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.

With a feature-packed free plan, better support for US investors, and more support for wallets, exchanges, and blockchains - Koinly looks like the better choice at a glance, but let’s take a look at the two side by side for a complete comparison. 

Integrations

When it comes to integrations, Koinly comes out on top, with more than 800 integrations overall, while Blockpit sits at 394. Koinly just leads the way with more than 170 blockchains, vs. Blockpit’s 169, and far leads the way when it comes to wallets and exchanges. Koinly supports more than 400 exchanges and 100+ wallets, versus Blockpit’s 156 exchanges and 69 wallets respectively.

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. As well as this, Koinly has invested in user education, with more than 195+ tutorial YouTube videos on hundreds of exchanges, wallets, and blockchains. Blockpit's YouTube channel is far less impressive.

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. Comparatively to any other crypto tax software provider, both Koinly and Blockpit stand out with superior transaction support. 

However, Koinly is 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 user’s 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. The transactions page is easy to understand, and filter however you need to to find the transaction you’re looking for.

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 4.8 star score from more than 1,500 reviews, while Blockpit maintains a respectable 4.5 star score from 450+ reviews. It’s worth noting, Blockpit’s reviews recently have been packed with users facing issues moving over from Accointing since Blockpit acquired the company. 

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. It’s particularly invaluable for degens! Meanwhile, Blockpit does not offer a comparable service.

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: Koinly wins!

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.