Bitcoin.Tax vs. Koinly

Which crypto tax app is better, Koinly or Bitcoin.Tax?

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 Bitcoin.Tax, check out our side–by–side comparison for everything you need to know.

Integrations

Simple integration for the exchanges, wallets, and blockchains you use with your crypto tax software is essential.

Bitcoin.Tax lacks a lot of information about the exchanges supported, but lists around 40 exchanges, with their blockchain explorer supporting an additional 13 blockchains. Other exchanges and networks may be supported, but this is unclear from the information provided on-site or elsewhere. In other words, if you’re sticking with major exchanges and blockchains only, Bitcoin.Tax may be able to do the job, but if you have a wider portfolio of investments, Koinly comes out on top, with more than 800+ integrations overall.

In addition, Bitcoin.Tax mainly focuses on CSV support as opposed to automated API support. In theory, provided you can turn it into a CSV file formatted for Bitcoin.Tax, it’ll support it. Meanwhile, Koinly saves users time with more CSV formats automatically supported, and in most instances, API support for blockchains and exchanges, so all you need to do is enter your public address or API key and let the data pour in. Here’s how easy it is on Koinly.

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. Meanwhile, Bitcoin.Tax offers 16 how-to videos comparatively.

Portfolio tracking

Ideally, you want your crypto tax calculator to be able to give you an idea of your gains and losses all year round. Koinly functions as a portfolio tracker that does just that, with a clean and user-friendly dashboard that gives you a wealth of information, including unrealized gains and losses, ROI on individual assets, and more.

Meanwhile, while you can use Bitcoin.Tax to import your data free and get a vague idea of your trading, income, and spending figures - there is no dedicated dashboard to view your portfolio, and it lacks a lot of the information and features that Koinly offers.

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 like mining and staking, but it lacks automatic tagging for less common transactions, allowing users only to tag transactions as buy, sell, or swap. For those involved in loans, DeFi, or leveraged trading like margin trades and futures contracts, it’s going to take a lot of manual work to get your transactions looking anything like they should within Bitcoin.Tax.

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

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

Both Bitcoin.Tax and Koinly offer a free plan - but with Koinly you get a lot more. Bitcoin.Tax will let you import your data for free, and you’ll be able to edit that data across the different transaction tabs and view your trades. Bitcoin.Tax also offers a simplified preview of your gains, losses, and income for a given tax year.

With Koinly, you get all of that, plus a rich tax summary (excluding for Canadian users), a free tax loss harvesting tool, and an NFT dashboard, and you can see the reports available to download from the drop-down before you buy.

Paid plans

The limited functionality of Bitcoin.Tax is reflected in its price. Paid plans work out cheaper than Koinly’s, with both tiers of paid plans starting from $49 for 1000 and 100 transactions respectively. For some investors, with simple transactions and only investing in major coins, Bitcoin.Tax may be suitable.

Usability and features

Bitcoin.Tax interface is basic. While there’s a fair amount of functionality 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. As well as this, while Bitcoin.Tax supports a couple of different cost basis methods, there’s very limited functionality to amend tax settings for legislative grey areas like cashback, transfer fees, and more. 

Koinly meanwhile has put the user experience first with a multitude of features to make it as easy as possible to import your data and a wealth of educational content to help you easily rectify any issues with imported data. Koinly can automatically tag the vast majority of your transactions, and where it can’t or there’s missing data, these transactions are automatically flagged with links to help guides on how to resolve issues. In addition to this, Koinly allows users to work with their accountants to customize their tax settings for legislative grey areas, allowing them to take a more conservative or aggressive approach to their taxes.

Customer support

Both Koinly and Bitcoin.Tax have excellent Trustpilot reviews, with Koinly leading the way with a 4.7 star average rating from more than 1,600 reviews, while Bitcoin.Tax enjoys a 4.5 star average rating from just over 15 reviews.

Koinly offers both email and live chat support, while Bitcoin.Tax offers only email support, with some users noting delayed response times.

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

Reputation and security

Koinly benefits from strong partnerships across the industry including Binance, OKX, and MetaMask, as well as tax software such as Wealthsimple, TaxScouts, and ClearTax. Meanwhile, it isn’t clear what partnerships Bitcoin.Tax has in place.

In a similar vein, Koinly takes the security of your data seriously, and is SOC 2 and ISO 270001 certified, while it’s not clear what security certifications Bitcoin.Tax has.

Supported countries 

For investors in the US, both Koinly and Bitcoin.Tax let 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 a lot more, with dedicated crypto tax reports for investors around the world including Australia, Canada, the UK, France, Finland, Denmark, and Switzerland, plus an additional 15 reports that can help users just about anywhere file.

Conclusion: Which is better?

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