TaxBit vs. CoinTracker

The due date for filing your taxes is close, and you still haven’t started with the accounting of your crypto assets? No worries, you’re on the right page.

Whether you’re a crypto beginner or an experienced trader, choosing the right crypto tax software is not that easy.

Naturally, when searching for the right one, traders seek help with tax calculations. However, they also appreciate it when the software has options for tracking their trades and managing their capital gains and losses.

We introduce you to two of the best crypto tax software out there — TaxBit and CoinTracker.

TaxBit vs. CoinTracker: Side-by-Side Comparison

Before we give more information about both software, take a look at the following table with the most important highlights:

TaxBit CoinTracker
Sign-up process Through email address Through email addressThrough Google account

Through Coinbase account

Features and services Integration with TurboTax and TaxAct
Cost basis methods (FIFO and HIFO)Unlimited transactions in all plansDeFi support in all plansTax forms generating ( Form 8949, 1099-B, and Income reports)
Integration with TurboTax and TaxActCost basis methods (FIFO, LIFO, HIFO, ACB, and Share Pool)

Unlimited transactions only in the Unlimited plan

DeFi support only for high-valued plans

Tax forms generating (Form 8949, Schedule D, Schedule 1, capital gains and transactional history reports)

Integrations 500+ exchanges 300+ exchanges
Pricing $0–$500 $0–$199Over $299 for the
Unlimited (customized) plan
Security and privacy SOC 2 certificateNever sells data to third parties

Read-only API keys

SOC 2 certificateNever sells data to third parties

Read-only API keys

Supported countries Available only in the US Full support for the US, UK, Canada, and AustraliaPartial support for more than 100 countries
Mobile app No mobile app Available for Android and iOS
Customer support Email support (available for free and paid plans)Live web chat support (available only in the paid plans) Online, by submitting a request on the websiteEmail support (available only in the Premium and Unlimited plans)
Customer reviews Great score Poor score

Sign-Up Process

No matter which software you choose, you must be 18 years or older to use it. If you meet this requirement, you can sign up for either in just a few minutes.

The sign-up process is basically the same for both software. Just visit their official websites and click “sign up” or ”try it free” options (for TaxBit and CoinTracker, respectively). The next steps are as follows:

  • Provide your email address to create an account (CoinTracker also allows you to create an account by connecting with your Coinbase/Google account)
  • Add your exchanges and wallets

Note: When signing up for CoinTracker, the platform will send you a verification link to the email address you have provided when creating your account.

CoinTracker vs. TaxBit: Features and Services

Let’s check out the most important and popular features of both software.

CoinTracker

CoinTracker has more than one million customers. Let’s see some of the software’s favored features and services:

  • Generating tax forms and reports: CoinTracker provides Form 8949, Schedule D, and Schedule 1 for US users, as well as capital gains and transactional history reports.
  • Cost basis methods: the software supports FIFO, LIFO, HIFO, ACB, and Share Pool. These are included in all plans.
  • Its official partners: CoinTracker has made partnerships with Coinbase, OpenSea, H&R Block, and TurboTax.
    Integration with TurboTax and TaxAct: if you want to file your taxes with a tax-filing software, CoinTracker allows you to export files to TurboTax and TaxAct.
  • Unlimited exchanges and wallets: CoinTracker also includes unlimited auto-sync with more than 300 exchanges in all its plans.
  • Margin trading and DeFi platforms: these tools used by experienced crypto traders are included only in CoinTracker’s pricier plans.
  • Portfolio assistance: some portfolio assistance tools can be used for free, while some require upgrading to a paid plan.
  • Services for tax accountants: professional tax accountants can also use the software for multiple crypto tax services, on behalf of their clients.

TaxBit

TaxBit has more than five million customers, which is what, five times more than CoinTracker? Let’s see some what features and services brought TaxBit that much popularity:

  • Generating tax forms: with TaxBit, you can generate Form 8949, 1099-B, and an Income report. However, if you want the software to generate current-year tax forms for platforms other than those supported by TaxBit, you’ll have to upgrade to a paid plan.
  • Cost basis methods: TaxBit offers only FIFO and HIFO cost basis methods.
  • Unlimited transactions: no matter the plan they opt for, TaxBit customers can import an unlimited number of transactions and trades from exchanges.
  • TaxBit network: since a great number of exchanges, protocols, and marketplaces have partnered with TaxBit, you won’t have any trouble preparing your crypto tax forms.
  • Tax-loss harvesting: this useful tool can help you protect your income, reduce your tax liabilities, and lower your crypto tax rate. However, this feature isn’t included in the free and Basic plans.
  • DeFi support: available in all TaxBit plans, both free and paid.
  • Accounting services: aside from providing services to crypto traders, the software can also be used by accountants. It offers numerous services such as tax calculation tools, data ingestion, keeping track of crypto assets, and more.

Integrations

Both software support a great number of exchanges and wallets and offer direct and manual upload of CSV files.

CoinTracker’s integrations

CoinTracker supports more than 300 exchanges and wallets. Those transactions you can’t import automatically can be uploaded manually in the form of CSV files.

Now, the main question — which crypto exchanges does CoinTracker support? Let’s take a look at some of them:

As for the wallets supported by CoinTracker, these include:

  • Metamask
  • Exodus
  • Trust Wallet
  • Ledger
  • Trezor

Lastly, CoinTracker also supports the following DeFi platforms:

  • Maker
  • Uniswap
  • IDEX
  • Compound

TaxBit’s integrations

TaxBit supports more than 500 exchanges. Just like CoinTracker, TaxBit also allows you to manually import CSV files in case they can’t be uploaded automatically.

Now, let’s see some of the exchanges that TaxBit offers support for:

As for the wallets supported by TaxBit, the software can directly import data from those working on these blockchains:

  • Ethereum
  • Bitcoin
  • Dash
  • Litecoin
  • Helium
  • Dogecoin
  • Binance Smart Chain
  • Bitcoin Cash

Note: If you have a wallet that isn’t on some of the listed blockchains, you can easily upload data from these wallets manually via CSV files.

CoinTracker vs. TaxBit: Pricing

Both software offer free and paid plans. Let’s see how they differ in prices and in included features.

CoinTracker pricing

CoinTracker has one free and three paid plans.

The following table will show you everything you need to know about them:

Free plan ($0) Hobbyist ($59/year) Premium ($199/year) Unlimited (over $299/year)
Refund policy / 30-day money-back guarantee 30-day money-back guarantee 30-day money-back guarantee
Number of allowed transactions Up to 25 Up to 100 Up to 1,000 Unlimited
Customer support Forum support Forum support Forum and email support Forum, email, and concierge support
Generating tax reports Included, but only for 25 transactions Included Included Included
Cost basis methods Included Included Included Included
Error reconciliation Included Included Included Included
Integrations Over 300 exchanges and wallets Over 300 exchanges and wallets Over 300 exchanges and wallets Over 300 exchanges and wallets
DeFi support Not included Not included Not included Not included

Note: The users of the Unlimited plan are priced individually, depending on the chosen features, where the price starts from $299.

TaxBit pricing

TaxBit also has one free and thee paid plans. Let’s see what they include.

Network ($0) Basic ($50/year) Plus+ ($175/year) Pro ($500/year)
Refund policy

(available only if tax forms haven’t been downloaded)

/ 30-day money-back guarantee 30-day money-back guarantee 30-day money-back guarantee
Number of allowed transactions Unlimited Unlimited Unlimited Unlimited
Customer support Email support Email and live web chat support Email and live web chat support Email, live web chat, and concierge support
Generating tax reports Current-year tax forms for all supported TaxBit network companies Current-year tax forms for the supported, as well as all other platforms Current-year and historical tax forms for the supported, as well as all other platforms Current-year and historical tax forms for the supported, as well as all other platforms
Cost basis methods Included Included Included Included
Error reconciliation Included Included Included Included
Integrations Over 500 supported platforms (auto-sync with 70+ in-network platforms, CSV import of files from out-of-network platforms) Over 500 supported platforms (auto-sync with 70+ in-network platforms, CSV import of files from out-of-network platforms) Over 500 supported platforms (auto-sync with 70+ in-network platforms, CSV import of files from out-of-network platforms) Over 500 supported platforms (auto-sync with 70+ in-network platforms, CSV import of files from out-of-network platforms)
DeFi support Included Included Included Included
Tax-loss harvesting Not included Not included Not included Not included

Security and Privacy

When it comes to customer data security, both software have something in common — they are SOC 2 certified.

This means that the security measures they implement are in accordance with the criteria set by the American Institute of CPAs. These include (but are not limited to) security, privacy, and confidentiality.

Now, let’s see how TaxBit and CoinTracker keep their customers and their data safe.

CoinTracker

The software never asks for your private crypto wallet keys — they are encrypted and securely stored. CoinTracker has read-only access to your keys and data, which are only used for tax-calculation purposes.

When you’re done with using the software, all your private and financial data could be deleted at any time for no reason. Additionally, CoinTracker will never sell your personal information to third parties.

TaxBit

Like CoinTracker, TaxBit also has read-only access to your keys, which means that it cannot access your funds but only view the history of your transactions and trades.

Additionally, the software will never sell your personal info. However, TaxBit can share it with some third parties in accordance with the law and for better use of its services.

Supported Countries

Even though CoinTracker was founded in the US, citizens of the UK, Canada, and Australia can also fully use it for generating crypto-tax reports and forms.

Other than that, CoinTracker provides partial support for more than 100 countries that use cost basis methods such as FIFO, LIFO, HIFO, and more.

TaxBit was also founded in the US and offers full support for the whole country. Unfortunately, its services stop here.

Currently, the software is available only for US users who file taxes with the IRS.

Mobile App

Which software has a mobile app?

The correct answer is — CoinTracker. The software has developed a mobile app for Android and iOS users.

Unfortunately, TaxBit has no mobile app at the current time.

So, if you’re a crypto trader who is always on the move, CoinTracker might be a better choice for you.

Customer Support

Let’s see how the customers of CoinTracker and TaxBit can contact the platforms’ support teams.

CoinTracker

CoinTracker’s support team can be contacted via email only by the users of Premium and Unlimited plans.

All other customers can contact the support team by submitting a request with a specified question and an email address.

Other than that, CoinTracker users can also look for answers to common questions on the website’s detailed blog page and an FAQ section.

TaxBit

As for TaxBit’s customers, those who use its free plan can contact the support team via email. Moreover, those who use a paid plan can also get help via live web chat. Additionally, users of TaxBit’s Pro plan also get a dedicated concierge.

TaxBit also has its own blog page and help center section which offers very useful information about the world of cryptocurrencies.

Customer Reviews

How do customers feel about CoinTracker and TaxBit? What do they see as notable advantages and drawbacks of these platforms? Let’s check it out.

CoinTracker

The platform has a poor score on Trustpilot and Product Hunt.

This is what customers reported as its advantages:

  • Great customer service
  • Easy-to-use software
  • Great mobile app
  • Beginner-friendly platform

And here’s what they saw as its drawbacks:

  • Problems with TurboTax integration
  • Frequent occurrence of bugs

TaxBit

Contrary to CoinTracker, TaxBit has a great score on Trustpilot and Product Hunt.

Here’s what TaxBit customers saw as the pros of this software:

  • Outstanding customer support
  • Very easy to use
  • Continuous improvement of the software’s features
  • All data is displayed in a clear and concise way

As for the drawbacks, some of them are:

  • No mobile app
  • Users can only delete their accounts by contacting the support team

TaxBit

Founded by accountants and tax attorneys, TaxBit caters to both individual and professional users. Its synchronization features, together with the tax optimization tools, are on par with what is expected from top-notch solutions.

  • Freemium model
  • Tax optimization tools
  • No transaction limits for memberships

Founded by accountants and tax attorneys, TaxBit caters to both individual and professional users. Its synchronization features, together with the tax optimization tools, are on par with what is expected from top-notch solutions.

CoinTracker

One of the most popular crypto exchanges internationally. CoinTracker has an excellent way of tracking exchanges and wallets and putting all of your trades in one place. So, by using this software, your path as a successful crypto trader is guaranteed.

  • Free plan available
  • Mobile app available
  • Easy-to-use software

One of the most popular crypto exchanges internationally. CoinTracker has an excellent way of tracking exchanges and wallets and putting all of your trades in one place. So, by using this software, your path as a successful crypto trader is guaranteed.

Final Verdict: TaxBit or CoinTracker?

If we take into consideration just the number of their customers, we could say that we have our winner — TaxBit. But, that’s not all. Let’s summarize what we’ve learned so far.

Even though CoinTracker is the more affordable option, TaxBit is well worth paying for. Not only does it offer unlimited transactions, but it includes this feature in all its plans — even the free one.

Moreover, TaxBit integrates with far more exchanges — over 500, while CoinTracker supports data import from around 300 exchanges.

Furthermore, although TaxBit is available only in the US while CoinTracker supports more countries, it makes up for this by providing outstanding customer service. No matter how big or small of an issue you’re experiencing, the TaxBit support team is said to be extremely helpful, patient, and responsive.

Overall, both software are worth considering. But before deciding on one, analyze their costs and features carefully to find the one that works best for you.

FAQ

Is CoinTracker safe to use?

Yes, CoinTracker is safe to use. It is SOC 2 compliant, never sells personal and financial info to third parties, and, most importantly, never asks for your private keys.

Can TaxBit be trusted?

Yes. It operates in accordance with US laws, is SOC 2 compliant, and is even used by large regulatory agencies. Moreover, TaxBit has a big network of partners, including many reputable digital asset exchanges, protocols, and marketplaces.

What does CoinTracker cost?

CoinTracker has three paid plans: Hobbyist ($59), Premium ($199), and Unlimited (over $299, priced individually). Also, the software has a free plan with limited features.

How much does TaxBit cost?

TaxBit has a free plan and three paid plans: Basic ($50), Plus+ ($175), and Pro ($500).

TaxBit vs. CoinTracker — which one is better?

Both software are among the favored crypto tax software on the market. TaxBit is said to have outstanding customer service, and it includes unlimited transactions in all plans. However, CoinTracker is supported in more countries, and is more affordable.

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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