Koinly vs Cointracker – Which Crypto Tax Software is Better?

October 5, 2022

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.

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.

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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.

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.

Frequently asked questions

What are crypto tax events❓

Crypto tax events are cryptocurrency transactions that result in tax. Examples are selling Crypto for cash, using Crypto to purchase goods and services, receiving Crypto as income, mining crypto, earning staking rewards, other crypto earnings, Crypto received from a hard fork, airdrop crypto, other crypto rewards or incentives.

lost money trading cryptocurrency. Do I still need to pay tax❓

When a trader incurs a loss on a crypto transaction, he will deduct the losses from the gains taxes will be charged. For example, If you sold Eth with 500$ profit last week, and this week you sold with 100$ loss, to calculate your taxable gain now, you will have to deduct the loss from the profits made initially. This will mean that you will subtract the 100$ loss from the 500$ profit, which will give you 400$. This 400$ will now be your taxable gain.

Does Cointracker report to the IRS❓

Cointracker has automated the process of reporting to the IRS.

Is Cointracker owned by Coinbase❓

No, Cointracker is not owned by coinbase. They are only in a partnership. Coinbase has made a strategic investment in Cointracker, which in return allows the customers of Coinbase to choose to report their capital gains and losses to the IRS using Cointracker.

How do I calculate tax in Crypto to crypto transactions❓

IRS requires it. To calculate tax in Crypto to crypto transactions, you will have to find the value of the crypto coins involved in fiat- USD, for example- then calculate how much is taxable.

Does Koinly work for the UK❓

Yes, it does. UK citizens that trade or use Crypto can also use Koinly to generate tax reports.

Is Koinly safe to connect with Coinbase❓

Yes, it is safe to connect Koinly to Coinbase. So far, there has not been any reason to think that it is risky to connect Koinly with Coinbase. Koinly is connected to the accounts holding the funds of many users and so sees the need to prioritize the security of its platform.

Are airdrops, staking, mining, forks taxed❓

es, airdrops, staking, mining, forks are taxed. All these are taxed because they are also considered income for an individual.

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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