Koinly Review – Crypto Portfolio Tracker and Tax Reporting App. Koinly is a comprehensive crypto portfolio tracker and tax reporting app. It helps you see your total holdings and portfolio growth over time – across all your wallets and accounts – along with your tax liabilities.
It allows you to import data from various sources, including exchanges and wallets, using API keys or manual CSV files. This makes it easy to sync your data and get a full picture of your transactions.
Features
Koinly is a crypto tax reporting tool that integrates with over 350 exchanges and wallets as well as diverse cryptocurrency services like lending platforms and cloud mining. It also allows users to track their portfolios across all platforms and accounts. It offers a wide range of features and plans that can be customized to suit the needs of individual traders.
Koinly supports a number of crypto currencies, including NEO, BTC, ETH, and Litecoin. It provides an automated import of data from most of these cryptocurrencies and can sync manually using CSV files.
Its portfolio tracking feature helps users to see their total holdings and growth over time. It also gives an overview of any mining, staking, and lending activities and tracks the ROI of each token.
The software also provides an extensive list of reports that can be downloaded as a CSV file. These reports include complete tax reports, transaction reports, capital gains reports, and income reports.
These reports can be exported to a tax service or filed on paper. They are designed to be used in conjunction with other tools such as TurboTax and TaxAct.
To start, all you need to do is enter your wallet address and API key, then select the importing method for each of your accounts. This will allow Koinly to automatically sync your accounts. You can even mass upload files if you don’t want to manually input the data.
Once you’ve added your accounts, Koinly will calculate your crypto tax return based on the tax rate you need to pay in the country of residence and currency in which you are trading. The software will also generate a tax report that can be filed on your behalf to the IRS.
In addition to being a tax-friendly application, Koinly also prioritizes user safety and trust. All API and blockchain keys are encrypted using aes-256-gcm before being stored, and all data sent to or from the app is also encrypted.
The app is primarily free to use, with paid membership options available to unlock additional features and access to international tax reports. All plans currently include tax reports for the last five years of your crypto activity.
Pricing
Koinly is a crypto portfolio tracking and tax reporting tool that is available in several different pricing packages. The cheapest package, called the “Newbie” plan, starts at $39 per year and includes one thousand transactions, while the more expensive, “Hodler” plan costs $179 and offers up to 3,000 transactions.
The company has received a positive rating on Trustpilot, with customers giving it a 4.6 out of 5 star review. It also offers a comprehensive support section, a FAQ page that is detailed and answers most of your questions, and a live chat feature through which you can contact customer service representatives.
It supports automated imports for most exchange platforms, wallets, and staking and lending services. It also supports manual xPub, yPub, and zPub CSV file imports as well as direct data migration from Nexo, BlockFi, Bitmex, Deribit, and CoinTracking.
In addition, it automatically imports trades and liquidity transactions from Uniswap, Sushiswap, Cream, Value, Balancer, and many other DeFi platforms. It is also able to identify if you are earning income from staking or from various lending platforms like Celsius.
Additionally, it has a strong AI detection tool that can identify if you are trading between your own wallets and exclude those from the tax report. It also has a strong error reconciliation feature that can uncover missing transaction data or duplicates, making it easier for you to submit accurate tax reports.
It is easy to set up and integrates with many of the most popular crypto exchanges, platforms, and wallets. It also supports automatic imports for most of the major cryptocurrencies and EVM-based tokens, including Bitcoin, Ethereum, Litecoin, NEO, and Polygon.
Lastly, it is possible to automate the transfer matching process between your wallets by linking them via an API key. This can help eliminate the need to manually sync your accounts and avoid duplicates.
The platform also provides excellent customer service through an online ticketing system and a dedicated team of crypto specialists. Users can use live chat or e-mail to request assistance. They can also follow the Koinly blog for updates on new features and helpful information.
Reliability
Koinly is a reliable crypto tax software that allows users to track their crypto transactions, calculate profits, and create tax reports. It integrates with 700+ exchanges, wallets, and services to give you a comprehensive view of your crypto portfolio.
Koinly offers a free plan for anyone to try out the platform. It also doesn’t require any bank account or credit card information to sign up. This makes it ideal for beginners and non-experts alike.
The service also has great customer support and a 4.8-star rating on Trustpilot. It offers live chat and email support as well as an FAQ page that answers most questions. It also has a number of resources for users, including regional tax guides and a list of trusted crypto tax accountants.
In terms of security, the service uses a number of industry-standard protocols to protect your data. It also stores user passwords using bcrypt and constantly scans for vulnerabilities.
Its smart transfer matching system uses artificial intelligence to detect transfers between owned wallets to ensure accurate cost-basis tracking. This feature is especially useful for those who use multiple wallets.
A number of plans are available to suit different needs. The Free plan allows users to track transactions from up to 20 wallets and up to 500 exchange accounts. This plan is suitable for most investors, collectors, and traders.
The Newbie plan is slightly more expensive than the Free account but it still allows you to track up to 250 transactions. This plan also includes priority support and access to a Koinly expert review that looks for errors or inaccuracies. This review could be particularly useful if you haven’t reported before.
You can opt to upgrade your account to the Trader or Oracle tiers for a higher amount of transactions. These plans are similar to the Newbie plan, with the addition of extra assistance from Koinly’s support team who can perform bulk actions and process custom files without additional manual charges.
The Koinly team is highly experienced in the crypto tax space, and they’re committed to offering a reliable platform for calculating your cryptocurrency taxes. They also prioritize customer trust and the safety of your data.
Security
Koinly is a tax software platform that allows users to track, calculate, and document their crypto transactions in order to comply with local tax laws. It offers a variety of features, including automatic tax report generation and integration with popular exchanges, wallets, and blockchains.
Whether you are a beginner or an advanced trader, Koinly makes the process of tracking and calculating your taxes easy. It automatically identifies all taxable and non-taxable crypto transactions, saving you hours of work and helping you avoid overpaying on your tax bill.
The Koinly app uses a double-entry ledger system to track your assets and ensure your data is accurate. It also provides a number of tools that will help you find any errors or missing transactions.
When you upload your data, it is encrypted using 256-bit encryption and can only be read by the Koinly server, which is why you should never share your private key with anyone. This is to keep your privacy and prevent any malicious individuals from accessing your money.
Additionally, the software is fully encrypted in transit and all data is served over HTTPS for extra security. It also conducts regular security scans and responds to any security issues.
It supports a wide range of currencies and has a free version that allows you to import up to 100 transactions per day. You can upgrade to a paid version of the software to unlock advanced features, such as custom file imports and a more in-depth cost analysis on how Koinly computed your taxes.
Koinly also has a feature that automatically matches transfers between connected wallets, which saves you time and money. It can be especially helpful for those who are dealing with thousands of taxable transactions per financial year.
In addition, the company claims that their software is 98% accurate in matching transfers between wallets. It also generates accurate tax calculations, based on the inputs provided by the user.
Its software is available in 20 countries and produces a variety of reports, including complete tax returns, capital gains and margin trading summaries, income reports, and asset summary. It is compatible with Form 8949 and Schedule D for US taxpayers and can produce locally customized versions of these reports for international users.
