Robust exchange & wallet integrations
Option to pay in cryptocurrency
The free plan doesn’t include tax reports
Slow response from customer support
Highest Rated Crypto Tax Software
Investing in cryptocurrency requires reporting capital gains and other income when filing your taxes. However, manually keeping track of a large portfolio with multiple holdings across various exchanges can be a daunting task.
Luckily, there are crypto tax calculators and solutions like Koinly that can automatically calculate your crypto taxes and generate tax reports. Koinly is a comprehensive cryptocurrency tax software that can save you time and hassle while ensuring accuracy and compliance with tax regulations.
With Koinly, you can easily calculate and file your crypto taxes in a few simple steps. Its user-friendly interface allows you to import data from multiple exchanges and wallets, making it simple to track and manage your entire crypto portfolio. Additionally, Koinly’s intuitive software automatically detects and categorizes transactions, ensuring that all relevant tax data is accurately recorded.
What is Koinly?
Koinly is a cryptocurrency tax software and portfolio tracking platform that was founded by Robin Singh in 2018 and is based in London. Its main purpose is to help cryptocurrency investors and traders calculate their taxes and generate tax reports with ease and efficiency.
With Koinly, users can easily sync their exchange and wallet trading history in just one click, making it simple to consolidate all of their crypto-related data in one place. This can save a lot of time and effort compared to manually tracking multiple portfolios on different exchanges.
Koinly is available in more than 20 countries, including the US, UK, Canada, Germany, Switzerland, Japan, France, and Australia, among others. This means that users around the world can take advantage of its features and benefits.
In addition to catering to individuals, Koinly also offers a solution for accountants, enabling them to create reliable and accurate crypto tax reports in their clients’ local currencies. This feature is especially beneficial for accountants who have clients that trade on multiple exchanges or hold various types of cryptocurrencies.
Benefits of using Koinly?
- Wallet and Exchange Integration
Koinly integrates with over 400+ Exchanges, 100+ wallets, and 17000+ cryptocurrencies. You can connect your accounts via API or public wallet address, which allows your transactions to be automatically synced to your Koinly dashboard and gives you a complete picture of all your trading activities. This allows you to consolidate all of your investing activity in Koinly and start preparing your tax returns. Koinly has helped traders with well over 500k transactions generate their tax reports.
Koinly supports all the popular exchanges such as Coinbase, Binance, FTX, Gemini, Kraken, KuCoin, etc.
Koinly also supports 50+ wallets and numerous crypto savings accounts, including popular platforms such as Yoroi, Ledger, Nexo, Trezor, BlockFi, Uphold, Phantom, etc.
Koinly recognizes and tags all your income from Staking, Lending & Defi. Furthermore, Koinly’s error reconciliation feature uncovers missing transaction data and duplicates to ensure you’re filing correctly.
To summarize, Koinly makes it simple to import all of your crypto activity. It is entirely up to you whether you prefer to use API connections or upload CSV reports.
These include First In First Out (FIFO), and Last In First Out (LIFO) reports, Form 8949, Schedule D reports, and International tax reports, and Koinly provides a comprehensive online crypto tax auditing service that also allows users to connect with qualified tax accountants in their region.
- Automatic Crypto Tax Reports
Koinly’s tax reports are compliant with tax offices in several countries, including ATO, IRS, HMRC, and CRA. Users can access an overview of their cryptocurrency activity for the current year in the Tax Reports tab, including profits and losses on capital gains, earnings from airdrops, forks, and crypto savings accounts, gifts, donations, and misplaced coins. The tax reports also exclude costs and expenses, making it easy to calculate capital gains:
- Profits and losses on capital gains
- Other gains come from sources such as Reward and Interest.
- Earnings from airdrops, forks, and crypto savings accounts
- Capital gains exclude costs and expenses.
- Gifts, donations, and misplaced coins
- Portfolio Monitoring
The Koinly dashboard provides a quick overview of a user’s portfolio value, holdings, and performance by holding and transaction history. It displays a comprehensive summary of each asset’s performance, and users can see detailed information on each transaction, such as buy and sell dates, the cost basis, and more.
Koinly provides tax tracking and reporting services for more than 20 countries worldwide. These countries include:
- The United States of America
- The United Kingdom
- The Netherlands
- The Czech Republic
- South Korea
- New Zealand
In these countries, Koinly helps users to automatically calculate their crypto taxes and generate tax reports, ensuring compliance with local tax regulations. By supporting a wide range of countries, Koinly is an excellent solution for cryptocurrency investors and traders who operate globally and need to comply with multiple tax regimes.
Price Plans by Koinly
Koinly offers a range of pricing plans to suit different needs and budgets. These plans include:
- Free plan: The free plan allows users to track their trades and transactions, as well as exchange and wallet accounts. It also provides a capital gains tax preview, FIFO and LIFO tax reports, and the ability to import data from multiple sources. Additionally, users can contact the Koinly team via live chat and email.
- Hodler plan: The Hodler plan costs $49 per tax year and includes the ability to generate FIFO and LIFO tax reports, as well as international tax reports, comprehensive audit reports, and Form 8949 and Schedule D reports. However, the number of transactions is limited to 100. Users can also export to TurboTax and TaxACT.
- Trader plan: The Trader plan costs $99 per tax year and provides users with a similar set of features as the Hodler plan, but with an increased transaction limit of up to 1,000. Users who subscribe to this plan also receive priority support.
- Oracle plan: The Oracle plan costs $179 for 3,000 transactions and $279 for 10,000 transactions per tax year. This plan includes all the features available on Koinly, including priority support, the ability to create customized reports, and additional assistance from the support team. The support team can perform bulk actions and process custom files without extra fees.
In addition to these plans, Koinly also offers an expert review service where users can have their tax report reviewed by Koinly experts. The review service is ideal for new users and can take 4-6 weeks to complete.
It’s important to note that transaction limits are the main factor to consider when selecting a plan for tax reporting purposes. However, users can add a dual nationality feature to any plan for an additional $49, which provides tax report downloads for one more country. This feature may be useful for digital nomads and expats who need to comply with tax regulations in multiple countries. Overall, Koinly offers a range of plans to suit different needs and budgets, making it a great choice for anyone looking to streamline their crypto tax reporting.
Koinly is primarily aimed at individuals who are already involved in various crypto-related activities, such as trading, investing, mining, staking, and lending. As a result, the platform may not be ideal for those who are just beginning their crypto journey and have limited experience with the various crypto-related activities.
However, Koinly is also a helpful tool for crypto enthusiasts of all levels of experience, and it allows new users to keep track of their crypto activities from day one. In addition, Koinly allows users to track their trades and transactions going back up to five years, which is beneficial for more experienced traders who need to report their past crypto-related activities accurately.
Koinly has received a 4.7 star rating on Trustpilot, a popular review platform that allows customers to provide feedback on various products and services. The high rating is a testament to the quality of service provided by Koinly and the positive experiences that customers have had with the platform.
Koinly reviews on Trustpilot praise the platform for its user-friendly interface, efficient tax reporting, and excellent customer support. Many customers appreciate how easy it is to link their exchange accounts and wallet addresses to the platform and generate accurate tax reports in a matter of minutes. Others have commended the Koinly team for their prompt and helpful responses to customer inquiries, ensuring that any issues are resolved quickly and efficiently. Overall, the high rating on Trustpilot underscores the value that Koinly provides to its users and the positive impact it has had on their crypto tax reporting experience.
Check out customer reviews at Trustpilot
Koinly is a viable option for anyone in a supported region who needs to keep track of their cryptocurrency activities to file tax returns. The web-based platform is simple to use and allows you to quickly link your exchange accounts and wallet addresses while also monitoring your activity.
The platform integrates with a wide range of cryptocurrency service providers and effectively covers its core activities. The service provided aids in streamlining the tracking of all your transactions and alleviates the burden of staying on top of all your operations.
Anyone can sign up for a free account and test out the platform to see how well it helps you track all of your transactions.
Overall, Koinly offers a service aimed at the emerging crypto sector, and the ability to keep track of all your crypto activities will appeal to anyone looking to stay financially compliant and ensure that they can “cash out” or move between crypto and fiat with the least amount of hassle.