Koinly Logo

Cost:

 

$0–$279

Supported platforms:

 

SaaS

Free trial:

 

Free plan available

Support:

 

Online, 24/7 live support

Editorial Rating

Koinly Logo

Editorial Rating

Koinly Review

Advertiser disclosure This page may contain links to our partners’ products and services, which allows us to keep our website sustainable. This means that spendmenot.com may receive a compensation when you sign up and / or purchase a product or a service using our links. However, all opinions expressed in this article are solely ours, and this content is in no way provided or influenced by any of our partners.

Cost:

 

$0–$279

Supported platforms:

 

SaaS

Free trial:

 

Free plan available

Support:

 

Online, 24/7 live support

Mobile app:

 

Available for Android, iOS version still in Beta

Exchange integrations:

 

350

Koinly Logo

Editorial Rating

Whenever you sell or exchange your cryptocurrencies or use them to pay for goods and services, this is seen as a taxable event. If you need help with understanding your tax liabilities, why not let crypto tax software take care of this for you?

But, which one to use?

In our Koinly review, you’ll find out more about how this software works and what features it offers. Stay with us and see whether this is the right tax software for your tax purposes.

What Is Koinly?

Buying a cryptocurrency is easy, but doing your crypto taxes could be tricky. This is where Koinly comes in.

Founded in 2018 in London, the company also operates in Germany, Sweden, and California. On top of that, Koinly is available in over 20 countries.

Koinly’s main purpose is to facilitate and automate the crypto-tracking and tax-filing processes. Besides allowing you to import transactions automatically, Koinly also lets you monitor market rates and keep track of trading, mining, staking, and lending.

With Koinly, you can easily track your crypto gains and losses and use the tax reports the software generates when filing your taxes.

How to Start Using Koinly?

To use Koinly, you must be at least 18 years old. As for the signup process, it’s actually quite simple:

  • Visit Koinly’s official website
  • Click on the ‘Sign up’ option
  • Create an account with your email address or through your Coinbase and Google accounts

Koinly Features

Whether you’re a taxpayer seeking a crypto tax report or an accountant sorting through a tangle of transactions, Koinly offers solutions for virtually everyone. So, let’s get through some of its features.

Portfolio tracking

With this feature, Koinly allows you to easily keep track of your crypto assets. Aside from this, you’ll be able to see all your holdings in all wallets and accounts.

Koinly’s portfolio tracking feature keeps you aware of your actual ROI, invested fiat, as well as your profits, losses, and capital gains.

What’s great about this feature is that it’s available in all Koinly plans.

Crypto tax reports

Koinly offers both federal and international tax forms and reports. These include:

  • Form 8949, Schedule D
  • International tax reports — tax forms for more than 20 countries, including the UK, Sweden, Germany, and Canada
  • Income reports
  • Transaction reports
  • Capital gains reports
  • End of year holdings reports
  • Gifts, donations & losses report
  • Cost-basis method reports (FIFO, LIFO, HIFO, average cost, etc.)

Additionally, you could import your reports directly into online tax-filing software such as Turbotax, Drake, and TaxAct.

Koinly tax-loss harvesting

The process of tax-loss harvesting is used by cryptocurrency traders to lower their taxes on capital gains or even expand a tax refund for investors. For mastering the crypto market, it’s important to understand this process along with the crypto tax rates.

Unfortunately, one of the most useful features for crypto traders isn’t available on Koinly. This is one of the biggest drawbacks of the platform and a major advantage for its competitors, such as CoinLedger and ZenLedger.

Data import

Koinly makes keeping track of your crypto trades simple. Instead of switching back and forth between different accounts and wallets, you’ll be able to see all your trading activities in one place. Koinly makes it easy to import all the necessary data, no matter the type of activity:

  • Automated data import of services via API
  • Staking, lending, and DeFi
  • Margin and futures trading
  • Smart transfer matching

Error reconciliation

If something related to your crypto transactions just doesn’t add up, Koinly can help you with that. The software includes many features useful for resolving any crypto activity-related issues, including:

  • Double-entry ledger system: Koinly backs every change in your asset balances by an entry, making it easy to investigate issues.
  • Missing transactions: if there was an error in the data you submitted or a transaction is missing, Koinly will alert you.
  • Auto import verification: Koinly will verify your wallets using the API key you linked to ensure that the import has been successful and correct.
  • Duplicate handling: no matter how you imported data (with an API key or CSV file), Koinly skips duplicate transactions.

Koinly’s Integrations

Koinly’s numerous integrations make it easy to calculate your tax liabilities accurately. It tracks and monitors crypto activity across hundreds of exchanges, wallets, and blockchains.

Koinly supports 350 exchanges, including:

The platform also supports more than 50 wallets. Some of them are:

  • Uphold
  • Exodus
  • Electrum
  • Ledger
  • Coinbase Wallet

Koinly can keep track of transactions with over 17,000 cryptos. Moreover, you can also automatically sync transactions from 11 blockchains, including:

  • Bitcoin
  • Arbitrum
  • Binance Chain
  • Cronos
  • Dash
  • Lynx

Koinly Pricing

Koinly is widely known as a free crypto tax calculator. However, aside from providing some services for free, the platform also offers a variety of services in its priced plans.

Let’s see an overview of Koinly’s plans and what each includes.

  • Free plan ($0) – although called a free plan, this “plan” is more of a perpetual free trial. It contains virtually all the services pricier plans have, including 10,000 transactions. However, you won’t be able to download any tax reports with it.
    The free plan can only give you an overview of your tax liabilities and let you try out the premium features. If you want to use it for assistance with crypto tax filing, you’ll have to upgrade to a priced plan.
  • Newbie plan ($49 per year) – the Newbie plan allows you to import up to 100 transactions. You’ll be able to import data, download tax reports, and use error correction tools. However, Newbie users can’t count on email support.
  • Hodler plan ($99 per year) – includes everything from the Newbie plan but is limited to 1,000 transactions. Hodler users can’t count on email support either.
  • Trader plan ($179 per year) – includes everything from the previous plans plus email support and up to 3,000 transactions.
  • Pro plan ($279 per year) – the only difference between this and the Trader plan is that the Pro one offers more transactions — over 10,000.

Aside from opting for one of these plans, you can also sign up for:

  • A dual nationality feature for $49
  • An expert review for $799 (a Koinly expert double-checks your account to identify potential issues)

Is Koinly Safe?

Koinly uses a variety of security protocols to protect user data against any exploits or breaches. Since the software will ask for access to your private keys, you don’t have to worry about potential hacker attacks.

Like other crypto tax software, Koinly only keeps track of your transaction history. It only gives an overview of your transactions and crypto activity, but the software can’t access your crypto assets.

Koinly Customer Reviews

Based on numerous customer reviews, most things Koinly users had to say about the software were positive. Let’s give you an idea of how users feel about Koinly.

What users see as pros of using Koinly:

  • Outstanding customer service
  • Great visual overview of crypto activities
  • Free access to the platform
  • User-friendly platform.

What Koinly customers have complained about:

  • Issues with certain exchange integrations
  • Data import too slow
  • Customer support takes too much time to resolve issues

Koinly Alternatives

Here’s a short overview of how Koinly compares to some of its closest competitors.

Koinly vs CoinTracker

Both offer a free plan, so let’s start the comparison from there. With Koinly’s free plan, you can upload up to 10,000 transactions, while CoinTracker only allows uploading 25 transactions for free.

As for the cryptocurrencies supported, Koinly supports over 17,000+ of them, while CoinTracker only supports 2,500.

For more information about the differences, check out our detailed comparison of Koinly vs CoinTracker.

Koinly vs TaxBit

The first noticeable difference between the two is that, unlike Koinly, TaxBit offers unlimited transactions in all its plans (even the free one). Moreover, TaxBit’s free plan includes free tax forms for a whole year, while users on Koinly’s free plan can’t export tax forms.

Lastly, Koinly is available in more than 20 countries, while TaxBit can only be used in the US.

Koinly vs ZenLedger

Both offer free plans and have high customer scores.

However, whereas Koinly doesn’t have the tax-loss harvesting feature, ZenLedger includes it in all its plans. Moreover, ZenLedger’s free plan users can download software-generated crypto tax forms, which isn’t possible on Koinly.

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.

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.

ZenLedger.io

Support of more than 20 DeFi protocols is what sets ZenLedger apart from its competition. Having not only crypto enthusiasts as members but tax professionals speaks volumes of its reputation.

  • Free access to valuable features
  • Integration with numerous DeFi protocols
  • Expert reviews

Support of more than 20 DeFi protocols is what sets ZenLedger apart from its competition. Having not only crypto enthusiasts as members but tax professionals speaks volumes of its reputation.

Wrap Up

Based on numerous Koinly reviews and reported customer experience, we can conclude that the software is a powerful tool that simplifies tax preparation.

However, if you want a Koinly-generated crypto tax form free of cost, we suggest using another crypto tax software — with Koinly, you can’t download it for free.

To conclude, if you don’t mind paying for its services, Koinly is extremely useful for calculating your crypto tax correctly and giving you an overview of all your crypto activities.

Pros

  • Free plan
  • International tax filing
  • Integrates with 350 exchanges
  • Exports to TurboTax or TaxAct

Cons

  • No tax-loss harvesting feature
  • Free plan doesn’t include tax forms
Koinly Logo

Editorial Rating

FAQ

Where is Koinly based?

Koinly is headquartered in London, UK.

Does Koinly work with TurboTax?

Yes. You can export your reports directly from Koinly to TurboTax.

Does Koinly have an app?

Koinly has an app for Android devices, while the iOS version is still in Beta.

Is Koinly secure?

Koinly doesn’t have access to your private keys and crypto assets. It only records transaction history and obtains personal information.

Is Koinly free?

Koinly does offer a free plan. If you just want to have an overview of your crypto activities, the plan is quite helpful. However, as already mentioned in this Koinly review, you can download software-generated tax forms for free. To do so, you’ll have to upgrade to a priced plan.