Koinly vs CoinTracker: Which Crypto Tax Software Is Best?
We tested Koinly vs CoinTracker to find out which crypto tax software is better.
Keeping track of cryptocurrency transactions for tax purposes can be a daunting task, especially if you’re juggling multiple wallets, exchanges, or even managing a team that uses crypto for payments. Fortunately, cryptocurrency tax software like Koinly and CoinTracker can simplify the process by automating tax calculations and expense tracking.
Both Koinly and CoinTracker are among the top choices for crypto tax reporting. They offer automated tax reports, seamless blockchain integrations, and free plans that can cater to the needs of freelancers and small-scale users.
While both platforms provide robust features, the best choice ultimately depends on your specific needs. Koinly, for instance, boasts a broader range of blockchain integrations, which might be a deciding factor for users with diverse portfolios.
Key highlights:
- Koinly simplifies crypto tax reporting with support for 415+ exchanges, 120+ wallets, and 220+ blockchains. It offers detailed tax reports, multiple accounting methods, and paid plans starting at $49 per year, making it ideal for users managing diverse portfolios.
- CoinTracker is known for its tax loss harvesting features and integration with 458 exchanges, but its wallet and blockchain support are more limited. With paid plans ranging from $59 to $599 per year, it’s well-suited for advanced users and businesses needing customizable options.
- Koinly is best for users who prioritize blockchain integrations and ease of use, especially individuals with varied crypto assets. On the other hand, CoinTracker caters better to enterprises and high-volume traders with its advanced tax tools and custom plans.
In this article, we’ll take a closer look at Koinly vs. CoinTracker, comparing their features, user interfaces, pricing, and support for exchanges, wallets, and blockchains to help you decide which tool is the right fit for your crypto tax needs.
Koinly vs CoinTracker: A side-by-side comparison
For a quick overview of the main features and differences between the two platforms, check our Koinly vs Cointracker comparison chart.
| Koinly | CoinTracker | |
|---|---|---|
| Pricing | $0 - $299 (per year) | $0 - $599 (per year) |
| Signup | Email Google account Revolut account |
Email Google account Coinbase account Apple account |
| Integrations | 415+ exchanges 120+ wallets 220+ blockchains |
458 exchanges 28 wallets 39 blockchains |
| Security | No access to private keys 256-bit data encryption |
No access to private keys Data encryption SOC 1 & SOC 2 compliant |
| Supported countries | 100+ countries | 5 countries |
| Mobile App | Android and iOS | Android and iOS |
Pricing
Koinly has four pricing plans. There is a free version that offers data import and blockchain integration but lacks any of the tax reporting features. The free plan is meant for users that wish to get familiar with the Koinly platform.
Koinly’s paid plans range from $49 to $299 per year. The main difference between the three plans—called Newbie, Hodler, and Trader—is the number of transactions that the software can automatically generate reports of. The least expensive plan can handle at most 100 transactions, whereas the most expensive plan can handle upwards of 10,000 transactions.
CoinTracker follows a somewhat similar pricing scheme as Koinly, offering plans ranging from $0 to $599 for premium users. The most basic paid plan starts at $59 per year and can handle up to 100 transactions.
At $59 a year, the mid-range “Base” plan can handle up to 100 transactions. The most expensive regular plan starts at $599 and can handle up to 10,000 transactions, support tax pro collaborations, and tax summary by wallet, which the less expensive plans don’t offer.
User interface
Koinly (on the left) and CoinTracker (on the right).
Both platforms strive to provide user-friendly interfaces. Koinly offers a clean and intuitive interface, making it relatively easy to navigate and use. CoinTracker also has a user-friendly interface, and its dashboard provides an overview of your portfolio, transactions, and tax-related information.
In this writer’s opinion, Koinly is a bit easier to navigate and generally more simple to use. Both viewing transactional history and keeping track of your cryptocurrency portfolio are made exceptionally easy—you can quickly check your growth over time and total ROI.
In addition, you can find tax reports on Koinly under the Tax Reports tab, where they are organized by year (showing info like Capital Gains, Income, Costs & Expenses, and more).
CoinTracker has more features than Koinly overall, but some of them are designed for larger enterprises and reserved for custom plan users exclusively.
It is worth noting that some users may find one platform more visually appealing or easier to navigate than the other, so it's worth exploring the interfaces of both options to see which one suits your preferences.
Tax reporting features
| Koinly | CoinTracker | |
|---|---|---|
| Automated data import | ✔ | ✔ |
| Download tax forms | ✔ | ✔ |
| Margin & Futures trading | ✔ | ✔ |
| Staking, Lending & DeFi | ✔ | ✔ |
| Double-entry ledger system | ✔ | ✔ |
| Cost basis method | ✔ | ✔ |
| Form 8949, Schedule D | ✔ | ✔ |
| International tax reports | ✔ | ✔ |
| TurboTax, TaxAct, H&R | ✔ | ✔ |
Koinly and CoinTracker offer robust tax reporting features. Koinly provides detailed tax reports, including capital gains, income, and losses, as well as comprehensive tax forms for different jurisdictions. It supports multiple accounting methods, including FIFO, LIFO, and specific identification.
CoinTracker also generates tax reports, including IRS Form 8949 and Schedule D. It offers additional features like tax loss harvesting and cost basis tracking, which can be useful for tax optimization.
Integrations
Having integrations with your favorite exchange or wallet is essential when it comes to conducting automated tax calculations. Luckily, both Koinly and CoinTracker have support for hundreds of exchanges, wallets, services, coins, and tokens to generate tax reports about crypto trades, crypto payments, and more.
Koinly is particularly impressive when it comes to blockchain integrations. As of this writing, the Koinly platform supports 415+ crypto exchanges (incl. Binance, KuCoin, etc.), 120+ wallets (incl. MetaMask, Ledger and Trezor, etc.), 220+ blockchains (incl. Bitcoin, Ethereum, etc.), 33 other services (such as NFT marketplaces and cloud mining products), and more than thousands of individual coins and tokens.
CoinTracker is a bit more limited than Koinly in terms of integrations. CoinTracker offers support for 458 exchanges, more than Koinly, but offers support for “just” 28 wallets, and 39 blockchains.
If your aim with crypto tax reporting software is having support the highest number of blockchain integrations possible, then Koinly is one of the best CoinTracker alternatives out there and one of the leading pieces of crypto tax software overall.
Supported countries
Koinly holds a clear lead in terms of supported countries, with over 100 countries around the world. Here are some of the supported countries sorted by region: USA, Canada, Australia, New Zealand, Brazil, South Africa, UK, Germany, Sweden, Denmark, Finland, Norway, Netherlands, France, Spain, Italy, Lichtenstein, Ireland, Czech Republic, Estonia, Malta, Luxembourg, Belgium, Poland, Ukraine, Iceland, Switzerland, Japan, South Korea, Singapore, and India. For additional information about compliance with local laws, check the official tax support page.
CoinTrackers fully supports 5 countries, including the US, India, the UK, Canada, and Australia. Partial support for 100+ other countries is available as well.
The bottom line: Koinly has more integrations and an easier-to-use interface
Koinly and CoinTracker are great solutions for automating your tax filing and reporting burden. In our opinion, Koinly comes ahead in terms of simplicity, number of supported blockchains, and pricing.
However, if you are searching for software for managing taxes for a larger business, then CoinTracker is likely a better choice due to additional enterprise features and the ability to create customizable plans. Virtually every large company in the crypto space must use dedicated software for managing their crypto inflows and outflows—for instance, Coinbase must report to the IRS for every user who have earned $600 or more during a fiscal year, which is virtually impossible without an automated piece of software.
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