CoinTracking vs. Koinly

Which crypto tax app is better, Koinly or CoinTracking?

Are you looking for a crypto tax calculator with everything you need to calculate and report your crypto taxes? If you’re torn between Koinly and CoinTracking, check out our side–by–side comparison for everything you need to know.

Integrations

You need your crypto tax calculator to support all of the cryptocurrencies you’re investing in and all of the exchanges and wallets you’re using - and Koinly is miles ahead of CoinTracking when it comes to integrations, with more than 800 exchanges, wallets, and blockchains supported, compared to CoinTracking’s 439. While CoinTracking has more blockchain integrations, many investors for newer and growing chains - like Sui, Scroll, Zora, and more - have noted a lack of support for these platforms, while Koinly is more responsive on adding new blockchain projects. As well as this, CoinTracking limits automatic imports for free users.

Both platforms make it incredibly easy to import your transaction data, with automatic import supported for most integrations.

As well as this, Koinly has invested in user education, with more than 195 how-to videos, showing you exactly how to import your data via API or CSV for hundreds of different integrations. Comparatively, CoinTracking has around 95 videos - many of which are more geared towards marketing the product. 

Portfolio tracking

Both Koinly and CoinTracking dual up as crypto tax calculators and crypto portfolio trackers. You can use either product to get a complete overview of your crypto investment portfolio, on both a macro and micro level, with a dedicated dashboard, and a breakdown of individual holdings performance including ROI, balance, cost per unit, and more.

DeFi, NFTs, margin trading, and derivatives

You need your crypto tax calculator to be able to handle all the various transactions you’ve made - and with a wealth of investments available, this can get complicated. Fortunately, both Koinly and CoinTracking can handle more common transactions like mining rewards, staking rewards, and airdrops, as well as more complicated transactions like liquidity pool transactions, margin trades, and derivatives.

A key difference to note, however, is that Koinly can do a lot more automatically, while with CoinTracking, many users report having to manually tag the majority of more complicated transactions as well as incorrect and slow imports, including a lack of automatic handling for spam transactions and tokens. As well as this, Koinly is constantly adding support for new DeFi chains, while CoinTracking users have noted a lack of pace or interest in adding growing projects. Koinly also lets you view a lot more information about your transactions, so you can read them easily and edit them more easily if necessary. You can look at the same transactions side by side below, Koinly is on the left and CoinTracking is on the right.

While both platforms can handle NFTs, Koinly’s NFT dashboard stands out as superior, as it allows you to preview your NFTs, as well as view information around NFT value, cost basis, and unrealized gains/losses.

Free plan

Both Koinly and CoinTracking offer a free plan to users can try before they buy. With Koinly, users get a true freemium experience for up to 10,000, as no features or functions are locked behind paid plans, excluding generating your tax report.

CoinTracking on the other hand, offers up to 200 transactions supported for free users, with limited functionality. There’s no API support for exchanges on the free plan, only 2 manual imports for blockchains, and limited access to many features.

Paid plans

When it comes to paid plans, Koinly also comes out ahead, starting from $49 a year, while the cheapest CoinTracking plan starts from $155 a year for up to 3,500 transactions. With the latter CoinTracking plan, many features are still unavailable - it's only with the top tier, unlimited $840 a year plan that all CoinTracking features are available. Meanwhile, the most expensive Koinly plan for up to 10,000 transactions with all features included will set you back $199 a year comparatively.

Usability and features

The whole point of a crypto tax calculator tool is to avoid the pain of manual edits and spreadsheets, and Koinly was built for just that purpose. This means Koinly puts user experience first - making it as simple and easy as possible to navigate the platform, resolve any data import issues, and get your tax report as painlessly as possible. The platform itself is geared to do just that, with features like automatic error detection (alongside user help guides to resolve common issues). 

While CoinTracking has automatic error detection and other features that Koinly has, the platform isn’t easy to navigate, especially for those completely unfamiliar with crypto tax tools. You’ll find errors under the checks section of the reporting tab, but there’s minimal linked documentation on resolving issues and the interface to edit transactions is far from user-friendly.

Both platforms feature transaction tags and filters to help you find any specific transactions you need to - but using Koinly is much easier, with an intuitive interface and extensive help guides. While CoinTracking has the same features, it’s much less intuitive and there’s far less documentation to help you figure it out.

Finally, Koinly (and most other crypto tax platforms) offer customizable tax settings. Why does this matter? Because much of crypto tax is a legal gray area, and rules vary from country to country. Customizable tax settings allow you to work with your accountant to take a more aggressive or more conservative approach to your taxes in those situations, as well as ensure you can check the settings are right for the crypto tax rules where you live. 

Customer support

Koinly prides itself on incredible customer support, and it shows with more than 1,600 reviews on Trustpilot with an average 4.7-star rating, as well as a dedicated subreddit, extensive help guides, and free email and live chat support.

Meanwhile, while CoinTracking similarly offers free email and live chat support, their Trustpilot score sits at a much lower 3.5-star average, with many users highlighting issues getting in touch with customer support, incorrect reports, and poor UX. From one user's experience firsthand, Koinly offered a superior experience.

Reputation and security

Both platforms take your security seriously and unlike other crypto tax software providers, neither Koinly nor CoinTracking has suffered any data leaks and both are SOC 2 and ISO 27001 certified.

Both CoinTracking and Koinly pair up with other market-leading crypto businesses to benefit users. Some notable names from CoinTracking partnerships include Gemini, Phemex, and KuCoin, while some notable names from Koinly include MetaMask, Binance, and Nexo. While CoinTracking offers a few tax partnerships, for example with Tax Down and Crypto Tax Girl, Koinly offers partnerships with leading tax software providers globally including Wealthsimple, Clear Tax, Crunch, and Tax Scouts to name a few.

Supported Countries 

Both Koinly and CoinTracking offer several reports for US investors, including IRS Form 8949 and Schedule D, as well as reports for tax filing software like TurboTax and TaxAct.

But Koinly stands out for international investors in Canada, the UK, Australia, Sweden, France, Finland, Denmark, and Switzerland with dedicated reports to make it easy to file with your respective tax office. As well as this, Koinly generates 15 more reports for users globally, including our Complete Tax Report, which includes all the information you could need to file with your tax office.

Meanwhile, CoinTracking does support users internationally - but the reports are generic and not specific to any tax office or filing need. Many users also highlight the difficulty in generating coherent reports.

Conclusion: Which is better?

While CoinTracking is a comparable portfolio tracker to Koinly if you can get used to the UX, it comes at a premium price. Koinly stands out as a crypto tax calculator with more integrations, better international support, and a more intuitive interface - so in our humble, slightly biased, opinion - Koinly is better in a head-to-head match, and we'll keep working hard to keep our product that way.