CoinTracker Review 2023 | Best Crypto Tax Software?

Crypto Tax Software CoinTracker Review 2023  

Find out how good CoinTracker is in our CoinTracker review.

Crypto trading requires detailed research, effort, and frequent monitoring of many crypto accounts and wallets. CoinTracker does an excellent job of integrating this info and providing investors with updates and advice.

CoinTracker.io features provide crypto traders with fantastic support for tax purposes. The information is used to generate the tax forms for your tax return, which it can easily share with tax preparation software services.

SSL encryption is used throughout the platform. Besides that, tokens require two-factor authentication. CoinTracker also states that it will never sell your information to a third party. With all of these security features, CoinTracker appears to be a safe deal. Moreover, CoinTracker has no access to your private keys or the ability to withdraw your cryptocurrency.

CoinTracker is like a virtual crypto assistant in that it keeps track of all your cryptocurrency investments and helps you file your cryptocurrency taxes.

Cointracker.io is a cryptocurrency portfolio management service. Over 1 million crypto holders have used it, with over $50 billion in crypto assets on exchanges. It allows consumers and businesses to track their crypto portfolio, investment performance, taxes, and other information in real-time.

CoinTracker assists you in becoming fully compliant with crypto tax regulations. Simply connect your wallets and exchanges, and CoinTracker will calculate your taxes. You can download your tax returns in minutes and file them with TurboTax, H&R Block, or your accountant. Full support for the United States, India, the United Kingdom, Canada, and Australia and limited support for several other countries.

CoinTracker allows its users to quickly import data from various platforms where their crypto is stored, such as:

After that, CoinTracker offers a clear snapshot of the user's entire portfolio (it supports over 10,000 cryptocurrencies) and keeps track of your progress. And finally, it generates tax reports immediately for you to file your cryptocurrency taxes.

Some of these tax reports include; Form 8949, Schedule D, Form 1040, and Schedule 1. The tax software that CoinTracker integrates with includes TaxAct and TurboTax.

To protect the app from potential threats, Cointracker employs SSL certification and various other encryption tiers. Moreover, when using this app, users do not have access to the exchange. It's also worth noting that when users sign up for Cointracker, they get complete documentation. Another helpful feature is the ability to request email reports.

Now let's have a look at the features in this CoinTracker review.

Coin tracking provides users with a range of data via their dashboards and reports. All your crypto transactions are centralized, allowing you to make better, more informed decisions about buying or selling something.

It's a great feature that lets you monitor your cryptocurrency wallets for incoming and outgoing transactions. It can be done for over 200 altcoins, including BTC, BCH, ETH, and many others.

It is an additional convenient feature included with each subscription package. It automatically syncs the user's portfolio data across thousands of crypto tokens. It changes the value of the user's portfolio based on how the crypto market changes in real time.

This exciting feature monitors developments in cryptocurrency portfolios and allows users to generate a capital unrealized gains report. The IRS form 8949 is used to report capital gains to the IRS. This application assists users in lowering their crypto taxes by harvesting crypto token losses wisely. It enables them to allocate their trading profits more wisely.

The excellent fee tracking feature allows users to see their fees per transaction and exchange.

Cointracker provides its users with innovative technology. It includes automatic detection, cost basis tracking, and price history detection. It also accurately captures investment performance, ROI over time, and other data.

Cointracker offers 5 accounting methods to the users to generate tax forms: First In First Out (FIFO), Last In First Out (LIFO), Share Pooling (AS), Highest In First Out (HIFO), and Adjusted Cost Base (ACB).

With the new pricing, cryptocurrency users can now automatically calculate their taxes for free. CoinTracker allows crypto users with up to 25 transactions in a given tax year to calculate cryptocurrency taxes for free.

Casual cryptocurrency traders may be satisfied with the features included with the free account. But for many people, this type of account will be a way to get to know how CoinTracker's services work.

Advanced investors with many digital assets may be interested in the Hobbyist and Premium account types. The Hobbyist plan is a deal for those just starting in cryptocurrency investing, allows users to track up to 100 transactions, and provides cost-basis information and general support.

The Premium account assists with margin trading, DeFi, and a tax summary by wallet type. The Unlimited account is best suited for professional investors who need to monitor a large portfolio of assets and have huge tax reporting obligations for each of these. Now we will give you the details for the pricing options in this CoinTracker review.

As cryptocurrency trading has gained popularity, new platforms aimed at serving as virtual assistants have emerged. You might want to know how CoinTracker compares to other crypto tax services. Let's have a look at a brief comparison of the software in this CoinTracker review.

CoinLedger also has a few free features. The Hobbyist account is limited to 100 transactions. Meanwhile, the Unlimited account, like CoinTracker, covers and gives access to all of the website's features.

CoinLedger also keeps track of your crypto portfolio and calculates your gains and losses using LIFO, FIFO, and HIFO methods. DeFi and NFTs are supported, and an error reconciliation tool for all types of accounts is included. CoinLedger provides 24/7 live chat support, but CoinTracker can only be reached via email and social media.

CoinLedger works with a wider variety of crypto software platforms than CoinTracker, but it has fewer integrations. Therefore, crypto traders who have become accustomed to Tax Slayer or H&R may prefer to continue using them. Nonetheless, both platforms will provide the same types of tax reports. Learn more with our full CoinLedger review.

When we compare Cointracker.io to CryptoTrader.tax, we see that both appear to be on an equal level on many fronts, with CryptoTrader.tax having a slight advantage in aspects such as better customer support, more supported exchanges, more supported blockchains, and so on.

TokenTax is another prominent crypto-tax assistant on the market. It does not offer a free account, unlike CoinTracker. There is also no unlimited transaction feature, with transactions capped at 30,000.

CoinTracker also supports more operating systems, such as Windows, Android, and iOS. While both platforms provide valid documentation, only TokenTax offers tax-related webinars.

Finally, it should be noted that both platforms have been updated to reflect current crypto trends, such as NFTs and DeFi assets, and that they both support tax loss harvesting optimization and integration with the majority of well-known crypto exchanges.

Now in this CoinTracker Review, below are the steps you must take for the platform to work for you:

1. Go to the Cointracker.io website and click the "Get Started" button.

2. You can sign up with either your Coinbase or Google account. If you do not have a Coinbase or Google account or do not want to link those accounts to Cointracker, you can use direct email signup.

3. After entering your Google account or email address, proceed to your email inbox and click on the link to complete registration.

4. After successfully logging in, you will see your dashboard, which includes options for adding exchanges and wallets.

5. The following step is to secure your account by enabling 2FA (Two-factor Authentication). Click on the user icon in the upper right corner, then go to the settings section and enable two-factor authentication.

6. Add the exchanges and wallets you chose in the previous step. If you decide to add a Coinbase account, for example, you will be directed to a page where you will be asked for authentication.

7. You will receive a verification code via SMS on your mobile device. Enter it to finish the process.

8. Repeat the process for any other exchanges or wallets you own, and you're done.

TurboTax and CoinTracker aren't Coinbase services. If you choose to use TurboTax or CoinTracker, you must read the third party's service terms, website terms, and privacy policies.

SSL encryption is used throughout the platform. Furthermore, tokens require two-factor authentication. Finally, CoinTracker promises never to sell your data to a third party. You should feel safe working with CoinTracker because of these security features.

Yes. Cointracker has over 450,000 users and is backed by large, publicly traded companies such as Coinbase. Popular social media influencers such as Graham Stephen and Wealth Squad Chris are also enthusiastic about the tool.

Every year, Cointracker is an excellent tool for tracking crypto taxes. It will become a useful tool when the US government cracks down on crypto capital gains.

CoinTracker is worthwhile if you need assistance tracking cryptocurrency transactions and filing taxes. Pricing can be complicated, but a few other software options can help.

Cointracker is a fantastic portfolio tracker that is currently on the market. The Cointracking app provides additional features and is the perfect solution for any new or professional crypto trader. They have built-in exchange import automation, fantastic customer service, and a flawless user interface.

Best of all, for those with few transactions, everything is free. Another benefit of Cointracker is that it integrates with all the best crypto exchanges and well-known crypto tax software programs.

To summarize this CoinTracker review, it is a great tool to calculate your crypto taxes for you every year. You can review the tax summary and download the reports when you need to file taxes at any time. Cointracker uses read-only access to your exchange accounts to safeguard your money. It is crucial because it guarantees that the platform will never be granted permission to operate your crypto.

Read more: CoinLedger Review | Best Crypto Tax Software?

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