There are 12 different methods for generating tax returns.
Freely fulfills your basic tracking needs.
There are over 10,000 different currencies available.
There is a mobile app available.
It syncs with major exchanges automatically.
Depending on your transaction volume, it gets expensive
Highest Rated Crypto Tax Software
Paid plans from £39 per year.
Paid plans from $10.99 per month
Paid plans from £49 per year.
Cointracker Review
Cryptocurrency has quickly grown in popularity as an asset class. As more investors enter the world of cryptocurrency trading, they face the challenge of accurately tracking the performance of their cryptocurrency investments. Furthermore, many fall foul of the difficult recordkeeping required to report and pay your taxes properly.
If you’re having trouble monitoring and tracking your rapidly changing cryptocurrency portfolio, CoinTracker might be just what you’re looking for. CoinTracker has resolved these common issues for over 1 million users.
What is CoinTracker?
CoinTracker.io was founded in 2017 by Chandan Lodha and Jon Lerner. From the beginning, CoinTracker has been quite popular among users. Instead of simply providing a cryptocurrency tracking platform, it raises the bar.
CoinTracker has important tax tracking tools that set it apart from the competition. Furthermore, the comprehensive dashboard displays information about your cryptocurrency assets, such as real-time prices, historical data, deposits, withdrawals, market caps, and performance details.
CoinTracker is a cryptocurrency portfolio manager and crypto tax software that integrates with leading cryptocurrency exchanges to gather your trading history, which is then automatically used to create tax reports. It supports various forms of annual tax reports, including capital gains standards, FBAR, Form 8949, and the German Income Tax Act. It also supports automatic import.
CoinTracker currently tracks $50 billion in cryptocurrency assets.
Offered Services
- Transaction Monitoring
CoinTracker, as the name implies, provides a wallet and exchange tracking. Connect your cryptocurrency wallets to CoinTracker to monitor incoming and outgoing transactions. Over 300+ wallets, including Ledger, Coinbase, Binance, and TrustWallet, can be tracked.
CoinTracker currently supports 10,000+ cryptocurrencies. As a result, your crypto portfolio is very likely to fit right into this platform.
- Compliance with Taxes
Staying tax compliant is critical when building your cryptocurrency portfolio. Unfortunately, keeping track of these details on your own can be difficult. Fortunately, CoinTracker handles this task for you.
The platform optimizes cost-basis accounting methods automatically, allowing for seamless tax-loss harvesting. Furthermore, having more visibility into these details can help you make smarter trades to reduce your tax liabilities.
CoinTracker will assist you in remaining tax compliant within the platform. When it comes time to file your taxes, all you have to do is download your tax report in a matter of minutes.
- Fee Monitoring
Anyone who has traded cryptocurrency knows that fees can be exorbitant.
You can easily see the fees you pay per transaction and per exchange with CoinTracker. This information can assist you in making adjustments to reduce the fees you pay when trading crypto assets.
- Multiple Cost Basis Methods
Cointracker offers five different accounting methods to its users to generate tax forms, including First In First Out (FIFO), Highest In First Out (HIFO), Last In First Out (LIFO), Share Pooling (AS), and Adjusted Cost Base (ACB).
- Investment Performance
Cointracker provides its users with powerful technology such as cost basis tracking, automatic detection, and price history detection. This provides them with an accurate picture of their investment performance, as well as your Return on investment (ROI) over time and other data.
- Pricing
Essentially, Cointracker is a free portfolio tracking tool. Users who want to use the tax creation feature, on the other hand, will have to spend the amount set by the platform. It’s worth noting that upgrading your account to gain access to all of the features isn’t cheap.
Free Plan
- See current portfolio
- Daily portfolio updates
- Portfolio allocation
Enthusiast
- See current portfolio
- Daily portfolio updates
- Portfolio allocation
- Forum + email support
- Performance over time
- Performance by crypto
Premium
- See current portfolio
- Daily portfolio updates
- Portfolio allocation
- Priority support
- Performance over time
- Performance by crypto
- Custom date filters
- Tax loss harvesting
Custom
- See current portfolio
- Daily portfolio updates
- Portfolio allocation
- Priority support
- Performance over time
- Performance by crypto
- Custom date filters
- Tax loss harvesting
- Accounting
- Custom functionality
Supported Exchanges
CoinTracking supports 300+ major crypto exchanges and wallets, including:
- Binance
- BitMax
- Bittrex
- CEX
- Coinbase
- BitFinex
- LocalBitcoins
- CoinSpot
- All the offered plans could be chosen from according to the need by the customer.
Supported Wallets
You can also manually import incoming and outgoing wallet transactions. A few of the supported wallets are:
- Blockchain
- Electrum
- Exodus
- Gatehub
- Mycelium
- Ledger
- Trezor
Reviews
The main competitive advantage that distinguishes CoinTracker from the competition is that it has broader API support than competing crypto tax calculators, despite competitors closing the gap in the last year.
CoinTracker also provides lifetime licenses, which are expensive but can pay off in the long run, particularly if you are a power trader with a large number of trades behind and ahead of you.
Furthermore, most crypto tax calculators do not offer a free plan. Because you don’t have to pay anything if you have 200 transactions or less to process, CoinTracker price is an obvious choice for new traders.
Conclusion
The Cointracker app provides additional features that are difficult to find elsewhere and is a complete solution for any seasonal or professional crypto trader/HODLer. They have built-in automatic import from exchanges, fantastic support, and a very clean interface. Best of all, for those with few transactions, everything is free. Cointracker also integrates with the most popular crypto tax software programs and all of the major cryptocurrency exchanges, which is a huge plus.
It’s becoming increasingly difficult to find competent accountants who understand crypto. That is why it is well worth it to pay for a tool like this that does all of the work for you. Every year, Cointracker calculates your crypto taxes for you. Users can review and download their tax summary at any time.
With all the benefits it is certainly a good platform but the problems with the site could not be ignored so it would be better to compare all the aspects with all other available options to make the best investment.
