Cryptocurrencies are gaining increasing momentum these days due to their decentralised nature and convenience. This is the reason that trading in cryptocurrencies has become the most popular side hustle by the majority of people.
Nonetheless, trading in cryptocurrencies also makes you liable to pay crypto tax, and calculating this can be a tedious task.
A large number of online platforms are available in this regard. However, on which you should rely is another challenging task in the purview of a busy schedule.
This article is therefore focused on discussing one of the quickest and most reliable platforms that can generate your crypto tax report even in less than 20 minutes.
Let’s see how this Coinpanda Review can help you.
Table of Contents
What Is Coinpanda?
Coinpanda is one of the quickest software in the crypto world that allows you to generate a tax report in less than 20 minutes.
The most amazing part of this software is that you can have a tax report whether you are dealing with NFTs, DeFi, or any other kind of crypto. Moreover, you can even preview a tax report without paying anything and tax reports generated by this software can be valid in more than 65 countries.
To know more about this platform, keep reading.
How Does It Work?
Using this platform is very simple, and anyone can use it even without having any experience or technical background. You just have to follow these simple steps:
- In the first step, you have to import all of your trades no matter which crypto exchanges you are trading. You can connect with your relevant crypto exchange with the help of CSV files or APIs and import your transactions safely.
- In the second step, Coinpanda allows you to track your trades and enables you to get comprehensive insights into your portfolio.
- In the last step, you just have to generate the tax report and download it. The tax report generated complies with all kinds of reports including IRS form 8949, ScheduleD, TurboTax, and international reports.
Why Consider Coinpanda – The Best Features
Coinpanda is the quickest and easiest platform to generate crypto tax reports, no matter which currency you deal with. Some of the best features that make this platform widely popular among its users are discussed below:
Easy to Use
The first and most impressive feature of this platform is its user-friendly interface. Whether you are new to crypto trading or possess experience in it, using this platform is very easy, and anyone can generate a crypto tax report via this platform in less than 20 minutes.
Easy Data Import
You can easily import data from any exchange. It does not matter which exchange you prefer, which wallet you use, or what kind of blockchain you love, Coinpanda supports a huge variety of exchanges, and you can easily import data through APIs or CSV files.
Show Income from All Sources
The tax reports generated by this platform show your income generated from all sources whether it is staking, mining, or DeFi.
Precise Tax Reports
Generating tax reports is only a matter of a few minutes. All you have to do is specify what kind of report you want and generate a tax report according to the given specifications.
You can even get a detailed preview of your report for free. Moreover, the tax reports generated by Coinpanda are based on the widely used cost methods that are acceptable in the majority of countries.
Portfolio Tracking
The platform provides all users with powerful tools to track their portfolios and get a real picture of their capital gains and losses.
In addition to this, these tools also offer expert advice and suggest such strategies whose implementation can allow users to maximise their profits.
Tax Previews
One of our favourite Coinpanda features is that it allows all users to preview their tax reports for free. This tool helps you to assess whether the generated report is according to your requirements or if you want any kind of changes in your report.
Analytics
Coinpanda not only enables you to track your portfolio but also provides you with analytical tools to acquire deep and useful insights into your trading habits and activities and view how your portfolio performs.
Search Tools
In addition to analytical tools, you will also get some advanced search tools that are both built-in and powerful and enable you to find transactions for a particular exchange, wallet, or coin.
Margin Trades
Tracking your performance regarding margin trades is also not a difficult task with Coinpanda. You can easily track your margin trades from KuCoin, Binance, Bybit, Phemex, or other exchanges.
24/7 Support
Coinpanda believes reporting taxes is not a simple task; therefore, it offers 24/7 support to help you throughout the process and answer all your ambiguities.
Profit Maximization
Another interesting feature of this platform is that once you subscribe, it gives you useful tips and suggestions. Implementing these tips enables you to minimise your taxes and maximise your profits significantly. It helps you to save both time and money and enables you to get a hassle-free reliable tax report only in a few minutes.
How to Get Started With Coinpanda?
To start with Coinpanda is very easy as you just have to follow these steps:
Join Coinpanda
In the first step, you have to signup with Coinpanda and create your account. There are three options to create an account. You can continue with Google, Apple, or Coinbase.
After creating your account, a verification email will be sent to your email address, and you have to verify your account by simply clicking the given link.
Import Trading Data
Once you have become a verified member of Coinpanda, the next step is to import your trading data and connect it with your exchange. You can do this via APIs or CSV files.
Create a Tax Report
Once you have imported all your data, then you have to go to taxes and specify what kind of tax report you want and then generate a tax report.
See how Coinpanda has simplified this tedious and time taking task?
How Many Exchanges Does Coinpanda Support?
Do not worry about the fact whether the exchange in which you deal is supported by Coinpanda or not as Coinpanda can import data from nearly all exchanges.
Coinpanda supports more than 500 exchanges, 115 wallets, and 242 blockchains and offers more than 50 services.
A glimpse of exchanges supported by Coinpanda is shown below.
Therefore, subscribing to Coinpanda and importing your data from any exchange, wallet, or blockchain is just a matter of a few clicks and you are all set to generate a tax report.
To get more details about integrations of Coinpanda, visit Coinpanda Integrations.
How Does Coinpanda Support Its Customers?
Coinpanda aims to provide flawless support and services to its customers by answering all queries and issues as early as possible.
You can get help from Coinpanda’s knowledge base in the form of articles and guides that aim at answering the most frequently asked questions.
You can also discuss various technical issues, ideas, or tax topics across community forums where Coinpanda staff and other users can provide you with useful insights.
In case your issue remains unresolved or you could not find the answer to your question, then you can directly contact the Coinpanda team either through chat or email, and you will get a reply as soon as possible.
What People Are Saying About It – Customer Reviews
The platform possesses more than 80,000 happy customers, and they have posted rave reviews about this platform on TrustPilot.
Most of the reviewers have given a 5-star rating to the platform and highlighted that Coinpanda is one of the most accurate platforms for generating crypto tax reports. Moreover, its customer support services are very quick and excellent.
Some other reviewers have also indicated that this platform is perfect for active crypto traders as it can not only manage all of your trades but also help you with your complex transactions.
Above all, the platform, compared with other crypto tax platforms is 10 times easier to use, and the generated tax report consists of everything you need for filing taxes.
To view more reviews you can log on to Trustpilot.
How Much It Will Cost You – Pricing Plans
The platform possesses more than 80,000 happy users, and these users are benefiting from this platform due to a wide variety of pricing plans. These pricing plans are described below.
Free
This plan is perfect for those new to this platform and who are interested in trying this. This plan is free forever, and you do not have to pay anything for this platform.
In this plan, you will get 25 transactions, unlimited exchanges, margin trading, all tax reports, DeFi and NFTs, and live chat support.
Hodler
This plan is designed for those who have a small or average trading portfolio and want to lay off their stress relevant to tax reports. The subscribers of this plan have to pay $49, which is only a one-time payment.
By subscribing to this plan, you will get all features available in a free plan with 100 transactions.
Trader
This plan is specially designed for those who are professional traders and are interested in acquiring professional help. It is one of the most popular and recommended pricing plans for all crypto traders. The subscribers have to pay $99 for this plan.
In this plan, you can enjoy all features available in a free plan and 1,000 transactions.
Pro
This plan is best suited for professional traders who have been dealing in cryptocurrencies for over a year and are interested in acquiring professional help to generate tax reports. The users interested in this plan have to pay $189, and against this amount, they can enjoy all basic features available in the free plan and more than 3000 transactions.
It is noteworthy that all plans can be started for free and once you are satisfied with the plan, then you can start using this plan.
Do you Want to Earn with Coinpanda?
In addition to obtaining a reliable and accurate crypto tax report in less than 20 minutes, you are even given an opportunity to earn in Coinpanda. Isn’t it amazing?
Coinpanda invites all its users to earn a 40% commission on promoting Coinpanda and earn a handsome amount.
All you have to do to become an affiliate partner is join Coinpanda, promote it, and get paid. You will be earning a commission on referring each customer.
To get more details, visit Coinpanda Affiliate Program.
Is It Legit – Pros & Cons
Pros
- It is very easy to use
- Generates tax reports in less than 20 minutes
- Supports more than 65 countries
- Fast and effective customer support
- Supports a wide range of cryptocurrencies and exchanges
- Helps to generate a wide variety of tax reports
- Enables you to minimise your taxes and maximise your profits
- The reports generated by Coinpanda are also compatible with other tax software like Turbo Tax download file/CD, Turbo Tax online file, and TaxAct Export.
Cons
- The transaction limits offered in Coinpanda pricing plans are lower than its competitors
Frequently Asked Questions (FAQs)
Is Coinpanda a public company?
No, it is not a public company, and currently, it is an unfunded company.
When was Coinpanda established?
Coinpanda was established in 2019.
Is Coinpanda safe?
Yes, it is safe and secure as you connect it with your exchanges and wallets through APIs.
Which of the cost methods are supported by Coinpanda?
Coinpanda supports the following cost-estimating methods:
- First in First Out
- Highest In First Out
- Last In First Out
- Average Cost Basis
- Share Pool
- Adjusted Cost Base
How much funding does Coinpanda has raised yet?
Coinpanda has not raised any funds yet.
Final Verdict
In conclusion, Coinpanda is one of the quickest and smartest crypto tax-generating software that you will have ever tried. This platform is perfect for both beginners and professionals as it offers tools and resources that are helpful for a wide range of clients.
Moreover, its features including tax previews, margin trades, search tools, analytics, and a user-friendly interface are some of the most competitive features that make it stand alone among others. Moreover, it also helps you to maximise your profits and reduce your taxes by implementing the strategies suggested by this platform.
