CoinTracker Review – Bitcoin Taxes & Crypto Portfolio Done Easily?

Have you ever tried putting all of your crypto holdings together while simultaneously tracking each transaction you’ve made throughout the year?  

Probably isn’t the easiest task to take on especially during tax season. Well, that’s the position we’ve all been put in. Just like any other asset. Digital currencies need a constant set of eyes on their appreciation and taxation. 

This is where CoinTracker comes into play. CoinTracker is on a mission to solve both issues. This is done through its online portfolio tracker and tax reporting services. 

The services remove the burden crypto investors currently have. As it isn’t easy to track and maintain all the various cryptocurrencies you own.

In this CoinTracker review, we’ll explore the platform’s functionalities, use cases, and see if it fits with your crypto goals. 

CoinTracker Background

Founded in 2017 by Co-Founders Jon Lerner and Chandan Lodha. CoinTracker enables its users to breathe a sigh of relief. Presenting a seamless way to track all their cryptocurrency. 

While also maintaining tax compliance. The company is based out of San Francisco California. Supporting 100k users, and over 2500k cryptocurrencies. 

There is a small yet fast-growing company in the Defi space. Offering a foundational layer to the ongoing potential of Crypto. 

CoinTracker Pros & Cons

Pros

  • Automatically & securely syncs all of your cryptocurrency balances and transactions
  • Reliable customer service
  • Easy to read data & generate tax reports

Cons

  • Some cold wallets don’t automatically sync with CoinTrackers API. Requires more manual effort.

What is CoinTracker

As we mentioned previously, CoinTracker allows you to connect your crypto exchanges and wallets to its platform. Users are able to track all cryptocurrency balances and transactions across major exchanges & local wallets.

So, you can visualize the status of all crypto investments across all your accounts.

It records taxable events like trading and selling cryptocurrencies. Preparing up your tax filing. But, CoinTracker doesn’t actually file your taxes. Rather it generates an IRS Form that records capital gains & losses. 

Features & Services 

Cointracker Dashboard

Crypto Wallet Tracker

Crypto wallet tracker is a simple freemium subscription that allows for crypto wallet and exchange integration to the CoinTracker platform.

Users can continuously track their balances and transactions across all their accounts. CoinTracker supports a large list of crypto wallets and exchanges.  

Crypto Portfolio Assistant

The Crypto portfolio assistant is a more robust version of the wallet tracker. The portfolio assistant is a crypto portfolio manager. It seamlessly and accurately tracked crypto assets across all exchanges, wallets, and blockchains. 

Allowing users to track crypto investment performance by time, crypto, and date. Not to mention the higher tired accounts have additional custom functionalities.   

Crypto Taxes

CoinTracker provides users a way to easily report on taxable crypto events, and review summaries. 

Also, users can download the necessary reports for your jurisdiction so you can file your taxes. The CoinTracker API integrates with TurboTax and top accounting Software. 

CoinTracker TurboTax Integration 

TurboTax offers a native cryptocurrency filing and the option to upload with CoinTraker. The biggest caveat is it only works if all of the crypto transactions are done through one exchange.    

CPA & Your Clients’ Crypto Taxes

Tax preparers can also use the CoinTracker platform to prepare their client’s crypto taxes. Most of the tax features mentioned in this review can be utilized by a CPA. 

Accurately reconcile your customer’s transactions across 2500 cryptocurrencies and 300 exchanges. Generate client’s tax reports and have access to all your client’s IRS Forms. 

The CPA version of the CoinTracker website can be accessed here.      

Integrating Exchanges and Wallet with CoinTracker 

Integrating your exchange or wallet to CoinTracker is straightforward. Once a user creates a CoinTracker account, they can click “Add Wallet” on the main dashboard screen. 

From there you can search up and select which crypto exchange or wallet to add. Once selected you’ll be presented with API integration instructions for the exchange or wallet chosen.

The instructions are self-explanatory and easy to follow. Once done, CoinTracker would be granted read-only access to your accounts. 

If you wish, users can submit their tax data via CSV. 

CoinTracker Supported Exchanges

Cointracker supported currency

Users can directly connect all their favorite exchanges to CoinTrackers API to sync and record their transactions.

One of the main benefits is API can sync to a wide variety of exchanges. The API can connect to over 300+ exchanges. 

CoinTracker also offers uploads of all trades via CVS. Best for customers who’ve exchanges that aren’t supported.  The truth of the matter, unless the exchange is new or hidden, you’d be hard-pressed not to find being supported.

We listed some of the more popular exchanges CoinTracker supports 

  • Binance 
  • Coinbase 
  • Gemini
  • Kraken
  • KuCoin
  • Abra
  • Bitmex
  • CoinJar
  • Bitpanda 

If you’re interested in seeing the full list can view Click here. Surprisingly enough a popular exchange we expected to see supported was eToro.

Based on the research conducted, the CoinTracker team is looking to add support for eToro. In the meantime, users can download the CSV export of their transactions on eToro and import it to CoinTracker. 

Supported Hard & Cold Wallets

As we mentioned, users can sync their favorite exchanges to Cointracker’s API. The same can be said for Hot or Cold Crypto wallets.

Users may still need to make some manual transaction entries for the Cold wallets, not all wallets can be imported via API. We listed a few of the more popular wallets below: 

Supported Cryptocurrencies

CoinTracker supports a large array of Cryptocurrencies. At the time of the review, 2500 coins are supported. Of course, lots of your favorites like Bitcoin and Ethereum can be tracked. 

Coins like Monero may be a little more challenging to track as these coin transactions are more tailored for privacy. This isn’t CoinTracker’s fault as even the IRS can’t seem to figure this coin out either.   

Countries CoinTracker Support

Tax rules are dependent on the country or jurisdiction. A taxable event is based around an appreciation of assets in this case Cryptocurrency. CoinTracker is able to track these events and generates Tax reports.

US, UK, Canada, and Australia are one of the few countries that can receive full support from CoinTracker. 

Full support means all the necessary tax information for your specified region is met and integrated into CoinTracker. Every other country receives partial support. This means more manual effort is needed from the user filing. 

CoinTracker Pricing 

Cointracker Pricing Guide

CoinTracker has pricing models for Crypto portfolio assistant and Crypto Taxes. Pricing for crypto portfolios stays consistent no matter the tax year but these changes for Crypto Taxes price plans.

This review will base the information listed below for the 2020 Tax year. CoinTracker has four simple pricing plans customers can choose from – Free, Hobbyist, Premium, and Unlimited. 

Freemium Tier

CoinTracker offers a tax software freemium service model. This plan includes a load of the features mentioned in this review.

The biggest difference from the rest of the pricing plans is it’s capped at a max of 25 transactions. Highlighted features included:

  • Support for over 2500 cryptocurrencies
  • Error reconciliation
  • Forum Support
  • Auto-sync with unlimited exchanges and wallets
  • View your Transaction history
  • Tax reports: Capital gains CSV, IRS Form 8949, IRS Schedule D, etc…
  • Users can export data to TurboTax or TaxAct (the US only)

Hobbyist Tier

The hobbyist plan is very similar to the free plan. Where it differs is the number of transactions users are allowed. Currently, users are entitled to 100 transactions at a cost of $59 USD. This plan is more suited for cryptocurrency investors who are active traders.  

Professional Tier

In addition to the plans mentioned, CoinTracker also has a premium tier that costs $199 USD for users with 1,000 transactions. 

This plan is suited for sophisticated crypto investors who divest in more complicated Defi trades and transactions. 

Just like the free and hobbyist plan the same features are offered for Professional users. The professional tier is more detailed as the tax summary done by each individual wallet. 

Yet, in this Tier Margin Trading is supported. This is big for traders who utilize leverage to enhance their buying power by trading multiple values of what they own. 

This plan looks at margin traders in an alternate manner. As the capital gains accumulated are accounted for differently.     

Unlimited Tier

The last plan out of the 4 mentioned allows for unlimited transactions and prices are based per individual user. 

It’s a full-service plan featuring concierge support, CPA consultation, and other custom features predicated on the user. 

Obviously, this plan is suited for users who facilitate more than 1000 transactions. Also, it’s perfect for complex trades. 

Users interested in the unlimited plan must contact the CoinTrackers team to get an idea of pricing. Here additional custom features can be requested for your trading needs.  

Is CoinTracker Legit?

With over 100k users and 20 billion transactions tracked CoinTracker is definitely legit. In fact, CoinTracker is backed by several staunch investors.

Some of the more popular known investors are Tennis Player Serena Williams, Co-Founder of Reddit Alexis Ohanian, and organizations like Y-Combinator. 

They have a lot of happy customers who enjoy their services as evident in CoinTrackers Trustpilot reviews. Rest assured your Cryptocurrency can safely be tracked with CoinTracker. 

CoinTracker Security Efforts

Security is at top of mind for the team at CoinTracker. They kept this way through some key security measures. To keep this post organized we listed a few of those security measures below: 

No Access To Your Private Keys – CoinTracker has no access to users’ crypto wallets’ private keys. The integration only requests read-only access. 

Read-only access means CoinTracker does not have the ability to move your funds or alter anything in your account. It’s a security feature that is also for exchanges as well.

This read or view-only access is done to keep exchange and wallet information secure. 

Application Security – ConTracker website and applications have a series of security measures to user info safe as they utilize their services.

Encrypted SSL, SQL injection filters and verify the authenticity and load more other goodies. They also support token-based 2FA from Google Authenticator. 

CyberNinjas and Bug Bounty programs – CoinTracker consults top security experts like CyberNinjas to find any security issues on their platforms. Also enlisting help from active bug bounty hunters to add an extra layer of security to their efforts.

Note: The ConinTracker team believes in privacy and allows users to delete all account data at any time no matter the reason.

Great for those that want to try out CoinTracker but don’t want to sacrifice all of your personal information.  

App & User Experience

CoinTracker App

CoinTracker is available as a desktop and mobile application for IOS/Android phones. Customers can enjoy the awesome sleek user experience. 

Interface easy to use and kept updated, it’s a breeze to navigate through the dashboard. 

Viewing all of your relevant transactions, get an overview of your gains/losses can be seen in a non-confusing manner. 

CoinTracker Alternatives

Bear Tax Logo

Bear Tax

Popular cryptocurrency tax preparation platform, BearTax, provides a clear and easy to use product to calculate all of your cryptocurrency taxes.

They leverage a smart matching algorithm that will match your withdrawals and deposits across all of their exchanges and makes it easy to review.

If you are someone with very little transactions (20 or less) then you can end up spending only $10 to calculate your taxes.

Cryptotrader

CryptoTrader

CryptoTrader.Tax allows their users to never overpay on their taxes by calculating their tax liability using the same methods tax professionals use. 

automatically pull your crypto trading history from all years and from all exchanges into the app.

4-tiered pricing structure, at the time of writing, starts at $49 for up to 100 trades and runs up to $299 for the unlimited trade.

Tax bit logo

TaxBit

Need something that is very secure and built by CPAs? Then you’re going to want to look into TaxBit as a solution to generate your cryptocurrency tax forms.

They provide you the ability to create tax forms for yourself and any businesses that you run that may be trading or investing.

Some of the benefits provided are support level chats and phone calls, tax optimization, loss harvesting, and even in-depth CPA reviews.

Customer Service

As we mentioned earlier lots of CoinTrackers customers enjoy using their services. One of the main reasons why is because of CoinTracker’s customer service. 

CoinTracker team is on top of all of its customer inquiries answering them in a timely manner. This quickness to respond and offer good support isn’t too common in the crypto space. 

Customer support is offered through chat, Forum, and Email. CoinTracker does offer Concierge support and CPA consultation but this for unlimited customers. 

CoinTracker Review – Why should I use CoinTracker?

Tracking the innings and outgoings of all your cryptocurrencies is complex. It can take hours to pull all your information from an exchange or wallet into a spreadsheet. 

Then calculating your ROI while maintaining your digital assists throughout the year doesn’t make it much easier. We didn’t even mention reporting your Taxes yet! 

CoinTracker removes this barrier. Seamlessly integrating its API with your exchange or wallet to make that process much easier.  It does all the heavy lifting for you and allows users to track this work through a simple interface. 

Its huge value add to the way we track our cryptocurrency. Beginners or serious crypto investors should have a tool like CoinTracker in their arsenal.