Koinly Review

Koinly Review [2021 Crypto Tax Software]

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Koinly Review

Koinly is a cryptocurrency tax software that compiles aggregated data, calculates your cryptocurrency taxes, and minimizes the cost whilst simultaneously expediting the process.

The platform lets you track and integrate your tax info while following activities done on the platform, which includes lending, mining, airdrops, trading, staking, and so on. Koinly also makes the process of ins and outs a simplified one for users. 

The platform is best suited for keeping track of cryptocurrency market prices, generating tax-related information, calculating crypto losses/gains, undertaking wallet transfers, and observing market developments, while importing transactions automatically.

Available in no fewer than 20 countries, Koinly impacts crypto activities by integrating 350 exchanges, over 5000 blockchains, over 70 wallets while still offering users a standard crypto tax report service for use.

Let’s take a closer look at Koinly, so you can decide whether or not the platform is a good fit for you.

Onto our Koinly review!

Crypto Tax Reporting Software

With many reports finalizing in under 20 minutes, Koinly allows you to sync all your wallets, upload file transaction history, import APIs and use AI to detect transfers between wallets to precisely calculate the original cost. This not only helps to minimize errors when verifying transactions between wallets and separate exchanges, but it also creates an extremely user-friendly experience in which you can view investment processes in a simplified manner.

RELATED: How To Buy Bitcoin.

 

Supports Most Cryptocurrency Exchanges

Supporting over 300 wallets and exchanges, Koinly is beneficial to both the experienced and newcomers to the cryptocurrency space.

Keep reading for more of our Koinly review.

Koinly Crypto Tax Software

Cryptocurrency Tax Compliance

With every purchase or sell of cryptocurrency instituting itself as a taxable event, the process of being held accountable for your investments while being an active trader can often seem like an overbearing task.

By offering accountability for trading, mining, staking, and airdrops, Koinly ensures that users aren’t liable for penalty fees associated with overlooking any potential revenue streams that can incur a heavy cost at the end of the year.

After importing transactions from API keys or data imports from exchanges, Koinly ensures all calculations are correct and accurate. This overview is done for free and afterward, users can export tax reports through familiar platforms like TurboTax. By offering a multitude of tax forms such as Form 8949 and Schedule D, exporting reports are simplistic and easy, with limited liability and assured precision.

One of the most unique aspects of Koinly is that they go beyond the bare minimum of supporting just spot trading, by acknowledging a wide range of crypto transactions.

By helping hold users accountable for automated data import, margin trading, staking, lending, and DeFi, smart transfer matching also detects wallet transfers under your account and helps prevent unnecessary additional costs by excluding them from tax reports.

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How Does Koinly Work?

The setup process is relatively simple and can be completed in a bare minimum of four steps. First, users add their wallets to the Koinly application, electing which exchange it is based on or creating a custom wallet for options that aren’t listed.

Second, users import transactions through setup auto-sync API keys or uploading CSV files from exchanges. Afterward, Koinly will start fetching market prices, analyzing transfers between wallets, and calculating gains made on crypto trades. Different cost basis methods used include FIFO, LIFO, and ACB, but will likely vary depending on the country you choose to file your taxes from.

Lastly, users can download their tax reports after Koinly is done calculating and can file accordingly. 

All of this signup activity is straightforward and easy to accomplish. The Koinly landing page actually displays a “sign up” button placed at the top end right of the website. Users can sign up to the platform through a Google account or Coinbase account by entering a verified email address and password combination on the platform.

Users are free to add their location for tax audit tracking purposes or simply track their portfolio instead. Once you’re done with this, you can go ahead and access the main dashboard of your account. You can also add your wallets and exchange accounts to the platform.

On the site’s setting tab, you can adjust your platform’s account to your taste to include the best tax reporting info that best supports your jurisdiction. 

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Koinly Wallet, Service Support, and Exchange.

Koinly enables users to work with a wide variety of cryptocurrency services, letting you maintain control over the activities done in over 5000 various blockchains, 75 wallets, and 350 exchanges while on the platform. The platform also integrates with crypto lenders like BlockFi, Nexo, Compound, and many others. The platform also serves as an excellent tracker for portfolios by linking your CoinTracking, Blockfolio, and Delta accounts on it.

Additionally, Koinly supports the instant importation of over 10 blockchains, which includes Litecoin, Ethereum, NEO, and Bitcoin, with the support of over 5000 cryptocurrencies through the CSV manual entry and import.

Keep reading for more of our Koinly review below.

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Koinly Features

Koinly has a forever free trial you can use to test the platform out. You will only ever need to buy a plan if you want to download your tax reports.

Here are some of the top Koinly’s features any user should know about:

  1. Multi-Country Presence: Koinly is available in over 20 countries, which include the USA, UK, Japan, Singapore, South Korea, Italy, and so on. The platform is under strict regulation in these countries, so, there isn’t any need to worry about the security offered on the platform. 

Koinly’s multi-country presence also allows the platform to reach a wide clientele from the individual who just seeks to have his tax reports, to the corporation which seeks to perform all due diligence there is on itself while at the platform.

The platform also lets users create a localized Form 8949 and schedule D, RFI 159, K4, Sheet 9A, and other tax reports while on the platform.

  1. Extensive Service Provisions: The platform offers users a wide variety of services to choose from, with its over 5000 blockchains that are accessible to all users on the platform to its support for automatic NEO, Ethereum, Bitcoin, Litecoin, and so on. Koinly’s non-exhaustive service opens users to a large pool of activities.

The platform also lets users explore the 350 exchanges; these exchanges include Kraken, Binance, Coinbase, Portfolio apps which include Delta, Blockfolio, and 75 wallets, letting you take control through monitoring staking, mining, and a variety of Defi activities while on the platform.

  1. Easy to Import Data: The platform lets you connect a wide variety of services as earlier discussed; however, beyond that, the platform goes further and enables users to import troves of data with ease while on the platform. Users can access loads of significant information on taxes as well as other necessary info while on the Koinly platform. In fact, the super- easy data import feature on Koinly is perhaps one of the top features that draw users to the platform.
  2. Free Account Use: The platform provides free access to users who are new or who aren’t sure about paying cash on the platform. Koinly provides a free account option, which can be used to track almost 10,000 transactions of various activities as well as to create capital gains taxes previews. This free account feature is available to users to navigate on the platform while understanding the rudiments and style they would meet when they eventually decide to pay for the use.

One of the most unique attributes of this free account use is that the platform allows users to use the free account option indefinitely with no time cap, this means users can access the various styles offered on the platform at their convenience.

  1. Comprehensive Resources: The Koinly platform provides a wide range of powerful tools that are helpful for users dealing with cryptocurrency, especially when it comes to taxes. These great features include the regional tax guides which provide users with the specific tax policies within their jurisdictions, the blog, which keeps users up to date on the events and changes of the platform, the tax calculator which offers users a detailed expectation of tax payable, the tax account list and many other resources.
  2. Customer Support Services: Koinly’s customer support service are some of the best in the cryptocurrency platform business and is another reason why the platform is so popular. The customer support assists users when there is a complaint on the platform or when users are having trouble understanding one of the platform’s features. Customer support can be accessed through a variety of means, from email to social media networks like Twitter and Facebook. 

The platform also offers a Frequently Asked Question page that answers the most common questions users have about the platform and all of the services it offers.

Some notable Koinly features:

  • Smart transfer matching
  • Mining, Staking, Lending, Forks
  • Exchange & transaction fee tracking
  • 6000+ cryptocurrencies
  • 6+ years of historical spot prices
  • Exchange API sync
  • CSV file import ETH address auto-sync
  • xPub/yPub/zPub import
  • Bitmex, Deribit, Bybit & others
  • Nexo, BlockFi & others
  • Migrate from Cointracking, Cointracker
  • Custom file import

More of our Koinly review is below.

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Koinly Pricing Plans

The Koinly platform offers a wide range of price plans that suit the taste and pockets of users on the platform. Some of these pricing plans range from free plans to the standard price plan offered by Koinly.

Here are the price plans offered by Koinly from start to finish:

  1. Koinly’s Free Plan Package: The platform offers a free plan that can be used indefinitely allowing users to integrate on the platform with ease for free. Users can track their wallet accounts, their trades, exchanges, and can get access to capital gains tax preview while on the free plan. Koinly’s free account also allows users to access LIFO and FIFO tax reports and lets them import data from a variety of locations and can reach customer support through emails or live chat. This package can be used indefinitely until the user is ready to pay on the platform.
  2. Koinly’s Hodler Account Plan: This account costs $49 for every tax year. The plan lets users access LIFO and FIFO tax reports, Form 8949 and Schedule D reports, International tax reports, and Comprehensive audit reports. While on this plan users can also export to TaxAct and TurboTax. However, users are limited to just 100 transactions while on this plan, so if you’re a more prolific cryptocurrency trader, you will have to consider other options.
  3. Koinly Trader Account Plan: This account costs $99 for every tax year. The plan provides users access to a wide range of features and can also boost your transaction limit to 1000. This plan also lets you gain access to popular priority support when using it.
  4. Koinly’s Oracle Account Plan: This account plan costs $179 for every tax year. The account offers users access to 3000 transactions and an increased $279 would give users access to 10,000 transactions. The oracle plan is an account that allows users to access all of the premium features offered by the platform. Some of the features offered in this account include the ability to generate custom plans and priority support. This plan also offers users extra assistance while on the platform, which would undertake bulk actions and process custom files with no manual changes. 

The account also provides users access to a wide range of features with plans that include a tax report on your crypto activities for five years.

RELATED: ACORNS Vs Stash Investing Apps.

Koinly Pros and Cons

The Koinly platform, just like all other platforms has benefits and shortfalls.  Here are some of the key pros and cons you should think about when deciding to sign up for Koinly:

Pros

  • Powerful and comprehensive tax support for cryptocurrency trading
  • Smart transfer matching
  • Exchange & transaction fee tracking
  • Over 6000+ cryptocurrencies
  • 6+ years of historical spot prices

Cons

  • No Phone line for customer support
  • Accessing the platform’s premium features is expensive

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Frequently Asked Questions

We answer some of the most common questions with our Koinly review.

Is there a Koinly promo code?

From time to time Koinly will offer promo codes. Be sure to check out their website to see any current offers.

Is Koinly safe?

Koinly is a legitimate regulated tax compliance platform available in over 20 countries.

Is there a Koinly alternative?

There are a few Koinly competitors and alternatives to choose from:

Koinly Review: Parting Thoughts

After a thorough evaluation, users have little to no complaints about the security and usability of the Koinly platform. Koinly does not reserve the right to withdraw or interact with any of your funds and minimizes user exposure to fraudulent activity by promoting transparent practices and allowing full control over user assets during the evaluation period. Prices tend to be slightly higher than other competitors that file crypto taxes, but users may get more out of choosing a platform like Koinly especially if they utilize margin trading/lending.

If you’re planning to buy and sell cryptocurrencies and are worried about the tax implications of this practice, then Koinly may be just the platform you’re looking for. The services and information on this platform are some of the best available and may be just what you need to trade cryptocurrencies smartly, and account for all of your gains and losses when tax season rolls around. So, check out Koinly when you get a chance, and see if it’s what you need to get started with cryptocurrency tax compliance today. 

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