Best Koinly Review 2021

Visit Koinly Get $20
Visit Koinly Get $20

Crypto tax software functions as a tracker, manager, and calculator of your cryptocurrency transactions for tax purposes. In our Koinly Review, you will discover how this software makes tax reporting super easy.

What is Koinly?

Koinly is a cryptocurrency tax software that provides tax solutions for cryptocurrency investors by facilitating tax report production within 20 minutes. Koinly helps you track your cryptocurrency assets. Some additional services offered by Koinly include Tax-related services, transaction information, an automated tool for crypto investments, and referrals to regulated services. The mission of the Koinly team is to simplify crypto tracking and tax reporting.

Founded in 2018, Koinly supports more than 100 countries globally where crypto tax reporting is required. The comprehensive tax reports generated by Koinly are suitable for you regardless of where you live. Koinly has filed so far11k+ tax reports and tracked funds more than $250M. The company’s goal is to accelerate cryptocurrency acceptance growth by introducing tools to make cryptocurrencies’ owning and management easy.

Properties

  • Tax
  • Cryptocurrency
  • Bitcoin
  • Accountancy
  • Portfolio tracking
  • Crypto taxes
  • Audit logs
  • Block explorer

How Koinly Works

Koinly uses intuitive software and guidance from expert tax consultants to impart investor-focused services.

Steps to Follow

  1. Add Exchange Accounts and Wallets

To make Koinly function you need to connect your exchange account and wallets means all your transactions through API keys or CSV files. Koinly keenly observes the transfers between your wallets with the help of artificial intelligence (AI). Currently, Koinly supports 300+ exchanges and wallets.

  1. Import Transactions

Now, you need to select importing method for transactions. You can import ETH, BTC, Tezos, and other transactions. Koinly offers two methods to import transactions i.e. API keys and CSV files.

There is a ‘Setup auto-sync’ option for most exchanges on Koinly. It uses API keys to get your transaction history.

You can also use the ‘Upload CSV files’ option if you like.

  1. Koinly Calculation

Once the import option is selected and the import finishes, Koinly will automatically find all the market prices and match transfer between your own wallets before calculating your capital gains/losses. Koinly supports cost basis methods such as FIFO, LIFO, Average Cost, HIFO, etc.

  1. Tax Reports

Once Koinly finishes calculating your gains/losses, you will be asked to Refresh your page. After refreshing the page, you will go to the Tax Reports page. Here, you can track your portfolio and see your tax report summary i.e. total holdings, ROI, and growth. Koinly does not charge any fee to view the tax report summary as it offers a never-ending free trial but you need to buy a plan if you want to download your tax reports. There is no limit to generate and download tax reports on Koinly.

Koinly Account Opening

Signing up on Koinly is simple and straightforward. Just go to the Koinly website www.koinly.io and click the ‘Sign Up’ button in the upper right corner. You will see a form to join Koinly. Here, you will provide your name, email address, password, and click the ‘Create an Account’ button to proceed with Koinly. You can get registered on Koinly using your Coinbase or Google account.

Except for your email address, Koinly has the right to collect your personal information like your billing info, credit card number, billing address, verification data, or cryptocurrency wallet information based on your paid Services.

Koinly Features

Country Support

Koinly is available in more than 20 countries i.e. from the US to Scandinavia to Japan and the countries in between. It supports over 100 countries with crypto tax reporting requirements.

Integration

Cryptocurrencies: Koinly offers transactions from 17,000+ alt and crapcoin.

Exchanges: The number of exchanges Koinly supports is also huge as it endorses 350+ exchanges including Coinbase, Binance, Kraken, Bitfinex, Poloniex, Bittrex, and many more.

Blockchains: 50+ blockchains are available to auto-sync transactions.

Wallets: Koinly assists 50+ wallets that you can connect to Koinly. These wallets include Uphold, Ledger, Trezor, Bread, Exodus, Metamask, and more.

Services: You can connect 18 crypto platforms to Koinly including Nexo, BlockFi, Paxful, NiceHash, Purse.io, etc.

Free Account

Koinly offers a never-ending free account where you can track 10,000 transactions, connect unlimited exchange accounts, wallets, and preview capital gains tax reports.

Customer Support

Koinly team is open to answer your questions and help you efficiently. You can start a chat on Intercom Messenger or send an email to Koinly at [email protected]

Languages

Koinly platform is available in 9 different languages i.e. English, German, Swedish, Norwegian, Danish, Finnish, Dutch, French, and Japanese.

Koinly Products

  1. Crypto Tax Reports

Koinly was launched in accordance with local tax firms and won the trust of certified public accountants. Koinly generates such reliable and accurate cryptocurrency tax reports as are conformable with local tax laws.

It offers multiple cost-basis methods like FIFO, LIFO, HIFO, Average Cost, Share Pooling & Spec ID that you can choose from. You can easily track your costs in a universal pool that shares all connected wallets or functions individually for each wallet. Koinly can produce all the forms you need to file your crypto taxes such as Form 8949, Schedule D, and IRS tax forms for US filing.

koinly tax report
Koinly Tax Report

Profit, Loss and Income Summary

On Koinly you can get a summary of all of your cryptocurrency taxable capital gains and income for margin trades, options, and futures. This summary includes a total number of disposals, proceeds, and acquisition costs.

Koinly Tax Summary

End-of-year Valuation Report

Koinly offers an End-of-year Valuation Report consisting of your crypto holdings and acquisition costs.

Koinly Balance
Koinly Balance

Capital Gains Disposals Report

Koinly tax reporting product provides you a careful report of long term and short term disposals. You can have a look at the pool where you are selling assets from.

Koinly Capital Gains
Koinly Capital Gains

Income Report

Koinly lets you generate an income report having all your Airdrops, Forks, Staking Rewards, DeFi, etc.

Koinly Income
Koinly Income

Deductible Expenses Report

You can nicely prepare and download your deductible report of some deductible expenses like gifts, charity, lost assets, and more.

Koinly Income Summary
Koinly Income summary

Export to TurboTax, TaxACT, etc.

Koinly generated tax reports are easy to file online. Koinly supports online tax filing software like TurboTax Online, TaxACT, Drake, H&R Block, and many others.

Koinly Tax Reports
Koinly Tax Reports
  1. Crypto Tax Calculator

Koinly offers a cryptocurrency tax calculator that is equally beneficial to get a precise crypto tax report, inventory tracking, and managing all of your transactions.

Portfolio Tracking

Koinly’s crypto tax calculator allows you to track your crypto assets and taxes conveniently. Total holdings, portfolio growth, and tax liabilities are on the display. You are also enabled to view your mining, staking, lending with other crypto income, profit/loss realized and unrealized capital gains, actual ROI, and invested fiat.

Koinly
Koinly

Data Import

Koinly’s crypto tax calculator gives you a vivid picture of all of your trading activities. You just need to sync your data to Koinly to view all your transactions in one place.

Crypto tax calculator provides an automated data import as you can connect your crypto accounts and add BTC wallets and ETH tokens.

Other data import features include:

  • Margin and futures trading on BitMEX, Binance, Kraken, or any other supported exchanges
  • Staking, Lending, and DeFi using Nexo, Compound, Celsius, etc.
Koinly Wallets
Koinly Wallets

Crypto Tax Reports

You can preview your profit/loss, and capital gains without any cost and get reliable tax reports when necessary. Koinly supports online tax filing software like TurboTax Online, TaxACT, Drake, H&R Block, and many others.

Error Reconciliation

Koinly cryptocurrency tax calculator is empowered with robust and with-in tools to let you find and fix errors in your transactions. Error Reconciliation feature is designed to assist you regarding the following.

  • Koinly cryptocurrency tax calculator has a double-entry ledger system. All the changes made in asset balances are backed by an entry.
  • Errors of incorrectly imported or missing transactions are tracked and highlighted by Koinly.
  • All of your wallets are consistently examined thru API to avoid any error while importing data
  • You don’t need to be over-cautious while importing data. If any import any transactions twice, Koinly will skip them automatically.
Koinly Transactions
Koinly Transactions

Koinly Pricing

Koinly pricing has four tiers: Free, Newbie, Hodler, and Trader. Let’s find out per tax year fees and features of these Koinly cost plans separately.

  1. Free – $0 – free forever

Usage

  • Transactions – 10,000
  • Wallets and exchange accounts – unlimited
  • Portfolio tracking – Yes
  • Capital gains preview – Yes
  • DeFi, Margin trades, Futures – Yes
  • Avalanche trades – Yes

Tax Reports

  • Form 8949, Schedule D – No
  • International tax reports – No
  • Comprehensive audit report – No
  • Export to TurboTax, TaxACT – No
  • FIFO, LIFO, Average Cost and more – Yes
  • Wallet-based cost tracking (Spec ID) – Yes

Unique Features

  • Smart transfer matching – Yes
  • Mining, Staking, Lending, Forks – Yes
  • Exchange and transaction fee tracking – Yes
  • 6000+ cryptocurrencies – Yes
  • 6+ years of historical spot prices – Yes

Data Import

  • Exchange API sync – Yes
  • CSV file import – Yes
  • ETH address auto-sync – Yes
  • xPub/yPub/zPub import – Yes
  • BitMEX, Deribit, ByBit, and more – Yes
  • Nexo, BlockFi, and more – Yes
  • Migrate from Cointracking, Cointracker – Yes
  • Custom file import – No

Error Reconciliation

  • Auto balance verification – Yes
  • Negative balance warnings – Yes
  • Double-entry ledger for every asset – Yes
  • Advanced transaction filtering – Yes
  • Transaction sorting by gains – Yes
  • Cost analysis – No

Support

  • Email support – No
  1. Newbie – $49 (per tax year)

Usage

  • Transactions – 100
  • Wallets and exchange accounts – unlimited
  • Portfolio tracking – Yes
  • Capital gains preview – Yes
  • DeFi, Margin trades, Futures – Yes
  • Avalanche trades – Yes

Tax Reports

  • Form 8949, Schedule D – Yes
  • International tax reports – Yes
  • Comprehensive audit report – Yes
  • Export to TurboTax, TaxACT – Yes
  • FIFO, LIFO, Average Cost and more – Yes
  • Wallet-based cost tracking (Spec ID) – Yes

Unique Features

  • Smart transfer matching – Yes
  • Mining, Staking, Lending, Forks – Yes
  • Exchange and transaction fee tracking – Yes
  • 6000+ cryptocurrencies – Yes
  • 6+ years of historical spot prices – Yes

Data Import

  • Exchange API sync – Yes
  • CSV file import – Yes
  • ETH address auto-sync – Yes
  • xPub/yPub/zPub import – Yes
  • BitMEX, Deribit, ByBit, and more – Yes
  • Nexo, BlockFi, and more – Yes
  • Migrate from Cointracking, Cointracker – Yes
  • Custom file import – Yes

Error Reconciliation

  • Auto balance verification – Yes
  • Negative balance warnings – Yes
  • Double-entry ledger for every asset – Yes
  • Advanced transaction filtering – Yes
  • Transaction sorting by gains – Yes
  • Cost analysis – Yes

Support

Email support – No

  1. Hodler – $99 (per tax year)

Usage

  • Transactions – 1000
  • Wallets and exchange accounts – unlimited
  • Portfolio tracking – Yes
  • Capital gains preview – Yes
  • DeFi, Margin trades, Futures – Yes
  • Avalanche trades – Yes

Tax Reports

  • Form 8949, Schedule D – Yes
  • International tax reports – Yes
  • Comprehensive audit report – Yes
  • Export to TurboTax, TaxACT – Yes
  • FIFO, LIFO, Average Cost and more – Yes
  • Wallet-based cost tracking (Spec ID) – Yes

Unique Features

  • Smart transfer matching – Yes
  • Mining, Staking, Lending, Forks – Yes
  • Exchange and transaction fee tracking – Yes
  • 6000+ cryptocurrencies – Yes
  • 6+ years of historical spot prices – Yes

Data Import

  • Exchange API sync – Yes
  • CSV file import – Yes
  • ETH address auto-sync – Yes
  • xPub/yPub/zPub import – Yes
  • BitMEX, Deribit, ByBit, and more – Yes
  • Nexo, BlockFi, and more – Yes
  • Migrate from Cointracking, Cointracker – Yes
  • Custom file import – Yes

Error Reconciliation

  • Auto balance verification – Yes
  • Negative balance warnings – Yes
  • Double-entry ledger for every asset – Yes
  • Advanced transaction filtering – Yes
  • Transaction sorting by gains – Yes
  • Cost analysis – Yes

Support

Email support – No

  1. Trader – $179 (per tax year)

Usage

  • Transactions – 10,000+
  • Wallets and exchange accounts – unlimited
  • Portfolio tracking – Yes
  • Capital gains preview – Yes
  • DeFi, Margin trades, Futures – Yes
  • Avalanche trades – Yes

Tax Reports

  • Form 8949, Schedule D – Yes
  • International tax reports – Yes
  • Comprehensive audit report – Yes
  • Export to TurboTax, TaxACT – Yes
  • FIFO, LIFO, Average Cost and more – Yes
  • Wallet-based cost tracking (Spec ID) – Yes

Unique Features

  • Smart transfer matching – Yes
  • Mining, Staking, Lending, Forks – Yes
  • Exchange and transaction fee tracking – Yes
  • 6000+ cryptocurrencies – Yes
  • 6+ years of historical spot prices – Yes

Data Import

  • Exchange API sync – Yes
  • CSV file import – Yes
  • ETH address auto-sync – Yes
  • xPub/yPub/zPub import – Yes
  • BitMEX, Deribit, ByBit, and more – Yes
  • Nexo, BlockFi, and more – Yes
  • Migrate from Cointracking, Cointracker – Yes
  • Custom file import – Yes

Error Reconciliation

  • Auto balance verification – Yes
  • Negative balance warnings – Yes
  • Double-entry ledger for every asset – Yes
  • Advanced transaction filtering – Yes
  • Transaction sorting by gains – Yes
  • Cost analysis – Yes

Support

Email support – Yes

Koinly Competitors

  • Accointing
  • TokenTax
  • TaxBit
  • Blox
  • Bittax
  • Crypto
  • SoftLedger
  • CoinTracker
  • CryptoTrader
  • Zoho Books
  • TallyPrime
  • ClearTax
  • Acme Insight
  • Node40
  • BlockSentry
  • Ledgible
  • Cryptio
  • AEM
  • Blockpit
  • CryptoTax
8.5 Total Score
Koinly Review Sum-Up

Koinly is a comprehensive cryptocurrency tax reports generator to produce reliable tax reports. The intuitive interface, and availability to integrate heaps of crypto exchanges, wallets, and blockchains turn it into a one-stop-shop platform. Free account, free tax reports preview, and up-to-date form formats are wonderful features that impart a classy and swish look to this tax reporting application.

PROS
  • Intuitive interface
  • Fast tax reports generation
  • Free report preview
  • Form 8949, Turbotax
  • Multiple country support
  • Unlimited number of tax reports
  • Automatic data import
  • Never-ending free version
  • Support 300+ exchanges and wallets
CONS
  • Crypto payment method unavailable
  • Tier may be pricy for some members
  • Email support only for the premium plan
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