We review Koinly, which is one of the best crypto tax software.
- Koinly will help you automate your crypto tax report work and create a tax file.
- Get the best Koinly promo code on the market and get a 30% discount: CCT30
- Koinly has one of the best FREE versions regarding crypto tax reporting.
- Koinly is also a crypto trading portfolio tracker.
Use “CCT30” for a 30% discount
Koinly Review Summary
Where is Koinly located?
Koinly is based in London, England.
Is Koinly safe and legit?
Koinly is safe and legit. You can use API read-only keys.
Does Koinly have a mobile app?
Yes, Koinly has a mobile app for Android.
Is there a Koinly promo code?
Yes, Koinly has one of the best promo discount codes, “CCT30,” to get a 30% discount.
Is Koinly free?
Some features are free to use with Koinly.
How much does Koinly cost, and what are the pricing plans?
The pricing plans vary from $0-179 per tax year.
Does Koinly offer a refund?
If you would like a refund, you can email your purchase receipt to email@example.com with your request and the reason for the refund.
What countries does Koinly support?
Koinly supports over 100 countries globally. See a more specified list in the article.
What exchanges does Koinly support?
In practice, all exchanges (350+).
What wallets does Koinly support?
Koinly supports 50+ crypto wallets.
Can I upgrade after purchasing a plan?
Yes, if you are over the transaction limits for your plan, you can upgrade by paying the difference.
Which payment methods does Koinly accept?
Koinly accepts cryptocurrency (BTC, ETH, DAI, USDC) and credit/debit card payments.
I have more than 10,000 transactions. Which plan should I buy?
If you exceed the limits of our top plan, then you can purchase additional transactions in the app. Koinly has been used to calculate gains for algorithmic traders with well over 500k transactions.
Koinly is a web-based platform designed to help crypto traders and investors calculate their tax liabilities. With a user-friendly interface, it aims to streamline the process of consolidating transactions from various wallets and exchanges and then accurately calculating gains or losses based on local tax rules.
Key Features of Koinly:
Comprehensive Integration: Koinly supports over 300 exchanges, wallets, and blockchains, ensuring that the vast majority of traders can link their accounts and pull in transaction histories.
Tax Reporting: Koinly is adept at producing detailed capital gains reports compliant with the tax rules of over 100 countries.
Dashboard: The platform provides a clear overview of all your transactions, current portfolio value, and estimated tax liability, updated in real-time.
Pool Tracking: Koinly uses a sophisticated system to track your crypto in different ‘pools’, ensuring that it adheres to specific tax regulations like FIFO, LIFO, etc.
Free Tier Available: Koinly offers a free plan that allows users to track and view their holdings, making it a handy crypto trading portfolio tracker, even if you’re not ready to dive into the tax features.
Koinly Comparative Analysis:
1. Cointracking: One of the earliest entrants in the market, Cointracking offers a rich feature set, including the ability to analyze real-time prices, losses, gains, and trends. While both platforms support many exchanges, Cointracking might have a slightly steeper learning curve due to its expansive features. Price-wise, Cointracking can get expensive for those with significant transactions. See the full Cointracking VS Koinly review.
2. Accointing: Accointing’s strong suit is its intuitive interface and mobile app, among the best in the industry. Like Koinly, Accointing offers a free tier. However, its premium plans can be more affordable than Koinly’s, especially for users with fewer transactions. See Accointing VS Koinly review.
3. Cointracker: Cointracker offers an easy-to-use interface with a straightforward setup. While Koinly provides a more international perspective with its tax compliance for 100+ countries, Cointracker primarily focuses on tax regulations and reporting for US crypto traders and Canadian crypto traders. On the pricing front, Cointracker’s costs are similar to Koinly’s but may lean on the higher side for users with many transactions.
4. Coinledger: Coinledger is a robust tool, especially for professionals who require detailed insights. It’s relatively newer, but its analytics features stand out. Koinly, on the other hand, strikes a balance between detailed reporting and user-friendliness.
5. Coinpanda: Coinpanda is known for its simplicity. Its interface is easy to navigate, making it ideal for beginners. While Koinly provides a deeper feature set, Coinpanda can be a more cost-effective solution for those with more straightforward needs. See the complete comparison of Coinpanda VS Koinly.
Pricing and What’s Included:
Koinly: Their pricing is tiered based on the number of transactions. The free plan allows for portfolio tracking and price monitoring. Paid plans, which allow for tax reporting, start from around $79/year for 100 transactions, with prices increasing for higher transaction counts.
Cointracking: Offers both a free and a pro version. The free version is limited to 200 transactions, and the unlimited version can cost upwards of $300/year.
Accointing: The free version tracks up to 250 transactions. Their paid plans range from $50 to $300, with the most expensive plan accommodating 10,000+ transactions.
Cointracker: Their pricing is also based on transaction count. The basic plan covers up to 100 transactions and costs $49/year, with the cost increasing significantly for heavy traders.
Coinledger: Specific pricing details might vary, but they typically have a free tier and various paid options based on the user’s needs.
Coinpanda: Offers a free tier, and its paid plans start from around $49/year for 150 transactions, with prices increasing for more extensive portfolios.
Koinly Step-by-Step Guide
It’s a 4 step procedure to summarize your transactions to Koinly software and generate a tax reporting file for the authorities.
- Import all crypto transactions (CSV file or API key)
- Koinly finds all the market prices at the time of your trades
- Koinly separates taxable events from non-taxable events, including transferring, trading, mining, staking, lending, and airdrops, and simplifies recording all the ins and outs.
- The software automatically calculates your crypto gains/losses and generates tax reports.
Countries Supported by Koinly Tax Report App
Koinly supports tax reporting for over 100 countries. Always ensure your land is kept before purchasing any tax reporting plan.
Koinly supports countries that use Average Cost, FIFO, LIFO, HIFO for calculating gains. Koinly also offers specialized tax reports for countries like the USA, Canada, Australia, the UK, Germany, Norway, Denmark, and Sweden. All these specialized reports are specified in the bullet list below.
Countries supported by Koinly tax crypto software
- USA, Canada, Australia, New Zealand, Brazil, South Africa
- UK, Germany, Sweden, Denmark, Finland, Norway, Netherlands, France, Spain, Italy, Austria, Lichtenstein, Ireland, Czech Republic, Estonia, Malta, Luxembourg, Belgium, Poland, Ukraine, Iceland, Switzerland
- Japan, South Korea, Singapore, India
Localized tax reports are possible to generate with Koinly crypto tax software
Koinly can generate several localized tax reports for different countries, such as:
- Form 8949 and Schedule D (US)
- Capital gains summary (UK)
- K4 (Sweden)
- RF1159 (Norway)
- Swiss Valuation Report (Switzerland)
- Lomake 9 (Finland)
- Schedule 3 (Canada)
- Summarized ATO report (Australia)
- Formulaire 2086 (France)
How do you report crypto taxes with Koinly for US customers?
See this step-by-step guide from Koinly on how to use the crypto tax software for US customers specifically.
How do you report crypto taxes with Koinly for Canadian customers?
See this step-by-step guide from Koinly on how to use the crypto tax software for Canadian customers specifically.
Koinly Pros and Cons
Koinly is a popular tax software designed specifically for cryptocurrency users. Here’s an overview of its pros and cons:
Comprehensive Crypto Support: Koinly supports a wide range of cryptocurrencies and integrates with numerous wallets and exchanges, offering extensive coverage for crypto transactions.
Automated Tax Reports: It automates the process of generating tax reports, including capital gains, income, and gift reports, which is a significant convenience for users.
International Compatibility: Koinly is compatible with tax systems in multiple countries, making it a versatile tool for international users.
Easy Integration: It easily syncs with blockchain wallets and exchanges to import transaction data, saving time and reducing manual entry errors.
User-Friendly Interface: The platform is generally user-friendly, making it accessible for both beginners and experienced cryptocurrency users.
Tax Optimization: Koinly offers features to help optimize taxes, such as identifying tax-saving opportunities and tracking carryover losses.
Cost: While it offers a free version, the more advanced features require a paid subscription, which might be expensive for some users.
Complexity for Beginners: Despite its user-friendly design, the complexity of cryptocurrency taxes can still be overwhelming for beginners.
Limited Customization for Advanced Users: Advanced users might find the customization options for reports somewhat limited.
Dependence on Accurate Data Imports: Koinly’s accuracy is highly dependent on the accurate import of data from wallets and exchanges. Errors in imported data can lead to inaccuracies in tax calculations.
Privacy Concerns: As with any platform that requires financial data, there may be privacy concerns, especially considering the sensitive nature of cryptocurrency holdings.
Potential for Technical Issues: Users may encounter technical issues or glitches, particularly when integrating with a wide range of wallets and exchanges.
These points should give a balanced view of Koinly’s capabilities and limitations, helping users to decide if it aligns with their needs for cryptocurrency tax reporting.