Simplify your cryptocurrency taxes with advanced features and competitive pricing
Cryptocurrency investments have gained significant popularity in recent years, and with this growth comes the responsibility of reporting capital gains and income when filing annual income taxes. Proper tax reporting is essential to avoid potential legal consequences and financial penalties. Koinly is a cryptocurrency-specific tax preparation software that simplifies the process of calculating and reporting crypto taxes. With support for over 370+ exchanges and wallets and extensive international support, this company offers a comprehensive solution for crypto investors and traders to streamline their tax reporting.
Discover Koinly – the go-to crypto tax software that streamlines your tax reporting process and effortlessly handles a variety of transactions, including DeFi and NFTs.
- Simplify your cryptocurrency taxes with advanced features and competitive pricing
- Top Crypto Tax Software and Compliance
- Overview of Koinly
- 1. Wallet and exchange support
- 2. Automatic crypto tax reports
- 3. Tax-loss harvesting capabilities
- 4. Portfolio tracking dashboard
- 5. International support
- Step 1: Click "Try this offer", visit the application page, and create an account
- Step 2: Connect your wallets and exchanges
- Step 3: Import your transaction data, either automatically or manually
- Step 4: Generate tax reports based on your country's regulations
Top Crypto Tax Software and Compliance
Koinly holds the title of the #1 crypto tax software in the United States, offering a reliable and straightforward solution for investors to calculate and minimize their crypto tax liabilities. With IRS compliance, Koinly provides a free report preview, supports Form 8949 and TurboTax, and ensures a hassle-free experience for users.
As a dedicated cryptocurrency tax software, it generates tax reports in under 20 minutes and aims to help reduce your tax burden for the following year. It is available in more than 20 countries and supports Form 8949, Schedule D, TurboTax, TaxAct, as well as reports for HMRC, ATO, and CRA. Keep in mind that the company’s focus is strictly on tax calculation and reporting services, and it does not engage in any cryptocurrency exchange activities.
Overview of Koinly
Founded in 2018, it is a London-based cryptocurrency tax software company that was created by crypto investors and accountants to address their own tax reporting needs. The platform has since grown to oversee tax reporting for over $250 million in funds and has been recognized as one of the best cryptocurrency and NFT tax liability calculators.
List of supported exchanges and wallets
Koinly provides comprehensive support for a wide variety of exchanges and wallets, making it easy for users to consolidate their investment activities and generate precise tax reports.
|Some popular exchanges supported by Koinly||Koinly also supports more than 100 wallets and |
numerous crypto savings accounts
International support and recognition
One of its competitive advantages is its extensive international support, making it a suitable option for crypto investors worldwide. Currently, it is available in over 30 countries, including Australia, Belgium, Canada, Denmark, Finland, France, Germany, Japan, Norway, South Korea, Spain, Sweden, and the United States. When users change their home country, the platform adjusts tax reports accordingly, ensuring compliance with local tax regulations.
How Koinly Simplifies Your Taxes
Easily Import Your Trades
Koinly streamlines the process of importing your trades by allowing you to add your exchange accounts through API or CSV files and connect your blockchain wallets using public addresses. Koinly supports a wide range of crypto activities, including DeFi, margin trading, and futures, whether you are staking on Kraken, lending on Nexo, or going long on BitMEX. The platform utilizes AI for smart transfer matching, detecting transfers between your wallets, and maintaining accurate records of your original costs. This seamless import process makes it easier for users to keep their transaction history up to date and ensures accurate tax calculations.
Preview Your Capital Gains
Koinly offers a free glimpse of your profit and loss for any tax year, allowing you to better understand your financial situation. The platform provides a comprehensive portfolio tracking feature, displaying your total holdings, ROI, and growth over time on a visually appealing dashboard. With Koinly, you can easily monitor your realized and unrealized capital gains, as well as your overall profit and loss. By providing these insights, Koinly empowers users to make informed decisions about their crypto investments and tax strategies.
Download Your Tax Documents
Koinly simplifies tax reporting by generating the necessary documents for a variety of tax filing methods. Whether you are filing taxes yourself, using tax software like TurboTax (See: H&R Block vs TurboTax), or working with an accountant, it ensures you have the right crypto tax reports. For US-based users, it can generate filled-in IRS tax forms such as Form 8949 and Schedule D. Additionally, the platform provides comprehensive tax reports, detailing all your long-term and short-term disposals, which are guaranteed to pass audits. This feature makes it a convenient and reliable solution for crypto investors navigating the complexities of tax reporting.
The Five Key Features
1. Wallet and exchange support
Koinly streamlines the integration of user wallets and exchanges by offering an API-based connection, enabling users to sync their transaction data seamlessly. For exchanges without API support, Koinly allows users to upload their transaction data via CSV files or enter it manually. Koinly supports a wide range of cryptocurrency exchanges and wallets, covering over 370+ platforms. This comprehensive support ensures that users can consolidate their entire investment activity for accurate tax reporting.
2. Automatic crypto tax reports
Koinly generates various tax reports that cater to different user requirements, including Capital Gains Summary, Income Report, Gift & Donations Report, and Transaction Report. Users can customize tax reports by setting parameters such as tax calculation methods (FIFO, LIFO, HIFO, or ACB) and preferred fiat currencies.
3. Tax-loss harvesting capabilities
Tax-loss harvesting is a strategy that involves selling underperforming assets to realize losses, which can then be used to offset taxable gains. By doing so, investors can potentially reduce their overall tax liability. The company identifies tax-loss harvesting opportunities by analyzing users’ portfolios and providing insights on which assets can be sold to minimize tax exposure. The platform also displays potential tax savings, assisting users in making informed decisions.
4. Portfolio tracking dashboard
Koinly’s portfolio tracking dashboard presents a comprehensive view of users’ investments, including current holdings, transaction history, and asset performance. The dashboard also offers features such as market analysis, asset allocation, and performance metrics. The dashboard is designed to be user-friendly and customizable, allowing users to filter data, rearrange widgets, and choose their preferred currency for tracking.
5. International support
Koinly caters to crypto investors in over 30 countries, including Australia, Canada, Germany, France, the United Kingdom, and the United States, among others. The platform adjusts tax reports based on users’ selected countries, ensuring compliance with local tax regulations. Users can generate country-specific tax forms, such as Schedule D and Form 8949 for US taxpayers, making the tax filing process more convenient and efficient for a global user base.
Koinly Pricing and Fees
Koinly offers free and paid plans designed to accommodate various user needs.
Koinly’s free plan is a great starting point for newcomers to cryptocurrency tax management. With the ability to track up to 100 transactions, users can familiarize themselves with the platform and gain insights into their crypto investment activities. Portfolio tracking helps users monitor their holdings’ performance, while the user-friendly dashboard offers a comprehensive view of asset allocation, trends, and ROI.
Access to the customer support team ensures assistance with basic inquiries and guidance in navigating cryptocurrency tax management. The free plan serves as an introduction to the features, providing a foundation for those taking their first steps in this area before upgrading to more advanced paid plans.
Koinly’s paid plans are designed to accommodate various user needs, offering more advanced features and benefits compared to the free plan. All paid plans include unlimited revisions, unlimited wallet connections, Form 8949 & Schedule D, TurboTax and TaxAct export, comprehensive tax reports, basic portfolio tracking, and email support. These features cater to users with more complex portfolios or those who require a higher degree of customization and accuracy in their tax reports.
Moreover, Koinly makes it convenient for users to subscribe to paid plans by accepting payments through debit and credit cards as well as cryptocurrency. This flexibility ensures that users can choose the payment method that best suits their preferences and needs.
|Plan||Price||Transactions||Reports||Priority Support||Try it|
|Newbie||$49||Up to 100||Basic||No||Open an account to try|
|Hodler||$99||Up to 1,000||Average||No||Open an account to try|
|Trader||$179||Up to 3,000||Advanced||Yes||Open an account to try|
|Pro||$279||Up to 10,000+||Advanced||Yes||Open an account to try|
By selecting the appropriate paid plan, users can unlock a wealth of advanced features and benefits tailored to their specific requirements. The paid plans provide comprehensive support to help users navigate the complexities of cryptocurrency tax management more efficiently and effectively.
Additional fees and services
Koinly offers additional services and fees to accommodate users with unique requirements. For those with over 3,000 transactions, custom pricing options are available. Furthermore, Koinly provides professional assistance, such as tax report reviews by certified accountants, for an extra charge.
|Tax report for the United States||$0||Free for all paid plans||Available with paid plans. Obtain reports for tax years starting from January 1st.|
|Extra transactions||$10 per 1,000|
|Only for the Pro plan||Pro plan includes 10,000 base transactions. Additional transactions can be purchased: 1,000 for $10.|
|Daily synchronization||$49||All paid plans||Consistently monitoring and updating new transactions from all connected wallets for one year.|
|Dual nationality||$49||All paid plans||Generate reports for an additional country, ideal for individuals living abroad.|
|Expert review*||$999||All paid plans||The company specialist examines your imported data, highlighting potential issues. Ideal for newcomers!|
Estimated wait time: 2-3 weeks.
By exploring these additional services, users can benefit from specialized support and tailored solutions to meet their specific cryptocurrency tax management needs.
Koinly Reviews and Ratings
The rating section offers valuable insights into users’ overall satisfaction with Koinly’s services. By examining the table below, you can get a better understanding of the platform’s performance and reliability based on real user feedback.
|Source||Rating||Number of Reviews|
Taking the time to evaluate these ratings can help you make a more informed decision when selecting a cryptocurrency tax management platform. Remember that individual user needs may differ, but these ratings provide a solid foundation for assessing overall performance and customer satisfaction.
How to Set Up a Koinly Account
Step 1: Click “Try this offer”, visit the application page, and create an account
Create an Account To begin using the powerful crypto tax calculation features, start by visiting the website at koinly.io. Click on the “Get Started for Free” button to initiate the account creation process. You will be prompted to enter your email address and create a password. Once you have done this, click “Sign Up” and verify your email address to complete the registration. Log in to your new account to access the dashboard.
Step 2: Connect your wallets and exchanges
Connect Your Wallets and Exchanges After logging in, you’ll need to connect your wallets and exchanges to Koinly. To do this, click on the “Add Wallet” button in the dashboard. From the list of supported platforms, select your wallet or exchange. The platform provides detailed instructions to help you connect your chosen wallet or exchange using API keys or wallet addresses, ensuring a seamless and secure connection.
Step 3: Import your transaction data, either automatically or manually
Import Your Transaction Data Once your wallet or exchange is connected, the app will automatically import your transaction data. If you need to import transactions manually, click on “Add Wallet” and select the “CSV Import” option. Upload the CSV file containing your transaction data, and the platform will process the information.
Step 4: Generate tax reports based on your country’s regulations
Generate Your Tax Reports When you’re ready to generate your tax report, navigate to the “Tax Reports” tab in your dashboard. Select the relevant tax year and your country of residence. Click on “Generate Report,” and app will create a comprehensive tax report tailored to your country’s regulations.
Is It Safe and Secure
Koinly places a strong emphasis on ensuring the safety and security of users’ data. By leveraging read-only API connections, Koinly can import transaction data without altering users’ crypto exchanges or wallets. Furthermore, it does not require private keys to perform its functions. Along with API security, the app employs robust data encryption techniques during transit and storage, keeping users’ information secure. Compliance with GDPR and other privacy regulations further solidifies Koinly’s reputation as a reliable and secure crypto tax software.
The company’s commitment to security extends beyond encryption and API connections. The platform adheres to the highest security standards, conducting regular system audits, enforcing strict access controls, and maintaining secure data backups. These measures showcase the company’s dedication to providing a safe and dependable platform for its users. For more information on Koinly’s security practices, visit their website.
Koinly and Competitors
ZenLedger is a cryptocurrency tax software that aims to simplify the process of calculating and filing taxes on digital assets. With a user-friendly interface and a suite of advanced features, ZenLedger is designed to cater to both individual investors and professional accountants. Although it offers limited international support, ZenLedger has a strong reputation for its excellent customer support and comprehensive tax reporting capabilities.
CoinTracker, on the other hand, is a versatile platform that combines cryptocurrency portfolio tracking and tax management. It offers a range of features, from basic to advanced, making it suitable for a variety of users. CoinTracker supports over 20 countries and provides seamless integration with popular tax software like TurboTax and TaxAct. While its customer support may not be as responsive as its competitors, CoinTracker remains a popular choice for its ease of use and extensive feature set.
TokenTax is designed to simplify the complex world of crypto taxes, TokenTax is a platform that adapts to the needs of cryptocurrency investors, traders, and tax professionals alike. This crypto tax software stands out with its wide range of supported transactions and exchanges, making it a competitive choice for those in search of a versatile crypto tax solution.
TaxBit is a tax software that brings a wealth of features to the table, enabling investors to manage their cryptocurrency taxes with ease. Renowned for its user-friendly interface and robust reporting capabilities, TaxBit caters to both individual and enterprise clients, offering tailored solutions to meet the unique needs of different users.
Advantages and Disadvantages
|Koinly||Extensive international support||Slightly higher cost|
|Wide range of features||Limited free plan|
|DeFi and NFT support|
|Tax-loss harvesting capabilities|
|Comprehensive portfolio tracking dashboard|
|CoinTracker||DeFi and NFT support||Limited global support|
|Intuitive interface||Higher pricing for higher transaction limits|
|Integration with popular tax software||Limited tax-loss harvesting support|
|Solid plan with basic tax reporting|
|ZenLedger||US tax specialist||Limited global support|
|User-friendly interface||No NFT support|
|DeFi support||Limited free plan|
|Integration with popular tax software||Slightly higher pricing for lower transaction limits|
Koinly, ZenLedger, and CoinTracker each offer unique advantages, making it essential to evaluate and compare their features to determine the ideal platform for your specific needs. Koinly is an affordable option for those who trade less frequently and require support for DeFi and NFT transactions. With its comprehensive international support, the Company stands out from its competitors. ZenLedger, on the other hand, has superior native DeFi support with integration for 100+ protocols, though this advantage is relatively minor.
Ultimately, both Koinly and ZenLedger are among the top choices for crypto tax software, with free plans that allow users to test each platform before committing to a paid plan.
|Pricing||$0 – $279+||$59 – $199||$65 – $149|
|Exchange & Wallet Support||370+||290+||400+|
|International Support||20+ Countries||20+ Countries||Limited Countries|
|Integrations||TurboTax, TaxAct||TurboTax, TaxAct||TurboTax|
|Easy of Use||High||High||Medium|
|Tax-Loss Harvesting||Available, but lacks a standalone feature||Incorporated within premium packages||Incorporated within premium packages|
|Try for Free||Try for Free||Try for Free|
After examining the comparison table, it’s evident that each platform has its unique strengths and weaknesses. While this platform provides competitive pricing and advanced features, ZenLedger and CoinTracker also present compelling alternatives. To select the best cryptocurrency tax platform for your individual needs, consider factors such as transaction volume, international support, features and functionality, ease of use, and customer support. By thoroughly assessing Koinly, ZenLedger, and CoinTracker based on these criteria, you can make an informed decision and choose the platform that offers the most value for your investment.
Conclusion: Should You Choose Koinly?
For committed cryptocurrency investors, having reliable crypto tax software is essential. Although handling taxes manually is an option, the time saved and potential mistakes avoided by using software easily outweigh the annual expense. The platform has emerged as a top contender in the crypto tax software market. Its compatibility with DeFi and the option to manually input NFT transactions make it a highly adaptable solution. Coupled with its wide-ranging international support, the app proves to be a dependable option for both U.S. and worldwide crypto investors.
It remains important to maintain accurate bookkeeping throughout the year and verify the tax reports generated by Koinly. Nonetheless, if you’re seeking support in managing your taxes, this platform could be your ideal solution.
Determining Applicability for Different User Categories
|Type of User||Applicability|
|High net-worth individuals||Yes|
|DeFi and NFT users||Yes|
Koinly provides a versatile solution that accommodates users with various levels of cryptocurrency investments.
Final Assessment and Recommendations
Koinly is an all-encompassing and straightforward cryptocurrency tax tool that caters to a wide audience. Its attractive pricing and extensive feature offering make it an excellent choice for those in search of a trustworthy tax reporting instrument for their cryptocurrency endeavors.
Koinly Customer Service and Contact Information
|Live Chat||Available on the website|
|Social Media||Twitter: @koinly, Facebook: @koinly|
Frequently Asked Questions (FAQs)