CoinLedger Review for 2024

CoinLedger is crypto tax software that makes cryptocurrency investors’ lives easier by saving filing time and maximizing refunds. Using CoinLedger, investors can see all their cryptocurrency transactions in one place, making it easy to track their gains and losses.

This crypto tax software has four plans catering to different needs. Moreover, it has many integrations. So, read Fortunly's CoinLedger review to learn about this platform and decide if it's right for you.

CoinLedger Overview

CoinLedger was founded in 2018 as CryptoTrader.Tax by David Kemmerer, Lucas Wyland, and Mitchell Cookson. Its primary purpose is to help people trading in cryptocurrencies conduct seamless transactions and encourage prospective traders to enter the crypto world more easily.

CoinLedger is one of the top crypto-taxation software solutions, offering multiple services for helping traders file cryptocurrency taxes and conveniently overview their transaction history.

Lastly, CoinLedger has multiple wallets, DeFi, and exchange integrations; some of them are Ledger, Ethereum, Mercado Bitcoin, Binance, and Kraken.

How Does CoinLedger Work?

If you wish to know more about how CoinLedger works, you have come to the right place. The company’s primary objective is to assist you in completing crypto tax reports and tracking your capital gains and losses seamlessly through the following steps:

1. Import your wallets and exchange transactions
2. Classify transactions automatically
3. Track historical prices (cost basis, proceeds, and gains)
4. Assess your gains and losses through numbers and chart display, and pay for a tax report
5. Download your tax report

Now, let’s get into the nitty-gritty.

Signing Up

Before using the CoinLedger platform for conducting crypto transactions and portfolio tracking, you must create a CoinLedger account. The system assesses your connection security when you hit the “Sign Up” button. Then, you need to specify your email and set and confirm the password. Finally, select the Create Account button.

Note that you can use this tax software only if you are in the USA, Canada, Australia, Ireland, the United Kingdom, or India.

Pricing per Tax Season

You’ll be happy to hear that you can use CoinLedger for free to evaluate gains and losses and track your portfolio. However, you'll need to pay to download and see a full tax report.

All CoinLedger pricing plans share the same core features, tax software integrations, and tax report options. The only difference determining the price is the number of transactions.

Refer to the following table for information about available plans, prices per tax season, and some essential products:

Before committing, you can test CoinLedger for 14 days and get your money back if you aren’t happy with it. Plus, sometimes, you can take advantage of a periodically offered CoinLedger discount code.

CoinLedger Payment Options

You can purchase a CoinLedger’s tax reporting plan with the following major credit cards:

• Visa
• Mastercard
• American Express

Cryptocurrencies aren’t available as payment methods.

CoinLedger Products

CoinLedger offers a comprehensive overview of historical data on prices, gains and losses, and cryptocurrency taxes. Moreover, traders can get answers to their questions virtually at a glance.

Let's briefly review the most used CoinLedger products.

Crypto Tax Report

CoinLedger’s tax report and audit trail show a detailed breakdown of the numbers used to calculate your capital gains from each taxable event. Also, the cryptocurrency taxes platform generates and fills an IRS Form 8949, including short- and long-term gains from crypto investing.

Next, the short- and long-term gains report gives you an overview of your trading history. Consult the CoinLedger tax report’s income section to view the fiat value of the incoming transactions in this tax year.

TurboTax Direct Import allows you to import capital gains and losses into various platforms, while Tax Loss Harvesting helps you learn which cryptocurrencies possess the most significant tax savings potential.

NFT Tax Software

Those interested in NFT investing can benefit from CoinLeger’s crypto tax software as it allows you to import NFT transactions in a single click. Enter your wallet’s address and get an annual capital gains calculation. 

Plus, you’ll see all your NFTs in one place regardless of how many wallets you have. Finally, you’ll benefit from a short- and long-term gains report throughout your trading history.

CoinLedger Integrations

CoinLedger has integrations available for most cryptocurrency platforms used today. You can filter them by categories such as wallets, DeFi protocols, and exchanges.

Several wallet integrations exist, including Exodus, Metamask, Ledger, and Jaxx. Among a few dozen DeFi integrations, you'll find Ethereum, Uniswap, Balancer, Dfyn, and QuickSwap. CoinLedger integrations for exchanges are numerous, including various Bitcoin versions, Binance, Kraken, ByBit, etc.

CoinLedger Customer Support

You can contact the efficient CoinLedger customer support team via email or live chat. Their assistance is usually prompt, but response speeds depend on the number of requests they need to process.

Alternatively, you can visit the site’s help center if you want to find a ready-made solution to your problem or get information quickly. Still, if you can’t find what you need, you’d better wait for CoinLedger’s customer service to assist you.

CoinLedger Security

CoinLedger maintains safety standards through various protective layers, which we will summarize in the following points:

• CoinLedger has a substantial password standard, keeping all credentials secured. These are hashed by a PBKDF2 function featuring HMAC-SHA256, 128-bit salt, 256-bit subkey, and 10,000 iterations.
• 256-bit encryption encrypts all data sent from or to CoinLedger. Its API and application endpoints only support TLS/SSL.
• As part of our CoinLedger review, we’ve researched the company’s server security and found that all data is kept within its private virtual cloud with network access control lists that prevent unauthorized ingress and protect against malicious agents. By keeping the servers within their VPC, the tax software ensures that only authorized individuals and programs access them.
• Stripe, the platform’s payment partner, processes all payments through CoinLedger.
• CoinLedger security also features failover and data recovery, like all reliable blockchains, which enables the system to continue working even if it experiences small-scale failures.
• The platform doesn’t save its clients’ personal documents. It commits the relevant transaction history into memory before discarding the original files.
• Finally, if you so wish, you can remove anything from your account, including trades, transactions, or exchange account connections.

Knowledge

The CoinLedger tax platform boasts an extensive knowledge base for every topic you need regarding crypto assets, cryptocurrency activity, and the crypto-economy as a whole. Available categories are:

• Tools
• Guides
• Crypto trading bots
• Cryptocurrency taxes
• Development updates

Of course, if you don’t find what interests you there, contact customer support. 

CoinLedger Strengths and Weaknesses

CoinLedger is a good choice for many cryptocurrency traders. But in addition to its various benefits, it has a few potential downsides. So, let’s see what CoinLedger’s pros and cons are.

Benefits

Some top advantages of this tax software are:

• Several plans so everyone can choose a package suited to their needs
• Affordable pricing plans, with the most economical one (Hobbyist) being $49 per tax season
• Simplified crypto accounting for various cryptocurrencies, including Bitcoin and Ether
• Using the platform for evaluating gains and losses and portfolio tracking is entirely free; you pay only to download and see the full tax report.
• The two-week CoinLedger money-back guarantee gives you enough time to figure out whether the software is the right fit for you.
• The highly efficient and professional customer support addresses customer inquiries reasonably quickly and to a high standard.

Drawbacks

A few disadvantages that aren’t deal breakers for most users are:

• You can’t pay with a cryptocurrency; only by Visa, Mastercard, and American Express credit cards.
• Aside from Form 8949, which CoinLedger generates for you, you have to enter everything on your own into Schedule D and other tax forms.

There are a few other first-class competitors you might wish to consider if you want to invest in cryptocurrencies. So, let’s briefly review these CoinLedger alternatives and see their similarities and differences.

Wrap Up

After testing CoinLedger, we can say it is a reliable and user-friendly tool for managing crypto taxes. Overall, we were pretty impressed with its features and ease of use, its staff's responsiveness and expertise, and premium security. Finally, the available integrations for exchanges cater to many cryptocurrency traders, and you will likely find the one you use among them.

If you are looking for a tool to help manage your cryptocurrency investments, CoinLedger is certainly worth considering.