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Koinly review 2023

Use the free plan to sync your exchanges and wallets to monitor up to 10,000 crypto transactions but you'll need a paid account to download tax reports.

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By

Helen Champion

Edited by

David Gregory

Updated

Fact checked
Disclaimer: This information should not be interpreted as an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade.

Verdict

Koinly can make your crypto tax reporting a breeze. The basic plan is free so you can try it out first. The free plan can be used to track your crypto portfolio and view the generated tax reports. However, you won’t be able to download them ready for you to file with Revenue. You’ll need to upgrade to one of the 3 other plans to be able to export reports. The other main difference with the paid accounts is the increased number of transactions you can import into the software.

Pros and cons

  • Koinly offers 4 plans for crypto traders to choose from, including a free one, as well as support for businesses and accountants.
  • Complies with tax laws in several countries including Ireland.
  • You may need to manually import crypto transactions from some exchanges and wallets.

How does Koinly work?

Koinly works by calculating your crypto tax from your crypto transaction history. There are 4 plans to choose from and the plan that suits you will depend on the number of transactions you wish to import.

Customers can import crypto transactions from exchanges and wallets automatically through API or manually through CSV files.

From this data, and as long as all information is correct, Koinly can then calculate your crypto tax and generate the necessary tax reports to suit your needs. These reports can then be exported to Revenue or any other country’s tax agency supported by Koinly.

What are the main features of Koinly?

The core features of Koinly include the following:

  • Free plan. Use the free plan to track your crypto portfolio. However, you won’t be able to export any of the tax reports.
  • Simplify data imports. You’ll be able to connect and sync with all the exchanges and wallets you use through API or CVS files.
  • Crypto portfolio tracking. Automatically track your crypto activity across all the exchanges and wallets you use.
  • Supports hundreds of exchanges. Koinly supports more than 400 exchanges and 100+ wallets.
  • Range of tax reports. Koinly has a range of tax reports to suit your needs, including capital gains summary, margin gains, end-of-year balance, expenses and gifts, donations and lost asset reports.
  • Supports DeFi, margin trades and futures. Broad crypto support is available with all 4 plans.
  • Support in several countries. Koinly supports crypto tax reporting in a number of countries including Ireland.
  • View historic crypto coin prices. Koinly has the spot prices of both crypto and fiat so that your transaction history is accurate.
  • Correct inaccurate tax reports. There are a number of tools that can find and fix issues with the crypto transactions you import including duplicate handling and missing transactions.

How much does Koinly cost?

Koinly has 4 plans to choose from:

Does Koinly support Irish tax?

Koinly supports customers in Ireland and can generate reports that summarise the crypto gains and losses made over a particular financial year.

Koinly uses average cost and a number of other accountancy methods to support several countries.

Is Koinly safe?

Koinly endeavours to keep all your information safe through encryption. While it can sync with exchanges and wallets to track your transactions, Koinly can’t access any other information or the crypto assets you hold.

Take a look at Koinly

Tax agency logos for each country supported by Koinly
Example report on Koinly
Koinly supported exchanges and wallets

Customer reviews

Koinly scores 4.7 out of 5 based on 859 reviews and is rated Excellent on Trustpilot.

User ratings# of reviewsWhat do customers say
4.7 / 5859
  • “After several hundred transactions, this product has really saved me a lot of time an(d) effort. I used it for my tax report last year and will continue using it. It has been very accurate so far, and the few times I have run into problems the support (has) been extremely helpful and super fast! Thank you all!” — Hans Moller
  • “Koinly in simple words: professional help, very detailed and technical. Support ready to help with every little problem, teaching through examples and even immediate response.” — Radek
  • “Koinly does the bare minimum to help you track your tax responsibilities. If you do anything complex, their system won’t properly track it and there is not enough flexibility for you to fix it yourself. For example, if they don’t have the price for a coin, you need to manually update the price in the trade. However, there is no way to do this in a batch operation, and doing the action takes multiple clicks per trade, so it’s basically impossible to enter the correct data properly. (B)asically, it’s good enough if you just do basic trading on Coinbase and don’t often use a real crypto wallet. Otherwise, you will need to find a more advanced solution.” — JH

*Note: Information provided is based on the reviews and rating on Trustpilot (24 November 2022).

Koinly customer support

You can contact Koinly in the following ways:

  • Live online chat
  • Email
  • Social media

How to sign up to Koinly

  1. To get started with this online crypto tax reporting software, visit the Koinly website and sign up by clicking on “Calculate my taxes.”
  2. Enter your name, email address and password and then click “Create an account.” And that’s it. You’re signed up to the free account. You can choose which plan to sign up to depending on how many crypto transactions you plan on importing. If you’d like to export some of the tax reports that Koinly generates, you’ll need to sign up for a paid account.
  3. Alternatively, you have the option of signing up with your Coinbase login details or Google.
Disclaimer: Cryptocurrencies are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the cryptocurrencies discussed.

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