Koinly is best suited for investors looking to streamline their cryptocurrency tax reporting.
By syncing and importing your data to Koinly, you can see how much you have invested in crypto, get a summary of your crypto income, and see your realized and unrealized capital gains.
What sets Koinly apart is the ability to test the software before you commit. You can connect all your exchange and wallet accounts and preview your capital gains for free.
However, you will need to pay to download your tax reports or generate ATO tax reports. Plans start at $69 for 100 trades and go up to $399 for 10,000 trades.
Is Koinly safe and secure?
Like other cryptocurrency tax software, Koinly uses a read-only API connection to import your transactions. This means that Koinly cannot make changes to your cryptocurrency exchange or wallet.
Koinly does not require your private keys or write access to perform any operations.
Koinly also encrypts your data in transit and does not store any payment details. Overall, these practices make Koinly a safe and secure cryptocurrency tax software.
You can read more about Koinly’s commitment to security on their website.
Register NowIs Koinly worth it?
Active crypto investors definitely need some type of crypto tax software. Yes, you can file your taxes yourself, but the time and potential mistakes you save by using the software are usually worth the annual price.
In the case of Koinly, it’s one of the best crypto tax software on the market. It has DeFi support and the ability to manually add NFT transactions makes it somewhat robust.
Add in international support and Koinly is a reliable choice for both US and international crypto investors.
You’ll need to do your own accounting throughout the year and double-check your tax returns with Koinly. However, if you need help filing your taxes, Koinly could be the right fit for you.
What does Koinly offer?
With Koinly, you can automatically import and track your crypto transactions. Once you’ve created an account and synced your exchanges and wallets, you’re ready to use Koinly’s helpful features to get you ready for tax season.
How does Koinly work?
Koinly is like an augmented Excel spreadsheet. It does a lot of the math for you quickly and accurately. The first step is to import your transactions into the app.
Next is to collect the API key from your wallet and add it to Koinly. You can also export a CSV file from your wallet to extract data from Koinly.
The next step is to make sure everything is imported correctly. Again, this summary is provided free of charge.
Think of it as a traditional portfolio tracking app that lets you track all your crypto investments across multiple platforms and services.
If you want to file your taxes manually or using tax preparation software like TurboTax, you’ll need to export all your tax reports generated by Koinly (you’ll need to purchase one of the available packages for this).
Forms like Form 8949 and Schedule D can be generated by Koinly. Koinly can also create completed IRS tax forms for you if you file in the US.
Koinly Review
As one of the prominent players in the crypto tax software market, Koinly offers a number of features that set it apart from its competitors.
Koinly Key Features
Perhaps the best part about Koinly is that it integrates directly with most crypto exchanges and wallets, even self-custody and DEXs, allowing you to automatically import your crypto activity, saving you hours, if not days, of work.
Many other crypto traders and users, including myself, spent literally days researching crypto transactions such as trading, staking, lending, etc. on various DEX and CEX platforms to make sure they were recording the proper data.
Then things got even worse when I started using multiple different crypto debit cards and realized that even a few thousand purchases over the course of a year could be taxable events.
So before I discovered tax tools like Koinly, tax season was a nightmare.
In fact, I have met crypto users who hated figuring out crypto taxes so much that they uprooted their lives to move to a crypto tax-friendly country.
While using Koinly may be a more reasonable solution than immigration, if you are looking for a brighter outlook or a more tax-friendly jurisdiction, you may be interested in checking out our article on the best crypto tax-friendly countries.
In that sense, if you are considering a move to avoid taxes or are just looking for a little adventure, schedule a call with our friends at Offshore Citizen to plan and execute your move legally.
They can help you with residency permits, bank accounts, company structures, etc.
Back to taxes, Koinly makes it easy to track all your cryptocurrency transactions, generate detailed reports for tax reporting, and even get tax advice tailored to your individual needs.
With powerful features and a user-friendly design, Koinly is the perfect choice for those looking for a reliable and efficient solution to their cryptocurrency tax issues.
Tax Reporting Tools
Koinly offers a variety of tools to help you identify transaction issues and make them as accurate as possible when preparing your cryptocurrency tax report. Some of these tools include:
Deleted Transactions: Highlights issues that lead to negative account balances, such as incorrect imports or missing transactions.
Automatic Import Verification: Automatically verifies your wallets using the API to ensure all data has been imported accurately.
A Variety of Options for Users
One of Koinly’s main strengths is that it supports over 6,000 cryptocurrencies, 350 exchanges, and 50 wallets. This is more than most of its competitors.
Users can therefore connect all their accounts to Koinly and get a comprehensive summary of their cryptocurrency holdings and transactions in one place.
Portfolio Tracking
The ability to track your portfolio is another key feature of Koinly. This tool allows you to monitor realized and unrealized gains and track the value of your crypto holdings over time.
Tax Loss Harvesting
Tax loss harvesting is easy with this platform. Koinly searches the data for opportunities to realize losses in crypto or NFTs and uses them to carry over or offset gains from other parts of your portfolio, saving you money on your overall tax bill.
Data Import
There is also a convenient automated data import tool that allows you to import trade data from well-known exchanges, eliminating the need for manual data entry.
This simplifies account management and helps you track your trades.
Koinly Pricing and Plans
This program has one free option and three paid options, tracking your crypto portfolio and reporting tax information.
Free Plan: Includes essential features such as portfolio value tracking, unlimited wallets and exchange accounts, capital gains preview, DeFi, margin trading, futures, avalanche trading, and 10,000 trades to calculate.
Newbie Plan: This plan costs $49 per year and includes features like foreign tax reports, Form 8949, Schedule D, a thorough audit report, and 100 transactions that can be filed and included in your account.
Hodler Plan: This plan costs $99 per year and includes everything in the Newbie Plan plus 1,000 transactions.
Trader Plan: This is for experienced traders who want to get the most out of Koinly. Designed for professional traders, this package costs $179 per year.
It includes all the features of the first two plans, plus the ability to process up to 3,000 trades and professional email support. If you need more, you can pay $279 to process over 10,000 trades.
All things considered, Koinly is a powerful tax filing platform with a wide range of features. It’s ideal for those looking for a simple solution to manage their taxes and track their portfolio.
How to sign up for Koinly?
Sign up for a Koinly account:
- Go to the Koinly site and select Sign Up.
- Enter your email and choose a password. Select Create Account. New users can also sign up quickly using their Coinbase or Google accounts.
- Select your base currency and country of residence from the dropdown. Select Continue.
- Add wallets and auto-sync or upload your transaction history to import data.
- Upgrade your account by selecting the Free plan.
FAQs
How much does Koinly cost?
Koinly allows you to track unlimited transactions, but the pricing is divided into four paid tiers that vary based on the number of transactions.
The free plan allows you to view transactions and access many premium features but does not allow you to export tax reports.
Is Koinly free?
Anyone can use Koinly for free, but the paid plan gives you access to many services that are not available to free users, such as importing other tax report formats (e.g. Form 8949 and Schedule D) and custom file formats.
What countries does Koinly support?
According to the Koinly website, most cryptocurrency users worldwide can use this cryptocurrency tax tracking app.
There are basic reporting templates that are commonly used in many jurisdictions around the world, and if your country uses these templates, you can use Koinly.
Koinly also explicitly lists the following countries as supported on its website:
- United States
- Canada
- Australia
- New Zealand
- United Kingdom
- Germany
- Sweden
- Denmark
- Finland
- Norway
- Netherlands
- France
- Spain
- Italy
- Austria
- Liechtenstein
- Czech Republic
- Estonia
- Malta
- Japan
- South Korea
- Singapore
Which exchanges are supported?
With over 350 exchanges supported by the app, it would be unrealistic to list every exchange supported by Koinly. However, the level of support included with each exchange may vary.
For example, some exchange APIs do not provide Koinly with full access to all activity on your exchange account.
Sometimes, you may not be able to purchase Bitcoin with a debit card or access your margin trading history through the exchange API, so you should look into this before choosing Koinly as your crypto tax solution.
Some popular exchanges and other services that Koinly natively supports include:
- Binance
- Coinbase
- Kraken
- Nexo
- BlockFi
- Paxful
- Celsius
- Uphold
- Purse.io
- Bitfinex
- Poloniex
- Bittrex
What types of transactions does Koinly support?
Koinly supports a wide range of transaction types, including trading, staking rewards, mining income, airdrops, liquidity pool trading, and NFT sales. It also handles wallet-to-wallet transfers to ensure that no activity is overlooked.
Is Koinly suitable for beginners?
Yes, Koinly is beginner-friendly. The intuitive interface and step-by-step guides make it easy for new users to import data, categorize trades, and generate tax reports.
Is Koinly compatible with all cryptocurrency exchanges and wallets?
Koinly integrates with over 400 platforms, including major exchanges like Binance, Coinbase, and Kraken, as well as wallets like Ledger, Trezor, and MetaMask. For platforms that aren’t supported, users can manually upload a CSV file.
How secure is Koinly?
Koinly prioritizes security with advanced encryption protocols, GDPR compliance, and read-only API connections. This ensures that your funds are safe and your sensitive data is protected.
Can Koinly handle DeFi and NFT trading?
Yes, Koinly is one of the few platforms that comprehensively supports DeFi staking, yield farming, and NFT trading. Koinly categorizes these transactions accurately for tax purposes.
What happens if I exceed my plan’s trading limits?
You can upgrade to a higher tier at any time if you exceed your plan’s trading limits. Koinly offers flexible options to accommodate growing portfolios.
Can Koinly generate reports for global tax authorities?
Of course. Koinly creates custom tax reports to meet the requirements of major authorities such as the IRS (US), HMRC (UK), and ATO (Australia). We ensure compliance across jurisdictions.
Does Koinly provide support for tax professionals?
Yes, Koinly has features specifically designed for accountants and tax professionals, including bulk client management and multi-client access. These tools simplify tax preparation for multiple users.
Conclusion
Koinly is a fantastic tax tool that makes managing your cryptocurrency taxes as easy as possible, offering one of the most comprehensive platforms that can provide a solution to meet the needs of every cryptocurrency user.
The Koinly team has years of experience in the financial and accounting fields as well as in the cryptocurrency space, and this is evident in the platform they have developed, which is trusted by both regular users and tax professionals around the world and has a 4.6 rating on TrustPilot.
I would not hesitate to recommend Koinly to anyone looking to make tax season as painless as possible.
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