• Home
  • /
  • Blog
  • /
  • Koinly Review – Can I Trust it for My Crypto Taxes?

Koinly Review – Can I Trust it for My Crypto Taxes?

Some of the links in this post are from our sponsors. We provide you with accurate, reliable information. Read our Advertising Disclosure.

Bottom Line: Koinly is a revolutionary tax software that simplifies cryptocurrency tax reporting. You simply link your crypto exchange accounts, and the software calculates your capital gains and generates a tax report.

Koinly logo

Our Partner

Crypto Tax Software

AT A GLANCE

  • Tax reports in under 20 minutes
  • Available in 20+ countries
  • Easily import your trades
  • Preview your capital gains
Overall Rating
5.0/5


Best crypto tax software

Pros & Cons

Like any product, Koinly has specific a few drawbacks. Still, the pros might outweigh the cons for most individuals.

Pros

  • Localized tax reports
  • App has a free version
  • Supports over 6000 cryptos and 350 exchangers
  • Simple to use

Cons

  • Doesn’t accept crypto payment
  • Expensive for frequent traders

A diversified cryptocurrency portfolio comes with challenges. One of the issues you’ll face is tax compliance. But how do you keep tabs on crypto taxes?

Reporting your cryptocurrency taxes can be difficult, and that’s why you need help.

Luckily, some platforms can ease your crypto tax reporting. This detailed Koinly review explores whether Koinly is worth the hype.

Koinly Icon

Quick Summary

Service: Crypto tax filing

Pricing: Free (upgraded plans available)

Promotion: No current promotions

About Koinly

Founded in 2018, Koinly is a software that helps cryptocurrency investors calculate their taxes. Koinly is available in over 20 countries, including the UK, US, and Canada.

The platform allows users to:

  • Integrate their wallets or exchanges
  • Automatically import transactions via API keys
  • Generate and download tax reports

Features

Tracking, analyzing, and generating tax reports on your digital assets can be problematic without the right tools. You need a tax platform that’s available in many jurisdictions and supports several digital currencies.

Below are features that make Koinly an effective crypto tax software.

Free Account Option

Unlike some platforms that offer paid plans, Koinly has a free option in its pricing vertical. Despite reduced features, the free account is effective. You can track approximately 10,000 crypto transactions.

Multi-country Support

Koinly services are available in over 20 countries. The list of countries spans the entire world and covers continents like the Americas, Asia, and Europe.

Extensive Integration

Koinly supports over 50 wallets, over 350 exchanges, and more than 6000 different coins. Crypto investors can easily keep track of staking, mining, and other cryptocurrency activities.

Koinly integrates with top exchanges like Coinbase, Binance, Kraken, and Paxful. The level of support among these exchanges varies depending on API access.

Easy Data Importation

You can automatically import your crypto data to Koinly via API keys. Koinly uses an auto-synch feature that downloads your transaction history. The type and amount of data you import depend on the API’s access levels.

You can also pick other importation options like:

  • Using a CSV file
  • Manually adding transactions
  • XPub/yPub/zPub imports
  • Using a custom file

Koinly also allows users to transfer data from CoinTracking, BlockFi, Deribit, Nexo, and Bitmex.

Unlimited Resources

Koinly has a vast collection of resources to help investors calculate and report their crypto taxes. These resources include an informative blog, regional tax guides, a cryptocurrency tax calculator, and a tax accountant list.

Portfolio Tracking

You can track your crypto assets, portfolio growth, and tax liabilities using Koinly. You’ll be able to view your return on investment, profits, losses, and capital gains.

Customer Support

This crypto tax platform provides comprehensive customer support to all its users. You can get general help and guides from the website’s FAQ section. The support team also lends assistance via email, live chat, and social channels like Twitter.

Pricing & Plans

There are four Koinly versions. These plans have distinct features, varying prices, and suit diverse crypto investors.

Free Plan – Free Forever

The free plan gives you basic features at no cost. With this plan, you can track your crypto transactions and obtain previews of your capital gain taxes.

You can import your crypto portfolio from multiple exchanges, but you’re limited to 10,000 transactions per year.

You cannot generate complete tax reports using the free plan. It only grants you access to FIFO and LIFO tax reports.

This plan is ideal for estimating tax liabilities. However, if you need more tax features, consider upgrading to paid plans.

Newbie Plan - $49 Per Tax Year

The Newbie plan fits users who are starting with crypto investment. It comes at an affordable $49 per year.

This plan allows you to generate FIFO & LIFO tax reports, international tax reports, Schedule D reports, Form 8949, and comprehensive audit reports. In addition, you get an in-depth cost analysis on your taxes and custom file imports of your crypto portfolio.

The number of crypto transactions you can make using this plan is limited to 100.

Go for this plan if you make only a few crypto trades in a year.

Hodler - $99 Per Tax Year

The Hodler plan has almost similar features to the Newbie account. The only difference is the number of crypto transactions you can make within a year. Instead of 100, the Hodler tier allows you to make 1000 transactions.

Trader - $179 Per Tax Year

This plan allows you to get tax reports for 3000 transactions within a year. You can increase the number of transactions to 10000 if you pay $279.

The Trader plan grants you access to every feature Koinly offers, including priority support.

This comprehensive package is perfect for professional crypto investors who make bulk trades within a year.

Koinly has a custom price plan for traders with transactions over 500k. You’ll need to contact the support team to activate such a plan.

FAQ's

If you still have questions about Koinly, let us help you! Below you can find answers to some of the most common inquiries pertaining to Koinly.

Is Koinly Legit and Safe to Use?

Koinly uses several safety protocols to safeguard user data.

The company uses API instead of private keys to gain access to your account. You can easily configure API settings and disable any option you deem risky. Koinly encrypts API keys before storing them. 

This Koinly review considers this software safe. We scoured the Internet and found no report linking Koinly with data breaches.

How Does the Koinly Crypto Tax App Work?

The first step is selecting a plan that suits your crypto taxes. You can either pick the Free, Newbie, Hodler, or Trader plans. After choosing a plan, the next step is setting up your wallets. You can find several wallets and exchanges on the Wallet Page.

After finding your wallet, proceed and import your crypto transaction history into Koinly. You can import data using API keys, CSV files, or custom files.

When you import information, Koinly will perform capital gains calculations. You’ll then get a notification once the calculations end. After that, you can view your capital gains and download tax reports.

Which Countries Does Koinly Calculate Taxes For?

Koinly currently supports the following countries.

  • USA
  • UK
  • Canada
  • Australia
  • Germany
  • Spain
  • France
  • Finland
  • South Korea
  • Czech Republic
  • Singapore
  • Japan
  • Norway
  • Netherlands
  • Austria
  • Italy
  • Malta
  • Estonia
  • Finland
  • Sweden
  • Lichtenstein
Is Koinly Suitable for Beginners?

Koinly might not be suitable for absolute beginners. To use the app, you have to be an active crypto investor.

What Tax Reports Can You Make with Koinly?

Koinly generates different tax reports depending on your jurisdiction.

Some of the localized tax reports include:

  • Form 8949 and Schedule D
  • Sheet 9A
  • K4
  • Rf1159
  • Swiss Valuation Report

Other reports that this tax platform generates include:

  • Capital gains reports
  • Income reports
  • Gifts, donations & lost asset reports
  • Turbotax reports
  • End of year holdings reports

Koinly Alternatives

CryptoTrader Tax

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

Coinpanda

Coinpanda logo
  • Reduce your taxes
  • 350+ exchanges and wallets
  • Support for 65+ countries

CoinTracker

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

Who Should Use Koinly?

This Koinly review doesn’t recommend this tax software to crypto greenhorns. Instead, Koinly best suits active investors.

The Free and Newbie plans are perfect for beginner traders who’re looking to calculate their bitcoin tax. Koinly’s resource section carries valuable crypto content that will suit anyone new to cryptocurrency.

The localized tax options and crypto tax guides come in handy when you’re still learning how crypto taxes work.

If you’re a regular crypto trader, the paid plans will meet most of your crypto tax needs. You will be amazed by this platform’s ability to integrate with leading exchanges, blockchains, and wallets.

Final Verdict

Koinly is a great tool for keeping tabs on your portfolio and streamlining your crypto tax reports. The platform integrates with multiple exchanges, wallets, and crypto services. Sign up with Koinly today and generate your tax reports effortlessly.

Koinly

Koinly automatically imports your transactions, finds all the market prices at the time of your trades, matches transfers between your own wallets, calculates your crypto taxes.

Koinly Icon
  • Editor Rating
  • Rated 5 stars
  • 100%

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


You may also like