In addition, the software provides users with the ability to track their crypto portfolio performance and generate reports for tax purposes. : Connect the Koinly API to compatible exchanges such as Coinbase, Binance, and KuCoin to avoid syncing multiple wallets and dealing with exported data. Cryptotrader.tax) Which Tax Calculator Is Better? This enables Koinly to maintain an almost 100 percent uptime with planned outages announced in advance. You can use API read only keys. Hi Mark, Thank you for this amazing review! Koinly allows you to connect your cryptocurrency exchange accounts and wallets on the platform. With Koinly, youll have all the information you need to make the most of your crypto assets. The only major difference between the two is the amount of crypto transactions users are allowed to make in one year. Other transactions are messed up too. You can customize what the API key grants access to. Koinly may assist you in preparing form 1040 Schedule D for free if you are a US taxpayer. Through the automated transaction tracking features, users can easily generate government-compliant tax forms customized for each individual, dependent on their situation and tax strategies. By this time, as much as Koinly has grown while refining their product over the last couple of years, anyone who needs to deal with cryptocurrency, taxes, and the IRS would have to be crazy to attempt using any other product. But its important to do them correctly, or you could end up paying a lot more than you owe. Koinly uses an auto-synch feature that downloads your transaction history. Is Koinly safe and legit? Stay away and use a different software. Although the free version of the platform does not provide tax form generation, investors can still utilize the automated transaction tracking features to aggregate their assets into one place. So if youre looking for a way to track your crypto taxes easily, Koinly is definitely worth considering. I recommend Koinly for EVERYONE in crypto. In a word - yes, Koinly is a perfectly safe service to use. All products are presented without warranty. As a part of the Oracle plan, customers have access to priority assistance as well as the capacity to create unique reports. This enables Koinly to maintain an almost 100 percent uptime with planned outages announced in advance. Using Koinly to compute your crypto tax is a safe way to import data. Despite reduced features, the free account is effective. It can be downloaded as a PDF. Is Koinly safe to use? Extremely happy with the service. All content on CaptainAltcoin is provided solely for informational purposes. It is not an offer to buy or sell any security, product, service or investment. You're right that only Youtube videos aren't the full scope of what support is. The platform works well with a wide range of crypto service providers, and it covers the majority of its basic operations. With our Help Center resources, stacked YouTube channel, active socials, and phenomenal support team, Koinly wants to see you fly through tax season! For most exchanges on Koinly, youll have a Setup auto-sync option that utilizes API keys to keep your data up to date.. Koinly generates different tax reports depending on your jurisdiction. Third-party audits of its code base and infrastructure to reveal and fix issues. Koinly integrates with top exchanges like Coinbase, Binance, Kraken, and Paxful. Koinly is a Strong Recommend! Retirement Investments has advertising relationships with some of the offers listed on this website. This crypto tax platform provides comprehensive customer support to all its users. Form 8949, Schedule D is required. He's a phenomenal guide and will answer questions and resolve coin issues at warp speed! Looks like koinly.io is safe and legit. Still, the pros might outweigh the cons for most individuals. We're so proud of our service, reasonable pricing, frequent discounts, product and support teams (and beyond).We really appreciate the time you took to recommend Koinly as the starting point, Mark. You can get general help and guides from the websites FAQ section. Koinly makes it easy to track all of your wallets, transactions and balances. Whether youre just getting started in digital currencies or are a seasoned pro, Koinly is an excellent platform for managing your portfolio. Koinly is a tax solution for cryptocurrency investors and accountants. All of the users using Koinly vouch for this, so it's safe to conclude that you can connect with Coinbase without any worries. The free plan provides all the basic services without having to pay for them. Find out how we combat fake reviews. Does Koinly have an mobile app? Some of the links in this post are from our sponsors. Koinly API: Connect the Koinly API to compatible exchanges such as Coinbase, Binance, and KuCoin to avoid syncing multiple wallets and dealing with exported data. Koinly is a great tool for keeping tabs on your portfolio and streamlining your crypto tax reports. Taxes are stressful enough means a lot to get this kind of customer support. Most cryptocurrency exchanges do not provide tools for crypto taxes, but all investors require them for accurate tax information. Many of the exchanges have LOTS of errors, Koinly's expert review was entirely worth the higher price tag. Koinly supports customers in Ireland and can generate reports that summarise the crypto gains and losses made over a particular financial year. Pricing is also reasonable so I highly recommend anyone who needs assistance with their crypto tax return use Koinly. Rene Peters is editor-in-chief of CaptainAltcoin and is responsible for editorial planning and business development. Anyone can write a Trustpilot review. However, if you need more tax features, consider upgrading to paid plans. Amazon Web Services (AWS) and Heroku are utilized by Koinly for data storage and hosting. The list of countries spans the entire world and covers continents like the Americas, Asia, and Europe. To use the app, you have to be an active crypto investor. If you seek an all-in-one crypto tax solution that can save you time, Koinly is an excellent option. Instead of 100, the Hodler tier allows you to make 1000 transactions. Koinly is a tax management platform started in 2018 helps you file taxes within 20 minutes. SecuX V20 & W20 Review Is This Hardware Crypto Wallet Safe & Legit. The software and service I receive at Koinly was second to none. If you decide to use this plan, you can track transactions and see previews of your capital gain taxes. The web-based tool is simple to use, and it allows you to quickly link up your exchange accounts and wallet addresses and monitor your activities. This is not sponsored content, it is just a really awesome service. Smart Transfer Matching: Through artificial intelligence, Koinly can detect transfers between owned wallets to ensure accurate cost-basis tracking. Because Koinly does not hold any assets on the platform, there is a much lower chance of users being hacked. Koinly keeps you up-to-date on the latest tax events that apply to cryptocurrency and can help you stay compliant with all applicable rules. This way, you can get an overview of your entire crypto holdings at a glance. What made you go with Koinly? Notably, Koinly allows you to use your Google or Coinbase account to log in. Headquartered in London, Koinly was founded in 2018 by Robin Singh. Some of the localized tax reports include: Other reports that this tax platform generates include: This Koinly review doesnt recommend this tax software to crypto greenhorns. You need a tax platform thats available in many jurisdictions and supports several digital currencies. The Hodler plan is very similar to the Newbie plan, but it costs $99 per tax year. The platform integrates with multiple exchanges, wallets, and crypto services. Cryptocurrency investors and accountants created Koinly with their own needs in mind. Track Your Holdings and Growth 73 Harlow Street, Bangor, ME 04401. Koinly is considered to be one of the best and most reliable crypto tax platforms in terms of safety. Unfortunately, yes. You can track approximately 10,000 crypto transactions. Most importantly, Koinly doesn't ask for your private keys. There are a variety of options for contacting Koinly customer service. This comprehensive package is perfect for professional crypto investors who make bulk trades within a year. And if thats not enough for you, all of Koinlys data is encrypted in transit using 256-bit encryption to add an extra layer of protection. Yes, Koinly is completely safe to use as it encrypts the API keys using aes-256-gcm before storing them. Buyers. In addition, their free plan means you can try it out before committing to anything. Koinly provides a comprehensive package of tools but is also one of the more expensive cryptocurrency tax solutions. Customer service is excellent, compared to other crypto platforms. Helping people navigate Bitcoin and understand cryptocurrency since 2015. Hi Jason, We're so sorry about the difficulty importing the CSV file into Turbo Tax. After choosing a plan, the next step is setting up your wallets. Koinly provides five pricing plans with varying levels of benefits. The blog's authors are dedicated to providing clear, concise, and jargon-free explanations of this complex technology, so that everyone can understand it. It can automatically generate a range of reports for different countries, including the US, Canada, Australia, and the UK. With more and more users looking to lend and stake their crypto, Koinly has emerged as a leading solution for tracking and managing these activities. Customer Support: With a dedicated support team, an FAQ page that aims to address the most common inquiries, and a Facebook page and Twitter account where they can be reached by email and live chat, this dispensary is on top of its support game. Safe in zoos doesn't mean species are safe in the wild. Beyond tax information, users can view useful portfolio data such as Profit and Loss (PnL) and income streams to better inform their investment decisions. To get a better idea of all the options available, you can test Koinlys software by creating a free account. The platform uses security measures at all levels, from the physical through the application and even into the data layer. You may also email general inquiries to [emailprotected]. Koinly has proven to be a safe platform for crypto users by implementing a variety of security features. I will use this method every year, its worth the extra $$ to save us $$ Special Thanks to Mariia Tkachuk, extremely responsive and step-by-step thorough/professional.Couldn't have been a better help (:Sam. As a rule, the platform will never ask you for your private keys. All data sent to Koinly is encrypted in transit. After that, you can view your capital gains and download tax reports. Koinly discloses security measures and best practices on its site that include: End-to-end encryption of your data, including data "at rest" or data stored on its site. If you still have questions about Koinly, let us help you! Koinly creates localized versions of tax reports when you change your country of residence. I'll connect with you now via Trustpilot to receive contact details. Anyone who owns multiple exchange accounts or wallets knows the pains when it comes to declaring taxes. It comes at an affordable $49 per year. As a result, you can be sure that all your income will be properly accounted for come tax time. Retrieved November 7, 2022, from https://koinly.io/security/. The platform comes with a variety of plans to meet the needs of crypto traders at various activity levels. In addition, you will also be able to filter and search through your transactions through a single dashboard. Crypto Portfolio Tracker: Aggregates holdings across wallets to display portfolio value and tax implications in one place. Best Crypto Signals (Telegram & Discord) Are Crypto Groups Worth It? Hi Bernd, Thank you for sharing this review! Useless - The Koinly totals do not add up, the api synch does not work on Kucoin, there is no way to download a csv to see why Koinly makes no sense and if you want support, they point you to irrelevant youtube videos. Below are some alternatives with more reviews: CoinRabbit is an instant cryptocurrency lending service without credit checks, monthly payments, and maximum loan sizes. The first thing it does is retrieve market prices for all of the items youre selling and calculate your capital gains. Free Account Option: The platform can be used for free to record up to 10,000 transactions and generate capital gains tax predictions. There is also a Free plan that allows you to connect up to 10,000 transactions. It goes against our guidelines to offer incentives for reviews. You can increase the number of transactions to 10000 if you pay $279. They also have excellent customer service. Tecmo Super Bowl 2022 Final Edition is now out and ready to download for FREE at SBlueman.com & TecmoBowl.org! Thank you for taking the time to shine your experience to others, Bernd. Tracking, analyzing, and generating tax reports on your digital assets can be problematic without the right tools. Our first safe was a "pre-money" safe, because at the time of its introduction, startups were raising smaller amounts . Press question mark to learn the rest of the keyboard shortcuts, Platinum | QC: CC 124, LW 101, Coinbase 18 | VET 6 | ExchSubs 20. There are four available Koinly plans users can get: Free plan, Newbie plan, Hodler, and Trader. New comments cannot be posted and votes cannot be cast. The platform supports 17000+ cryptocurrencies and 350+ crypto exchanges. To provide additional layers of security, Koinly hosts all data on the cloud security platform Heroku [1]. This function is utilized by individuals with multiple wallets as well as companies operating across multiple chains. In the US and most other countries, all of these services are tax-deductible. We found that Koinly.io is poorly 'socialized' in respect to any social network. ), Crypto Tax-Free Countries Crypto Tax-Friendly Countries (Europe & Asia). So you can get started in just a few minutes. Koinly uses several safety protocols to safeguard user data. This company doesnt calculate transactions accurately. But how do you keep tabs on crypto taxes? My accountant has said it is highly sophisticated software. How Safe is Koinly? Alienware Aurora R12 Review Is The Gaming Desktop Worth It? Koinly vs Coinledger.io (ex. You also get priority assistance when you sign up for this package. Network: Buy Bitcoins Instantly Using Debit/Credit Card, Buy Bitcoin Anonymously (without Verification or ID), Koinly vs Cryptotrader.tax Supported Countries, Koinly vs Cryptotrader.tax Supported Exchanges & Wallets, Koinly vs Cryptotrader.tax Other Supported Services (Mining, Staking, DeFi, Liquidity Providing, NFTs etc. The positive feedback for both of these platforms makes them a safe choice no matter which one you choose. Generate your cryptocurrency tax reports, track your portfolio & plan your upcoming taxes - all in one place. But it does go retroactively, I'm glad I did it because I'm seeing a bunch of transactions that I completely forgot about. Bitstamp Review: Is it a Crypto Exchange You Can Trust? Features, Pricing, & Plans, Alienware Area-51 Threadripper Edition Review, HP Omen 17 Gaming Laptop Review A Killer Deal For Serious Gamers. This detailed Koinly review explores whether Koinly is worth the hype. Once we have your email we'll connect directly with you to successfully import your report!We look forward to hearing from you, Jason! !Junko P. When I got into trading crypto, I had no idea what a tax nightmare I was getting into. The company uses API instead of private keys to gain access to your account. This is my 2nd year using Koinly and the product, although not perfect yet, it is the best for crypto/nft taxes and I've tried them all. Which Countries Does Koinly Calculate Taxes For? The Free plan also provides access to FIFO and LIFO tax reports and allows you to import data from a wide range of sources. Koinly encrypts API keys before storing them. CoinTracker So yeah, Id say its pretty safe to use Koinly. I lost money trading cryptocurrency. Finally, the Unlimited plan is reserved for professional traders that have proven to be extremely successful in crypto trading, and it costs $299 per year. Koinly supports over 50 wallets, over 350 exchanges, and more than 6000 different coins. Sign up with Koinly today and generate your tax reports effortlessly. CryptoWhat was created in 2015 and has become one of the most trusted and well-respected sources of information on all things crypto. The information on Retirement Investments could be different from what you find when visiting a third-party website. Koinly.io. The platform allows API integrations with multiple exchanges/ wallets to help you auto-sync the datafeeds for automated calculation and import/ upload of CSV files is available. Our dev team works their dreamy magic to make the experience a smooth one. All to save time and energy! Gifts, donations & losses report: You should be able to simply tag your outgoing payments (which you gave, donated, or otherwise) and receive a nicely formatted report. When your import is complete, Koinly begins working on the numbers. Artjoms was quick to respond and solutions-based all the way! You can easily configure API settings and disable any option you deem risky. How Safe is Koinly? Koinly is a crypto tax software investors can use to track tax implications accurately, generate official tax documents, and view their portfolio data across multiple platforms. Smart transfer matching:Koinly can detect crypto transfers between your own wallets by using its own AI methods. In addition, Koinly does not demand your private keys or access to any funds on your exchange accounts, making it ideal for those concerned about maintaining their funds securely. Special mentions to the two biggest rockstars; Mariia and Jack! The calculations were accurate and not issues with calculating income, gains/losses and grabbing my forms to head into TurboTax. Koinly has a vast collection of resources to help investors calculate and report their crypto taxes. Last 5 days I've been trying all the popular tax software programs with No success either exchange sync issues or lack of exchange and wallets offered! Only activate when you combine two liquids together. Automatically import transactions via API keys. Arte has been a gem helping me getting my Binance transaction imported into the Koinly so I can proceed with my tax reports. I got into a right mess with my trades and balances on Koinly, I made alterations to correct myself, big mistake!! This Koinly review considers this software safe. This system is set to the recommended option in your home country by default. The Koinly ecosystem is a collection of wallets that are linked with one another. Like any product, Koinly has specific a few drawbacks. We used Koinly for our 2020 taxes and we will use it again next year. Notably, Koinly supports every cryptocurrency available on the market, from Bitcoin to the most niche of altcoins. The #1 crypto exchange with low fees and user-friendly/intuitive trading tools. It's been a tough couple of years, but it's now becoming more natural each and every day. Users can link the Koinly API to their favorite exchanges, sync their wallets, or directly import transaction data. The support team also lends assistance via email, live chat, and social channels like Twitter. Sunny's writing reflects his deep understanding of his subjects and commitment to providing clear, concise information that helps readers make informed decisions. However, if you need more tax features, you are going to have to upgrade to the paid plans. Use Koinly promo code "CCT30" to get a -30% discount. They worked on thousands of my transactions quickly and with a positive attitude. You can import your crypto portfolio from multiple exchanges, but youre limited to 10,000 transactions per year. Link in the comments . Who Should Use Koinly? Oracle: The Oracle account costs $179 a year for 3000 transactions and $279 for 10,000 transactions. Koinly is a leading provider of crypto tax software that supports over 100 countries. We hope to hear back from you soon, J E! In this Koinly review, well talk about how Koinly works and why it might be the best option for you to calculate your crypto taxes. 5. . Lets take a closer look at why Koinly is one of the most recognized names in the crypto tax software market. Koinly might not be suitable for absolute beginners. Please BEWARE! Once you've hit 'Authorize' Koinly will now import all transactions from your Coinbase account. Our in-house experts will assist you with their hand-picked recommendations. Crypto investors can easily keep track of staking, mining, and other cryptocurrency activities. 2023 Trustpilot, Inc. All rights reserved. With paid plans ranging from $49 to $279, there are tax solutions for all levels of traders. The free version offers basic features while there are also pricing plans tailored towards more frequent users. The SAFE TECH Act is anything but safe. As a result, the majority of prominent crypto service providers are compatible, and Koinly also links with crypto lenders such as Nexo, BlockFi, and Compound. Overall, Koinly offers a service geared towards the developing cryptocurrency market, and keeping track of all of your crypto activities will appeal to anybody who wants to stay financially compliant while also ensuring that they can cash out or exchange between crypto and fiat with minimal hassle.

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