Are you looking for the best digital currency portfolio tracking software to help simplify your crypto investing? Look no further than Koinly.io! With a range of easy-to-use tools and features, Koinly is a top-rated cryptocurrency portfolio tracking and analysis site, designed to help digital asset investors.

Koinly.io enables users to aggregate, view, and analyze data from their favorite exchanges, wallets, blockchains, and more in one convenient place. This allows users to get an overview of all their assets across multiple accounts and wallets in order to make better portfolio decisions. Users can also analyze profits/losses, calculate ROI over time and generate tax reports too – essential chops required by any serious investor.

In this review, we will take an in-depth look at Koinly’s features and see how the platform stacks up against its competitors regarding ease of use, the use of metrics, pricing plans, and customer support. So let’s dive into it and find out if Koinly is truly the best option for helping you manage your digital currency portfolios successfully.

Key Takeaways:

  1.  Koinly is a cryptocurrency tax software offering portfolio tracking and analysis features.
  2.  The platform provides features such as automated transaction import, multiple currencies support, cost basis calculation using FIFO/LIFO/HIFO methods, and more.
  3.  Koinly offers customer support via email, live chat, phone, and API so developers can integrate the platform into their own applications.

Is Koinly Right for You? An Honest Review

Koinly is a great option for those looking to generate international crypto tax reports. It offers a range of features, including support for over 350 exchanges, wallets, and blockchains. Prices range from $0 to $179 per year, with no additional fees or hidden costs. The Tax Reports tab provides an overview of cryptocurrency activity for a given year and users can adjust their account settings before generating tax reports. Koinly supports four different cost basis methods and can automatically generate Form 8949 and Schedule D.

Koinly also allows users to generate income reports from airdrops, forks, mining, and staking. It also provides breakdowns of short- and long-term capital gains with original cost and proceeds as well as tracking gifts, donations, lost assets, and year-end holdings for tax filing.

What is Koinly.io?

Koinly is a cryptocurrency tax software company that was founded in 2018 and has since grown to oversee tax reporting for over $250 million in funds. It is an accounting and tax reporting software for cryptocurrency investors, hobbyists, and accountants, allowing users to easily sync their data to Koinly and get a complete picture of all their trading activity. In 2023, Koinly was named our top pick for the best cryptocurrency and NFT tax liability calculator.

Koinly makes it easy to preview your capital gains and taxes for free and generate reliable cryptocurrency tax reports. The software also offers features such as portfolio tracking, automated transaction import from exchanges, wallet addresses, CSV files or manual entry, automatic cost basis calculation using FIFO/LIFO/HIFO methods, support for multiple currencies including USD/EUR/GBP/AUD/CAD, etc., support for margin trading & futures contracts, support for staking & airdrops, detailed capital gains reports, and more.

Pros and Cons of Being a Koinly Subscriber

Being a Koinly subscriber has its pros and cons. On the plus side, Koinly is a comprehensive platform that allows users to track their cryptocurrency investments in one place. It also offers tax reporting features, portfolio analysis tools, and automated transaction imports from exchanges. This makes it easier for users to keep track of their investments and make informed decisions about their finances.

On the downside, Koinly is a paid service, so users will have to pay a subscription fee in order to access the full range of features. Additionally, some users may find the platform difficult to use or navigate.

Overall, Koinly is an excellent choice for those looking for an easy way to manage their cryptocurrency investments and taxes. It offers a comprehensive set of features that make it easier to stay organized and up-to-date with all of your crypto activity. The platform is also reasonably priced, making it a great option for those on a budget.

What features does Koinly.io offer?

Koinly.io is a cryptocurrency tax software that helps users calculate their capital gains and losses for tax purposes. It offers a range of features to make the process easier, including automatic import of transactions from exchanges and wallets, portfolio tracking, automated tax reports, and more.

Koinly’s automatic import feature allows users to connect their exchange accounts and wallets to the platform in order to automatically import their transactions. This makes it easier to keep track of all of your crypto activity in one place.

Koinly also offers portfolio tracking, which allows users to view their portfolios in real-time and set up alerts for when prices change. Additionally, the platform provides automated tax reports so users can easily generate accurate capital gains and losses reports for tax purposes. Finally, Koinly also offers an API so developers can integrate the platform into their own applications.

Extensive Wallet And Exchange Support

Koinly is a cryptocurrency tax and portfolio tracking platform that provides extensive wallet and exchange support. It integrates with over 350 exchanges and wallets, allowing users to consolidate their investing activity into one place. Koinly also detects different types of income from various sources such as margin trading, staking, and lending platforms. Furthermore, it provides read-only access to accounts and features error reconciliation to ensure accurate filing.

Popular exchanges and services natively supported by Koinly include Coinbase, Binance, Kraken, Bitfinex, and more. However, the level of support for each exchange can vary depending on the type of activity being tracked. For example, buying bitcoin (BTC) with a debit card or margin trading history may not be available via an exchange’s API. Nevertheless, Koinly offers an extensive range of wallet and exchange support for users looking to track their investments in one place.

Automatic Crypto Tax Reports

Koinly is a powerful tool for those looking to generate automatic crypto tax reports. With Koinly, users can adjust their account settings before generating tax reports, including cost basis methods and sources like airdrops or mining as income. Koinly can automatically generate Form 8949 and Schedule D, which are critical for filing crypto taxes. Additionally, Koinly provides an overview of your cryptocurrency activity for a given year with breakdowns of short- and long-term capital gains with details on when assets were sold.

Koinly also allows users to track crypto gifts, donations, lost assets, and end of year holdings for tax filing. After trying Taxbit with no success, Koinly was found to be the best crypto tax site available due to its ability to integrate with Kraken’s margin trades and all of Kucoin’s history. With Koinly, users can track where every coin came from, where it went, and how much it cost.

Tax-Loss Harvesting

Tax-loss harvesting is a popular tax strategy used to offset capital gains when filing taxes. It involves selling securities at a loss in order to reduce the amount of taxable income. Koinly is a crypto tax software that makes it easy to identify different crypto coins that can be sold off for losses by tracking all of your capital gains and losses per asset. This allows users to know which coins to sell and how much they will lose.

ZenLedger is another crypto tax software with a standalone tool for tax-loss harvesting in a spreadsheet, which Koinly does not currently have. However, Koinly’s dashboard shows unrealized profits and losses, making it easier for users to keep track of their investments and plan their taxes accordingly. Tax-loss harvesting can be an effective way to save money on taxes, so it’s important to understand the different options available when choosing a crypto tax software.

Portfolio Tracking

Koinly is a portfolio tracking tool that provides users with an overview of their investments. It displays the total value of the portfolio, as well as a breakdown of all assets held and how much fiat currency is held on exchanges. The dashboard also shows performance metrics such as gains and losses over time, and the number of transactions made. This can be useful for spotting discrepancies or missing transactions in your portfolio.

Koinly is not as robust as other portfolio trackers like Kubera, but it still offers some great features to help you stay on top of your investments. For example, it allows you to set up alerts when certain thresholds are met, so you can be notified when your portfolio reaches a certain level or if there are any changes in its value. Additionally, Koinly provides detailed reports that can help you analyze your investment performance over time and make informed decisions about where to invest next.

International Support

Koinly is a crypto tax software that provides international support for over 20 countries. This includes countries such as Australia, Brazil, Canada, Denmark, Finland, France, Germany, Japan, Norway, South Korea, Spain, Sweden and the United States. Koinly prepares localized versions of tax reports for each country selected as the home country. Additionally, Koinly supports all countries that use Average Cost, FIFO, LIFO or HIFO methods for calculating gains.

Koinly also offers specialized tax reports tailored to meet the needs of different countries. For example they offer specialised tax reports for USA, Canada, Australia, UK, Germany Norway Denmark and Sweden. With these services users can easily prepare their taxes in accordance with their local laws and regulations. Furthermore Koinly’s customer service team is available 24/7 to answer any questions or concerns users may have about their taxes or the software itself.

Are There Any Fees?

Koinly is a great option for those looking to track their cryptocurrency transactions. With their free plan, users can get a feel for the user interface and explore the features without any cost. However, if you need to report your transactions for tax purposes, it’s important to consider the transaction limits of the free plan. For more extensive tracking needs, Koinly offers several flexible and affordable plans ranging from $0 to $179. These plans allow users to track up to 3,000 transactions at a time. Additionally, Koinly provides additional features such as dual nationality ($49) and expert review ($799) that can be added on to any plan. So no matter what your budget or tracking needs are, Koinly has an option that will work for you.

How Does Koinly Compare?

Koinly is a cryptocurrency tax software company based in London that helps oversee tax reporting for over $250 million in funds. It offers an affordable crypto tax solution with a free plan, making it easy to test out. Koinly has better international support than ZenLedger and CryptoTrader.Tax, as well as manual DeFi and NFT transaction support. In 2023, Koinly was named our top pick for the best cryptocurrency and NFT tax liability calculator.

ZenLeger has slightly better native DeFi support since it integrates with 20+ protocols, but Koinly still provides great features such as automatic import of transactions from exchanges and wallets, cost basis calculation, capital gains reports, and more. Furthermore, Koinly allows users to generate IRS-ready forms like 8949 or 1040 Schedule D which can be used to file taxes with the IRS.

How Do I Open An Account?

Opening an account with Koinly is a simple and straightforward process. All you need to do is sign up with your Coinbase or Google account, provide your name, email address, and password. No credit card is required to try out the service. Setting up a new account takes only a few minutes; however, importing transaction data from exchanges can take 15-20 minutes.

Koinly offers a free account that can be used as a portfolio tracker and to generate tax reports. However, the free version does not support Form8949, Schedule D, international tax reports, export to TurboTax, DeFi, margin and futures trades. Additionally, the free version limits integration to 50 exchanges/wallets. If you require more features or access to more exchanges/wallets then you will need to upgrade your plan.

Is It Safe And Secure?

Koinly is a secure and safe platform for managing cryptocurrency transactions. It uses read-only API connections to import transactions, meaning it cannot make changes to any of your crypto exchange apps or wallets. Koinly does not require private keys and encrypts data in transit, so users can be sure that their information is secure. All data is encrypted using 256 bit encryption and stored securely with Amazon Web Services and Heroku. Koinly applies security controls at every layer and has an uptime of 99.9%.

Koinly also allows users to authenticate via Google/Coinbase or email with passwords stored using bcrypt. The platform incorporates industry standard security protocols and the team continuously scans for vulnerabilities. To ensure maximum safety, users should remain sensible with their personal data to protect themselves from any data breaches. With these measures in place, Koinly provides a secure environment for managing cryptocurrency transactions without compromising user privacy or security.

How Do I Contact Koinly?

Koinly is a cryptocurrency tax software that makes it easy to track and report your crypto gains and losses. With Koinly, you can automatically import transactions from wallets and exchanges, match transfers between wallets, calculate gains/losses, generate tax reports, and find market prices. Plus, Koinly offers reliable customer service with live chat support for all users and email support for Trader tier customers. The company has an impressive 4.6 star rating on Trustpilot with many positive reviews citing their helpful customer service team. If you have any questions or need help getting started with Koinly, you can contact them at hello@koinly.io or use the live chat feature on their website.

Is It Worth It?

Crypto tax software can be a great way to save time and reduce mistakes when filing taxes. Koinly is one of the most reliable choices for both U.S. and international crypto investors, offering DeFi support and the ability to add NFT transactions manually. It is worth considering if you are looking for an easy way to manage your crypto taxes.

Koinly offers a comprehensive suite of features that make it easy to track all your crypto transactions, calculate capital gains, and generate accurate tax reports. The software also provides helpful guidance on how to file your taxes correctly, as well as detailed explanations of each step in the process. While using Koinly can be beneficial, it is important to do your own bookkeeping throughout the year and double-check Koinly’s tax reports before submitting them to the IRS or other relevant authorities. This will ensure that you are accurately reporting all of your cryptocurrency activity and paying the correct amount of taxes due.

How does Koinly.io help with cryptocurrency taxes?

Koinly.io is a cryptocurrency tax software that helps users with their crypto taxes. It simplifies the process of filing taxes on digital assets by automatically calculating capital gains and losses, generating reports, and providing guidance on how to file taxes in different countries.

Koinly.io provides users with an easy-to-use dashboard where they can track all their transactions and view their portfolios in real-time. The platform also offers automated tax reports so users can quickly generate accurate capital gains and losses reports for tax purposes. Additionally, Koinly provides an API so developers can integrate the platform into their own applications.

Overall, Koinly.io is a great tool for those looking to simplify the process of filing taxes on digital assets. It makes it easier to stay organized and up-to-date with all of your crypto coin activity and provides a comprehensive set of features to make the process easier.

Crypto Charity’s Verdict on Koinly

Koinly.io is an excellent choice for those looking for an easy way to manage their cryptocurrency investments and taxes. It offers a comprehensive set of features that make it easier to stay organized and up-to-date with all of your crypto activity. The platform is also reasonably priced, making it a great option for those on a budget. With its automated import feature, portfolio tracking, automated tax reports, and API, Koinly.io is a great tool for those looking to simplify the process of filing taxes on digital assets.