Koinly vs CoinTracker

If you are a crypto trader, you are probably by now aware that any transactions you make are seen as taxable events. However, some traders still have trouble figuring out their crypto tax rate. If you’re one of them, worry not — you can use crypto tax software to help you out.

But which one to choose?

In our Koinly vs. CoinTracker comparison, you can find out more about the features, pricing, integrations, and other valuable information about two of the best crypto tax software.

Stay with us to see if one of these would be the perfect fit for you.

Side-by-side Comparison

For starters, check out this short overview of important highlights about Koinly and CoinTracker.

Koinly CoinTracker
Sign-up process Through Google or Coinbase account,
Through an email address
Through Google or Coinbase account,
Through an email address
Features and services Error reconciliation,
Cost-basis methods, Integration with TurboTax and TaxAct,
DeFi and margin trading
Error reconciliation,
Cost-basis methods, Integration with TurboTax and TaxAct,
DeFi and margin trading
Integrations 350+ exchanges, 50+ wallets,
6,000 cryptocurrencies
300+ exchanges and wallets, 10,000 cryptocurrencies
Pricing $0–$279 $0–$199,
$299 or more for the Unlimited (customized) plan
Security and privacy No requirement of private keys,
Data encryption
No requirement of private keys,
Data encryption, SOC 2 certificate
Supported countries Full support for more than 20 countries Full support for four countries
Mobile app Available for Android,
iOS still in Beta mode
Available for Android and iOS
Customer support Email address, live chat Online, by submitting a request on the website
Customer reviews High score Poor score

Sign-up Process

Let’s start with the basics. How to start using these crypto tax software?

The process is basically the same for both. The only thing required is to be at least 18 years old.

First of all, you need to create an account at Koinly or CoinTracker. Visit their official websites and click on the “sign up” option on Koinly, or the “try it free” option on CoinTracker.

Continue with providing your Google/Coinbase account or an email address. When you’ve successfully logged into Koinly or CoinTracker, the next steps are:

  • Import your trades
  • Preview your transactions
  • Download the filled tax forms

And voila! You’re ready to go.

CoinTracker vs Koinly: Features and Services

When looking for crypto tax software, most traders pay attention to its features and services.

Let’s see what Koinly and CoinTracker have in common:

  • The downloadable tax forms – both software offer Form 8949, Schedule D, capital gains report, and transactional history report. However, you can’t download them with a free plan. To do that, you’ll have to upgrade to a paid plan.
  • Error reconciliation – both Koinly and CoinTracker have different kinds of error reconciliation tools. These can help crypto traders with problems referring to their crypto assets, such as missing or duplicate transactions.
  • Cost-basis methods (FIFO, LIFO, HIFO, Average cost) – both software allow customers to use various cost-basis methods for tax reporting.
  • Unlimited exchanges and wallets – both include auto-sync for an unlimited number of exchanges.
  • Integration with TurboTax and TaxAct – after Koinly and CoinTracker complete the tax forms, you may download them and file your taxes with an accountant or export them to tax-filing software such as TurboTax and TaxAct.

As you can see, Koinly and CoinTracker offer many similar features. However, they also differ in some aspects:

  • Tax-loss harvesting – currently, Koinly doesn’t offer a tax-loss harvesting tool, but CoinTracker does. However, this useful tool isn’t part of its tax compliance plans. To use it, you’ll have to purchase one of the pricier Portfolio Assistant plans (Pro or Custom).
  • DeFi and margin trading – while Koinly offers these features in all plans, CoinTracker customers can only use them if they have a premium or customized plan.

Koinly vs. CoinTracker: Integrations

Koinly and CoinTracker allow automatic import of crypto trades via API and manual import of CSV files. Additionally, they both support the most popular exchanges and wallets. However, they differ in the number of available integrations.

Koinly’s integrations

Koinly supports over 350 exchanges, including:

Some of the 50+ wallets that Koinly supports are:

  • Uphold
  • Abra
  • Exodus
  • Electrum
  • Trezor

Moreover, Koinly supports over 6,000 cryptocurrencies that can be imported automatically and manually via more than 100 blockchains. These are the blockchains for which Koinly has an automatic import:

  • Bitcoin
  • Arbitrum
  • Cronos
  • Fantom
  • Helium

Finally, Koinly also allows automatic import of crypto transactions from different DeFi platforms such as:

  • Uniswap
  • PancakeSwap
  • SushiSwap
  • Cream
  • Value
  • Balancer

CoinTracker’s integrations

CoinTracker supports more than 300 exchanges and wallets.

Some of the supported exchanges are:

Moreover, some wallets the platform supports include:

  • Ledger
  • Trezor
  • Metamask
  • Exodus

When it comes to DeFi, CoinTracker only supports four DeFi platforms.

  • Compound
  • IDEX
  • Maker
  • Uniswap

Although it supports fewer DeFi platforms than Koinly, it supports more cryptocurrencies — over 10,000.

CoinTracker vs. Koinly: Pricing

Both Koinly and CoinTracker offer a free plan along with their paid plans.

Check out the following pricing comparison and find out what features they include in their plans.

Koinly pricing:

Free plan($0) Newbie plan($49) Hodler plan($99) Trader plan($179) Pro plan($279)
Transactions 10,000 100 1,000 3,000 10,000+
Supported exchanges and wallets Unlimited Unlimited Unlimited Unlimited Unlimited
DeFi support
TurboTax and TaxAct integration
Tax reports
Error reconciliation
Cost-basis method
Margin trading
Email support

CoinTracker pricing:

Free plan ($0) Hobbyist plan ($59) Premium plan ($199) Unlimited plan (priced individually)
Transactions 25 100 1,000 Unlimited
Supported exchanges and wallets Unlimited Unlimited Unlimited Unlimited
DeFi support
TurboTax and TaxAct integration
Tax reports
Error reconciliation
Cost-basis method
Margin trading
Email support
Money-back guarantee 30 days 30 days 30 days 30 days

Security and Privacy

Since Koinly and CoinTracker are among the best crypto software, it’s natural to assume both are invested in keeping their customers’ personal and financial data safe and secure. How do they do it?

Koinly

Koinly uses a number of measures to secure its customers’ data. Some of the security protocols include encryption, cloud hosting, confidentiality agreements, and security payments.

Most importantly, Koinly doesn’t ask for your private keys. Therefore, no one could obtain them in case of a hacker attack.

CoinTracker

CoinTracker doesn’t ask for your API keys either — it has read-only access to them. Moreover, the data you provide is encrypted.

What this means is that both software only have access to your transaction history and not your assets. Therefore, your assets will be safe, since you are the only person that can access them.

However, the major difference between these two platforms is that CoinTracker has SOC 2 certification, while Koinly doesn’t.

Supported Countries

Although initially intended for UK citizens, Koinly now supports over 20 countries. Some of them are the US, Australia, Canada, Germany, Sweden, and South Africa.

Moreover, Koinly partially supports more than 100 countries that use some of the following methods: FIFO, LIFO, highest cost, and average cost basis.

As for CoinTracker, it can only be fully used in four countries: the US, the UK, Canada, and Australia. However, like Koinly, it also offers partial support for over 100 countries that use the previously mentioned cost basis methods.

Mobile App

Are you a crypto investor who is always on the move? You have no time to sit in one place for hours and keep track of the crypto trades from your laptop?

Luckily, Koinly and CoinTracker may have a solution for that.

Koinly has its own mobile app that is available for Android. Unfortunately, the iOS version is still in Beta mode.

Meanwhile, CoinTracker also has a mobile app.

However, unlike Koinly’s, the CoinTracker app is available for both Android and iOS devices.

Customer Support

How can customers get in touch with Koinly’s and CoinTracker’s customer support? Let’s see:

Koinly

If you have questions about anything, you can contact the Koinly support team via:

  • Email address
  • Chat

CoinTracker

As for the CoinTacker’s support team, you can reach out to them online by submitting a request on the website. You’ll just need to provide an email address, and the support team will get back to you as soon as they can.

Customer Reviews

We’ve analyzed reviews from Koinly and CoinTracker customers to help you get a better picture of both software.

Based on user reviews on Trustpilot, Koinly has a very high rating. Meanwhile, every other CoinTracker.io review on Trustpilot gives the platform a poor score.

Now, let’s compare their advantages and drawbacks.

Koinly

Pros Cons
Helpful customer support team Sometimes slow to sync
Easy-to-use software No tax-loss harvesting feature
Great visual overview of all your crypto trades
Free plan available
Great variety of available products

CoinTracker

Pros Cons
Easy-to-use software Waiting a long time for a refund
Great mobile app Frequent occurrence of bugs
Responsive customer support team Slow integration with TurboTax
Beginner-friendly
Reasonably priced

 

All in all, users see both software as user-friendly with great customer support. However, CoinTracker customers seem to experience bugs and slow sync more frequently.

Koinly.io

Easily connect to your exchange platform or wallet and get a preview of your portfolio in no time. Koinly generates location-specific tax reports for over 20 countries, something which non-US citizens will appreciate.

  • Automatic synchronization of data across platforms
  • Exports to TurboTax or TaxAct
  • Accepts crypto payments for membership fees

Easily connect to your exchange platform or wallet and get a preview of your portfolio in no time. Koinly generates location-specific tax reports for over 20 countries, something which non-US citizens will appreciate.

CoinTracker.io

CoinTracker is the go-to solution for keeping track of your portfolio automatically and accurately. The real-time preview of portfolio value and taxes is probably why this software has more than 500,000 users.

  • Real-time tracking
  • Mobile app for better insight
  • More than 12 methods for generating reports

CoinTracker is the go-to solution for keeping track of your portfolio automatically and accurately. The real-time preview of portfolio value and taxes is probably why this software has more than 500,000 users.

Final Verdict: Koinly or Cointracker?

After comparing the essential aspects of the two, the question arises: which one is better, Koinly or CoinTracker?

Let’s sum up what we discovered.

When it comes to their free plans, Koinly’s includes far more features. However, CoinTracker seems to offer better prices.

Moreover, Koinly supports more exchanges, wallets, and DeFi protocols. Meanwhile, CoinTracker supports a larger number of cryptocurrencies.

Furthermore, Koinly supports more countries than CoinTracker.

All things considered, the two are very similar in terms of the features and options offered. However, Koinly is one of the greatest CoinTracker alternatives on the market. It simply offers more of everything, and crypto traders seem to trust it more.

FAQ

Is CoinTracker free?

No, it isn’t. However, it offers a free plan with basic features and a small number of transactions.

How much does Koinly cost?

Koinly has four paid plans: the Newbie plan ($49 per year), the Hodler plan ($99 per year), the Trader plan ($179 per year), and the Pro plan (from $279 per tax year).

Is Koinly legit and safe?

Yes, Koinly is legit and safe crypto tax software. It makes sure user data is safe by encrypting it, hosting it on a cloud, and asking for read-only access to customers’ keys.

Can CoinTracker be trusted?

Yes. It uses multiple security measures to keep user data safe. Additionally, it has gained a SOC 2 certification, meaning its management of customer data is on a high level.

Koinly vs. CoinTracker — which one is better?

Both have their own advantages and drawbacks, satisfied and dissatisfied users. However, Koinly is the best possible CoinTracker alternative — it integrates with more exchanges, wallets, and DeFi protocols.

ABOUT AUTHOR

When you were a kid, what did you want to be when you grew up? Maybe you dreamed of being a doctor, a singer, or an athlete. Well, believe it or not, my answer was always loud and clear: “I want to be an economist!” So, here I am, not a typical office worker with a pile of documents to sort or a lot of complex data to analyze, but a financial content writer exploring all things money-related. And, I must say, I really enjoy sharing my financial and economic knowledge with all of you.

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