Do you also invest in crypto and NFT ? And if yes ! then this article is written for you only.
Here we are going to list two very good tax (tools) calculators available in the market to keep records of your crypto and NFT transactions and earnings safely and accurately, track crypto transactions and calculate crypto tax.
This is very popular crypto tax (tools) calculator in the market with features that both tax calculators provide to the customers.
At present, the transaction of crypto has increased in a huge amount and this transaction will continue to increase in the coming days. Crypto currency has also been recognized by the government in many countries, and in many places crypto currency is also being accepted as money.
In such a situation, the trend of people towards crypto has increased a lot. Now that the transaction of crypto has increased so much, the need for a good software has also come for its record and management.
And that is why we have brought you a Review of two very good tax calculator software related to crypto currency.
Both of these tax calculator applications provide great convenience for managing your crypto portfolio across multiple crypto exchanges and wallets, they are also easy to use.
And also provide the facility to track all your investment records at one place. Along with this, it also generates your tax report, but which of these two is better for you?
In this article we will discuss the same thing.
Will try to check both these platforms on each and every aspect, also understand their advantages and disadvantages so that you can find a better tax calculator app according to your needs and you can keep all your crypto related record score on it. But first let’s know —
What are Tax Calculators (Tools)
Crypto Tools is a kind of software which monitors crypto portfolio, crypto trading, profit and loss of crypto transactions. and allows the preparation of taxes for crypto assets.
The software also allows you to calculate profit and loss from cryptocurrency trading and deduct expenses.
What is Koinly & Cointracker – Koinly vs CoinTracker
What is Koinly
The koinly tax software created in 2018 has proved to be a boon for crypto and NFT investors across the globe. It automatically imports your crypto transactions, tracks all market prices when trading your crypto, reconciles transactions in your wallet, calculates profit and loss on your crypto and NFTs And then it generates your tax report for you.
koinly aims to make the entire calculation process as simple as possible for you. All you have to do is upload your portfolio, and within 20 minutes you’ll receive a prepopulated tax report with all the information you need.
And in this tax report, along with your profit and loss, which deductions you can claim and how much tax you will have to pay, it is also written in that report.
koinly has filed over 11k tax reports and tracked over $250 million in funds so far .
What is Cointracker
CoinTrack is also a tax calculator or it would be more correct to call it a crypto portfolio tax manager.
With this tax calculator you can view crypto market price, investment ,performance and portfolio allocation for tax purposes in real time.
The software integrates all your crypto transaction history. coin tracker automatically optimizes cost basis accounting methods, enabling you to save thousands annually and protect your portfolio from government tax losses .
Avoiding tax loss helps you trade better. This coin tracker helps you comply with crypto currency tax regulations. So you can connect all your crypto assets to the platform of this coin tracker. Here you get the facility to track all the different types of coins at one place.
coin tracker checks and calculates your profit per coins. It also shows you the exchange rate between your local currency and your crypto coins , You can then download and file your tax report with TurboTax or your own accountant in minutes. CoinTracker supports over 300 cryptocurrency exchanges and over 10,000 cryptocurrencies.
How to Sign Up in Koinly & CoinTracker – Koinly vs CoinTracker
How to create an account on Koinly
The process of creating a Koinly account is very simple and you can create your account in it within few minutes. To create an account first of all-
- Visit Koinly.io
- Click on Sign up in the top left of your screen
- Then fill the form on this website with your name, your email id and password
- If you want, you can also fill your information here through your Coinbase or Google account.
- After this a new page will open where you have to select your base currency and your country name.
- After doing all this you can log in
How to create an account on CoinTracker
Creating an account on cointracker is as easy as koinly-
- First go to cointrack.io
- then click on try it free
- Then fill this form with your information here also you can sign up with google and coin bus or apple account
- After this, a link will be sent to your email where you will have to verify on that link and from there you will directly come to Coin Tracker’s dashboard and in this way your account will be created.
Dashboard – Koinly vs CoinTracker
Koinly’s dashboard has a lot of information designed for you in a very simple form, which is very easy to understand by anyone.
On the left side you will see a box with all types of values, there the total value of your portfolio, your cost basis and unrealized gains are given.
There is a calendar on the right side which shows all your transactions, so that you can track your transactions very easily. If you click on this transaction, all the information related to each of your transactions will appear. On this page you will see Almost all your information will be visible in front, so it is easy to use.
Cointrackers dashboard is a single page website that is really simple. Here you can view your portfolio in real time. By default it shows your crypto origin in dollars but you can also convert it to bitcoin or etherium.
The top right side shows your Coin Tracker account balance and the bottom side shows all your transaction assets and holdings.
User Interface and Easy to Use – Koinly vs CoinTracker
koinly’s interface is very simple, you will get used to it very soon.
This screen is divided into 5 parts Dashboard, Wallet Transaction, Tax Report and Settings.
By clicking on the wallet, all your wallets are shown in the list here, and you also get a chance to join new wallets in a few clicks. Clicking on Transactions will show you all the transactions you have spent and earned.
The interface of CoinTracker has also been designed very simply. Here the navigation bar is divided into sections like Wallet, Portfolio, Tax etc.
The wallet contains a variety of tools that allow you to analyze the investments made in more detail. Using the same portfolio, here you can observe the increase or decrease in the value of your assets from 1 year to 10 years. And finally, from the Tax page, we can get all the information we need to file taxes, thus the interface of Calling Tracker is also very simple and well organized.
Tax Report Software – Koinly vs CoinTracker
Koinly’s Tax Report Software
its a very good software. Once you create your account here and import all your trades here from different crypto exchanges, different wallets or any other place which supports export transactions to such files then you can start using the tool .
Here after you import your last year’s trades and enter some of your information it will tell you in less than 10 minutes which profits and losses are taxable according to your local laws.
After this, you can download this report of yours in the form of a PDF file. This report contains all the information in a very good way. Here you can create a report that includes all your transaction data from specific dates and specific exchanges.
CoinTracker’s Tax Report Software
Cointraker is very simple as compared to coinly . here you just have to login by entering your email and password. And then add your tax information by entering your wallet information and transactions given on the page, then from here all your transaction history will automatically be imported, and a report will be laid out where you can review it can download.
And they provide all the information you need to file your taxes correctly. This report shows all your trades including how much you spent in fees which can be helpful when calculating your overall profits and losses.
Mobile Application – Koinly vs CoinTracker
Koinly Mobile Application
Koinly’s mobile application is available on both Android and iOS. But it is still a beta version, due to which it has some issues and many users have also reported some problems in using this app.
CoinTracker Mobile Application
CoinTracker’s mobile application is fully functional, it is available on both Google Play Store and Apple Store. And it is very easy to trade on it.
It allows you to quickly view your current holdings and price changes with a simple interface. If you want to focus on a specific purchase, you can add your transactions manually and track them easily on the app whenever you want.
Customer Support – Koinly vs CoinTracker
Koinly Customer Support
Koinly has an excellent customer support system, in which its entire team is always quick to respond to your questions.
If you ever need help, you can go to their first page at the bottom left of the site and speak directly to customer care using the chatbot window. If your live chat doesn’t connect quickly, you can also email them, which they reply soon.
Coin Tracker Customer Support
CoinTracker doesn’t have any kind of live chat support system like koinly had. If you need assistance with any specific transaction, you can ask for assistance by filling their contact form, they will respond to you within 24 to 48 hours.
You can also contact them through Twitter where they respond more quickly.
Supported Exchanges and Wallets – Koinly vs CoinTracker
Koinly supported exchanges
Coinbase, Binance, Binance US, Crypto.com, Bittrex, Kraken, Bitstamp, Exmo, Poloinex, Bitfinex, Bitmex, Idex, Binance dex, Coinspot, Hitbtc, Huobi, Cex.io, Uphold, Gate.io, Bybox, Bitbuy, Bitpanda, Changelly, Circle, Robinhood, Coinbene, Coinjar, Gatehub, coss, independent reserve, liquid, Livecoin, Local Bitcoin, Okex, Shakapay, Upbit, Coinbase Pro, Swyftx, Gemini, Bithumb, Coinbase prime .
Koinly supported wallet
Coinbase wallet, crypto wallet, Electrum, Exodus, Jaxx wallet,Keepkey wallet, Ledger, Shakepay, Myetherwallet, Samourai wallet, Trezor, Abra, Blockchain wallet, Bread wallet, celsius network .
Cointracker supported exchanges
Cryptagon, Crypto.com, Delta, FTX, FTX US, Liqui, Quadricacx, Robinhood, Coinbase, Coinbase Pro, Binance, Binance US, Crypto.com, Uphold, Gate.io, Bybox, Bitbuy, Bithumb, Bitpanda, Changelly, Circle, Cobinhood, Coinbene, Coinjar, Coinbase prime, Gatehub, coss, independent reserve, liquid, Livecoin, LocalBitcoin, Okex, Upbit, Btcmarkets, Binance chain, Bitsane, Blockfolio, Cointracking, Coinlist pro, Coinsquare, Coss.io, Bittrex, Swyftx, Kraken, Bitstamp, Exmo, Poloinex, Bitfinex, Bitmex, Idex, Binance dex, CoinDspot, Hitbtc, Gemini, Huobi, Cex.io .
Cointracker supported wallet
Coinbase wallet, crypto wallet, Electrum, Exodus, Jaxx wallet, Keepkey wallet, Ledger, Myetherwallet, Samourai wallet, Trezor, Abra, Blockchain wallet, Bread wallet, celsius network, crypto.com .
We can see from the lists above that Cointracker has a longer list of supported exchanges and wallets than Koinly has.
Supported Countries – Koinly vs CoinTracker
Koinly Supported Countries
It was launched for the UK only, but now operates in over 20 countries, including the US, Australia, Canada, Germany, Sweden and South Africa.
Also it partially supports more than 100 countries.
CoinTracker Supported Countries
It is fully used only in 4 countries, which are the United States, the United Kingdom, Canada, and Australia.
And like Koinly, Coin Tracker also partially supports more than 100 countries.
Pricing – Koinly vs CoinTracker
People who only want software to manage and track their crypto portfolio can use koinly’s free plan. And if you want to use it to file your tax. So here are 3 types of plans for you, where you can upgrade according to your need.
NEWBIE – Just getting started $49.00 per year
HODLER – Taking it easy $99.00 per year
TRADER – Hustling like a Pro $179.00 per year
Cointracker also has a free plan like coinly. Which is based not on the number of transactions you can do, but on the number of wallets you use. In this free plan, you can import only five of your wallets. If you want to import more wallets then here also you are given 3 plans.
Hobbyist – $59 per year
Premium – $199 per year
Unlimited – Priced individually
Help Center – Koinly vs CoinTracker
Koinly’s Help Center
The Koinly tax calculator has several FAQs and tutorials already in place. His articles cover everything from getting started managing your portfolio, importing data to creating tax reports, or tracking your assets.
So that even if you are new to this software, with the help of this tutorial, you can use koinly in a better way. They also have an active community forum where you can discuss your usage questions and suggestions.
CoinTracker’s help center
Coin Tracker also includes a lot of resources, guides and articles to help you if you have any doubt about the problem, but it is not as comprehensive as koinly. But they are laid out in an intuitive way that allows you to quickly find the questions that bother you.
However it provides a complete step by step guide to use the software. There’s also an FAQ section with a variety of questions and answers.
And a dedicated section for experienced users who want to learn about more advanced options like tax reporting, customizing the dashboard, and adding advanced charts.
Security and Privacy – Koinly vs CoinTracker
Koinly and Coin Tracker are 2 of the best crypto software out there so it makes sense that both have invested in keeping their customers’ personal and financial data safe and secure.
Koinly Security & Privacy
It takes various measures to secure the data of its customers. Including encryption in security protocols, cloud hosting, confidentiality agreements and security payments.
The important thing here is that koinly does not ask you for your API key. So it can remain safe in case of any hacker attack.
Is koinly safe ?
So yes it can be said that kohli is completely safe tax calculator encrypts them using aes-256-gcm before using all the four.
koinly hosts its services and data on heroku, which applies security checks to each of its .
Koinly’s authorized employees who need your data can only access your data.
Apart from this, the investigation also includes annual security and awareness training for its employees, security policies and confidentiality agreements to be signed by employees, etc.
CoinTracker Security & Privacy
CoinTracker also does not ask for your API key. Here also your data is encrypted. However, one difference between these two platforms is that Coin Tracker has soc2 certification, while koinly does not.
It can be said that both these software only have access to your trade history and not your assets.
So your assets are safe and only you are the only person who can access your assets.
Is coin tracker safe ?
Yes like koinly this tax calculator is also completely safe .
It also doesn’t ask for your API key, here all exchange have read only access to your API keys on your exchange accounts. Your API is kept secure. Also the website is bahut secure and annual penetration testing is done regularly. Also supports two factor authentication and is SOC 2 compliant certified.
Pros & Cons – Koinly vs CoinTracker
- It supports over 600 cryptocurrencies and over 350 exchanges and wallets
- It generates tax reports for over 20 countries
- It also has a free plan which is useful for newbies
- User interface is very easy
- The process of making tax report is very easy and simple
- It offers annual pricing plans that make it somewhat less expensive
- Doesn’t provide Turbo tax Forms with free plan
- Its cost may vary depending on the volume of transactions you do
- CoinTracker lets you import over 10000 different currencies
- where you get to track and restrict NFTs as well
- This software lets you see the major please update and synchronization with this Chinese in real time
- Here allows you to choose one of several methods for preparing your tax return including Adjusted Caste Basis First in First out Last in First out
- Tax forms created in this software are compliant with multiple tax regulations including US tax laws, German Income Tax Act, Capital Gains and Form 8949 Schedule D
- The free plan of this software is limited and you cannot create your own reports.
- This proves to be more expensive than Horoscope if your crypto portfolio is large and you need to pay taxes on your crypto trains
Final verdict / Conclusion – Koinly vs CoinTracker
Let us know which can be the better crypto tax software for you after looking at all the aspects.
Although both the tax calculators are the best and they are continuously improving their service.
When it comes to their free plans, Koinly’s includes far more features. However, CoinTracker seems to offer better prices.
While on the one hand koinly supports more crypto exchanges, wallets and DeFi protocols, cointracker on the other hand supports more cryptocurrencies than koinly .
Also koinly supports more countries than coin tracker .
And as a conclusion of this article we believe that koinly tax calculator can be a better option for you out of the two.
It comes with lots of features guides and tutorials and also has a free version which is good enough for new users .
According to your personal use, you must do some research of your own, this is our prediction, and it may be slightly different for you.
Note – Do your own research before investing anywhere, we write this article only for your knowledge, thank you…..
Q- Is there anything better than CoinTracker?
Ans – Koinly is a highly trusted alternative to CoinTracker.
Q – What is better than Koinly?
Ans – Alternatives to Koinly
Ledgible. Ledgible. …
Accointing by Glassnode. Glassnode. …
Corvee Tax Planning. Corvee. …
BitGo. BitGo. …
CSS IMPACT. CSS, Inc. …
Cryptio. Cryptio. …
Q – Is Koinly legitimate?
Ans – it’s one of the best crypto tax software on the market. you read details in this article.
Q – Who is CoinTracker owned by?
Ans – Jon Lerner – Co-Founder, CEO – CoinTracker
Q – Who is koinly owned by ?
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