Are you tired of manually tracking all your cryptocurrency transactions? Do you find it challenging to keep up with the constantly changing market values of your digital assets?
Well, you’re not alone. With the rise of cryptocurrency investments, more and more people are turning to crypto tax calculators to simplify their financial reporting.
Two popular options for crypto tax software are Cointracker and Koinly. Both platforms offer advanced features to help you manage your crypto taxes efficiently. However, which one is the better choice for you?
In this blog post, we’ll take a deep dive into Cointracker vs Koinly and compare their key features, pricing, and ease of use.
CoinTracker vs Koinly: Key Differences
| Key Points | CoinTracker | Koinly |
|---|---|---|
| Supported Coins | 2,500+ | 20,000+ |
| Tax Calculations | capital gains, income, mining income, and offers tax optimization | capital gains, staking, mining, airdrops, and offers tax harvesting |
| Exchanges Supported | 400+ exchanges and 100+ wallets | 300+ exchanges and wallets |
| Pricing | Free version, paid plans start from $59/year | Free version, paid plans start from $49/year |
| Portfolio Tracking | Yes | Yes |
| Mobile App | Yes | No |
| Review | CoinTracker Review | Koinly Review |
What is CoinTracker?
- Our Rating: 4/5
- Type: Crypto Portfolio and Tax Tracker
- Tax Software: TurboTax, TaxAct, H&R Block
- Features: portfolio tracking, automatic transaction importing, and crypto tax reporting
- Blockchain Integrations: 513 Exchange, wallets, and network integration
- Pricing: Free plan, $59/month basic plan
CoinTracker is a cryptocurrency portfolio tracker that helps investors and traders track their holdings across multiple exchanges and wallets.
It was founded in 2017 by Chandan Lodha and Jon Lerner, with the aim of making cryptocurrency portfolio and tax tracking easy.
It supports over 300 exchanges and 2,500 cryptocurrencies. CoinTracker generates accurate tax reports that help you file your cryptocurrency taxes. It supports tax reporting for various countries, including the United States, Canada, and the United Kingdom.
Key Features
- Real-time portfolio tracking
- Automated transaction importing
- Accurate cost-basis calculations
- Cryptocurrency tax filing
- Capital gains and losses reporting
- Crypto trading history tracking
- Tax loss harvesting
- IRS Form 8949 generation
Pros and Cond of CoinTracker
| Pros 👍 | Cons 👎 |
|---|---|
| Easy portfolio and tax tracking | Tax reporting only available on 5 countries |
| Supports many exchanges and wallets | Syncing issues with some exchanges reported |
| Real-time performance tracking | Automatic tracking may not be 100% reliable |
| Manual transaction entry | |
| Price alerts and tax-loss harvesting dashboard |
What is Koinly?
- Our Rating: 4.6/5
- Type: Crypto Portfolio and Tax Tracker
- Tax Software: TurboTax, TaxAct
- Features: portfolio tracking, DeFi & NFT support, CSV and wallet import, etc.
- Blockchain Integrations: 400+ Exchanges, 100+ wallets, 170+ blockchains
- Pricing: Free plan, $49/month basic plan
Koinly is a crypto tax software that helps users calculate their tax liability based on their cryptocurrency transactions. It supports over 20,000 cryptocurrencies and can import data from 400+ exchanges and wallets, making it a highly versatile solution.
The software offers a range of tax reporting options, including capital gains, income, and mining, and can generate IRS-compatible tax forms, such as Form 8949 and Schedule D. It is available in 20+ countries including the United States.
Key Features
- Automatic API sync with exchanges
- Real-time market data
- Capital gains and income calculations
- FIFO, LIFO, and other cost-tracking methods
- Tax-loss harvesting
- Integration with TurboTax and other tax software
- Mining, Staking, Lending, and Airdrops reporting
- Comprehensive tax reports and audit trails
Pros and Cons of Koinly
| Pros 👍 | Cons 👎 |
|---|---|
| User-friendly interface | Occasional sync errors with exchanges |
| Accurate tax reporting | No mobile app |
| Automated tracking of crypto transactions | Some features are only available on higher-priced plans |
| Multi-currency support | |
| Ability to generate a variety of reports |
Related: How to avoid crypto taxes?
CoinTracker vs Koinly: Tax Calculator
When it comes to portfolio and tax tracking for cryptocurrency, Koinly and CoinTracker are two popular options.
Koinly offers support for DeFi and NFT, as well as different accounting methods such as FIFO, LIFO, and HIFO. They also provide email and live chat support, error reconciliation, and the ability to import data from CSV files and wallets. It also offers tax loss harvesting.
CoinTracker also offers DeFi and NFT support, but it is only available for higher pricing tiers. They offer the same accounting methods as Koinly (FIFO, LIFO, and HIFO), but they also provide a tax summary by wallet, which can be helpful for those who hold cryptocurrency in multiple wallets. Similar to Koinly, CoinTracker allows for CSV and exchange data imports.
Winner: Tie (or slightly edge to Koinly)
Related: Best Crypto Portfolio Tracker Apps
CoinTracker vs Koinly: Exchange and Wallet Integrations
CoinTracker supports over 300 exchanges and wallets, including popular platforms such as Binance, Coinbase, and Ledger. They also offer automatic API and CSV imports, allowing for easy tracking of trades and transactions. It supports more than 2,500+ cryptocurrencies including popular coins like Bitcoin, Ethereum, Cardano, and many altcoins.
Additionally, It provides real-time balance and transaction data for connected accounts, ensuring that users have up-to-date information.
Koinly supports over 20,000 cryptocurrencies and integrations with more than 400 exchanges and wallets.
It also has a unique feature called Smart Transactions, which automatically matches and categorizes transactions for better accuracy and efficiency.
Winner: Koinly Supports more crypto Exchanges and wallets than CryptoTracker.
CoinTracker vs Koinly: Blockchain Integrations
CoinTracker has integrations with dozens of blockchains, including popular ones like Bitcoin and Ethereum, as well as newer ones like Polygon, Solana, and Binance Smart Chain.
On the other hand, Koinly also supports Bitcoin and Ethereum, but it goes further by integrating with several other emerging blockchains such as Avalanche, Solana, Arbitrum, Optimism, and Cardano.
Winner: Koinly Supports 170+ blockchains
CoinTracker vs Koinly: Supported Countries
Koinly supports over 20 countries, including the United States, Australia, and Canada. Meanwhile, CoinTracker fully supports only 5 countries, including the US, India, UK, Canada, and Australia.
Winner: Koinly Supports more countries than CoinTracker.
CoinTracker vs Koinly: Ease of Use and Customer Support
In terms of ease of use, both platforms offer user-friendly interfaces with easy-to-navigate dashboards that provide a clear overview of your cryptocurrency holdings, trades, and tax obligations.
However, CoinTracker may be slightly more intuitive and beginner-friendly than Koinly, as it offers a more streamlined interface and a simpler set-up process.
When it comes to customer support, both platforms offer a range of resources and support options, including detailed knowledge bases, FAQs, and email support.
Winner: CoinTracker
CoinTracker vs Koinly: Pricing or Fees
CoinTracker Price:
- Free Plan: Allows for tracking up to 25 transactions with limited features.
- Hobbyist Plan: $59 per year, allows for tracking 100 transactions with advanced features.
- Trader Plan: $99 per year, includes all features of the Hobbyist plan plus additional features for active traders.
- Pro Plan: $199 per year, includes all features of the Trader plan plus priority support and advanced reporting features.
Koinly Price:
- Newbie Plan: $49 per year, allows for tracking up to 3000 transactions with limited features.
- Hodler Plan: $99 per year, allows for tracking up to 10,000 transactions with advanced features.
- Trader: $197 per year, includes all features of the Trader plan plus additional features for high-volume traders.
Winner: Koinly is more affordable than CoinTracker
Which is more Secure, CoinTracker or Koinly?
Both CoinTracker and Koinly take security seriously and offer similar security measures to protect user data.
They use strong encryption and secure cloud servers, such as Amazon Web Services (AWS), to store user data. In addition, both platforms offer two-factor authentication (2FA) for account login and withdrawals to enhance security.
Furthermore, both CoinTracker and Koinly regularly undergo third-party security audits to ensure compliance with industry standards.
Additionally, Koinly has a bug bounty program that encourages users to report security vulnerabilities.
Final Thoughts: Which is better?
Crypto tax software is essential for anyone who trades or invests in cryptocurrencies, and both CoinTracker and Koinly are excellent options.
However, based on our comparison of features, ease of use, pricing, and supported exchanges, we recommend Koinly as the better option for most users. Its comprehensive support for different cryptocurrencies and accounting methods, 170+ blockchain integration, and excellent customer support make it a standout choice in the market.
CryptoTracker standout as a mobile app for both Android and iOS features, which includes all features of its web-based platform. Koinly does not have a mobile app.
FAQs
Is CoinTracker better than Koinly?
If you’re looking for a tool that supports a mobile app and offers beneficial tax-loss harvesting, CoinTracker is a better option. On the other hand, if you’re looking for a more affordable tool and need tax optimization, Koinly is a better option.
Are CoinTracker and Koinly Real or fake?
Both CoinTracker and Koinly are legitimate cryptocurrency tax software tools. They are widely used by investors and traders to track their investments and prepare their taxes.
CoinTracker has been featured in prominent publications such as Forbes, while Koinly has received positive reviews from users on platforms like Trustpilot.
