TokenTax vs. Koinly

Undecided whether Koinly or TokenTax is a better fit for you?

This guide breaks down the differences, from automation and accuracy to international support, so you can choose a crypto tax software with confidence.

Integrations

Native support is important when choosing a crypto tax tool; you want it to be compatible with your exchanges and wallets. In this regard, Koinly comes out on top with over 1,000 integrations, and a majority of those include auto-sync API integrations, so you can quickly import your transaction data without having to handle CSVs.

TokenTax supports around 120 integrations, including some major exchanges like Binance and Coinbase, but their claim to support all cryptocurrencies relies on you to edit CSV files before importing your data. This not only lends itself to miscalculations, but it can also easily become time-consuming.

Portfolio tracking

While both Koinly and TokenTax work as portfolio trackers, Koinly offers all features (excluding downloading tax reports) on its free plan. This includes insight into unrealized gains and losses, ROI, rich transaction data, and an asset maturity tool, which can all be accessed through an intuitive dashboard, making it easy to manage your holdings in-app.

On TokenTax, you also have the ability to access this data, but only through paid plans. You are required to purchase a plan before you can upload any data into the system, and certain features are hidden behind paywalls. For example, their tax loss harvesting dashboard is only available on their Premium tier at $199.

DeFi, NFTs, margin trading, and derivatives

Both Koinly and TokenTax can handle all transaction types, including mining and staking, NFTs, and more complicated on-chain transactions.

With any crypto tax tool, investors with advanced activity, such as layer 2 transfers or experimental DeFi protocols, should expect some level of manual review and reconciliation. The difference between Koinly and TokenTax is in this regard: Price.

On Koinly, you can handle and edit all of this data for free; preview your tax summary, look at data asset maturity, and use the tax optimisation tool to better understand your tax situation and ensure you’re happy with the results before purchasing a plan.

As well as this, the free plan includes access to a dedicated NFT dashboard, so you can view your NFTs in-app and see data about cost basis and unrealized gains/losses.

However, on TokenTax, you are required to purchase a plan before being able to sync any data to their system, and for certain features, such as margin trading and other PnL transactions, you will need to purchase one of their more expensive plans (Pro for $1,999).

Free plan

There is no free plan option for TokenTax. You can sign up to the platform for free, but to be able to start using it and uploading data, you have to at least be on their basic plan, starting at $65. 

With Koinly, you have access to all features (excluding generating tax reports) on the free plan, so you can make sure you’re happy with your calculations before spending a cent.

Paid plans

Koinly’s paid plans are more affordable than TokenTax. The Koinly Newbie plan includes up to 100 transactions starting at $49 per year. Comparatively, on TokenTax, up to 100 transactions start at $65 and do not include all features.

This trend continues: For $199 per year on TokenTax, you get up to 5,000 transactions, with some features still withheld. For $199 per year on Koinly, you get up to 10,000 transactions.

Usability and features

Crypto tax tools can take a bit of getting used to, but Koinly helps by providing a more intuitive interface and better automated transaction handling. On top of this, you have access to in-depth data through the asset maturity tool, tax optimization tool, and NFT dashboard. So you can really get your head around the software and maximize your tax situation before purchasing a plan.

TokenTax hides a lot of features behind paywalls, but on the right plan, you have access to more data. However, the system is not as intuitive, there’s less categorization via tags, and although you can adjust tax settings, they're much more customizable on Koinly. Which is important when it comes to the varying rules of crypto tax and the legal gray areas.

Both have automatic error detection and guidance on how to fix any issues that occur. Koinly stands out because it flags this more clearly on a wallet and transaction level, whereas TokenTax requires you to go into the ‘Recon’ tag to be able to see if there are any errors.

Customer support

Both Koinly and TokenTax have a glowing Trustpilot score, scoring a 4.6 and 4.9-star rating, respectively. However, Koinly is a lot more established, with over 2,000 reviews compared to TokenTax’s 190+.

Not only does TokenTax not offer a free plan, but it also doesn’t provide refunds should you find it not be the right fit for you. Koinly has a more generous approach, allowing you to try out the platform before purchasing a plan and providing refunds within 7 days of purchase (if you have not downloaded a report).

Reputation and security

Both platforms benefit from strong partnerships across the industry. TokenTax has partnered with Crypto.com and NFT block, while Koinly has partnered with names like Binance, Coinbase, and MetaMask, as well as leading tax software services, including Crunch, Tax Scouts, and Wealthsimple.

Koinly is more transparent about its security standards and is proudly SOC 2 and ISO 27001 certified. It's not clear what TokenTax's security certifications are from publicly available information.

Supported countries 

For investors in the US, both platforms are solid options for getting the reports you need. Both Koinly and TokenTax can generate IRS Form 8949 and Schedule D, as well as reports for tax filing solutions like TurboTax.

However, outside the US, Koinly provides better support, with dedicated crypto tax reports for investors worldwide, including users in the UK, Australia, Canada, and countries across Europe. On top of this, Koinly can generate an additional 15+ reports, including our Complete Tax Report, to help users in many other countries file.

Meanwhile, TokenTax limits reports outside the US to an international gain/loss report, an ETH gas fee report, an audit trail report, and a mining and staking income report.

Conclusion: Which is better?

We believe Koinly is the better option, with a free plan, far more integrations, better international support, and more fairly priced paid plans. Although we may be biased, we will continue working hard to ensure our product stays this way.