CoinLedger’s software helps you navigate the complex landscape of cryptocurrency tax. You can generate reports from any crypto exchange or public wallet address.
Find out what you need to know about CoinLedger’s platform and if it will work for you in this review.
- Tax reports can be generated via any cryptocurrency exchange or public wallet address.
- Plans range to accommodate hobbyists as well as advanced traders with over 5,000 transactions.
- Assets with an unverified origin will need to be classified manually, which can be time-consuming.
How to sign up for CoinLedger
Signing up to CoinLedger, (formerly CryptoTrader.Tax) is simple and can be completed in a few steps:
- Enter your personal information
- Verify your account
- Select your currency and country
- Import and review your transaction history
How much does CoinLedger cost?
CoinLedger’s pricing is a tiered structure based on the amount of transactions in your imported wallets.
CoinLedger lets you import your transaction history as well as calculate capital gains and losses free of charge. To download your report, you will need to complete payment.
You can pay using Visa, Mastercard or American Express. A 14-day money back guarantee is available on all packages.
|Hobbyist||Day Trader||High Volume||Unlimited|
|100 Transactions||1,500 Transactions||5,000 Transactions||Unlimited Transactions|
Main benefits of CoinLedger
- Easily import historical data. Once you connect to your chosen exchange or wallet, you will be able to see your full transaction history.
- Partnered with TurboTax and TaxAct. You are given the option to file taxes with partnered providers.
- File international tax reports. Reports can be used to complete the relevant tax forms for Canada, the US and Australia.
- Support across any crypto platform. With so many exchanges and wallets available, CoinLedger allows you to access all of your transaction history in a single place.
Main drawbacks of CoinLedger
- Other crypto tax platforms offer free use for hobbyist traders. CoinLedger charges $49 for hobbyist traders, while you can get this for free with other crypto tax providers.
- Classifying imports can get messy. If you’re a trader with multiple wallets, you may be required to declare how you originally acquired some of your crypto.
- Does not accept crypto as payment.
How does CoinLedger work?
CoinLedger is simple to use and easy to get started. Once logged in, you will be prompted to select relevant exchanges or wallets. Next, enter your read-only API keys, or public wallet address for all selected accounts.
After importing accounts and classifying transactions, you will be able to review your entries and generate your report. Once your report is generated and payment verified, you will be able to select whether to import into CoinLedger’s partnered tax software providers TurboTax or TaxAct. If you would prefer to file the report yourself, or send it to your accountant, you can skip this step.
How experienced do you need to be with crypto to use CoinLedger?
CoinLedger’s tax reporting software is designed to accommodate beginner to advanced crypto users. Importing transaction history is as simple as entering your public wallet address, or the read-only API key provided by your cryptocurrency exchange.
For users with accounts across many wallets and different blockchains, things can get more complicated. For unidentifiable transactions, you will be required to declare where the funds originated. Whether it be from staking rewards, an airdrop, a token mint, etc.
What cryptocurrencies can I use with CoinLedger?
CoinLedger is able to generate profit and loss reports for all cryptocurrencies as well as NFTs from marketplaces including OpenSea.
Is CoinLedger safe? What are the risks?
CoinLedger utilises industry best practices including end-to-end encryption on all traffic, keeping your data safe and secure.
The main risk associated with any form of cryptocurrency or blockchain interaction is private key security. Always be sure that you’re submitting your public wallet address and not your secure keys.
Compare CoinLedger to other tax software
Crypto tax rules are still evolving. You should get help from a tax professional to ensure you’re compliant with the CRA’s latest rules. Be aware that not all tax professionals are familiar with handling crypto, so look for those who have experience with digital assets.
CoinLedger’s ability to generate profit and loss reports across multiple platforms is a massive advantage over some competitor products. It offers a fair pricing model relative to the industry and tiered plans to suit a range of needs.
CoinLedger has helped over 300,000 investors successfully complete their cryptocurrency tax returns. With a 4.8 star TrustPilot rating and many positive customer reviews, CoinLedger has earned its place as a trusted cryptocurrency tax review company.
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