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For every trader, a cryptocurrency tracker is one of the features that are very useful and needed. Cryptocurrency tracking machines usually work to provide information from all your exchanges and wallets. Every trader can see in a flash how the portfolio performance is shown through the tracking machine.
However, not all tracking machines can work optimally to transform all information to you. If you are a trader who is looking for a crypto tracking platform, then CoinTracker.io can be one of the reliable tracking machines at the moment.
In this article, we will cover the detailed aspects of the CoinTracker and its features, its working, pros and cons, and much more. Let us look into detail in this CoinTracker review now,
What is Cointracker?
Cointracker was founded on August 22, 2017, by Chandan Lodha and Jon Lerner. The company is based in San Francisco, California. It works as a portfolio and tax manager for virtual currencies. It specializes in accounting, fintech, blockchain, digital currencies, and some other financial services.
CoinTracker io is a crypto tracker that comes with an amazing array of features. It has the import and export of CSV files capability backed by auto-synchronization. The system comes with an inbuilt tax form generator.
The great thing about CoinTracker is that you do not need to manually input your transactions. It will automatically track everything and organize it so that you are able to file your taxes in an appropriate manner.
- Tax form generation: CoinTracker subscribers can generate the capital gains report and the IRS form 8949. It is the form used to report capital gains for tax purposes.
- Multiple accounting methods: All CoinTracker subscribers can use five different accounting methods to generate their tax forms: FIFO (First In, First Out), LIFO (Last In, First Out), HIFO (Highest In, First Out), ACB (Adjusted Cost Base) and share pooling.
- Auto wallet synchronization: This adjusts the value of your portfolio automatically as prices go up and down. Auto Wallet Sync is a revolutionary feature that is open to all platform users. The feature is automated to adjust the value of your digital assets as it fluctuates. The App is also compatible with TaxAct and TurboTax.
CoinTracker has one free plan and three paid ones which can be listed below:
- Free: The free plan allows tracking of 25 transactions, access to cost basis and capital gains, error reconciliation, and forum support. The amount of transactions here is limited and thus, this should only be used as a test for the quality of services offered by CoinTracker.
- Hobbyist: The Hobbyist plan has the same features as the Free one, but it allows you to make tax payment as well as track up to 100 transactions. This plan may not be adequate for someone who trades a lot of cryptocurrencies, it is perfect for someone who holds a few coins as a part of a larger portfolio. The plan costs $59 for one tax year.
- Premium: The Premium plan ads support for Margin Trading, Defi functionality, and offers chat support as opposed to the forum. It also offers individual tax summaries for each wallet you own. The maximum number of transactions is 1,000. The Premium plan usually costs $199 for one tax year.
- Unlimited: The Unlimited plan is customized to your needs. It offers you unlimited transactions, CPA consultation, Concierge support, and numerous custom features. There is no listed price for the Unlimited Plan. Instead, CoinTracker staff will offer you a quote based on the features that you require.
Cointracker Mobile App
CoinTracker offers mobile apps for both iOS and Android. The apps are generally easy to use and have interfaces that are quite intuitive. However, the apps are missing some key features such as the ability to access certain charting tools and a dark mode.
It also lacks the time-period adjustment for your transaction history. However, the mobile apps are adequate in supporting features that can help you keep track of your portfolio on the go.
How does Cointracker work?
CoinTracker provides an easy way of generating tax forms. Start by connecting to your cryptocurrency exchanges and wallets to CoinTracker. A key advantage of CoinTracker over other services is that it supports over 300 exchanges. On your dashboard, select the exchange you want to connect.
If you have off-exchange cryptocurrency wallets, you can use the “Add Wallet tab” and enter your wallet address. Once done, specify the digital asset the wallet stores. The service supports 2,500+ coins including ADA, BCH, BTC, DASH, DOGE, EOS, ETC (including ERC20 tokens), ETH (including ERC20 tokens).
Once you feed CoinTracker with the required wallet data, it syncs it automatically. Depending on your needs, you can select your accounting method and specify your crypto income source. Some of the common sources include Airdrops, Payments, Mining rewards, or blockchain forks.
Cointracker Pros and Cons
- It generates IRS form 8949.
- It covers your basic tracking needs at no cost.
- It automatically synchronizes with major crypto exchanges.
- Subscription plans are of the high cost compared to the others
- Does not support margin trading.
- Does not support swaps or futures.
Compared to the competition in the market, generating tax forms from the CoinTracker is expensive. However, CoinTracker offers a better value proposition with a wide range of tax calculation features. the application offers additional features that are hard to find anywhere else
It is also worth noting that the CoinTracker crypto tracking App can integrate with a wide range of tax accounting software. One of the main features of the system is its ability to sync with most major crypto exchanges and wallets. This makes it worth subscribing to the available plans depending on individual needs.
- On March 24, 2020, Crypto.com Announces Partnership With CoinTracker
- On March 30, 2020, Crypto Investment Wealth Is Highest in San Francisco Bay Area
- On April 02, 2020, CoinTracker Passes 100K Users, Announces Six New Partners
- On May 04, 2020, CoinTracker and Casa partner to give users access to multi-signature security
- March 11, 2020: Cointracker.io partners with Casa to give users multisignature security.
Jan 21, 2020: CoinTracker reduced the crypto tax compliance