Bitcoin.Tax vs. Koinly

Looking for the best crypto tax software for you? We’re comparing two leading tax calculators, Koinly and Bitcoin.Tax.

This guide will cover the differences between the two, focusing on integrations, automation, and international support, so you can choose the right tool and file with confidence.

Integrations

When it comes to integrations, finding crypto tax software with the right native support for your exchanges, wallets, and blockchains can save you a lot of manual work.

Bitcoin.Tax lacks information about the exact exchanges supported, but lists around 45, with their blockchain explorer supporting an additional 13 blockchains. 

They have a much bigger focus on CSVs, as many of the supported exchanges don’t have direct API integration. Users have the ability to add more exchanges manually through the Bitcoin.Tax custom CSV template, but for more active traders, this could become a time-consuming project.

Whereas Koinly supports over 1,000 integrations, with 500+ being auto-sync integrations (APIs), meaning many users can sync their accounts without handling any CSVs at all.

Portfolio tracking

Koinly functions as a crypto tax calculator and portfolio tracker, giving you access to helpful, free features such as unrealized gains and losses, the NFT dashboard, and the tax loss harvesting tool. 

With Koinly, you can effectively track your holdings, their performance, and use those insights to better your tax liability.

Bitcoin.Tax provides a basic overview of your holdings without a portfolio tracking dashboard or features. They have a separate app that handles portfolio tracking: ‘Chain Glance’, but access to this is not included with Bitcoin.Tax plans.

DeFi, NFTs, margin trading, and derivatives

Crypto transactions can get complicated, especially for DeFi investors and those using leveraged products, so you need a tax calculator that can handle all your transactions. 

Bitcoin.Tax is very basic when it comes to this. It can identify income such as mining and staking, but it lacks automatic tagging for less common transactions, allowing users to only tag transactions as ‘buy’, ‘sell’, or ‘swap’. 

For those involved in loans, DeFi, or leveraged trading (i.e., margin trades and futures contracts), it will require a lot of manual work to get your transactions looking as they should.

Meanwhile, Koinly handles the vast majority of complicated transactions automatically, including DeFi transactions like liquidity in & out, lending transactions, and leveraged transactions where you have realized PnL.

You also have access to a dedicated NFT dashboard where you can view your NFTs and see data about your cost basis and unrealized gains/losses.

Free plan

Both Bitcoin.Tax and Koinly offer a free plan, but with Koinly, you get a lot more. 

Bitcoin.Tax allows up to 20 transactions for free. You can edit data across different tables and see a very simplified preview of your gains, losses, and income for a given tax year.

With Koinly’s free plan, you get every feature (excluding downloading reports) so you can reconcile your data, use the NFT dashboard and tax loss harvesting tool, to make sure you’re happy with your outcome before purchasing any plans.

Paid plans

The limited functionality of Bitcoin.Tax is reflected in its price. Paid plans work out cheaper than Koinly’s, for up to 1,000 transactions on Bitcoin.Tax is $54.95 and $99 on Koinly. 

For some small investors with simple transactions, who are only investing in major coins and have no need for portfolio tracking, Bitcoin.Tax may be suitable.

Usability and features

Bitcoin.Tax interface is basic. While there’s a fair amount of functionality allowing you to edit transactions, it doesn’t handle a lot of things automatically. Supported transaction types are limited, as is the ability to filter your transactions and rectify errors easily.

While Bitcoin.Tax supports a couple of different cost basis methods; there’s very limited functionality to amend tax settings for legislative grey areas such as cashback, transfer fees, and more.

Koinly has more advanced features. It automatically tags the majority of your transactions, filtering out spam airdrops, and provides error detection on a wallet level, with in-app guidance helping you easily rectify any errors.

Koinly also stands out by giving users more control. Their tax settings offer a multitude of choices, including changing the cost basis method, so users and their accountants can take more aggressive or conservative approaches when it comes to taxes.

Customer support

Koinly and Bitcoin.Tax has excellent Trustpilot reviews, with Koinly leading the way with a 4.6 star average rating from more than 2,200 reviews, while Bitcoin.Tax has a 4.5-star average rating with 120+ reviews. Users for both Koinly and Bitcoin.Tax note helpful customer support.

Both platforms offer email and help center support. Koinly offers even more support for users, with a community forum and a live chat where you have the option to speak to a human — not just a chatbot.

Both offer an expert review service, where a data expert will look through your transactions to ensure all your data is imported correctly. Bitcoin.Tax is not upfront about pricing, while Koinly offers the service for $499 - $1,999, depending on demand and seasonality. 

Reputation and security

Koinly takes the security of your data seriously, and is SOC 2 and ISO 270001 certified, while it’s unclear what security certifications Bitcoin.Tax has. Neither platform has been involved in any direct data breaches.

Supported countries 

For investors in the US, both Koinly and Bitcoin.Tax lets you export a number of tax reports based on the software you’re using, including Form 8949 and Schedule D, a TurboTax report, and a TaxAct report.

However, outside the US, Koinly offers more support, with dedicated crypto tax reports for investors worldwide, including Australia, Canada, the UK, and European countries, as well as an additional 15 reports that can help users file from anywhere.

Conclusion: Which is better?

With more features, a better user experience, and more international support and integrations, we think Koinly comes out on top. Although we might be biased, we’ll keep working hard to keep our product that way.