Summary
CoinTracker can help you with tax compliance, which you must do every year. You won’t have that much hassle and dread going through the computations and all the transactions.
But right into the review, you’ll see which features are worth paying access to. It would still depend on your need and how much budget you would spend on these features.
With the rise of cryptocurrency, handling your crypto finances, especially its taxes, can be time-consuming, and a lot of data is needed to input and compute for accuracy. Such computations are made easy with the CoinTracker.
It does more than monitor your bitcoins and provides you with the information you need for your investments. Such a huge amount of data that automation is necessary to make it convenient and instantly to generate results in a few minutes.
If you’re getting started or want to become progressive in increasing your crypto investments, CoinTracker tools will simplify and, at the same time, monitor your transactions. This will provide you with results to plan thoroughly based on the data.
Let me help you learn more about CoinTracker, and here’s a review for you to weigh the features you’ll be using.
CoinTracker: Bitcoin Tax and Crypto Manager
CoinTracker was founded back in 2017 and had major investors such as Yahoo, and even renowned tennis star, Serena Williams. There are also 500,000 users on their platform.
In January 2022, CoinTracker got their Series A, having been funded for $100 million, where venture capital firm Accel has led this round. Especially in June 2021, when 221 million worldwide users have been active in buying and selling crypto.
What the CoinTracker does in crypto management involves:
- Tracking
- Buying
- Selling assets
Knowing the basics, it manages your cryptocurrency portfolio, where lies the inventory of your online currency investments. NFTs can also be managed by tracking your transaction here.
Features
We’ll guide you more on its features by dissecting each of its details to give you a more comprehensive analysis, especially on whether you’ll pay for some of the premium access.
Auto Wallet Sync
CoinTracker automatically synchronizes your portfolio across thousands of crypto tokens. They have daily synchronization of your wallets and exchanges, where you can also manually sync by clicking on the “Sync Wallets” button at the top of the Wallets page.
Multiple Cost Basis Methods
According to the Internal Revenue Service (IRS), cryptocurrency is considered a property, as it is taxed and taxes you according to your capital gains.
On the other hand, your capital loss can offset capital gains for the year. The cost basis methods that CoinTracker uses are:
- First In First Out (FIFO)
- Highest In First Out (HIFO)
- Last In First Out (LIFO)
- Share Pooling (AS)
- Adjusted Cost Base (ACB).
In generating tax forms, these cost basis methods significantly reduce the taxes you’ll need to pay.
Tax Compliance
CoinTracker automatically calculates your tax using various options of cost basis methods to lower your taxes. It would give you a seamless generated report containing detailed breakdowns to monitor and gain insights efficiently.
The CoinTracker has software integrations with TurboTax and TaxAct:
- TurboTax – can be used for file imports and integration with other financial services companies, free for people with W-2 income or Social Security income, but this is only available for simple tax returns.
- TaxAct – has free access to Xpert Assist for all of the plans. Free access is only for people with W-2 income, unemployment income, or Social Security income.
You can use this feature to download your tax report whenever you file your taxes.
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Transaction Tracking
You can track your wallet’s incoming and outgoing transactions and exchanges, as you can connect to over 300 wallets like Ledger, TrustWallet, Coinbase, and more.
Trade Reports
Reports can be monitored all in one dashboard and have a glance through the data, so you would be able to draw your decisions of buying, selling, or trading coins.
Track Your Investment Performance
CoinTracker has the power to cost basis tracking, automatic detection, and price history detection. The users will then be given insights from the report regarding investment performance and your Return on investment (ROI).
Security
CoinTracker security feature where wallets are in read-only setups. It uses SSL encryption that prevents any sensitive data from leaking out when transferred from one system to another and also requires two-factor authentication for the tokens.
CoinTracker Pricing And Plans
After checking out the features, you can decide which premium packages are worth getting depending on your priorities when it comes to your cryptocurrency investments.
Free
Here is the access that is for free:
- 25 transactions
- Cost basis & capital gains
- Error reconciliation
- Forum Support
Hobbyist
The hobbyist package has access to the following for $59:
- 100 transactions
- Cost basis & capital gains
- Error reconciliation
- Forum Support
Premium
Premium access all for $199:
- 1,000 transactions
- Cost basis & capital gains
- Margin trading
- DeFi functionality
- Tax summary by wallet
- Error reconciliation
- Chat support
Unlimited
Unlimited access to different features is each priced individually, so the price may vary, which may include:
- Unlimited transactions
- Cost basis & capital gains
- Margin trading
- DeFi functionality
- Tax summary by wallet
- Concierge support
- Error reconciliation
- CPA consultation
- Custom features
Review
As we look through CoinTracker features and pricing, we take on our verdicts regarding the services offered and cost.
Products And Services
CoinTracker has lived up to its role of supporting crypto portfolios and 300+ major crypto exchanges and wallets. Tax generation comes in handy and has level-up features for calculating different cost basis accounting methods and downloading the tax report.
Pricing
The pricing, especially on the unlimited access for the individually priced features. But the good news is either one of the bundles is right enough for you, or you’ll pay for unlimited individual services that would help you to stick within your budget.
Security
CoinTracker has several layers of security for ensuring privacy and having flexible features such as connecting exchanges with Coinbase to your account without providing any private key for access. The two-factor authentication guarantees safe crypto transactions and exchanges with SSL encryption.
Customer Service
For CoinTracker customer support, it provides a few avenues to help through their blogs or posts in their Help Center and FAQs. You can also email them, although you may receive a response after one business day, even with your best efforts to reach them.
Thus, having a Trustpilot rating of 2.9/5 and over 100 reviews. You can try contacting getting more information or contact them through their:
- Website
- Twitter Official Account
- Medium Blog
- Github
- Cointr
Want To Open A CoinTracker Account?
To open a CoinTracker account, go to CoinTracker.io and click on the ‘Get Started’ button. Then you’ll be asked if you have an existing CoinTracker account or sign up using your Google account.
You can also provide your email if you don’t want to connect to any of the other options for signing up. Then, you will also be asked to set up your two-factor authentication details for security purposes.
Similar Software Applications
CoinTracking
CoinTracking is as popular and reputable as CoinTracker with its 520,000 daily active users and functions as a crypto portfolio manager and tax reporting tool. They have three packages that offer:
- Free – generate tax reports, but only through manually creating them in CSV files, accessible for new crypto investors.
- Pro – costs $166/year with discounts for purchases for longer periods for powerful portfolio tracking for advanced inventors.
- Unlimited – costs $302/year, where you can save $162 (or 0.016 BTC)if you pay for two years of service in advance. If you’re availing of a lifetime subscription, it will cost you $3459, including full access to CoinTracking for professional investors.
It also has security features of data and API encryption and two-factor authentication, and you can restore trade backups.
CryptoTrader.Tax or CoinLedger
CryptoTrader.Tax is now CoinLedger, and you can import historical transactions and integrate them with your other platforms to prepare your tax reports. You can track your crypto portfolio and download your tax report in CSV, IRS Forms, or Tax Filling Software formats.
It has also partnered with TurboTax for your crypto gains and losses computations and reports.
ZenLedger
One of its premium features that stands out from the rest of its competitors is providing you with crypto tax professionals, whether tax attorneys, certified public accountants (CPA), or enrolled agents.
You can also work with a CPA and give them access to your account:
- On the left sidebar, find the ‘Work with CPA’ button.
- Then click ‘Invite CPA.’
- Fill in the CPA’s full name and address
- An invitation will be sent to the CPA for one to accept the invite and have access to your account instead of giving them all your passwords and private information.
Conclusion
It is important to have a comprehensive overview of the services and offers you’d like to avail in filing your taxes and keeping track of your crypto investments or even NFTs. But basically, you’d like to look for software crypto management tools that are in control of their expertise within their product features and services.
The security features it provides should also not be overlooked as they contain large data of important investments.
Want to know more about monetization and bitcoin? Check any of these posts!
