We understand that managing your crypto portfolio can be a real headache. At first, it can be extremely overwhelming to make sense of your investments, monitor their value, and stay on top of tax reporting.
In addition, the more you dive into the crypto world, the more complex it becomes. It is as if you are trying to solve an equation that is constantly changing. As a result, your valuable time is spent tracking down your crypto transactions, leaving you frustrated and diverting your focus from the actual trading process.
Considering that you could miss out on potential gains or even worse. Therefore, portfolio tracking should never be disregarded because doing so can result in grave consequences like severe penalties, financial losses, etc.
Given this, there is a wide range of software available on the market that can assist you in managing your cryptocurrency portfolio and calculating cryptocurrency taxes. One such platform is CoinTracker. In this CoinTracker review, I have shared my experience with this platform and how it can assist you in your crypto trading journey.
Table of Contents
What is CoinTracker – Overview
CoinTracker is a portfolio tracking software that can bring order to your crypto chaos. It acts as a digital assistant that organises data from all your exchanges and wallets in one place. CoinTracker keeps track of your portfolio and provides real-time updates on the value of your holdings.
It supervises your portfolio, monitors your crypto transactions, and calculates accurate tax reports. At first, this crypto tax calculation process may not seem like a very big issue, but it can lead to a great deal of stress and exhaustion.
Therefore, we recommend you trust CoinTracker with your tax and portfolio-related worries so you can focus on the actual trading process. Moreover, being aware of the current crypto market trends will help you make smart investment choices. CoinTracker also informs you about your crypto trading performance history so you can adjust your strategy for the future.
CoinTracker Features – A Noteworthy Assistant in your Crypto Trading Journey
Portfolio Tracking
CoinTracker, as we have mentioned above, is mainly a portfolio tracker. First, when you connect your exchanges with CoinTracker, it automatically syncs the data from all of your exchanges. After that, CoinTracker analyses this data and gives you an update about the market trends of your cryptocurrencies, keeps track of all of your transactions, and generates tax reports. All of these are done in just a few minutes.
NFT Management
CoinTracker does not only track cryptocurrencies in your portfolio but also keep an eye on NFTs (Non-Fungible Token). Simply put, this software helps you organise the different NFTs you own. Just like it enables you to see the value and performance of your regular cryptocurrencies, it can also show you information about the NFTs you’ve collected or purchased.
Exchanges and Cryptocurrencies Support
CoinTracker support 500+ exchanges, wallets, and blockchains. This limited number of supported exchanges is a drawback for CoinTracker because it does not currently support new exchanges. Most of the competitors of CoinTracker support a greater number of exchanges in the same or even cheaper price range.
Tax Report Generation
CoinTracker is not merely a portfolio tracking software. It is also used to generate accurate tax reports of crypto transactions instantly. Some of the crypto tax forms that CoinTracker generates are given below:
- IRS Form 8949
- Income Report
- Lost and Stolen Cryptocurrency Reports
- Gifts and Donations Reports – CryptoCurrencies that are donated or gifted to you
- Summary tax report
Tax Loss Harvesting
CoinTracker also uses tax-reducing strategies such as tax loss harvesting to accommodate you as much as possible. It updates you about the investments that have experienced a loss and advise you to sell them to offset capital gains from profitable investments.
Ease of Use
CoinTracker is one of the most user-friendly portfolio-tracking software. Their interface, as well as the process of portfolio tracking and tax calculating, is so simplified that you can easily understand it and navigate the platform seamlessly.
Customer Support
CoinTraker offers satisfactory customer support, but the free plan users are not usually accommodated with adequate support, and sometimes other lower tier plans also suffer from this issue. Most people on review sites have frequently complained about CoinTracker’s lack of customer support.
Mobile App
The best thing about CoinTracker is that it has a mobile app. You can keep track of your crypto portfolio no matter where you are. It is a very thoughtful feature because having a computer device with you is always pretty difficult. With the Cointracker mobile app, you can keep track of your crypto performance even when you are on vacation.
CoinTracker Integration – TurboTax
Lastly, CoinTracker is also trusted by TurboTax, and you can directly file your tax reports on TurboTax through CoinTracker. Moreover, CoinTracker also provides integration with CoinBase, H&R Block, and OpenSea.
Who is CoinTracker for?
CoinTracker is suitable for both experienced crypto traders and newbies who want to be well-informed about the current crypto market trends related to their exchanges. CoinTracker also generates error-free tax reports for you, so if you are someone who needs help with their taxation process, CoinTracker can help you.
Moreover, large enterprise-level crypto traders require automated programs that can track all their transactions properly. On a bigger scale, managing a portfolio manually is challenging because people usually operate with various exchanges simultaneously. Furthermore, there is a greater chance of error in manual input, and a mistake in portfolio tracking can also lead to wrong tax calculations.
Moreover, CoinTracker can also offer practical money-saving suggestions with the help of tax loss harvesting and tax impact features. This is very helpful for large organisations as they tend to have more tax because of their numerous crypto transactions.
How much does CoinTracker Cost? – Pricing Overview
CoinTracker offers four different pricing plans to cater to the needs of a wide range of people. Whether you have just started out crypto or require more advanced features, these pricing plans will provide you with great value for your money. Read it carefully so that you can find the one that suits your requirements the best.
Free Plan
The Free plan of CoinTracker comes at zero cost, and it offers all the basic features of the platform. This plan better suits newbies or seasoned traders who just want to track their small number of transactions.
It will provide a general overview of their crypto holding and their value. It will also fit someone who wants to check out CoinTracker’s reliability. The features of the free plan of CoinTracker are given below:
- 25 transactions
- Cost basis & capital gains
- Support for over 2500 cryptocurrencies
- Auto sync with unlimited exchanges and wallets
- Cost basis methods
- Error reconciliation
- Transaction history CSV
- Capital gains CSV
- Referral to affiliate crypto tax advisor
- Forum support
- Margin trading
- Defi functionality
- Error reconciliation
Hobbyist Plan
The Hobbyist Plan of CoinTracker comes at $59/year. It includes all the features of the free plan as well as some upgraded features. This plan is suitable for individuals actively involved in crypto trading and requiring enhanced portfolio management. It also allows you to generate tax reports on your crypto transactions.
- 100 transactions
- Everything in the Free Plan
- Download tax forms
- Product support – 48 hrs
Premium Plan
The Premium Plan comes at the cost of $199/year. It has all the features of the Hobbyist plan and some more advanced features. This plan suits you if you have an extensive complex portfolio and need detailed insights.
- 1,000 transactions
- Everything in Hobbyist Plan
- Tax summary by wallet
- Tax pro collaboration
- Priority product support
- Product support – 24 hrs
Unlimited Plan
The unlimited plan comes at the price of $599/year. It contains all the features of the Premium plan with the addition of some extra advanced features. It is suitable for large enterprise-size organisations that require some extra services.
- Unlimited transactions
- Everything in Premium Plan
- Custom features
Lastly, all of these plans come with a 30-day money-back guarantee. Click here to see the details of CoinTracker’s pricing plans.
How to get started on CoinTracker? – Step-by-Step Guide
Step 1:
First of all, you need to make an account on CoinTracker. Go to the homepage of the Cointracker official website and click on the “ Get Started “ Button. You can also click on the “Sign in” or “Try for Free” Icons at the top right corner.
Step 2:
Now you will have multiple options to start with, such as Email, Google, or CoinBase. Choose the one that suits you the best.
Step 3:
Afterwards, complete the email verification process.
Step 4:
A pricing plan selection prompt will then appear. There are four options. Select the one you want.
Step 5:
Once you have selected a pricing plan, CoinTracker will confirm your country.
Step 6:
Now CoinTracker will ask you to connect your exchange or wallet.
Step 7:
After successfully making an account and selecting an exchange, your CoinTracker account is ready to track portfolio and crypto tax calculations.
Pros and Cons – Is CoinTracker Legit or Scam?
Pros:
- TurboTax integration
- Mobile phone compatible
- Generate compliant tax reports such as IRS form 8949
- Tax reports are compatible with more than 100 countries
- Basic tracking requirements are covered in the Free Plan
- User-friendly interface and simplified tracking methods
- NFT and DeFi assets efficient management
Cons:
- Higher-tier plans offer less than their competitors
- CoinTracker does not support new exchanges.
- The free plan comes with restricted customer support
- No support for swaps, margin trading, derivatives, or futures
Customer Reviews – What do people think about CoinTracker?
CoinTracker has managed a rating of 4.5 stars on Producthunt.com and 3.2 stars on Trustpilot. These ratings are average, and most customers are satisfied with this platform. However, some customers have complained about their customer support.
They said it is difficult to find good support on CoinTracker, but once you get it, they will be there for you throughout the process. However, if you, unfortunately, don’t, it will take you weeks to find a solution to your problem.
Moreover, some users complained about their limited support for new exchanges compared to their competitors.
CoinTracker Alternatives
We have also mentioned some CoinTracker’s alternatives in case you don’t like Cointracker or you may want to compare it with its competitors.
CoinTracker Vs. TokenTax
TokenTax supports almost all exchanges, wallets, and protocols compared to CoinTracker, which only supports major exchanges. Moreover, TokenTax also has greater transactions limit than CoinTracker. However, TokenTax only supports one export integration, and that is TurboTax. Alternatively, CoinTracker supports CoinBase, TurboTax, H&R Block, and OpenSea.
CoinTracker Vs. Koinly
When we tested CoinTracker, we encountered some errors in token recognition. CoinTracker has mistakenly identified some of our tokens of more value than they actually possessed. In this regard, Koinly is better because it accurately identifies dubious tokens and coins. Moreover, there is a noteworthy difference in the cost of standard plans. Koinly is cheaper.
Frequently Asked Questions (FAQs)
Is CoinTracker suitable for calculating crypto taxes?
CoinTracker is excellent for crypto taxation, but before signing up, you should inquire whether it fits all your requirements and, more importantly, support your exchanges.
Is CoinTracker safe to use?
CoinTracker is entirely safe to use as it utilises advanced encryption and security measures to protect your data. It only requires read-only access to your accounts and cannot have the ability to move or access your funds.
How many cryptocurrencies and exchanges does CoinTracker support?
CoinTracker supports more than 513 cryptocurrencies and major exchanges.
Is CoinTracker suitable for beginners?
CoinTracker is designed with user-friendliness in mind, which makes it suitable for both beginners and experienced cryptocurrency users.
Does CoinTracker have a mobile app?
CoinTracker offers mobile apps for iOS and Android devices that allow you to track your portfolio on the go.
Does CoinTracker allow me to import my preceding transactions?
You can easily import your past transactions into CoinTracker, and it will maintain an accurate and thorough record of your crypto portfolio.
Final Verdict – CoinTracker Review 2023
From our CoinTracker review, you have understood that this platform is a reliable option for crypto portfolio tracking and tax calculation.
The user-friendly interface of CoinTracker has undoubtedly simplified portfolio tracking and tax reporting and made it stand out among its competitors. The only setback of CoinTracker is that it does not support new exchanges, so if you deal with those, you may have to reconsider other platforms.
