Christy Lynn
This article will provide a full review of Koinly. Cryptocurrency taxes have confused traders for years, especially those with thousands of cryptocurrency transactions and trades. Without cryptocurrency tax software, traders would be forced to calculate these trades (a seemingly impossible task) manually. This review will cover some of Koinlyโs best features and if this is the right cryptocurrency tax software for your unique situation.
Koinly Key Features
| ? Price | $0 / $99 / $179 / $279 |
| ? Exchange & Wallet Support | 350+ Exchanges and Wallets |
| ? Payment Options | Credit/Debit Card or Crypto |
| ? Supported Countries | 100+ Countries |
| โ๏ธ Automated Imports? | Yes |
Quick answer: Koinly is one of the best crypto tax tools for most investors. It imports transactions from hundreds of exchanges, wallets and blockchains, calculates your gains, losses and income, and generates IRS Form 8949 and Schedule D (plus reports for 20+ other countries). Itโs free to import and preview, and you pay per tax year for the full report, with paid plans starting around $49. Itโs especially useful now that US exchanges send Form 1099-DA, which may lack cost basis for transferred coins.
What is Koinly?
Koinly is a cryptocurrency tax software that helps traders automate the process of calculating their cryptocurrency taxes. Koinly is based in London but generates IRS forms for those in the U.S. and uses its services. Koinly also provides tax documents for citizens of over 100 countries (the website says 20, but we spoke with a representative who assured us there is support for over 100).
Koinly integrates with all major cryptocurrency exchanges and wallets, making it a simple solution whether you have just a few crypto trades or thousands of trades.
Who is Koinly Best For?
Koinly is best for beginner traders as well as experienced traders. This includes any cryptocurrency trader with anywhere from just a few to tens of thousands of cryptocurrency trades or transactions. In our opinion, Koinly has been the most accurate in calculating these correctly compared to other software.
Where Koinly Excels
Koinly excels in many areas and is highly user-friendly. Some of the top features of Koinly can be found below.
Exchange and Wallet Support
Koinly provides support for over 350 exchanges and wallets. Koinly makes it extremely easy to connect multiple exchanges and wallets through a simple API connection or through uploading CSV documents (if you arenโt comfortable sharing your API). Some of the exchanges that Koinly supports are:
- Coinbase
- Binance
- Binance.US
- Crypto.com
- Kraken
- Kucoin
- And Many More
Even if you donโt find your preferred exchange on Koinly, the software allows you to import a CSV document that all exchanges provide. Koinly then matches the data for you, which will allow you to calculate your cryptocurrency taxes. It knows if you received crypto from airdrops, commissions, margin trading, etc. No (or limited) manual work is required on your end.
Koinly also supports most wallets, including:
- Trezor
- Ledger
- TrustWallet
- Exodus
- And More
Automated Crypto Tax Reports
Once your data is uploaded from your wallets and exchanges, Koinly makes it incredibly simple to download the tax reports you need.
Below are the types of reports that Koinly provides if youโre in the United States:
- IRS Report (Schedule D & Form 8949)
- TurboTax Online
- TurboTax CD/DVD
- TaxAct Export
- Complete Tax Report
- Capital Gains Report
- Income Report
- Other Gains Report
- Gifts, Donations, and Lost Assets
- Expenses Report
- End of Year Holdings Report
- Highest Balance Report
- Buy/Sell Report
- Transaction History
If you use an automated service like TurboTax or TaxAct, you can download the TurboTax Online report to upload.
Wide Variety of Country Support
Koinly supports over 100 countries, making its international support a pretty big differentiator. Some of the countries that Koinly supports include:
- Australia
- Brazil
- Canada
- Denmark
- Finland
- France
- Germany
- Japan
- Norway
- South Korea
- Spain
- Sweden
- United States
Koinly will offer different tax reports based on your home country.
Where Koinly Can Improve
Pricing Structure
Koinly offers a simple SaaS pricing structure. However, if you have more than 10,000 transactions, the price can add up quickly, which can be a problem for traders who need to pay for Koinly and pay for TurboTax or a tax preparer.
Koinlyโs pricing structure can be found below:
| 10,000 Transactions (No Tax Reports Inc.) | Free |
| 1,000 Transactions | $99.00 |
| 3,000 Transactions | $179.00 |
| 10,000+ Transactions | $279.00 |
How to Get Started With Koinly
Here is a quick video for doing your cryptocurrency taxes with Koinly. The first thing you will want to do is sign up for an account with the link below, and follow along with the video.
The Bottom Line
Koinly is a reliable cryptocurrency tax software. We found that the information it pulls from exchanges and wallets is accurate and requires minimal manual editing. A tool like Koinly allows traders to easily calculate their cryptocurrency tax liabilities without the manual work of sorting through CSV exports from the exchanges.
Frequently Asked Questions
How long does Koinly take to sync?
Koinly typically takes only a few minutes to sync transactions from your exchange or wallet through an API connection.
Where is Koinly based?
Koinly is based out of London.
Who owns Koinly?
Robin Singh is the founder of Koinly. Robin is a tax professional and currently a Professional Associate at the National Association of Tax Professionals.
Is Koinly Safe?
Yes, Koinly is safe to use. We always recommend limiting the API to âโฌลView Onlyâโฌ permissions when connecting through API. Koinly also encrypts your data and doesnâโฌโขt expose payment details.âโฌโขâโฌโข
Review Methodology
Cryptocurrency Haus has an in-depth review process that effectively analyzes, tests, and ranks the most popular crypto tax software and startup players in the space. Our process uses an iterative approach which is revisited as needed. We take pride in our independent audit of companies to help visitors like you get the information you need to make educated decisions.
Review Process
We collect product and service information directly from company websites, and we undergo first-hand testing and/or evaluation based on company presentations. External reviews by real users may be used in helping to determine a conclusive rating.
Rating Factors
We take weighted averages of consistent markers for each crypto tax software, such as price positioning, exchange and wallet support, ease of use, etc. Based on our iterative process, weightings may change depending on changes in factors that occur throughout the company.
Updates to Reviews
Our team re-evaluates almost all reviews annually and makes adjustments throughout each calendar year. Companies are encouraged to reach out with any new updates that our team may miss.
Does Koinly work with Form 1099-DA?
Yes. Koinly calculates your full cost basis across all accounts, which helps you reconcile 1099-DA forms that are missing basis for coins you transferred between platforms.
Is Koinly free?
Importing and previewing your gains is free. Downloading tax reports requires a paid plan priced by your number of transactions.
What are the best Koinly alternatives?
CoinLedger, CoinTracker and ZenLedger are popular alternatives. See the best crypto tax software.
