at its rand value on the day.
- Profits and losses on derivatives such as perpetuals and futures, which you should discuss with your practitioner, since they are not a simple sale of a coin you own.
- Rewards from Earn products, as income at their rand value when received.
- Transfers between Bybit and your other accounts, documented so they are not counted as sales.
How Coinfig handles Bybit
- Imports your Bybit history through the read-only API, or from your Transaction Log and Order History files.
- Converts every amount to rand at the time of the transaction.
- Works out base cost with the FIFO method across Bybit and every other source you add.
- Matches Bybit withdrawals to deposits on your other exchanges and wallets.
- Runs a completeness check that flags gaps, such as history older than the API returns, before you rely on the figures.
Coinfig is a calculation and reporting tool, not a tax adviser. For complex treatment questions, have a qualified practitioner review the output.
Frequently asked questions
Which Bybit export do I need for tax?
The Transaction Log and the Order History, both in CSV format. The Transaction Log records every movement of assets in your account, and the Order History holds the trades. Cover each year of your history with its own export.
Why can I not create a Bybit API key in the app?
Bybit only allows API keys to be created on its website. Open Bybit in a desktop browser, then follow the steps above.
Does the API cover my whole Bybit history?
Not always. If your history is long or the connection misses some activity, add Data Export files for the earlier years, and the completeness check will show whether anything is still missing.
Is Bybit taxed differently because it is offshore?
No. Tax residency decides your obligation, not where the exchange is based. South African tax residents generally declare worldwide crypto gains. The practical difference is converting values to rand and matching transfers to your local exchanges.
Get started on Coinfig to connect Bybit via read-only API or upload your exports, check for gaps, and generate the figures for your return.
This article is general information, not tax advice. Crypto tax outcomes depend on your specific circumstances. For complex situations, consult a qualified tax practitioner.