Nobody likes paying taxes, but unfortunately, doing so is one of the few certainties in life. With ever more people adopting crypto into their investment portfolios, there is an increasing need for tax platforms tailored to what can be a volatile, complex asset.
Crypto trading can often involve frequent transactions, and its volatility makes it challenging to accurately track profit and loss and generate compliant tax reports. If, like us, you have a diverse portfolio and are constantly adding or removing tokens, calculating tax can seem like an impossible task.
Established in 2012, CoinTracking was the first tax software platform aimed at streamlining tax reporting for crypto investors. In what is now a competitive market, it has managed to amass a user base of over 1.5 million individual traders and over 25,000 corporate clients and CPAs (Certified Practising Accountants).
These figures suggest that the platform is well-adapted to the constantly changing needs of crypto investors and provides a good product; however, is it the right platform for every investor?
In this review, we’ll delve into the platform’s best features, its pricing structure, user experience, and customer support, allowing you to decide if it’s the best platform for you.
What Are CoinTracking’s Features?
CoinTracking aggregates data from crypto exchanges and wallets and automatically calculates and generates tax reports. We signed up to the platform to put it to the test, and below are what we believe are its best features.
Supported assets, exchanges, and wallets
CoinTracking supports a vast array of crypto assets, exchanges, and wallets, including DeFi (decentralized finance) smart contracts. It’s possible to integrate over 29,500 tokens and NFTs (non-fungible tokens) through over 300 exchanges. We found it simple to import our transaction history and didn’t need to enter any data manually. Clearly, the less data entered manually, the better; we can all make mistakes!
Tax reporting
CoinTracking generates country-specific tax reports for various locations, including the USA, Germany, Canada, the UK, Austria, Finland, Denmark, New Zealand, Belgium, India, Spain and Italy. If you live in a country that’s not supported, you can still use CoinTracking’s general tax reporting function. This feature gives you a list of your crypto transactions and profits/losses, allowing you to give your figures to your accountant or file your own tax return.
Although the tax information on the platform was accurate for our locations, we always recommend checking it with an accountant.
Data presentation and analysis
The platform has data visualization and analysis tools that allow you to track your crypto portfolio. Its suite of interactive charts and graphs is designed to give you snapshots of your trade history, portfolio composition, and performance metrics in specific timeframes. We found that these features allowed us to identify trends in our past trading and watch our investment grow.
Mobile app
CoinTracking’s mobile app is available on iOS and Android devices, allowing you the convenience of managing your portfolio from anywhere. The app functioned smoothly during our test, providing easy access to key features like portfolio performance tracking, transaction history review, and basic price information.
While we’ve had reports of some Android users occasionally having issues signing out when closing the app, we did not experience this during our test. It’s important to note that app experiences can vary depending on individual device configurations and software versions. If you’re an Android user and concerned about this issue, check out recent reviews on the Google Play Store.
Full-service tax reporting
CoinTracking offers a premium “Full-Service” option. This service pairs CoinTracking’s in-house crypto experts with qualified tax consultants when preparing your tax reports. Beyond basic transaction imports, the Full-Service team is experienced in the most intricate crypto transactions, including margin trades, DeFi activities, and NFTs. Their support further extends to comprehensive guidance on any crypto tax questions you may have.
What Is CoinTracking’s Pricing?
CoinTracking offers a tiered pricing structure to cater to different user needs:
- Free: Suitable for beginners and allows up to 200 transactions.
- Pro: Priced at USD 12.99 per month billed annually, this plan supports up to 3,500 transactions.
- Expert: For USD 19.99, 26.99, or 35.99 per month billed annually, this plan accommodates 20,000, 50,000, or 100,000 transactions.
- Unlimited: This top tier offers unlimited transactions for USD 69.99 per month billed annually.
In addition to the annual billing, CoinTracker offers:
- 2-Year Plan: This option provides a significant discount, with 50% off the second year.
- Lifetime Membership: CoinTracker occasionally offers a limited-time discount on a lifetime membership.
Bitcoin and 50 altcoins are also supported for payment, with a 5% discount applied when paying with Bitcoin.
CoinTracking’s pricing structure appears very generous, particularly with the free tier and reasonable rates for higher transaction volumes. The discount for using crypto for payment is an added bonus.
CoinTracking’s Ease of Use and Functionality
From a functionality standpoint, CoinTracking impressed us. Navigating the core features was straightforward, and we were able to quickly import our transaction history and delve into portfolio analysis.
However, we found the website’s design aesthetic a tad outdated. While functionality is certainly more important, a more modern and visually appealing interface could enhance the overall user experience.
Conclusion
After testing CoinTracking, we found it to be a comprehensive, user-friendly crypto tax platform that would likely suit a wide range of users, from beginners to experienced investors. The free tier offers a generous number of transactions and is ideal for those new to the crypto space. Those with larger portfolios or needing more advanced features will benefit from signing up for one of the wide range of paid tiers.
We were impressed with CoinTracking’s features. It supports nearly all exchanges, wallets, and digital assets, and the platform’s data visualization tools are particularly helpful for tracking your portfolio. While the web design feels a bit dated, it doesn’t hinder the platform’s functionality.
Overall, if you’re looking for a user-friendly crypto tax platform with plenty of useful features, we’d have no hesitation recommending CoinTracking.
