Koinly and Cointracker are tools that help users calculate and track their cryptocurrency. The purchases, sales, trades, everything in one place. Today, it’s important to have these kinds of crypto tracking tools because many governments around the world have started to accept crypto as a form of trade exchange. Let’s have a look at Koinly vs Cointracker.
Moreover, crypto is taxable in many countries as well. Purchase, sale, and trade of crypto coins are taxable too.
Koinly vs Cointracker- An Overview
Laws in various countries consider cryptocurrency as property and the gains and losses incurred are classified as capital gains and losses. Therefore, these gains and losses are taxable as well. Due to this amendment in the laws and the broadening scope of cryptocurrency, tools like Koinly and Cointracker are required.
Koinly vs Cointracker- At A Glance
|Features||Smart transfer matching, Staking, Mining, Lending, Forks||Raises the goods, Supports all major cryptocurrencies|
|Mobile APP||Android, iOS (Beta)||Android, iOS|
What Is Koinly?
Koinly is one of the largest and most popular online platforms for crypto tax accounting. The Koinly platform enables users to keep tabs on all cryptocurrency-related activity and also transactions, automatically collecting and classifying data, and producing tax reports that comply with legal requirements.
Koinly’s headquarters are located in Palo Alto, California. It was founded in 2018, and also offers Australian cryptocurrency investors and traders country-specific capabilities.
To keep track of crypto-related activities that can have an impact on taxes, such as mining, trading, staking, lending, DeFi apps, and airdrops, Koinly can be connected to a broad variety of various cryptocurrencies wallets and exchanges.
What Is Cointracker?
In 2017, Jon Lerner and Chandan Lodha founded CoinTracker.io. From the very start of the business, CoinTracker has made it a priority to amaze its customers. It elevates the goods rather than just providing a simple platform for tracking cryptocurrency.
CoinTracker stands apart from the competition thanks to its crucial tax tracking tools. Additionally, the comprehensive dashboard displays insights about your crypto assets’ performance as well as real-time pricing, historical statistics, deposits, withdrawals, and market caps.
💡 Koinly vs Cointracker Note: Through CoinTracker, more than $20 billion worth of cryptocurrency assets is currently being monitored.
What Are Crypto Tax Tools?
Crypto tax tools are all the heat these days but one barely knows what exactly is a crypto tax tool or what it does. You may prepare your taxes for your bitcoin or any other crypto-based assets with a crypto tax tool. Also, You can use it to compute your crypto trading profit and loss, capital gains or losses, and expense deductions.
This kind of software also includes a full cryptocurrency portfolio tracker and analysis tool to give you a centralized overview of all your cryptocurrency holdings across numerous exchanges and wallets. You can effortlessly calculate and file your crypto taxes with the aid of cryptocurrency tax software.
Koinly vs Cointracker: Supported Countries
Currently, Germany, Ireland, Sweden, Norway, Denmark, Finland, Spain, Italy, Austria, Lichtenstein, Ireland, Czech Republic, Estonia, Malta, and Luxembourg are all fully supported by Koinly.
The United Kingdom, the United States, Canada, and Australia are the current countries for which Cointracker offers full tax support services. They also offer some assistance to other nations.
Although Cointracker covers numerous nations, it also offers a cryptocurrency tax solution for the four nations listed.
💡 Koinly vs Cointracker Note: Koinly offers crypto tax tools for more nations than Cointracker does.
If you fall into a country where Cointracker provides its services, then you should opt for Cointracker. Koinly is a good option for you if you are looking for more coverage and are ready to trade off some features.
Koinly vs Cointracker: Supported Exchanges
Koinly and Cointracker both support a huge variety of exchanges. Following is the list of exchanges supported by Koinly and Cointracker.
Coinbase, Coinbase Pro, Binance, Binance US, Crypto.com, Bittrex, Swyftx, Kraken, Bitstamp, Exmo, Poloinex, Bitfinex, Bitmex, Idex, Binance dex, Coinspot, Hitbtc, Gemini, Huobi, Cex.io, Uphold, Gate.io, Bybox, Bitbuy, Bithumb, Bitpanda, Changelly, Circle, Robinhood, Coinbene, Coinjar, Coinbase prime, Gatehub, coss, independent reserve, liquid, Livecoin, Local Bitcoin, Okex, Shakapay, Upbit.
Btcmarkets, Binance chain, Bitsane, Blockfolio, Cointracking, Coinlist pro, Coinsquare, Coss.io, Cryptagon, Crypto.com, Delta, FTX, FTX US, Liqui, Quadricacx, Robinhood, Coinbase, Coinbase Pro, Binance, Binance US, Crypto.com, Bittrex, Swyftx, Kraken, Bitstamp, Exmo, Poloinex, Bitfinex, Bitmex, Idex, Binance dex, CoinDspot, Hitbtc, Gemini, Huobi, Cex.io, Uphold, Gate.io, Bybox, Bitbuy, Bithumb, Bitpanda, Changelly, Circle, Cobinhood, Coinbene, Coinjar, Coinbase prime, Gatehub, coss, independent reserve, liquid, Livecoin, LocalBitcoin, Okex, Upbit.
💡 Koinly vs Cointracker Note: As one can see, Cointracker has much more coverage in terms of Exchanges Supported.
Koinly vs Cointracker: Wallets
|Koinly||Abra, Blockchain wallet, Bread wallet, celsius network, coinbase wallet, crypto wallet, Electrum, Exodus, Jaxx wallet, Keepkey wallet, Ledger, Shakepay, Myetherwallet, Samourai wallet, Trezor.|
|Cointracker||Abra, Blockchain wallet, Bread wallet, celsius network, crypto.com, Coinbase wallet, crypto wallet, Electrum, Exodus, Jaxx wallet, Keepkey wallet, Ledger, Myetherwallet, Samourai wallet, Trezor.|
💡 Koinly vs Cointracker Note: We can clearly see that Cointracker supports more wallets than Koinly does.
Koinly is marketed as free but if you look at the terms and conditions you realize that Koinly starts at $49 per tax year. It offers four plans to its users: Free, Newbie, Hodler, and Trader which are priced at $0, $49, $99, and $179 per tax year respectively.
All Koinly users, including the free users, get unlimited access to wallets and exchange accounts.
Cointracker also claims to be free but the free version has no major utility. If you really want to get into filing taxes and stuff, Cointracker prices start at $59 per tax year.
Free, Hobbyist, Premium, and Unlimited are the plans that Cointracker offers which are priced at $0, $59, and $199 respectively. The unlimited plan is based on the individual’s usage.
💡 Koinly vs Cointracker Note: Koinly starts at $49 per tax year. Whereas, Cointracker prices start at $59 per tax year.
Ease Of Use: Koinly vs Cointracker
Koinly has a better user interface than Cointracker for starters but Cointracker has much more advanced tools. Koinly also has additional features which might be useful for some users while Cointracker has nailed all the basics down.
💡 Koinly vs Cointracker Note: The vote for ease of use though goes to Koinly as its UI is more attractive and beginners feel more comfortable using it.
Final Verdict On Koinly vs Cointracker
Koinly vs Cointracker, which one should you choose? Well, it really depends upon you. If you are looking for a ton of tools and features while keeping the costs relatively low, Koinly is the tool for you!
Cointracker is for the ones who are seriously into trading crypto. Cointracker has nailed all the basic requirements but is more expensive and offers fewer features and coverage. The big deal about Cointracker though is the reliability it brings to the table.
Frequently Asked Questions
Cryptocurrency transactions that are taxable as per law are known as crypto tax events.
Cointracker has automated the process of reporting to the IRS.
No, Cointracker is not owned by coinbase. There is just a partnership between them.
Connecting Koinly to Coinbase is secure. There hasn’t been any evidence to suggest that linking Koinly and Coinbase is dangerous. Because Koinly is linked to the accounts that contain a lot of its users’ money, it recognizes the importance of putting platform security first.
You must first determine the worth of the crypto coins involved in the transaction in fiat currency, such as the US dollar, before figuring out how much is taxable.