CryptoTaxCalculator vs. Koinly

Which crypto tax app is better, Koinly or CryptoTaxCalculator?

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 CryptoTaxCalculator, check out our side-by-side comparison for everything you need to know.

Integrations

Your chosen crypto tax tool must support everything you need it to, otherwise, you’ll end up needing to create CSV files to manually import your data. In this regard, the two platforms are pretty comparable with more than 800+ integrations supported each.

While CryptoTaxCalculator claims to support 3518 integrations, these are largely made up of DeFi protocols that would be considered part of any blockchain integration - for example, Uniswap would be supported with via an Ethereum integration. As such, this figure is a little misleading as the majority of crypto tax calculators support DeFi protocols, including Koinly, which supports more than 3000+ DeFi protocols across 80+ smart contract-capable blockchains. CryptoTaxCalculator also locks smart contract transactions and automated on-chain transactions behind a $129 (AUD) a year paywall.

Meanwhile, Koinly offers all integrations, transactions, and features supported as part of our free plan, alongside help in getting the data imported correctly with a wealth of educational content, including more than 195 YouTube videos showing users exactly how to connect to Koinly and easily import their transaction data, while CryptoTaxCalculator focuses on marketing content.

Portfolio tracking

Both Koinly and CryptoTaxCalculator function as free portfolio trackers. Both platforms feature a dashboard that allows you to view your portfolio performance on both a macro and micro level - including unrealized gains and losses, real-time market data, ROI, and more. Koinly includes marginally more information for individual assets in the form of market cap, rank, and cost per unit. As well as this, Koinly has a dedicated NFT dashboard that lets you preview your NFTs, and view information relating to cost basis, unrealized gains/losses, and more, while CryptoTaxCalculator does not yet have this feature.

DeFi, NFTs, margin trading, and derivatives

Koinly and CryptoTaxCalculator both offer excellent support for a variety of common (and less common) transactions - the key difference between the two is the price you’ll pay. Both support more common transactions and assets like airdrops, NFTs, and mining and staking rewards. While both platforms support more complicated transactions, with Koinly, all this is included as standard, free, or with any plan. Meanwhile, CryptoTaxCalculator only offers support for smart contract transactions and automated on-chain transactions from $129 a year.

As well as this, Koinly features superior NFT support thanks to its NFT dashboard that allows you to manage your NFT transactions in one place, as well as view dedicated information around your NFTs including unrealized gains and losses. While CryptoTaxCalculator supports NFTs, it lacks this feature.

Free plan

Both Koinly and CryptoTaxCalculator offer a free plan so you can try before you buy, but CryptoTaxCalculator locks many features behind paywalls, so you can’t get the full experience until you’ve upgraded to a specific plan. Moreover, even with the lowest-paid plan on CryptoTaxCalculator, you still won’t have access to specific features. For support for automated on-chain transactions and smart contract transactions, you’ll need the hobbyist plan as a minimum (starting from $99), and for access to features like a tax loss harvesting dashboard and switch between cost basis methods, you’ll need the investor plan, starting from $249.

Meanwhile Koinly with Koinly, users can enjoy all available features including a free tax loss harvesting tool, as well as preview your tax summary before you purchase a plan to make sure you’re happy with it, the only thing you can’t do is download a report.

Usability and features

Taxes are painful enough, so you want the time you spend doing your crypto taxes to be as stress-free as possible, and when it comes to usability, Koinly takes the lead.

While both platforms feature easy automatic import via API and the ability to automatically tag and categorize transactions, Koinly’s automatic error detection (and subsequent help content) is far superior. CryptoTaxCalculator does have automatic error detection, but the platform only tells you there is a potential error - and you'll need a paid plan to even be able to review your transactions.

Meanwhile, with Koinly’s automatic error detection, any potential issues are flagged next to your wallet, and you’ll be linked to specific help content to help you resolve any issues step-by-step - all free of charge.

Customer support

Both Koinly and CryptoTaxCalculator stand out from the crowd of crypto tax tools with superior customer support. Both offer email and live chat support as standard for all plans and have 4.7-star and 4.8-star scores on TrustPilot respectively. It is worth noting that while CryptoTaxCalculator scores slightly higher, their average score is from far fewer reviews at 470, while Koinly’s score comes from more than 1,600 reviews. CryptoTaxCalculator reviews also indicate that customers have had subscription payments renewed without notice.

One of the highlights of Koinly's customer support includes the expert review service. With this service, one of Koinly’s experts will go through all of your transactions with a fine-tooth comb to ensure everything is as it should be so you can file with confidence knowing your calculations are correct.

Reputation and security

Both platforms benefit from strong partnerships across the industry. CryptoTaxCalculator is backed by Coinbase Ventures and has partnerships with some experienced crypto accounting firms. Similarly, Koinly has had partnerships with crypto businesses across the board from well-known exchanges and wallets like Binance, CoinSpot, and MetaMask to growing projects like Loopring and Radix, as well as tax and accounting businesses globally like Tax Scouts, Clear Tax, and Wealthsimple.

When it comes to security, Koinly has not suffered any data leaks or hacks to date and is SOC 2 and ISO 27001 certified. CryptoTaxCalculator also takes security seriously and is SOC 2 certified, but unfortunately suffered a data leak as a result of a third party gaining unauthorized access to CryptoTaxCalculator's system. Data exposed included user IDs, email addresses, password hashes, public blockchain wallet addresses, and cryptocurrency exchange names.

Supported Countries 

Both Koinly and CryptoTaxCalculator offer excellent support for both US and Australian investors, and both platforms have a strong presence in each country. For US investors, both platforms offer IRS Form 8949 and Schedule D, as well as reports for tax filing software like TurboTax.

And for Australian investors, both platforms offer a dedicated ATO myTax Report that includes everything you need to easily file using the myTax site.

However, when it comes to support for other countries, Koinly far outshines CryptoTaxCalculator, with more dedicated reports and more general reports. Koinly offers specific reports for the UK, Sweden, France, Finland, Denmark, and Switzerland, as well as 15 more general crypto tax reports, including a Complete Tax Report, that can help users file in many more countries.

Meanwhile, for investors outside the US and Australia, CryptoTaxCalculator only offers 11 general reports - some of which are only available on plans starting from $249.

Conclusion: Which is better?

While both tools will get the job done, overall Koinly offers more for less, with more features available to users whether they’re paying or not, with better customer support and international support. While we might be a little biased, we think our product speaks for itself, and we'll keep working to keep it that way.