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Coinpanda Review: Is it the Best Crypto Tax Software?

Coinpanda is a cryptocurrency tax calculator built to simplify and automate the process of calculating your taxes and filing your tax reports.
Coinpanda logo

Our Partner

Crypto Tax Software

AT A GLANCE

  • File your return in under 20 minutes
  • Reduce your taxes
  • 350+ exchanges and wallets
  • Support for 65+ countries
Overall Rating
4.0/5


Top Bitcoin Tax Software

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Pros & Cons

Although several people consider Coinpanda a trustworthy service, it has its share of strengths and weaknesses. So before deciding if it's right for you, this Coinpanda review will highlight what works and what doesn't.

Pros

  • Supports over 7,000 cryptocurrencies
  • User-friendly interface that’s easy to navigate
  • DeFi, staking and futures
  • Manages portfolios and reports taxes based on clients' local cryptocurrency taxing laws.

Cons

  • Some payment plans offer fewer transaction limits.
  • Newcomers might have trouble importing their Bitcoin or cryptocurrency wallets into the system.

With the rise of cryptocurrencies, you might find it challenging to calculate their value into your annual taxes. Many people turn to different software to help them calculate their crypto taxes. 

So you might ask yourself this: “How can I file my cryptocurrency taxes efficiently?”

Thankfully, I can recommend a solution to help you file your taxes within minutes and reduce the amount of taxes you’ll have to pay next year. But, first, we’ll highlight what makes Coinpanda an excellent tax software for the public. 

Coinpanda icon

Quick Summary

Service: Crypto Tax Reports

Fees: $0-$389/year

Promotion: Get started for Free

About Coinpanda

Coinpanda is a cryptocurrency tax calculator used for filing crypto taxes and organizing your exchange transactions. Since its inception in 2018, Coinpanda filed over 7,000 tax reports, tracked over 170 million cryptocurrency funds, and supported several satisfied investors.

Features

When you sell or buy things with Bitcoin, you must report these transactions in your tax reports due to Bitcoin's classification as a taxable asset; the IRS compares it to property.

However, Coinpanda has several features you can use to accurately report and file your taxes on time.

As we narrow down the most notable features in this Coinpanda review, we can help you decide if this service is the right one for you.

Capital Gain Reports

Coinpanda's capital gain reports feature lists all of your cryptocurrency transactions and taxable gains in one convenient digital document. This breakdown shows the holding period, acquired dates, gains or losses from margins, future trades, and selling dates. 

When selling your Bitcoin at a loss, you’re more likely to reduce your total capital gains, allowing you to pay less for your taxes the following tax year. This incentive might be ideal if you want to dedicate more time to overcome financial obstacles that might interfere with tax payments.

Portfolio Tracking

Coinpanda offers portfolio tracking for its users. Its built-in search tool lets you browse for specific transactions and build analytics based on how your portfolio performs over time and what cost basis you should use when calculating your value.

This program also calculates your cost basis using the appropriate method your region uses. Another portfolio feature lets you use a tax-loss harvesting tool to help you reduce your tax bill.

Integration with All Major Exchanges

Do you think the cryptocurrency you invest in isn't compatible with other tax software when tracking trades or calculating taxes?

Thankfully, Coinpanda supports several exchanges, services, and wallets that you can import with your API keys or CSV files.

Examples of compatible exchanges, services, and wallets that Coinpanda supports include Bitcoin, Koinly, Shakepay, CoinEx, Bitpanda, Atomic Wallet, BitMEX, Switcheo, XRP, and Square Cash App

Audit Logs

You can export detailed transaction history and cost basis calculation reports whenever somebody requests an audit from you. Having this data available in a reliable software interface saves you more time than storing your tax data in separate digital or physical folders.

Tax Form Generation

Coinpanda lets users generate several types of tax papers as they organize their cryptocurrency tax data. Then, depending on your region’s regulations, you can download the appropriate type of tax papers in PDF format and store them for safekeeping.

Accessing Forms Calculating Mining, Staking, and Income

Another feature you might find convenient for reporting your Bitcoin tax is Coinpanda’s reports for income transactions; this includes mining, staking, airdrops, and yield farming.

Additionally, Coinpanda organizes each transaction in an easy-to-read interface.

Pricing & Plans

Plan

Price per year

Free

$0

Hodler

$49

Trader

$99

Satoshi

$389

Another aspect of Coinpanda that I find convenient for its users is its various pricing plans. Each plan offers unlimited exchanges, access to all tax reports, transaction imports, and error reconciliation. You pay for each plan at the beginning of every tax year. 

In total, there are four plans you can use; Coinpanda offers a free plan for people interested in testing out their services and offers the least transaction limits. However, you can upgrade to the Hodler, Trader, or Satoshi plans if you want access to more transactions.

There aren’t any hidden or setup fees when creating a Coinpanda account. The payment methods they accept include American Express, Visa, and MasterCard. 

I recommend choosing a plan based on how many transactions you make each year. The most popular pricing option is the Trader option; Coinpanda's priority support from its specialists is one feature people using this plan can enjoy that isn't included in the free or Hodler plans.

FAQ's

Is Coinpanda legit and safe to use?

Coinpanda is a safe platform to use. They don't store payment details or ask for your crypto wallet's private keys, leaving your crypto holdings secure during exchanges.

Which countries does Coinpanda calculate taxes for?

Coinpanda supports over 65 countries with their tax calculations and reports, including the United States, Canada, Denmark, Australia, Brazil, New Zealand, Ireland, Germany, France, Spain, Italy, Japan, Switzerland, Norway, and the United Kingdom.

These supported countries use different cost basis methods that make them qualified for Coinpanda's services. These methods include:

  • FIFO (First In First Out)
  • LIFO (Last In First Out)
  • HIFO (Highest In First Out)
  • ACB (Average Cost Basis)
  • Adjusted Cost Base (Canada-specific)
  • Share Pool (UK-specific)
Is Coinpanda suitable for beginners?

Although Coinpanda is a program that’s easy to use, some newcomers might find it daunting to use. On the other hand, beginners might find this program less complex than other programs used for managing crypto taxes.

What tax reports can you make with Coinpanda?

You can use Coinpanda for reporting transaction history, capital gains, and complete tax reports. It also lets you download ready-to-file tax forms for specific countries, such as IRS Form 8949 or Schedule D for the US and Skatteverket K4 for Sweden.

It also supports tax reports from other taxing software, such as TurboTax

Coinpanda Alternatives

Koinly

Koinly logo
  • Tax reports in under 20 minutes
  • Available in 20+ countries
  • Easily import your trades

CryptoTrader Tax

CryptoTrader Tax logo
  • Official TurboTax partner
  • International tax reporting
  • Import historical data

CoinTracker

Cointracker logo
  • Easily connect all exchanges
  • Instantly generate tax reports
  • Supports over 8,000 cryptos

Who Should Use Coinpanda?

Coinpanda is best suited for frequent Bitcoin and cryptocurrency traders and investors. I think it’s excellent tax software for people who prefer wasting less time with their tax work and using technology to make fewer errors while calculating and analyzing the data within 20 minutes.

If you're a newcomer to the cryptocurrency market, this might be the right software for you. You can access Coinpanda's features through accessible toolbars and dashboards that show your data in a concise and uncluttered fashion. 

In addition, if you need some pointers about the ins and outs of taxes and cryptocurrencies, you can reach out to Coinpanda's specialists.

Final Verdict

Coinpanda is an excellent way for you to file your taxes in less than an hour that's compatible with several types of cryptocurrencies, exchanges, and blockchains. You can also track your portfolio more efficiently by having all your data in one place.

The most essential takeaway that Coinpanda has to offer is having access to accurate tax data for your cryptocurrency within minutes.  

I think it’s a great alternative to performing tax work on your own or if you can’t find a trustworthy accountant. I hope this Coinpanda review gave you insight into what to expect when using its services. 

Get started today by creating and verifying your free account, select the plan that works best for you, and import data from your cryptocurrency exchanges. 

Coinpanda

Coinpanda is a cryptocurrency tax calculator built to simplify and automate the process of calculating your taxes and filing your tax reports.

Coinpanda icon
  • Editor Rating
  • Rated 4 stars
  • 80%

  • Coinpanda
  • Reviewed by:
  • Published on:
  • Last modified: July 25, 2021


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