Both the Koinly and Blockpit platforms feature an intuitive user interface that allows users to calculate taxes easily.
What are crypto tax tools?
Crypto tax tools are software programs used to calculate your crypto-related taxes. These tools simplify the process of managing your crypto taxes by automatically generating a tax report for you.
Koinly vs Cryptotax supported countries
Koinly accepts users from more than 100 countries, among which the most common ones are: the USA, Canada, Australia, New Zealand, Brazil, UK, Germany, Sweden, Denmark, Netherlands, France, Spain, Finland, Norway, Italy, Ireland, Czech Republic, Estonia, Malta, Austria, Lichtenstein, Luxembourg, Belgium, Poland, Ukraine, Iceland, Switzerland, Singapore, India, Japan, South Korea, and South Africa.
They also support any country using the FIFO (First In, First Out), LIFO (Last In, First Out), Highest Cost, and Average Cost Basis accountancy methods.
Blockpit currently accepts users from four countries, namely Austria, Germany, Switzerland, and the United States of America.
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Koinly vs Blockpit supported exchanges & wallets
Koinly supports 398 exchanges (including the most popular ones such as FTX, Coinbase, Binance, Crypto.com, Kraken, Gate.io, Huobi, and KuCoin), and 50+ wallets (Metamask, Exodus, Trust Wallet, Trezor, Electrum, Coinbase Wallet, and more).
Blockpit supported exchanges are: Airswap, Binance, BitMEX, Bitcoin.de, Bitpanda, Bittrex, Coinbase, Coinbase Pro, Kraken, Bitstamp, and Poloniex. According to their website, Cryptotax plans to add support for more exchanges in the future, such as Gate.io, KuCoin, BitBay, Gemini, Huobi, and more.
As for wallets, Blockpit supports Ledger, Tezos, Binance, and Coinbase Wallet. Unfortunately, they don’t currently support Metamask at the moment of writing.
Koinly vs Blockpit – other supported services
With access to more than 350 exchanges, Koinly can be used to calculate DeFi (including staking and NFT’s) taxes. Users of the platform need to sync their wallets or exchanges with Koinly through API or import a CSV file with their transactions to access this feature.
Blockpit can be used to calculate taxes for mining income, crypto airdrops, margin trading, and more. DeFi taxes (such as swaps, liquidity pools, lending, or borrowing crypto) are also available on the platform.
Koinly vs Blockpit pricing
The Koinly platform has four yearly pricing plans, each of them with a different number of transactions: Newbie at $49 (100 txs), Hodler – $99 (1000 txs), Trader – $179 (3000 txs), and the Pro plan at $279 per year (10,000 txs).
Blockpit features the following three yearly pricing plans: Basic – (free) with 25 txs, Advanced – $199 (25.000 txs), and Professional – $599 per year (with unlimited transactions).
At the pricing chapter, Koinly seems better for users with a small to a medium number of transactions, while Blockpit is better suited for users with a large number of crypto transactions.
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Koinly is one of the best platforms on the crypto market, with access to 350+ different exchanges and 50 wallets, as well as access to calculate your DeFi taxes.
Blockpit is better for users with a large number of crypto transactions per year. On the other hand, Koinly is a better choice for someone looking for accessible pricing plans, access to a large number of integrated crypto exchanges, and fewer transactions per year processed.
Although crypto tax software is considered a new and emerging technology, it has proven to be accurate and time-saving.
Yes. Koinly supports TurboTax Online.
All centralized crypto exchanges are required by law to report to the IRS, and most of the big exchanges do. Decentralized exchanges such as Uniswap, Pancakeswap, and dozens of other similar swaps are exempt from this rule, as they don’t report to the IRS. These swaps have a huge daily volume of billions of dollars, and it is up to each user to report to the IRS.
It depends on your needs. Other crypto tax software alternatives might have different features, but the downside is that they aren’t very cost-effective.
It does not. Blockpit only calculates crypto taxes and helps users with filling out legally compliant forms.
Any income earned from transacting cryptocurrencies is taxable at a rate of 10% to 37% in 2022. The tax applies to profit from the transfer or sale of digital assets.
Yes. Koinly accepts users from 100+ countries, including the UK.
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