Blockpit vs. Koinly

Which crypto tax app is better, Koinly or Blockpit?

Looking for a crypto tax calculator that features everything you need to calculate and report your crypto taxes easily? If you’re torn between Koinly and Blockpit, we’ve put together a simple comparison, with everything you need to know about each platform.

Integrations

When it comes to integrations, Koinly comes out on top, with more than 800 integrations overall, while Blockpit sits at 400. Koinly just leads the way with more than 220 blockchains vs. Blockpit’s 179, and far leads the way when it comes to wallets and exchanges. Notably, Blockpit is yet to add support for a number of growing DeFi chains compared to Koinly, with some exclusions including Aptos, Starknet, Kava, Mode, ImmutableX, Sui, Link, Linea, DogeChain, and more.

What this means, is that getting all your transaction data into Koinly is simply easier than it is to Blockpit, where you may need to create manual CSV files to import your transactions. Here's how simple it is in most instances on Koinly.

As well as this, Koinly has invested in user education, with more than 195+ tutorial YouTube videos on hundreds of exchanges, wallets, and blockchains, while Blockpit's YouTube channel only has around 5 help videos.

Portfolio tracking

Both Koinly and Blockpit function as a free portfolio tracker, that allows you to view the overall performance of your crypto investments, as well as individual assets performance. In this regard, the two platforms are quite comparable in the detail included on your portfolio tracking dashboard, including a breakdown of individual holdings, your unrealized and unrealized gains and losses, and more.

When it comes to NFTs, Koinly leads the way with a superior NFT dashboard that allows you to preview your NFTs within the app, and view gains, losses, and more.

DeFi, NFTs, margin trading, and derivatives

Both Koinly and Blockpit offer excellent support for different types of crypto transactions, including mining, staking, lending, margin trading, derivatives, and DeFi transactions. Compared to any other crypto tax software provider, both Koinly and Blockpit stand out in terms of superior transaction support. You can see the same transactions in both platforms side by side to compare below (with Koinly on the left and Blockpit on the right).

Koinly leads the way for DeFi support because it simply supports more blockchains, especially newer projects, while Blockpit is lagging behind a little in this regard. As you can see in the clip above, Koinly is also better at identifying and tagging your transactions automatically, meaning you’ll spend less time going through your transaction history ensuring everything is marked as it should be. Comparatively, Blockpit needs more manual help from users to correctly tag and categorize transactions.

Free plan

Both Koinly and Blockpit offer a free plan, but with Koinly, none of the features are locked behind paywalls. The only thing you can’t do with a free Koinly plan is actually download tax reports. But you can still preview your tax summary including gains, losses, income, and more (excluding Canadian users), as well as utilize features like the free tax loss harvesting tool to simulate your trades. 

While Blockpit allows you to import your transactions and use the platform as a free portfolio tracker, many of the features are locked behind a paywall and only available to those with a paid plan. This means until you upgrade to a paid Blockpit plan, you won’t be able to preview your tax calculations to make sure you’re happy with them, nor can you access the tax optimization tool to optimize your taxes before buying a plan.

Usability and features

Koinly has put users first when it comes to the platform, making it as easy as possible to navigate your transactions and easily identify any data import errors that may impact your transactions, including automatic error detection and a wealth of help content to resolve common data issues.

Blockpit has a similar transactions page, with the ability to filter and label transactions, although in a more limited capacity than Koinly, particularly when it comes to tagging your transactions to ensure the correct tax treatment for your country. Koinly is also much better at understanding and tagging your transactions automatically, whereas with Blockpit, you may need to do this manually for the most part when importing blockchain transaction data.

Finally, when it comes to customizing your tax settings, Blockpit has no features that allow this. This means for crypto investors working in tax gray areas - for example, with transfer fees, crypto cashback, and more - there are no options on how to treat these transactions from a tax perspective. Whereas with Koinly, you can work with your accountant to take a more aggressive or conservative approach to your tax settings.

As well as this, Blockpit does not allow different cost basis methods for users in countries where multiple cost-basis methods are allowed, like the US, Australia, and others. Meanwhile, Koinly users can switch between a variety of allowable cost basis methods to see which best suits their tax situation.

Customer support

Both Koinly and Blockpit offer excellent customer support, with free email and live chat support and strong average Trustpilot scores. This said, Koinly leads the way slightly with a 4.7-star score from more than 1,600 reviews, while Blockpit maintains a respectable 4.6-star score from 600+ reviews. It’s worth noting, that Blockpit’s reviews recently have been packed with users facing issues moving over from Accointing since Blockpit acquired the company. In one user's experience, Koinly was the better option.

As well as this, if you need additional support using Koinly, Koinly offers a paid expert review service starting from $499 (depending on demand). This service can help you make sure all the data in your Koinly account has been accurately imported, tagged, and calculated so you can file with confidence knowing your reports are correct. Meanwhile, Blockpit does not offer a comparable service.

Reputation and security

Both Koinly and Blockpit benefit from strong partnerships across the crypto industry. Koinly is teamed up with the likes of Binance, MetaMask, Coinbase, Revolut, and more to make crypto tax simpler for all investors. Blockpit partners include Bitpanda, BitMEX, and Bitvavo. As well as this, Blockpit acquired competitor Accointing in late 2023, but the move wasn't well received by many former Accointing users who were frustrated with the less-than-smooth transition between the platforms, particularly for European users, who are unable to switch their tax settings to be correct for their country's crypto tax rules.

Crypto tax calculators handle a lot of data - which you need to know is secure. Koinly is proudly SOC 2 and ISO 27001 certified to keep your data safe. Blockpit on the other hand has no information available publicly about security certifications.

Supported countries 

Both Koinly and Blockpit offer strong international support with dedicated reports for the US, UK, France, and Switzerland, as well as a PDF report that can help you file in a multitude of other countries. Koinly offers a few additional dedicated reports globally including in Canada, Australia, Sweden, Finland, and Denmark.

For US users, with a multitude of filing options available to them, both Koinly and Blockpit offer IRS Form 8949 and Schedule D, as well as TurboTax and TaxAct reports. However, Koinly offers far more optimization options than Blockpit. Koinly lets you select from four cost basis methods - FIFO, LIFO, HIFO, and optimized HIFO - and preview your tax summary to figure out what works best for your taxes. As well as this, you can lock your transactions each year and pick a new cost basis method (as allowed by the IRS), to make sure you always pay the least tax possible. Meanwhile, Blockpit does not allow users to switch between cost basis methods at all.

Conclusion: Which is better?

While Blockpit can get the job done, Koinly stands out with better-priced plans, a feature-packed free plan, more integrations, and better tax optimization options for investors in the US in particular. And while we might be just a little biased, we'll keep working hard to keep our product that way.