During trading, most traders tend to focus on their trades than taxes. In fact, that sounds very reasonable as the reason for trading is making a profit. However, traders must calculate their taxes so they can avoid any legal issues. But, imaging having to fill reports regarding all the trades you’ve made during a whole taxing season, very exhausting, right? That’s why in this CoinTracking review, you’re learning how to automate the tax caluculation process.
For a better understanding of how crypto tax calculators are working, crypto tax calculators can get your transactions data in many ways, either through API keys or different other methods. After that, they start processing your data without any human factor involved. As a result, your report is filled in a speedy, effective, and trustworthy way. Moreover, let’s learn more about CoinTracking.
Table of Contents
- About CoinTracking.
- Starting with CoinTracking.
CoinTracking is the first cryptocurrency tax reporting tool and portfolio manager. Also, CoinTracking started to make cryptocurrency traders’ lives easier – not only during tax season.
Also Read: Accointing Review and Best Alternatives.
Of course, the more the features, the better the tool, and CoinTracking is full of features that help traders filling their tax reports. In the following part of CoinTracking review, we’re speaking about CoinTracking features in-depth.
For a crypto tax calculator, we expected to find a good amount of supported reports. However, we were amazed by the number that CoinTracking supports, as you can fill over 25 customizable crypto reports. CoinTracking can also fill profit/loss & audit reports and calculate realized and unrealized gains
You will also get live charts for all your trades and coins, which really helps to understand how your performance was during the year. You’ll get the following statistics.
- Trade Statistics.
- Trade List
- Daily Balance
- Average Purchase Prices
CoinTracking integrates with over 110 exchanges that you can choose to either automatic sync or upload your transactions via different file types like CSV. Furthermore, you can export your trades in Excel, PDF, CSV, XML & JSON.
CoinTracking also has a price list of over 9000 digital currencies available on the market, including price trends, market cap, and the current trading volume. Something that we didn’t really expect to find.
Our respects to CoinTracking due to the wide range of supported exchanges and wallets, Over 110 exchanges and wallets supported. Make sure to view the complete list here.
Is CoinTracking Easy to Use?
CoinTracking can be confusing the first time. However, getting used to it will make it easy. Also, they have different tutorials on their support to get you used to the platforms.
What Reports Does CoinTracking Support?
CoinTracking supported different reports, and you can choose between various 12 accounting methods for any of the following reports:
- Capital Gains Report
- Income Report
- Gift and Donation Report
- Fee Report
- Lost and Stolen Report
- Closing Position Report
Is CoinTracking Safe to Use?
Yes, CoinTracking is safe, and all your data is encrypted. Also, CoinTracking connects to your exchanges through API keys, and no access to your exchanges is required. Moreover, you can enable 2FA for additional security, create and restore trade backups.
What’s CoinTracking Plans?
Fortunately, CoinTracking has a free plan. But also, to remove all the limits on the free plans, you can upgrade to a paid plans starting at $10.99~$54.99 here. More details in the image below as well.
Starting with CoinTracking.
In the following part of CoinTracking review, we’re illustrating how can you start on the platform and get everything going on.
Sign-up on CoinTracking.
First step, visit CoinTracking main page, submit your email and choose a strong, unique password.
Verify Your Account.
After registration, visit your email and look for an email from CoinTracking to activate your account.
Connect Your Exchange or Wallet.
Secondly, connecting your exchange enables CoinTracking to get your transactions’ data; therefore, the system can calculate your taxes.
In order to do that, on your CoinTracking dashboard, you’ll find a list of supported exchanges and wallets. You can filter them to find your exchange faster.
Once you’ve selected the platforms, you’d like to link to CoinTracking, start entering the information they need. For exchange, you can connect through API keys, and wallets connect through public keys.
Generate A Tax Report.
To generate your first tax on CoinTracking, on the top menu, click on ‘Tax Reports,’ then a page will open. You can select your preferred accounting method on that page, and there are more advanced options that you can check.
In brief, CoinTracking can be the only taxing software that you need for your crypto trades due to the different features and customizations that the platform provides. And to enrich the clarity, here is the full pros and cons list of our CoinTracking review.
- Customizable reports
- Many accounting methods supported
- Supports over 100 countries
- Wide list of tax reports.
- Doesn’t work with TurboTax
- Hard to use at the first glance.
There are many options that you can choose between for your crypto tax calculations; here are the best alternatives for CoinTracking. Also, make sure to check our reviews for each of them for better understanding.
Finally, we’d love to know and discuss your opinions about this CoinTracking review, so feel free to comment in the comments section.