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CoinTracking review
A crypto tax software with multiple payment options, including 50 altcoins and a BTC discount.
CoinTracking is a crypto tax software that supports transactions going as far back as 2009 — when Bitcoin’s creator mined the first block. Since it operates on a subscription model, you can generate tax reports for multiple tax years with one active subscription. But you’ll want to choose your plan carefully since each tier has different import rules and transaction limits.
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Details
| Federal starting price | $0 |
|---|---|
| Transaction limit | Unlimited |
| Automatic generated tax forms | IRS Form 8949, International tax reports, Fincen 114 |
At a glance
- Supports up to unlimited transactions
- Supports 140 exchanges, wallets and blockchains
- Tax reports include five IRS tax forms
- Subscription model
What we think
CoinTracking is unique from most crypto tax software in that it charges an annual subscription instead of a payment structure based on each tax year. It also supports transactions going as far back as 2009, when the first block was mined. So with its subscription model, you can import historical data and get a tax report for one year — or 13 years — for the same annual price.Keep in mind that CoinTracking plans have a lifetime transaction limit. That means your yearly transactions constantly inch you closer to your transaction threshold, and you’ll eventually be forced to upgrade your plan. For example, if you had 3,000 transactions in 2021 and 1,000 in 2022, you would need to go up a tier from Pro to Expert S because you’ve exceeded the Pro’s 3,500 transaction limit.
A cumulative transaction limit makes CoinTracking a good option to calculate your taxes for previous years, but it might not be a cost-effective solution in the long run since you’ll be paying the higher price tag every year to store your historical data. But if you opt to skip the annual subscription by selecting its lifetime plan with unlimited transactions, you’ll pay a hefty price of $5,299.
What exchanges does CoinTracking support?
CoinTracking offers both API and CSV imports to 140 exchanges, wallets and blockchains. It also supports 20 closed exchanges, including BitMarket and Cryptsy, and if your exchange isn’t currently listed, you can import your trades by uploading a CSV, Excel or TXT file.A few popular exchanges that CoinTracking supports include:
- Bibox
- CEX
- FTX
- Kraken
- STEX
- YoBit
How much does CoinTracking cost?
CoinTracking plans range from $0 to $660 per year. Its free plan only allows manual entries and CSV imports. And while it can support up to 200 transactions, generating a tax report is limited to 100 trades. For API integration and tax reports for all of your trades, you must upgrade your account.| Account | Annual cost | Transaction limit | Features |
|---|---|---|---|
| Free | $0 | 200 |
|
| Pro | $10.99 per month billed annually ($131.88 per year) | 3,500 | Everything in the Free plan, plus:
|
| Expert S | $16.99 per month billed annually ($203.88 per year) | 20,000 | Everything in the Pro plan, plus:
|
| Expert M | $21.99 per month billed annually ($263.88 per year) | 50,000 | Everything in the Expert S plan. |
| Expert L | $27.49 per month billed annually ($329.88 per year) | 100,000 | Everything in the Expert S plan. |
| Unlimited | $54.99 per month billed annually ($659.88 per year) | Unlimited | Everything in the Expert S plan, plus:
|
On top of major credit cards, CoinTracking also accepts the following payment methods:
- Bank transfer
- Bitcoin
- CoinPayments
- Crypto.com
- Google Pay
- PayPal
- SEPA
How to sign up for CoinTracking
CoinTracking requires minimum personal data to create an account. An email is optional but recommended to contact for support and lost password recovery.- Go to the provider website and select Sign up for free.
- Enter a username, password and optional email. Choose Sign up now.
- Select your currency, language and set your time zone. Hit Add or import your transactions now.
Eligibility
Anyone can create an account with a simple username and password. CoinTracking supports tax rulings in over 200 countries, including Australia, Canada, the UK and the US.
Required information
You need a username and password to get started. After you create an account, you must set your currency and language preferences.
7 benefits of CoinTracking
- Multiple tax forms. While some crypto tax software only generates Form 8949, CoinTracking also personalizes Schedule D, Schedule B, Schedule 1 and Form 1040 as part of your tax report.
- Subscription model. Instead of paying a set price per tax year, CoinTracking charges an annual subscription. That means you can calculate taxes using historical data going back as far as 2009 with one subscription. Keep in mind that transactions across multiple tax years all count towards your account transaction total limit.
- Multiple payment options. CoinTracking accepts the most payment methods of any crypto tax software we’ve seen so far. Pay with a credit card, bank transfer, PayPal, Google Pay, SEPA and more than 50 altcoins. Plus, BTC payments get a 5% discount.
- Backups. Every plan has personal trade backups of your entire CoinTracking portfolio in case you lose your data or it gets corrupted.
- Lifetime plans. Instead of annual or biannual subscriptions, opt for a one-time payment to get lifetime access to the platform. Keep in mind that CoinTracking plans have a lifetime transaction total.
- Tax filing software exports. Upload your capital gains data files to popular tax software, including TaxAct, TurboTax, Drake and WISO Steuer.
- Gains calculator. CoinTracking‘s gains calculator determines your unrealized gains and losses so you can see your potential profits or losses if you sold them at the current value. While this isn’t an explicit tax-loss harvesting report, you sort your unrealized gains and losses in ascending order to find losses that help offset capital gains and lower your tax bill.
2 drawbacks of CoinTracking
- Limited imports. Unlike most crypto software companies that allow unlimited CSV uploads and automatic exchange and blockchain imports on all plans, CoinTracking has rules for each tier. For example, users on the free plan are limited to CSV imports only and are capped at two manual Blockchain imports. Pro plan users and higher unlock automatic API imports and unlimited manual Blockchain imports, but the number of automatic Blockchain imports depends on your plan.
- Lifetime transaction limit. Your transaction limit is for your entire CoinTracking profile, including any linked accounts. Since all trades for every tax year are included in your transaction limit, you’ll need to continually upgrade your plan as you creep closer to your transaction cap.
Is CoinTracking safe to use?
The CoinTracking website has an SSL certification, and your data is fully encrypted. The platform also uses two-factor authentication, and it doesn’t require access to your exchanges, so your crypto portfolio stays secure.
And while most crypto tax software needs an email, CoinTracking only requires a username, allowing you to remain completely anonymous.
CoinTracking reviews and complaints
Since CoinTracking doesn’t have a Better Business Bureau page or Trustpilot reviews, we turned to Reddit to read up on customer experiences.
Several users comment that CoinTracking is a powerful platform that makes it easy to view all of your transactions, historical data, portfolio analytics and current value. A crypto tax accountant praised CoinTracking‘s control checkpoints that help ensure your data is complete and accurate, which can directly impact tax reporting.
Several customers complain about CoinTracking‘s limited exchange integrations and that even with API, the software still requires manual adjustment, which should be expected of any crypto tax software.
Customer service
Contact CoinTracking customer service in two ways:
- Email support@cointracking.info
- Open a support ticket on the CoinTracking Support Desk
