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TokenTax review
A crypto tax software with a strong support staff, but it’ll cost you if you have more than 5,000 transactions.
TokenTax is a full-service crypto tax software that takes the lead in customer service. Although it only supports 85 exchanges and wallets through API and CSV uploads, you can manually add your trades no matter the exchange.For unsupported exchanges, import your transaction history and the TokenTax team will handle the spreadsheet wizardry to make sure all your transactions are correctly added. But unless you trade exclusively on Coinbase or Coinbase Pro, expect to pay at least $199 a year.
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Details
| Federal starting price | $65 |
|---|---|
| Transaction limit | 500 to 30,000 |
| Intro or bonus offer | Save 10% on TokenTax when you purchase multiple years |
| Automatic generated tax forms | IRS Form 8949 |
| Payment options | Credit, Debit, Pay with your tax refund |
At a glance
- Plans start at $65 a year if you use Coinbase exclusively.
- Accepts crypto payments when you upgrade your plan
- Tax-loss harvesting and DeFi and NFT integrations available on Premium plans and up
What we think
TokenTax is best for crypto traders who want premium support and have fewer than 5,000 transactions. It’s also best for those who trade exclusively on Coinbase and have fewer than 500 transactions as you’d only pay $65 to use the tax software.Although you’ll pay $199 on its Premium Plan for 5,000 transactions, it’s in line with most crypto tax software. For instance, Accounting charges $199 and ZenLedger charges $149 for up to 5,000 transactions.
But anything over the 5,000 transaction limit will cost you. For example, you’ll pay $3,500 for 30,000 transactions, which is significantly more expensive than Accounting’s $299 plan for 50,000 transactions and ZenLedger’s $399 unlimited plan.
Although TokenTax doesn’t offer any refunds, its support staff will help solve any issues, including adding your transaction history for lesser-known exchanges and wallets. Send them your data, and they’ll handle the rest.
Its $3,500 VIP plan might be attractive if you want one-on-one time with a tax professional. You’ll get two 30-minute sessions with a TokenTax tax expert. But if you only have a few questions, Taxbit’s one 15-minute meeting with a CPA that specializes in crypto might be a better deal at $500 a year.
What exchanges does TokenTax support?
TokenTax seamlessly tracks and calculates taxes for 85 exchanges, including:- Bitfinex
- Bleutrade
- Blockfolio
- CoinSpot
- Tidex
- Zerion
Import your trade data via API or CSV upload. And if the TokenTax system doesn’t support the exchange, its staff will process your downloaded transaction history from any platform and add the trades into your account.
How much does TokenTax cost?
TokenTax starts at $65 for its Basic plan, which is only for Coinbase users with up to 500 transactions. If you trade on multiple exchanges, have more than 500 transactions or want tax-loss harvesting tools, you must upgrade to another plan.| Plan | Annual cost | Transaction limit | Features |
|---|---|---|---|
| Basic | $65 | 500 |
|
| Premium | $199 | 5,000 | Everything in the Basic plan, plus:
|
| Pro | $799 | 20,000 | Everything in the Premium plan, plus:
|
| VIP | $3,500 | 30,000 | Everything in the Pro plan, plus:
|
How to sign up for TokenTax
Follow these steps to sign up for TokenTax if you plan to pay via credit or debit card. If you’re paying with crypto, you must start a live chat with customer service.
- Select Apply now.
- Input your email address and password, or use your Google account to sign up.
- Select your tax year, plan and any extra services.
- Enter your debit or credit card information.
Required information
You only need to provide an email address to sign up and your card information to purchase a plan. Once you set up your account, you must login to your supported exchange or wallet to connect via API.
4 benefits of TokenTax
- Supports all exchanges. Although TokenTax only has 85 integrations, you can provide a CSV from any unsupported exchange and its team will make sure that your trades are included in your transaction history
- Tax-loss harvesting. For Premium plans and up, get tips on how to reduce your tax liabilities.
- Supports DeFi and NFT protocols. The Premium and Pro plans have integrations for specific DeFi protocols and NFT marketplaces. And its VIP plan covers everything.
- Accepts crypto payment. TokenTax is one of the few crypto tax software that accept cryptocurrency as payment. Pay using USDC, DAI, BTC or ETH, depending on your plan.
3 drawbacks of TokenTax
- Expensive. While its Premium plan cost is in line with other crypto tax software, TokenTax doesn’t offer a free plan. Its most affordable plan for $65 is limited to Coinbase users. Its VIP plan for $3,500 – the highest price tag we’ve seen so far — only covers 30,000 transactions, which pales in comparison to competitors like ZenLedger and Taxbit who offer unlimited transactions.
- No refunds. Since TokenTax will do whatever it takes to get your crypto tax data right, it doesn’t offer refunds.
- Only includes Form 8949. You must fill out any other required tax documents, such as Schedule D, on your own.
Is TokenTax safe to use?
TokenTax uses TLS encryption to hide your data, and the only information it collects is your transaction data and email address. If you’re especially concerned about your personal data, use a burner email address — an email account exclusively for TokenTax — to sign up and pay with crypto.TokenTax reviews and complaints
TokenTax earns 4.8 out of a 5-star rating based on 102 ratings on Trustpilot. It’s unsurprising that many customers sing the praises of its support staff, citing their helpfulness and willingness to work with you no matter how complex your situation is. But users report customer service replies can be slow.Compare tax software
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Customer service
Get in touch with customer support in two ways.
- Live chat with a representative daily from 9 a.m. to 5 p.m. ET, although response times may be longer on weekends.
- Email support@tokentax.com.
Do your own research and seek financial advice before buying. And make sure the provider you’re interested in is available in your state.
