Advertiser Disclosure
IN-DEPTH ANALYSIS

Koinly Review 2022: Features and Pricing Details

Julija A. Image
ByJulija A.
June 21, 2022
Some or all of the products/services listed on this page are from our affiliate partners from which we receive commissions. This, however, does not influence the evaluations in our reviews. Learn more by reading our Advertiser Disclosure.

If you are a crypto investor, you need to know your tax obligations. Unfortunately, the process of calculating and filing taxes can be quite complex, especially if you have made transactions in multiple countries. That's where Koinly comes in. 

Koinly is a crypto taxation software platform that makes it easy for investors to calculate their taxes and file them correctly. In this Koinly review, we will take a closer look at the software and its key features while comparing it to competitors and discussing who it is best suited for. 

Finally, we’ll give you a brief overview of the pricing structure and show you how to create an account on this platform. So, let's get started!

Price starts at:
$49

Free plan, mobile app available

Visit Site

Fortunly Rating

Fortunly's Rating: Our editorial team determines the rating based on a set of evaluation criteria developed for each product and service category.

Exchanges Supported:
350+
Countries Supported:
100+
Free Plan:
Yes
Starting Price:
$49
BBB Rating:
N/A
Mobile App:
Android
pros thumb up Strengths
  • Supports more than 350 exchanges
  • Has a completely free plan
  • Operates in more than 100 countries
  • Offers multiple pricing tiers
pros thumb up Weaknesses
  • There’s no app for iOS devices
  • Can’t generate tax forms with a free plan

Overview

Koinly is a blockchain company that provides data analytics and tax reporting solutions for cryptocurrency investors and businesses. 

Founded in 2018, Koinly is one of the leading providers of crypto tax software, with over 11,000 tax reports filed and $250 million in funds tracked. 

The list of Koinly integrations includes exchanges like Binance, Coinbase, Kraken, Gemini, and many others, making it an all-rounded solution for crypto taxation. 

Koinly's mission is to make it easy for everyone to comply with cryptocurrency taxes. The company offers a range of solutions, including a tax calculator, portfolio tracking, and a tax filing service. 

Koinly is also working on developing new features such as capital gains reporting and support for multiple languages. In addition to its core products, the platform also offers consulting services to help businesses with their cryptocurrency tax compliance, making it a one-stop shop for all your crypto tax needs. 

Main Features

Koinly is one of the key players in the cryptocurrency taxation software space and offers several features that make it stand out from the competition. 

One of Koinly’s key features is its support for over 17,000 cryptocurrencies, more than 350 different exchanges, and 50 wallets, which is more than most of its competitors offer. This means that users can connect all of their accounts to Koinly and have a complete overview of their crypto holdings and transactions in one place. 

Another great feature you will use with Koinly is its portfolio tracking capabilities. This tool allows you to see the value of your cryptocurrency holdings over time and keep track of your realized and unrealized gains. 

Its automated data import feature is also very handy as it allows you to automatically import your transaction data from popular exchanges without manually entering it. It streamlines keeping track of your finances and makes keeping tabs on your trades almost effortless.

Lastly, Koinly has a mobile app for Android devices, allowing you to track your portfolio and view your tax reports on the go. Unfortunately,  there is no iOS app available at the moment, but a beta version of the app is currently being tested.

Who is Koinly For?

Koinly is fantastic for anyone who needs help filing their cryptocurrency taxes. This includes individuals, businesses, and traders. Koinly also supports a wide range of countries and jurisdictions. Whether you're based in the US, UK, Canada, Australia, or over a hundred other countries worldwide, Koinly can help you with your crypto taxes. 

The platform can be beneficial to both crypto newcomers and experienced users. If you're new to the world of crypto, Koinly's tax software will make filing your taxes a breeze. 

On the other hand, if you're an experienced trader, you'll appreciate all of the other features that Koinly has to offer. 

How Does Koinly Compare to Other Trading Platforms?

There are numerous different crypto taxation platforms available, and it can be difficult to know which one is right for you. Koinly is a popular option, but it's not the only one. Let's take a look at how it compares to some of its main competitors. 

Koinly vs. CoinTracker

CointTacker is another popular crypto tax software platform with a range of features similar to Koinly. And while both services offer some great tools, there are some key differences between them. 

Koinly is designed specifically for tax purposes, while CoinTracker offers a more comprehensive suite of features. Both platforms provide a tax calculator, portfolio tracking, and support for multiple languages. However, CoinTracker does not currently offer a tax filing service. 

Another thing that differentiates these two options is the price. Both Koinly and CoinTracker offer a free plan, but there’s one significant difference between the two: Koinly’s free plan allows for 10,000 transactions, while CoinTracker’s only includes 25.  To be fair, Coinbase also provides tax reports in its free plan, while Koinly doesn’t.

There’s also a difference when it comes to paid plans. Koinly starts at $49 per year for the basic plan, while CoinTracker is a bit costlier and starts at $59 per year. 

Koinly vs. Coinpanda

Coinpanda is another alternative to Koinly. The first thing you will notice about these two solutions is that they have pretty similar pricing plans. Coinpanda offers a free package with limited features and several paid plans starting at $49 per year. 

As well as with Cointrader, Coinpanda's free plan has only 25 transactions. So if you need more than that, Koinly might be a better choice. 

On the other hand, Coinpanda integrates with more exchanges than Koinly, which might be a deciding factor for some people. 

Overall, both Koinly and Coinpanda are good options if you are looking for a cryptocurrency taxation software solution. While Koinly offers a more robust free plan and a more user-friendly interface, Coinpanda provides more possibilities in terms of integrations.

How Does Koinly Work?

Koinly is a digital asset tracking and tax reporting platform that connects to some of the most popular exchanges and wallets available on the market. This allows users to see their complete cryptocurrency portfolio in one place and generate accurate tax reports with the click of a button. 

Koinly also has a range of tools to help users stay on top of their taxes, including a real-time capital gains tracker, cost-basis tracking, and more. 

Here's how it works: 

  1. Users connect their exchanges & wallets through their Koinly account (this can be done via API or CSV import), 
  2. Koinly fetches the data and calculates the user's capital gains/losses for each asset,
  3. Users can then generate their tax reports with the click of a button,
  4. Finally, users can export their reports in PDF, CSV, or other formats for filing with the IRS or other tax authorities.

That's it! With Koinly, tracking and managing your cryptocurrency taxes has never been easier. All you have to do is connect your exchanges/wallets and let Koinly do the rest.

The Sign-Up Process

Creating an account with Koinly is quick and easy. All you need to do is go to the Koinly website and sign up using your name, email address, and password. Once you do that, you will be asked to select the base currency and your home country. 

As soon as that is completed, you can begin setting up your account by adding your wallets. You can import some data right away or create a wallet without data. And if you wish to have all your transactions imported automatically, you can set up auto-sync. When you finish adding your wallets, you're all set and can start using Koinly!

Managing Your Account

Once you log into your account, there are a few shortcuts you can review. With just one click, you can access the dashboard, wallets, transactions, tax reports, markets, and settings.  

Koinly’s dashboard is designed to give you a quick overview of your portfolio and recent activities. It shows the current market value of all your crypto holdings, their cost, and the difference between your portfolio’s value and cost basis. 

The wallets section allows you to add, edit, and delete your wallets and exchanges.

The transactions section allows you to review all your past transactions and sort them by the type of currency used.  

The tax reports section is where you can generate your capital gains/losses reports for tax filing purposes. 

The markets tab gives you an insight into the current state of the crypto market, including prices, market cap, and 24-hour volume for all major cryptocurrencies.  

The settings tab allows you to edit your portfolio and change your password, email address, base currency, and home country.

Pricing

It’s time to talk about Koinly pricing. This cryptocurrency portfolio tracking and tax reporting service offers one free and three paid plans. 

The Free plan includes essential features such as tracking your portfolio value, unlimited wallets & exchange accounts, capital gains preview, DeFi, margin trades, futures, avalanche trades, and 10,000 transactions you can calculate.

The Newbie plan costs $49 per year and adds features such as international tax reports, Form 8949, Schedule D, a comprehensive audit report, and a hundred transactions you can file and add to your report. 

The next tier is the Holder plan, which costs $99 per year and gives you everything from the Newbie plan plus 1,000 transactions. 

Finally, pro traders looking to make the most out of Koinly can review its Trader plan. This package is tailored specifically for pro traders and costs $179 per year. It includes all the features from two previous plans plus up to 3,000 transactions and email support from experts. And if you need more transactions, there is the option to pay $279 for over 10,000 of them.  

To sum it all up, Koinly is a great platform that offers a wide range of features and integrations. It is perfect for those looking for an easy way to track their portfolio and stay on top of their taxes. 

All Koinly's plans are reasonably priced and offer various advanced features for both newbies and experienced crypto investors. Just remember that you won’t get tax reports in the free plan, so the large number of supported transactions will be less useful when you need to file your taxes.

Customer Support

When it comes to customer support, Koinly provides a few options. You can reach the Koinly support team by chat or email them directly. The average response time for both options is 24 hours. 

If you wish to look for answers yourself, there is an extensive blog section where you can check various guides and tutorials, product news, accountant resources, and more.

Final Thoughts

Koinly is an excellent crypto taxation software option for those who are looking for an easy way to manage their taxes. It is simple to use and has a lot of great features. However, it is not the cheapest option out there. If you are looking for a more affordable solution, you may want to check out some of the other options on the market. 

Once you review Koinly, you’ll see that it is a comprehensive solution that can help you save time and money on your taxes. But if you're still unsure, there’s always the free version to get you started.

FAQ

Is Koinly trustable?

+

Koinly is a legitimate cryptocurrency taxation platform. It implements various security measures to protect user data and ensure its customers get the best possible service. It allows authenticating via Google, meaning that no password is ever stored on Koinly. 

The site also promises that all API/blockchain keys are encrypted and does not require any private keys or access to the user's funds. With these things in mind, it's safe to say that Koinly is a trustable and reliable platform.

Do you have to pay for Koinly?

+

Koinly has a free plan, so if you do not require any premium features or integrations, you will not have to pay a dime. For those that need more, Koinly has three paid plans: Newbie, Holder, and Trader. 

Besides this, there are also custom solutions for people with bigger portfolio sizes, and they can also request a quote from the Koinly team.

What happens if you don't report cryptocurrency on taxes?

+

If you don't report your cryptocurrency earnings on your taxes, you could face severe penalties. The IRS has said that people who don't report their crypto earnings could be subject to criminal charges. 

So, if you're not reporting your crypto earnings, you could be risking a lot. And if you're having trouble keeping track of your crypto earnings, there are some great solutions out there to help you. One of those tools is Koinly, and as you can see in our Koinly review, it provides all the necessary features you need to stay on top of your taxes.