Koinly Vs CoinTracker

Since people are more attracted to Cryptocurrency so governments around the world are seeing a huge Tax potential in them. So there is a need for users to find a way to keep track of their crypto transactions and earnings. And to keep track of the transactions and file tax, we have apps like Koinly and Cointracker. Both of these apps serve the same purpose but have the slightest differences that make their use subjective to the user.

Koinly and Coin Trackers are Coin Tracker software that monitors crypto portfolios, crypto transactions, profits, and losses from crypto trading, and allows tax preparation for crypto assets. Both apps are the most popular options available in 

Koinly and Cointracker both are famous for offering tax solutions across the globe. 

Difference between Koinly and Cointracker

What is Koinly?

Founded in 2018 by Robin Singh, Koinly is a tax solution for cryptocurrency investors and accountants. Developed to solve the tax problem faced by the founder Koinly now works in coordination with all major blockchains and exchanges named Coinbase, Binance, Bittrex, and CEX.io, etc. It reduces the crypto tax calculation and filing time. It generates the final tax report in such a format that it is accepted by every Tax agency, which makes it even easier to print & file taxes. Reports generated by Koinly can be imported into Tax filing softwares named TaxACT, TurboTax, etc. Koinly support United Kingdom, United States, Canada, Australia, New Zealand, Germany, Ireland, Sweden, Norway, Denmark, Finland, Spain, Italy, Austria, Lichtenstein, Ireland, Czech Republic, Estonia, Malta, and Luxembourg.

What is CoinTracker? 

Like Koinly, CoinTracker is an online Crypto Tax Calculator and tax reporting software that has been present in the market since 2017. Like Koinly it also lets you integrate with all major blockchains and exchanges. CoinTracker boasts of having a user track of $50 billion of assets across 300+ exchanges and 8,000+ cryptocurrencies, which accounts for their share in the entire crypto market of more than 3%. 

Unlike Koinly, CoinTracker provides crypto tax tools for limited countries(the United Kingdom, the United States, Canada, and Australia). Cointracker supports many countries but only provides a crypto tax tool for the above-mentioned countries, while other countries are provided with partial support. 

Koinly supports more countries rather than the CoinTracker. At the same time, both of the platforms have almost the same features. 

Fees

Pricing is the main criterion for choosing any app to manage your portfolio and manage taxes. From the plans offered by both the platforms, Lowest paid plan offered by Koinly is $49, while Cointracker offers it at a slightly higher price of $59. The highest-paid plan offered by Koinly is priced at $179, while the highest plan in the case of Cointracker is $199.

According to the price perspective, Koinly stands in a better position as compared to CoinTracker.

Pros and Cons of Koinly and Cointracker

Koinly Pros: 

• Allows to generate tax profits of up to 20 countries
• It also has a free plan that supports 10,000 transactions.
• It supports 6,000 cryptocurrencies and 350+ exchanges and wallets.
• Easy-to-use interface.
• The process of calculating tax reports is quite simple
• The tax solution company also has Annual pricing plans, feasible for taxpayers

Koinly Cons: 

• Tax forms are not available for free plan users.
• The cost may vary depending on the transaction volume.

Cointracker Pros

• You can import more than 10,000 different currencies.
• It also offers a free plan.
• The tax solution software allows you to track and manage NFTs.
•  A functional mobile app is available for iOS and Android users
• Here also, the process of calculating the tax is quite easy
• It is regulated & controlled by many tax regulations, which include the German Income Tax Act, Capital Gains, the US tax laws, and Form 8949, Schedule D.

Cointracker Cons

• Like Koinly, Its free plan is also limited, and you can’t use it to generate tax reports.
• For traders with large crypto portfolios, it is expensive since they have to pay taxes on the trades.
• Many tools are listed that help you manage your portfolio and gain insights, but some are not easy to operate, which might confuse newbies. 

Conclusion: 

Koinly and CoinTracker are online crypto portfolio management tools that allow you to import your transactions from wallets, exchanges, and other sources, analyze the value of your asset(Crypto Coins) over time and generate tax reports accordingly. Both offer the same features, but CoinTracker is slightly better than Koinly because it has many features and insights to offer.