Crypto transactions and tax tracking

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CoinTracker is an app that tracks your crypto holdings and helps you prepare your annual tax forms for cryptocurrency gains and capital gains (or losses).

Our team loves CoinTracker's features and interface, but its high price may cause you to look elsewhere if you need your cryptocurrency taxes.

Some features of CoinTracker are free. So you can sign up and try it out even if you don't upgrade to a paid tier. Here's a closer look at how CoinTracker works and how it might fit into your cryptocurrency tax preparation process.

• Track your entire cryptocurrency portfolio in one place
• Accurately track taxable events related to your crypto and NFTs
• Supports most wallets and exchanges
• High price for advanced tracking features and tax forms

What is CoinTracker?

Founded in 2017, CoinTracker offers two main features: cryptocurrency wallet tracking and cryptocurrency tax preparation. You can sign up and get started for free, but using all of the features, including most tax preparation needs, requires paying a hefty price.

The dashboard displays information about your crypto assets including real-time prices, historical data, deposits, withdrawals, market caps and performance details. You can track and view by coin (e.g. Bitcoin, Ether), by wallet, or across your entire portfolio in a single view.

CoinTracker claims to have more than 1 million users, and users in the US, Canada and Australia can take advantage of its straightforward tax preparation features. You can use CoinTracker for your taxes for free if you have 25 or fewer transactions. For other activities, you will need to pay to receive your tax forms, including detailed Form 8949 with all cryptocurrency activity.

What does CoinTracker offer?

If you have a cryptocurrency portfolio, CoinTracker.io offers a useful feature set. Here's a closer look at what stands out.

Transaction tracking

CoinTracker offers a wallet and exchange tracking feature. CoinTracker allows you to connect your cryptocurrency wallets to monitor incoming and outgoing transactions. The tracking can monitor over 500 wallets and exchanges including Coinbase, Binance, Ledger and TrustWallet.

Currently, CoinTracker offers tracking support for around 10,000 crypto assets, so this platform will likely support your entire crypto portfolio. It also works with platforms like OpenSea to ensure widespread support for NFTs.

Tax compliance

CoinTracker helps you stay tax compliant. When it's time to file your taxes, you can create your tax package and download it in just a few minutes. You can upload or import your forms into your primary income tax software, including TurboTax and TaxAct.

The platform automatically uses the cost accounting method to enable seamless tax loss capture. Increased visibility into these details can help you trade smarter, thereby minimizing your tax liabilities.

Tax compliance is crucial when building your cryptocurrency portfolio. It can be difficult to keep track of these details yourself. CoinTracker takes care of this task for you.

Cryptocurrency Fee Tracking

Anyone who has traded cryptocurrencies knows that fees can be high. When entering trades and conversions, you may pay a combination of exchange fees and network fees (e.g. Ethereum Gas).

With CoinTracker you can easily see the fees you pay per transaction and exchange. This information can help you adjust to minimize the costs of trading crypto assets.

app

CoinTracker is available on the Apple App Store and Google Play Store. The mobile version allows you to quickly take a look at your portfolio and real-time crypto prices on the go.

The mobile app is highly rated by users, receiving 4.7 out of 5 stars on the Apple App Store and 4.2 out of 5 stars on the Google Play Store.

Are there any fees?

The only downside to CoinTracker is that it can be extremely expensive if you make a large number of transactions. Here's an overview of pricing for taxes and portfolio tracking plans.

Depending on the number of transactions you do, you could quickly find yourself on a premium plan.

For portfolio tracking, you can create an account and track your currencies for free. However, to get more detailed data, you have to pay up to $99 per month.

How does CoinTracker compare?

CoinTracker is one of several crypto portfolio tracking options, but the tax features built into this platform make it stand out from the crowd. If you are tired of managing your cryptocurrency tax accounting obligations, then CoinTracker is an excellent option.

Koinly is also competitive with CoinTracker's offerings and is a favorite crypto tax software.

Here are other tracking options that can also help with tax preparation:

Crafters $59-$99 26-200 trades
Premium starting at $2,999 1 million trades+

How do I open an account?

The process of opening a CoinTracker account begins at CoinTracker.io. Click the Get Started button. You can complete your account setup in a snap if you have a Coinbase or Google account that you want to connect with. If not, you will need to provide an email address.

After you provide an email address, you can add exchanges and wallets. Additionally, you must secure your account by setting up your two-factor authentication credentials.

That's it! You can add more wallets and exchanges if necessary.

Is CoinTracker safe and secure?

At CoinTracker, security is a priority. Typically, the platform will never ask you for your private keys. Instead, information from crypto wallets is integrated via a read-only setup. Most large companies allow you to set up read-only API integrations.

The entire platform uses SSL encryption. Additionally, there are two-factor authentication requirements for tokens.

Finally, CoinTracker states that your data will never be sold to third parties. With all of these security features, you should generally feel comfortable working with CoinTracker.

As with all financial apps, using a unique password and following good cybersecurity practices is crucial to keeping the digital bad guys out of your accounts. If your crypto wallet or exchange account is hacked, you will likely lose all assets and have no way of getting anything back.

Is it worth it?

CoinTracker is our favorite cryptocurrency tracking platform overall, tied with Koinly as a top choice. With plans quickly adding up to hundreds or thousands of dollars per year, it's up to you to decide whether CoinTracker is worth the cost.

CoinTracker is one of the easiest and best places to get tax reports for crypto, but keep in mind that it will be expensive for a premium service.

CoinTracker features

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