When it comes to managing your cryptocurrency portfolio, the debate between Koinly vs Cointracker often surfaces as a hot topic. Both platforms offer a plethora of features designed to simplify your crypto journey, from tax reporting to portfolio tracking. But which one reigns supreme? Is it Koinly with its extensive range of supported cryptocurrencies and seamless accounting software integration?
Or does Cointracker steal the spotlight with its user-friendly interface and robust tax reporting capabilities? In this comprehensive guide, we’ll delve deep into the Cointracker vs Koinly showdown, comparing their features, pricing, and more to help you make an informed decision. Stay tuned as we unravel the pros and cons of each, setting you on the path to crypto management success.
Koinly and Cointracker are both very popular crypto tax calculators with similar pricing and features. However, depending on your needs (Koinly fits better if you are a day trader, Cointracker is good for those who are on tight budget, both work great for NFT owners etc.) either Koinly or Cointracker come out on top.
| Feature 🌟 | Koinly 🛠️ | Cointracker 🛠️ |
|---|---|---|
| User Interface and Ease of Use 👁️🗨️ | Koinly offers a clean and intuitive user interface, making it easy for users to navigate and manage their cryptocurrency portfolios. | Cointracker also provides a user-friendly interface, with a focus on simplicity and ease of use. |
| Supported Exchanges and Wallets 🔄 | Koinly supports a wide range of exchanges and wallets, including popular platforms like Binance, Coinbase, and Ledger. They have over 6,000 supported cryptocurrencies. | Cointracker also supports a large number of exchanges and wallets, including Binance, Coinbase, and Trezor. They support over 2,500 cryptocurrencies. |
| Tax Reporting Features 📊 | Koinly offers comprehensive tax reporting features, including capital gains, income, and loss calculations. They provide detailed tax reports that can be exported for tax filing purposes. Koinly also supports tax reporting in multiple countries. | Cointracker also provides tax reporting features, allowing users to generate tax reports for capital gains and losses. They offer features like FIFO, LIFO, and specific identification cost basis methods. |
| Pricing 💲 | Koinly offers different pricing plans based on the number of transactions and the level of support needed. They have free plans available for smaller portfolios, and paid plans for more advanced features. | Cointracker offers both free and paid plans. The free plan includes basic portfolio tracking and limited tax reporting features. The paid plans provide access to more advanced features and priority support. |
| Integration with Accounting Software 📚 | Koinly integrates with popular accounting software like QuickBooks and Xero, allowing seamless synchronization of cryptocurrency transactions and tax data. | Cointracker also offers integration with accounting software, including QuickBooks and TurboTax, making it easier to import cryptocurrency transactions for tax purposes. |
| Customer Support 📞 | Koinly provides customer support through email and chat. They also have an extensive knowledge base and video tutorials to assist users. | Cointracker offers customer support through email and a dedicated support center. They have a help center with FAQs and guides to help users navigate the platform. |
Let’s dig deeper into this comparison.
The wider adoption the crypto space continues to experience has increased the interest of governments in cryptocurrency. Many governments have now viewed cryptocurrency as taxable, and so there has been a need for crypto users and traders to find a way to record their crypto transactions and earnings. For example, IRS notice 2014-21 considers cryptocurrency as property and requires capital gains and losses to be reported on Schedule D and Form 8949 if necessary.
As a result, several projects have designed crypto tax tools to enable their users to track their crypto transactions and file their tax reports easily. This article will compare two of such tools, Koinly and Cointracker, that allow users to track their crypto transactions and file their reports quickly.
What you'll learn 👉
What are crypto tax tools?
Crypto tax tools are computer software that monitors crypto portfolio, profit and losses from crypto trading, crypto transactions and allows the preparation of taxes for crypto assets.
Koinly vs Cointracker Supported Countries
Koinly Supported Countries
Currently, Koinly provides full support for the United Kingdom,the United States, Canada, Australia, New Zealand, Germany, Ireland, Sweden, Norway, Denmark, Finland, Spain, Italy, Austria, Lichtenstein, Ireland, Czech Republic, Estonia, Malta, and Luxembourg.
Cointracker supported countries
Currently, Cointracker provides complete tax support services for the United Kingdom, the United States, Canada, and Australia. They provide partial support for other countries as well.
Koinly provides crypto tax tools for more countries than Cointracker does, as seen from the list above. Cointracker supports many countries but provides a crypto tax tool for the four listed countries.
Koinly vs Cointracker Supported Exchanges and Wallets
Koinly supported exchanges
The following are the exchanges that Koinly supports:
Coinbase, Coinbase Pro, Binance, Binance US, Crypto.com, Bittrex, Swyftx, Kraken, Bitstamp, Exmo, Poloinex, Bitfinex, Bitmex, Idex, Binance dex, Coinspot, Hitbtc, Gemini, Huobi, Cex.io, Uphold, Gate.io, Bybox, Bitbuy, Bithumb, Bitpanda, Changelly, Circle, Robinhood, Coinbene, Coinjar, Coinbase prime, Gatehub, coss, independent reserve, liquid, Livecoin, Local Bitcoin, Okex, Shakapay, Upbit.
Koinly supported wallet
The following are the wallets that Koinly supports:
Abra, Blockchain wallet, Bread wallet, celsius network, coinbase wallet, crypto wallet, Electrum, Exodus, Jaxx wallet,Keepkey wallet, Ledger, Shakepay, Myetherwallet, Samourai wallet, Trezor.
Cointracker supported exchanges
The following are the exchanges that koinly supports:
Btcmarkets, Binance chain, Bitsane, Blockfolio, Cointracking, Coinlist pro, Coinsquare, Coss.io, Cryptagon, Crypto.com, Delta, FTX, FTX US, Liqui, Quadricacx, Robinhood, Coinbase, Coinbase Pro, Binance, Binance US, Crypto.com, Bittrex, Swyftx, Kraken, Bitstamp, Exmo, Poloinex, Bitfinex, Bitmex, Idex, Binance dex, CoinDspot, Hitbtc, Gemini, Huobi, Cex.io, Uphold, Gate.io, Bybox, Bitbuy, Bithumb, Bitpanda, Changelly, Circle, Cobinhood, Coinbene, Coinjar, Coinbase prime, Gatehub, coss, independent reserve, liquid, Livecoin, LocalBitcoin, Okex, Upbit.
Cointracker supported wallet
The following are the wallet that Cointracker supports:
Abra, Blockchain wallet, Bread wallet, celsius network, crypto.com, Coinbase wallet, crypto wallet, Electrum, Exodus, Jaxx wallet, Keepkey wallet, Ledger, Myetherwallet, Samourai wallet, Trezor.
We can see from the lists above that Cointracker has a longer list of supported exchanges and wallets than Koinly has.
Koinly vs Cointracker- other supported services(mining, staking, defi, liquidity providing, NFTs, etc.)
Koinly Defi portfolio tracker
Koinly allows investors to monitor their portfolio growth across their accounts and wallets. It tracks all fiat investments and staking mining lending and borrowing across many exchanges and platforms. It allows users to monitor profits and losses easily rather than fill in long Excel sheets.
Cointracker Defi Center
Cointracker has built a platform that features tools to help users track their defi portfolio across several platforms. Cointracker allows users to track assets in liquidity pools, lending and borrowing platforms, staked assets, and NFTs. The supported platforms include Daomaker, Compound, Uniswap, bancor, Instadapp, Kyber network, augur, veil, Melonport, Uniswap, dy/dx, nuo network, etc.
With the above, apart from tax tools, both Koinly and Cointracker offer defi asset tracking tools that monitor all user assets, including NFTs.
Read also:
- Crypto Tax-Free Countries – Crypto Tax-Friendly Countries (Europe & Asia)
- Koinly vs Zenledger
- Koinly vs Coinledger
- Koinly vs Cointracking – Which Crypto Tax Tool is Better?
- Cointracker Alternatives
Koinly pricing
The table below shows the breakdown of koinly crypto tax services and the prices they are offering.
| FREEEssential features | NEWBIEJust getting started | HODLERTaking it easy | TRADERHustling like a Pro | |
| Price | $0free forever | $49per tax year | $99per tax year | $179per tax year |
| USAGE | ||||
| Transactions | 10000 | 100 | 1000 | 3000(10000+) |
| Wallets & exchange accounts | Unlimited | Unlimited | Unlimited | Unlimited |
| Portfolio tracking | ||||
| Capital gains preview | ||||
| Defi, Margin trades, Futures | ||||
| Avalanche trades | ||||
| Tax Reports | ||||
| Form 8949, Schedule D | ||||
| International tax reports | ||||
| Comprehensive audit report | ||||
| Export to TurboTax, TaxACT | ||||
| FIFO, LIFO, Average Cost & more | ||||
| Wallet-based cost tracking (Spec ID) | ||||
| Awesome features | ||||
| Smart transfer matching | ||||
| Mining, Staking, Lending, Forks | ||||
| Exchange & transaction fee tracking | ||||
| 6000+ cryptocurrencies | ||||
| 6+ years of historical spot prices | ||||
| Data import | ||||
| Exchange API sync | ||||
| CSV file import | ||||
| ETH address auto-syncxPub/yPub/zPub import | ||||
| Bitmex, Deribit, Bybit & others | ||||
| Nexo, BlockFi & others | ||||
| Migrate from Cointracking, Cointracker | ||||
| Custom file import | ||||
| Error Reconciliation | ||||
| Auto balance verification | ||||
| Negative balance warnings | ||||
| Double-entry ledger for every asset | ||||
| Advanced transaction filtering | ||||
| Transaction sorting by gains | ||||
| Cost analysis | ||||
| Support | ||||
| Email support |
As seen in the table above, to get a filing for Form 8949, Schedule D; International tax reports; Comprehensive audit report; Export to TurboTax, TaxACT on the koinly platform, you will have to pay a minimum of $49.
Cointracker pricing
The table below shows the breakdown of Cointracker crypto tax services and the prices they are offered
| Free | Hobbyist | Premium | Unlimited | |
| $ 0 | starts at$ 59 | starts at$ 199 | Priced individually | |
| Transactions | 25 transactions | 100 transactions | 1,000 transactions | Unlimited transactions |
| Support for over 2500 cryptocurrencies | ||||
| Auto-sync with unlimited exchanges and wallets | ||||
| Cost basis methods | ||||
| Error reconciliation | ||||
| Transaction history CSV | ||||
| Capital gains CSV | ||||
| Export to TurboTax | ||||
| Export to TaxAct | ||||
| Referral to affiliate crypto tax advisor | ||||
| Forum Support | ||||
| Margin trading | ||||
| DeFi functionality | ||||
| Tax summary by wallet | ||||
| Email support | ||||
| Concierge support | ||||
| Custom features | ||||
The tables above show that the lowest-paid plan Cointracker offers is $59, which is more expensive than the lowest-paid plan Koinly offers. The highest-paid plan koinly offers is $179, which is cheaper than Cointracker offers.
With $49, you can get a filing for Form 8949, Schedule D; International tax reports; Comprehensive audit report, export to TurboTax, TaxACT on the Koinly platform. While on the Cointracking platform, it will cost you a minimum of $199 to get tax summary by wallet, but you can get services for Export to Tax Act, Export to Turbo Tax, Transaction History CSV, Capital Gains CSV.
Conclusion
Based on the criteria above, it is safe to conclude that the two platforms are good enough for anyone who wants to keep track of his portfolio without having to hold a pen and a paper and go through the rigorous steps of recording numerous transactions and monitoring the gains and losses on different platforms. In many areas, both platforms are at par. However, Koinly offers tax tools for more countries than Cointracker does.
Read also:
Frequently asked questions
