Koinly vs Cointracker: With comparable pricing and features, Koinly and Cointracker are two of the most well-known cryptocurrency tax calculators. If money is limited, either Koinly or Cointracker will win out over the others, depending on your needs.
If you are a day trader, Koinly is a better option. Cointracker is ideal for those on a tight budget, and it also works well for NFT owners, among other things.
Let’s take a closer look at this comparison:
The continued expansion of the crypto space has attracted the attention of governments in cryptocurrency. Because many governments now consider cryptocurrency to be taxable, crypto users and traders must find a way to track their crypto transactions and income.
As a result, several projects have designed crypto tax tools to enable users to track their crypto transactions and file their tax reports easily. This article will compare two such tools, Koinly and Cointracker, that allow users to track their crypto transactions and file their reports quickly.
As a response, numerous projects have created crypto tax tools to help their customers track their crypto transactions and simply file their tax returns. This article will evaluate two such applications, Koinly and Cointracker, that enable users to track their cryptocurrency activities and instantly create reports.
What exactly are crypto tax tools?
Crypto tax tools are pieces of software that monitor a crypto portfolio’s losses and profits from crypto trading, as well as crypto transactions. They enable the compilation of tax returns for cryptos.
Countries That Have Helped Koinly
Koinly now supports the United Kingdom, the United States, Canada, Australia, New Zealand, Germany, Ireland, Sweden, Norway, Denmark, Finland, Spain, Italy, Austria, Lichtenstein, Ireland, Czech Republic, Estonia, Malta, Luxem
Countries that use Cointracker
Cointracker now offers complete tax assistance services in the United Kingdom, the United States, Canada, and Australia. They also give some help to other countries.
According to the list above, Koinly provides crypto tax tools for more countries than Cointracker. Cointracker covers numerous countries, however, only the four listed below include a crypto tax tool.
Koinly vs Cointracker Exchanges and wallets that are supported,
Koinly supports the major exchanges:
Binance, Binance Pro, Bittrex, Swyftx, Kraken, Bitstamp, Exmo, Poloinex, Bitfinex, Bitmex, Idex, Binance dex, Coinspot, Hitbtc, Gemini, Huobi, Cex.io, Uphold, Gate.io, By box, Bitbuy, Bithumb, Bitpanda, Changelly, Circle, Robinhood, Coinbene, Coinjar, Coinbase prime, Gate
Wallet with Koinly support
Abra, Blockchain wallet, Bread wallet, Celsius Network, coinbase wallet, crypto wallet, Electrum, Exodus, Jaxx wallet, Keepkey wallet, Ledger, Shakepay, Myetherwallet, Samourai wallet, Trezor.
Exchanges that accept Cointracker:
Btcmarkets, Binance chain, Bitsane, Blockfolio, Cointracking, Coin list pro, Coinsquare, Coss.io, Cryptagon, Crypto.com, Delta, FTX, FTX US, Liqui, Quadricacx, Robinhood, Coinbase, Coinbase Pro, Binance, Binance US, Crypto.com, Bittrex, Swyftx, Kraken, Bitstamp, Exmo, Poloinex, Bitfinex, Bitmex, Idex, Binance dex, CoinDspot, Hitbtc, Gemini, Huobi, Cex.io, Uphold, Gate.io, By box, Bitbuy, Bithumb, Bitpanda, Changelly, Circle, Cobinhood, Coinbene, Coinjar, Coinbase prime, Gatehub, coss, independent reserve, liquid, Livecoin, LocalBitcoin, Okex.
Cointracker is compatible with the following wallets:
Electrum, Exodus, Jaxx wallet, Keepkey wallet, Ledger, Myetherwallet, Samourai wallet, Trezor, Blockchain wallet, Bread wallet, celsius network, crypto.com, Coinbase wallet, crypto wallet, Trezor.
According to the listings above, Cointracker has a greater number of supported exchanges and wallets than Koinly.
CoinTracker vs. Koinly: Price Comparison
Both Koinly and CoinTracker provide a free plan in addition to premium subscriptions.
Check out the pricing comparison below to see which features are included in their plans.
CoinTracker pricing:
Free plan ($0) Hobbyist plan ($59) Premium plan ($199) Unlimited plan (priced individually)
Transactions 25 100 1,000 Unlimited
Supported exchanges Unlimited Unlimited Unlimited Unlimited and wallets
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
Koinly pricing:
( PLAN)– Free($0) Newbie($49) Hodler($99) Trader($179) Pro($279)
Transactions 10,000 100 1,000 3,000 10,000+
Supported exchanges Unlimited Unlimited Unlimited Unlimited Unlimited and wallets
Defi support ✔ ✔ ✔ ✔ ✔
TurboTax and ✗ ✔ ✔ ✔ ✔ TaxAct integration
Tax reports ✗ ✔ ✔ ✔ ✔
Error reconciliation ✔ ✔ ✔ ✔ ✔
Cost-basis method ✔ ✔ ✔ ✔ ✔
Margin trading ✔ ✔ ✔ ✔ ✔
Email support ✗ ✗ ✗ ✗ ✔
Privacy and security
Given that Koinly and CoinTracker are among the top crypto software, it’s logical to think that both are committed to keeping their customers’ personal and financial information safe and secure. How do they manage it?
Koinly utilizes a variety of security techniques to protect customers’ data. Encryption, cloud hosting, confidentiality agreements, and security fees are some of the security methods.
Most importantly, Koinly will not request your private keys. As a result, no one could get them in the event of a hacking assault. (Koinly vs Cointracker)
CoinTracker:
CoinTracker does not request your API keys and only has read-only access to them. Furthermore, the information you enter is encrypted.
This implies that neither program has access to your assets, only your transaction history. As a result, your assets will be secure because you are the only person who has access to them.
The main distinction between these two platforms is that CoinTracker has SOC 2 certification, whilst Koinly does not.
Customer Feedback: Koinly vs Cointracker
We examined user evaluations from Koinly and CoinTracker to provide you with a more complete overview of each application.
Koinly has a very good rating on Trustpilot based on user reviews. In the meanwhile, every other CoinTracker.
After weighing the pros and cons of each, the question becomes: which is better, Koinly or CoinTracker?
When it comes to their free plans, Koinly’s offers significantly more. CoinTracker, on the other hand, appears to have better pricing.
Furthermore, Koinly supports other exchanges, wallets, and Defi protocols. CoinTracker, on the other hand, offers a wider range of coins.
Outcome
Based on the criteria listed above, it is safe to conclude that the two platforms are adequate for anyone who wants to keep track of his portfolio without having to use a pen and paper and go through the laborious process of recording numerous transactions and tracking gains and losses across multiple platforms. Both platforms are comparable in many ways. Koinly, on the other hand, provides tax solutions for more nations than Cointracker. Koinly is one of the best CoinTracker alternatives available. It just provides more of everything, and cryptocurrency traders appear to value it much more.
For more updates on Koinly vs Cointracker: https://sourceforge.net/software/compare/CoinTracking-vs-Koinly/
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