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.

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 compared to around 120 for TokenTax. While TokenTax will cover you on 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. Meanwhile, 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. 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, for margin trading and other PnL transactions you'll need a more expensive plan starting from $199 a year.

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 to check your calculations.

Meanwhile, with Koinly, you get all features including a free tax summary - excluding the ability to generate your tax reports, free of charge, 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 calculate PnL from margin trading. The next plan up on TokenTax is $199 for 5,000 transactions, while a comparative Trader plan on Koinly is also $199, but for up to 10,000 transactions.

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 the platforms scoring a respective 4.7 and 4.8-star rating average on Trustpilot, although Koinly has a lot more reviews at more than 1,600 compared to TokenTax’s 190+ reviews. In one user's experience after comparing the two, Koinly came out on top.

Many TokenTax Trustpilot reviews note that on top of not offering a free trial plan, TokenTax also doesn't offer refunds - so if you're unhappy with the software, there's very little you can do to get your money back. Comparatively, Koinly offers a free trial and a fair refund policy for anyone unhappy with the software.

Reputation and security

Both Koinly and TokenTax benefit from strong partnerships across the industry. TokenTax has previously partnered with the likes of Blockfolio, while Koinly has partnered with names like Binance, Coinbase, and MetaMask, as well as leading tax software services globally including Crunch, Tax Scouts, Wealthsimple, and more.

Koinly is more transparent about its security standards though, and is proudly SOC 2 and ISO 27001 certified. It's not clear what TokenTax's security certifications are from the information available online.

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: Which is better?

With a free plan, far more integrations, and better international support, in our humble opinion, we think Koinly comes out ahead of TokenTax - and we'll keep working hard to keep it that way.