Are you struggling to keep up with the complex task of reporting your cryptocurrency transactions for tax purposes? Well, you’re not alone. Luckily, cryptocurrency tax software can help you alleviate the stress of manually managing your transactions and expenses, which can be quite a hassle, especially if you are managing a team of employees and using crypto for payments.
Koinly and CoinTracker are two of the best tax tools for cryptocurrency users, offering automated tax reports, robust blockchain integrations, and free plans, which offer enough functionality to satisfy the needs of some freelancers.
Which crypto tax software is best will depend on your personal needs. However, Koinly does offer more blockchain integrations, which could be the most important feature for crypto users.
In this article, we are going to compare Koinly vs Cointracker based on their respective feature set, user interfaces, pricing plans, and support for exchanges, wallets, and blockchains.
Koinly vs CoinTracker: A side-by-side comparison
For a quick overview of the main features and differences between the two platforms, check our CoinTracker vs Koinly comparison chart.
|Pricing||$0 – $169||$0 – $179
Custom Plan starting from $299
|Security||No access to private keys
256-bit data encryption
|No access to private keys
SOC 1 & SOC 2 compliant
|Supported countries||100+ countries||5 countries|
|Mobile App||Android and iOS||Android and iOS|
Koinly has four pricing plans. There is a free version that offers data import and blockchain integration but lacks any of the tax reporting features. The free plan is meant for users that wish to get familiar with the Koinly platform.
Koinly’s paid plans range from $39 to $169 per year. The main difference between the three plans – called Newbie, Hodler, and Trader – is the number of transactions that the software can automatically generate reports of. The least expensive plan can handle at most 100 transactions, whereas the most expensive plan can handle upwards of 10,000 txns.
CoinTracker follows a similar pricing scheme as Koinly, offering plans ranging from $0 to $179 for premium users (and $299+ for custom plans). The most basic paid plan starts at $9 per year and can handle up to 25 transactions.
At $59 a year, the mid-range “Hobbyist” plan can handle up to 100 transactions. The most expensive regular plan starts at $59 and can handle up to 1,000 transactions, support tax pro collaborations, and tax summary by wallet, which the less expensive plans don’t offer.
Koinly (on the left) and CoinTracker (on the right).
Both platforms strive to provide user-friendly interfaces. Koinly offers a clean and intuitive interface, making it relatively easy to navigate and use. CoinTracker also has a user-friendly interface, and its dashboard provides an overview of your portfolio, transactions, and tax-related information.
In this writer’s opinion, Koinly is a bit easier to navigate and generally more simple to use. Both viewing transactional history and keeping track of your cryptocurrency portfolio are made exceptionally easy – you can quickly check your growth over time and total ROI.
In addition, you can find tax reports on Koinly under the Tax Reports tab, where they are organized by year (showing info like Capital Gains, Income, Costs & Expenses, and more).
CoinTracker has more features than Koinly overall, but some of them are designed for larger enterprises and reserved for custom plan users exclusively.
It is worth noting that some users may find one platform more visually appealing or easier to navigate than the other, so it’s worth exploring the interfaces of both options to see which one suits your preferences.
Tax reporting features
|Automated data import||✔||✔|
|Download tax forms||✔||✔|
|Margin & Futures trading||✔||✔|
|Staking, Lending & DeFi||✔||✔|
|Double-entry ledger system||✔||✔|
|Cost basis method||✔||✔|
|Form 8949, Schedule D||✔||✔|
|International tax reports||✔||✔|
|TurboTax, TaxAct, H&R||✔||✔|
Koinly and CoinTracker offer robust tax reporting features. Koinly provides detailed tax reports, including capital gains, income, and losses, as well as comprehensive tax forms for different jurisdictions. It supports multiple accounting methods, including FIFO, LIFO, and specific identification.
CoinTracker also generates tax reports, including IRS Form 8949 and Schedule D. It offers additional features like tax loss harvesting and cost basis tracking, which can be useful for tax optimization.
Having integrations with your favorite exchange or wallet is essential when it comes to conducting automated tax calculations. Luckily, both Koinly and CoinTracker have support for hundreds of exchanges, wallets, services, coins, and tokens to generate tax reports about crypto trades, crypto payments, and more.
Koinly is particularly impressive when it comes to blockchain integrations. As of this writing, the Koinkly platform supports 407 crypto exchanges (incl. Binance, KuCoin, etc.), 108 wallets (incl. MetaMask, Ledger and Trezor, etc.), 173 blockchains (incl. Bitcoin, Ethereum, etc.), 33 other services (such as NFT marketplaces and cloud mining products), and more than thousands of individual coins and tokens.
CoinTracker is a bit more limited than Koinly in terms of blockchain integrations. CoinTracker offers support for 455 exchanges, more than Koinly, but offers support for “just” 28 wallets, and 30 blockchains.
If your aim with crypto tax reporting software is having support the highest number of blockchain integrations possible, then Koinly is one of the best CoinTracker alternatives out there and one of the leading pieces of crypto tax software overall.
Koinly holds a clear lead in terms of supported countries, with over 100 countries around the world. Here are some of the supported countries sorted by region: USA, Canada, Australia, New Zealand, Brazil, South Africa, UK, Germany, Sweden, Denmark, Finland, Norway, Netherlands, France, Spain, Italy, Lichtenstein, Ireland, Czech Republic, Estonia, Malta, Luxembourg, Belgium, Poland, Ukraine, Iceland, Switzerland, Japan, South Korea, Singapore, and India. For additional information about compliance with local laws, check the official tax support page.
CoinTrackers fully supports 5 countries, including the US, India, the UK, Canada, and Australia. Partial support for other countries is available as well.
The bottom line: Koinly has more integrations and an easier-to-use interface
Koinly and CoinTracker are great solutions for automating your tax filing and reporting burden. In our opinion, Koinly comes ahead in terms of simplicity, number of supported blockchains, and pricing.
However, if you are searching for software for managing taxes for a larger business, then CoinTracker is likely a better choice due to additional enterprise features and the ability to create customizable plans. Virtually every large company in the crypto space must use dedicated software for managing their crypto inflows and outflows – for instance, Coinbase must report to the IRS for every user who have earned $600 or more during a fiscal year, which is virtually impossible without an automated piece of software.
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