TokenTax vs. Koinly

Which crypto tax app is better, Koinly or TokenTax?

Looking for a crypto tax calculator that features everything you need to calculate and report your crypto taxes? If you’re torn between Koinly and TokenTax, check out our side–by–side comparison for everything you need to know.

With a free plan, more integrations, and better-priced plans, Koinly seems like the obvious choice at a glance, but let’s compare the two side by side to get the full picture.

Integrations

When there are thousands of potential cryptocurrencies to invest in, and a multitude of wallets and exchanges to pick from, you need your crypto tax tool to support all the platforms you’re using - and Koinly comes out on top in this regard, supporting more than 800 exchanges, wallets, and blockchains.

Meanwhile, TokenTax supports 120 different integrations, so while you’ll be covered if you’re only using the main crypto exchanges and wallets, degens, and DeFi investors will struggle to get their data important easily and may need to rely on manually creating CSV files to upload.

Bonus point: Koinly also empowers users with a wealth of educational content, including more than 195 how-to YouTube videos, showing users exactly how to import their data correctly. TokenTax offers 6 Youtube videos on its channel.

Portfolio tracking

Both Koinly and TokenTax work as portfolio trackers as well as crypto tax calculators - but the key difference is that Koinly is a free crypto portfolio tracker. With Koinly you can manage your portfolio, including viewing realized and unrealized gains and losses, an individual holdings breakdown, and a wealth of information about individual assets including ROI, balance, cost per unit, and more - for free. Whereas with TokenTax you’ll have to pay even just to import your data and use it as a crypto portfolio tracker.

DeFi, NFTs, margin trading, and derivatives

Both Koinly and TokenTax can handle a variety of common (and less common) transactions and calculate subsequent capital gains, losses, or income as applicable. However, with Koinly, you can do all of this free of charge and make sure you’re happy with how Koinly handles transactions before you ever pay a dime. Whereas with TokenTax, you’ll need to upgrade to a paid plan before you can import any data and see how the platform handles your transaction data and calculations.

As well as this, when it comes to NFTs with Koinly, you get a dedicated NFT dashboard where you can view your NFTs, and see data about your cost basis and unrealized gains/losses.

Free plan

TokenTax does not offer a free plan for users. Although you can sign up, you can’t access any of TokenTax’s features, including the ability to import your data.

Meanwhile, with Koinly, you get all features - excluding the ability to generate your tax reports - free of charge. This includes rich transaction detail, a tax preview with your capital gains, losses, and income, as well as other features like an NFT dashboard and tax loss harvesting tool. Koinly is truly a try-before-you-buy experience, so you can make sure you’re happy with how the product works before you purchase a plan.

Paid plans

As well as offering a better freemium model, Koinly’s paid plans also work out as more affordable than TokenTax. For a plan with 100 transactions, Koinly works out at $49 a year, while TokenTax works out at $65 a year - and still limits some features, like the ability to generate income reports. The next plan up on TokenTax is $199 for 5,000 transactions, while a comparative Trader plan on Koinly for up to 10,000 transactions is $179.

Usability and features

Koinly has more than 1,000,000 happy customers because it’s put usability first. Nothing is locked behind paywalls and the platform has a multitude of features to make it as easy as possible to import your data, including hundreds of integrations with auto-sync via API, automatic error detection, and a wealth of educational help guides to make it easy to resolve any issues.

As well as this, Koinly can generally automatically tag your transactions, and you can filter your transactions by type. Meanwhile, TokenTax does have tags, but in most instances, you’ll need to add these manually.

As well as this, Koinly offers far more customizable tax settings for users. This helps a lot for users dealing with tax gray areas - for example, transfer fees and liquidity pool transactions where the IRS has no guidance - as users can work with their accountants to decide on a more conservative or aggressive stance

Customer support

Both Koinly and TokenTax have a glowing Trustpilot score, with both platforms scoring an average 4.8-star rating on Trustpilot, although Koinly has a lot more reviews at more than 1,500 compared to TokenTax’s 170+ reviews.

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 stands out as the superior option, with dedicated crypto tax reports for investors worldwide, including users in the UK, Australia, Canada, Sweden, France, Finland, Denmark, and Switzerland. 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, ETH gas fee report, audit trail report, and mining and staking income report.

Conclusion: Koinly wins!

With a free plan, more integrations, and more affordable plans for a higher quality product generally, Koinly comes out on top.