Crypto Tracking Tools

Cointracker.io Review – The Best Crypto Tax Calculator

With new cryptocurrency regulations and legislative developments, there need to be technical developments too. In line with this there is a tool used by thousands to calculate cryptocurrency tax –  Cointracker.io. 

I Loved It! 

I was very Keen to Share this review as my experience with the tool was amazing! A secure and simple platform that automates your portfolio and taxing solutions.  

What is Cointracker.io? 

CoinTracker.io is a portfolio and tax manager for over 2,500 cryptocurrencies. It auto-syncs cryptocurrency transactions and presents a performance portfolio in a sophisticated 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 portfolios across all exchanges, wallets, and even currencies and helps you avoid the clutter on complicated and bloated Google spreadsheets. Of course, Google spreadsheets work if you are meticulous about recording each transfer and trade and have been doing so since you made the first crypto purchase.

Additionally, the Cointracker tool can be connected with 100k Popular Crypto wallets and exchanges with an exceptional record of $10B transaction volume.

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 the coin tracker platform, Lodha worked as an associate product manager at Google.

Jon Lerner-Co founder: Jon was a software engineer at Google. 

Cointracker Features

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 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 transaction 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 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 helps 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.

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.

Process of Signup

  • One can sign up using their Coinbase account, google account. There is also a direct email signup in cse you do not have coinbase or google account. Or you do not wish to associate those accounts with Cointracker.
  • Once you enter your google or email, the next step would be email verification.
  • After you successfully log in, on the dashboard, you will see the option of adding exchanges and wallets. One can select among 300 exchanges and wallets.
  • Next is to set up a 2FA for securing your account.
  • Once 2FA is set, connect the exchanges or wallets (selected in the prior step) with your cointracker account. 
  • In case of Coinbase, you will be redirected to the Coinbase account. You would be asked for authentication.
  • OTP verification is asked. and Voila you are Good to go.

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 Pricing

The application is free to use by anyone at the basic level; however, to get more advanced plans that aid with advanced tax calculations, you have to buy them. 

Let’s have a look at the various subscription plans;

Free plan – it’s free

  • 200 transactions
  • Portfolio tracking
  • Capital gains
  • Error reconciliation

Premium – this one will cost you $127

  • 3,000 transactions
  • Portfolio tracking
  • Capital gains
  • Error reconciliation
  • Tax-loss harvesting guidance
  • Margin trading
  • DeFi functionality
  • Tax summary by wallet
  • Chat support

Unlimited – Priced individually

  • Unlimited transactions
  • Portfolio tracking
  • Capital gains
  • Error reconciliation
  • Tax-loss harvesting guidance
  • Margin trading
  • DeFi functionality
  • Tax summary by wallet
  • Priority support
  • Custom features

Mobile Apps

CoinTracker has apps for iOS and Android. Both apps currently only have around 10 reviews, probably because they are new. Comments about the app are generally positive. People who tried the apps out praised their fast and easy to use interfaces.

Recent Updates:

March 11, 2020: Cointracker.io partners with Casa to give users multisignature security.

Jan 21, 2020: CoinTracker reduced the crypto tax compliance

Conclusion

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 a coin tracker that integrates with most popular accounting software programs and major cryptocurrency exchanges.

FAQ’S


Does Cointracker.io support margin trading?


CoinTracker does not currently support margin trading, derivatives, swaps, or futures.


Does Cointrader.io have mobile apps?


CoinTracker has apps for iOS and Android. Their USP is fast and easy to use interfaces.


Is Cointracker.io free?


No, the platform has subscription charges. The more trades you need to calculate, the more expensive your tax form will be.

Cointracker.io Review

David


Functionality

Ease of use

Support

Price

Technology

Summary


Cointracker is a unique web application that is responsible for monitoring, tracking, and taking updated information on a user’s crypto portfolio while at the same time, automatically generating tax forms for the individual.

4.4

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David
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Cointracker
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David

David Kariuki is a journalist who has a wide range of experience reporting about modern technology solutions including cryptocurrencies. A graduate of Kenya's Moi University, he also writes for Hypergrid Business, Cryptomorrow, and Cleanleap, and has previously worked for Resources Quarterly and Construction Review magazines.

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