CoinTracker.io is a portfolio and tax manager for over 2,500 cryptocurrencies. It auto-syncs transactions and presents your performance for the portfolio in a unified dashboard. This is the crypto portfolio tracking tool to go for if you want to add features of tax filing.
That does make it more worthwhile, in addition to tracking prices, market caps, and historical data about cryptocurrencies. It allows you to track crypto portfolio across all exchanges, wallets, and even currencies and helps you avoid the clatter on complicated and bloated Google spreadsheets. Of course, Google spreadsheets works if you are meticulous about recording each transfer and trade and have been doing so since you made the first crypto purchase.
But with automation in crypto now with us for a long time, you would need this and other crypto trackers.
Cointracker is connected with 100k wallets and exchanges and also $10B transaction volume tracked.
Who’s behind Cointracker
Cointracker company is based in San Francisco and it was created by a company named Nino finance, cointracker is founded by two ex-employees of Google, Chandan Lodha, and Jon Lerner.
Chandan Lodha-Co-founder: Before starting cointracker platform, Lodha worked as an associate product manager at Google.
Jon Lerner-Co founder: Jon was a software engineer at Google.
Wallet & Exchange Integration: Cointracker enables you to directly connect your wallet and exchange, further it continuously and automatically sync your balances and transactions from your local wallet and exchange.
Investment Performance: With the powerful technology such as cost basis tracking, automatic detection and price history detection, coin tracker allows you to get an accurate view of your investment performance and your Return on investment (ROI) over time and other information.
Fee Tracking: Cointracker enables you to see the fee that you have paid per transactions and per exchange.
Multiple Cost Basis Methods: Cointracker provides its users with five various accounting methods to generate tax forms such as FIFO, LIFO, HIFO, Adjusted cost base, and shared pool.
How does it work?
The most obvious step is to start connecting your exchange wallets to the CoinTracker account. Right now, the crypto tracker supports over 300 crypto exchanges. Besides that, you can add any public address to any wallet that holds Bitcoin, Ethereum, Litecoin and Dogecoin and the tool will read the balance and update other info in real time.
For the rest of the among the over 2000 coins they support, you will have to add them manually (names and amount held, when you bought and how much you paid them for) so that it help you to track value. Since it detects when you transfer crypto between exchanges or wallets, you are able to track cost basis and capital gains for the portfolio.
Also Read About: Blockfolio Crypto Tracking Review | Crypto Tracker Bot Review
This feature allows those filing for the tax to calculate capital gains reports using FIFO, LIFO or HIFO accounting. When the feature launched, it cost $29.99 for a tax report of fewer than 100 transactions. This subscription also allows for a pre-populated IRS Form 8949. You could also pay up to $999.99 for unlimited transactions including prior years.
The process of filing lets you gather data from connected exchanges and wallets. It allows you to track the number of transactions for a given year or for all years. You are able to then view the summary of tax based on the cost basis method. You then download your tax package for capital gains, generate form 8949 and download the TurboTax Report.
Otherwise, the tool also lets you track every data and information about the entire portfolio as well as for each of the coins in your portfolio. You are able to see your performance over time for the entire portfolio and for individual coins and collate the transaction history into one list.
Besides that, you can watch the general list of cryptocurrencies (including those not in your portfolio) in the list of top 100 coins. This lets you make a good decision on whether a cryptocurrency is good to invest in or add into your portfolio.
Cointracker is an advanced cryptocurrency tracking and tax solution platform. Moreover, the platform connects to your exchanges and wallets with read-only access. Cointracker is free to use although the tax generator form is pricey. The major plus is cointracker integrates with most popular accounting software programs and major cryptocurrency exchanges.