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 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:
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:
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.
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|
$49per tax year
$99per tax year
$179per tax year
|Wallets & exchange accounts||Unlimited||Unlimited||Unlimited||Unlimited|
|Capital gains preview|
|Defi, Margin trades, Futures|
|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)|
|Smart transfer matching|
|Mining, Staking, Lending, Forks|
|Exchange & transaction fee tracking|
|6+ years of historical spot prices|
|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|
|Auto balance verification|
|Negative balance warnings|
|Double-entry ledger for every asset|
|Advanced transaction filtering|
|Transaction sorting by gains|
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 $49.
The table below shows the breakdown of Cointracker crypto tax services and the prices they are offered
|$ 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|
|Transaction history CSV|
|Capital gains CSV|
|Export to TurboTax|
|Export to TaxAct|
|Referral to affiliate crypto tax advisor|
|Tax summary by wallet|
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.
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.
Frequently asked questions
CaptainAltcoin's writers and guest post authors may or may not have a vested interest in any of the mentioned projects and businesses. None of the content on CaptainAltcoin is investment advice nor is it a replacement for advice from a certified financial planner. The views expressed in this article are those of the author and do not necessarily reflect the official policy or position of CaptainAltcoin.com