Ben Taylor

Ben Taylor

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What is CoinTracking | How to Use CoinTracking | Crypto Tax Software

In this article, you'll learn What is CoinTracking? How to Use CoinTracking (Crypto Tax Software)

1. What is CoinTracking

Cointracking.info is a cryptocurrency portfolio manager and a crypto tax software that integrates with leading cryptocurrency exchanges to gather your trading history which is then used for creating tax reports automatically, supports automatic import.

On Cointracking you can find 25 customizable crypto reports along with Interactive Charts for trades and coins. Moreover, you can file unlimited transactions and try different accounting methods.

In addition to crypto tax reporting abilities, CoinTracking is still a good portfolio tracker as it analyzes your trades in real-time giving you overview of the value of your coins, realized and unrealized gains and much more. It tracks over 7000 coins and supports over 70 exchanges making it almost impossible to trade a coin that is not visible to Cointracking

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.

Personal Analysis

  • 25 customizable crypto reports
  • Interactive charts for trades and coins
  • Profit / loss & Audit reports
  • Realized and unrealized gains

Trade Imports

  • Easy import from 110+ exchanges
  • Automatic import via APIs
  • Direct sync with the blockchain
  • Export in Excel, PDF, CSV, XML & JSON

Tax Declaration

  • Tax reports for 100+ countries
  • Capital Gains, Income, Mining, etc.
  • 13 Tax methods (FIFO, LIFO, AVCO...)
  • Tax export for CPAs and the tax office

Coin Charts & Trends

  • Chart history for all 20,463 coins
  • Always the latest prices for all coins
  • Top Coins by trades and by volume
  • Coin trends, statistics and analysis

Professional Help

  • Crypto tax laws for 100+ countries
  • Share your data with crypto tax advisors
  • Tax reviews by the Full-Service team
  • Detailed tutorials, video guides and FAQ

Security & Encryption

  • Data and API encryption
  • 2-factor authentication
  • Create and restore trade backups
  • No access to your exchanges required

Benefits of CoinTracking

  1. 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.
  2. 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.
  3. 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.
  4. Backups. Every plan has personal trade backups of your entire CoinTracking portfolio in case you lose your data or it gets corrupted.
  5. 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.
  6. Tax filing software exports. Upload your capital gains data files to popular tax software, including TaxAct, TurboTax, Drake and WISO Steuer.
  7. 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.

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2. Good Features of CoinTracking

Trade imports

Users can import data from more than 110 exchanges with the possibility of automatic import via APIs. This software supports direct sync with the blockchain and allows exporting files in different formats including Excel, PDF, CSV, XML & JSON. 

Tax report generation

The tool allows creating tax reports for over 100 countries taking into account lots of factors including capital gains, income, mining, etc. There are 13 tax methods to choose from including FIFO, LIFO, AVCO, LOFO, HRMC, and others). There is also a tax export for CPAs and the tax office too.

Personal analysis

There are 25 customizable crypto reports and interactive charts for trades and coins. You can generate profit/loss and audit reports as well as consider realized and unrealized gains with its help too.  

Coin charts and trends

The main advantage of CoinTracking is a full history for all 20,463 coins as well as access to the latest prices for these assets. You can access the list of top coins by trades and volume as well as discover trends, coin statistics, and analysis too.

Professional help

The tool provides access to the tax laws of over 100 countries and allows users who are not ready to cope with tax reports themselves to get assistance from crypto tax advisors or order a report created by the representative of the Full-Service team. There are also different tutorials, video guides, and FAQs for beginners. 

High-security level

The software provides data and API encryption as well as offers to protect sensitive and financial data with 2FA. You can also create and restore trade backups and can import any data from exchanges without providing access to them.

CoinTracking for Crypto Companies

The Leader for Cryptocurrency Tracking and Reporting

To make life easier for businesses that are involved in cryptocurrency, we’ve created CoinTracking Corporate. CoinTracking Corporate lets you set up accounts for each of your customers and manage their crypto tax data in one easy-to-use interface. You can also create and configure CoinTracking accounts for your employees. Follow the links below to learn about how CoinTracking can benefit crypto CPAs, fund managers, tax firms and other types of businesses that are involved in cryptocurrency.

  • CoinTracking for Crypto CPAs: CoinTracking is the only software tool you’ll need to expand your menu of services and begin serving cryptocurrency traders. Cryptocurrency CPAs prefer CoinTracking Corporate because it’s easy to use, affordable and works with all the major cryptocurrency exchanges.
  • CoinTracking for Fund Managers: Like CPAs, crypto fund managers often find themselves dealing with multiple cryptocurrency clients at the same time. The unified interface that CoinTracking Corporate provides takes the hassle out of switching between cryptocurrency portfolios. At the same time, CoinTracking’s tax features help determine the tax consequences of various types of trading strategies.
  • CoinTracking for Tax Firms: Tax firms that specialize in cryptocurrency can also benefit from CoinTracking. Any of the accounts you get when you buy CoinTracking Corporate can be assigned to individual employees. This allows your entire tax firm to share data quickly, safely and efficiently.

3. How to use CoinTracking

The process of tax report creation takes a little time and can be completed in 3 simple steps:

3.1. Creation of the account and choosing a plan

You need to put in a user name, password, and email address. Every new user who joins the platform gets a free account with a limited number of features. The limit of CoinTracking Free is 200 transactions.

You have the option to upgrade as per your requirement to Pro, Expert, or Unlimited for other advanced featured, including more API imports and transactions.

3.2. Import Your Transaction Data

The two ways of importing your data are: Manually via the CSV files or Automatically by using API synchronization. Refer to the Drop Down menus on the top of the CoinTracking website for further steps.

  • CSV files. CSV stands for Comma Separated Values. A large number of crypto exchanges provide some type of CSV export option.
  • API sync. Paid users can connect their exchanges to their CoinTracking account by setting up API connections for each of them. After linking, once a day, transaction data is synced automatically. Depending on the exchange, the process for creating an API link changes.

3.3. Create Your Tax Report

Once all your data is imported, you can create tax reports. Select the Tax Report and click the red Open Settings to create a new Tax Report button from the main menu. This will open the “Create a new Tax Report” page.

The field of Tax Year enables you to create tax reports for prior tax years as per your requirement. The Filter function is helpful in troubleshooting in case you get unexpected results as it allows you to filter out various types of transactions.

Using Advanced Settings, you can calculate margin trades and modify the way the transitions are grouped. You can also select from different cost basis accounting methods.

How to import a CSV file into CoinTracking?

This CSV import aims to import several transactions or edit your CoinTracking transactions locally and manually on your PC. If you choose to support your CoinTracking trades, you can opt for using the Trades Backup function because it is much faster.

Otherwise, you need to import the exported file into another CoinTracking account, both accounts must use the same language. To upload a CSV file into CoinTracking, you have to complete the following seven steps –

  1. Download the CSV file from the wallet or exchange.
  2. Open the CSV file using any spreadsheet editor, for instance, Google Sheets.
  3. Refer to the CoinTracker CSV format.
  4. Delete the columns that are no longer required by the format.
  5. Convert the remaining columns to the CoinTracker CSV format.
  6. Export the reformatted CSV file.
  7. Upload the reformatted CSV file to CoinTracker.

4. User Experience

CoinTracking application is available in both Android and iOS to help you manage your accounts on the go.

The website supports four different types of modes — Light, Dimmed, Dark, and Classic. Additionally, it supports ten different languages.

You can customize your dashboard according to the different templates.

Pricing

All new investors of the CoinTracking dashboard get a free plan with up to 200 transactions, coin tracking, import of files up to 5 MB, only 2 manual imports, and 2 backups.

A desire to extend functionality encourages to choose from 3 paid plans (paid yearly):

  • Pro – $10.99 per month 

It supports up to 3,500 transactions, importing files up to 20 MB, 5 auto imports and unlimited manual imports, 5 backups, API, and many extra features. 

  • Expert – $16.99 per 20,000 transactions, $21.99 per 50,000 transactions, and $27.49 per 100,000 transactions

Despite the difference in the number of transactions, all other features in this plan are the same. It supports importing files up to 20 MB, 10 auto imports and unlimited manual imports, 10 backups, API, and many extra features that are the same as in the Pro plan.

  • Unlimited – $54.99 a month

In addition to the unlimited number of transactions, it allows importing files up to 200 MB, 50 auto imports and unlimited manual imports, 20 backups, API, a wider range of personal export formats, advanced tools, prioritized calculations, and support.

Security

Coin Tracking has been in the crypto market for over 12 years already and has gained an excellent reputation. It supports anonymous registration as well as provides complete data and API encryption that can be also protected with 2FA. Furthermore, there are backups for restoring trading history at any time. 

Customer support

Any issues or extra information about the project can be received from customer support. You can access it in the upper right corner where you can select the FAQ section or contact the support team. There is a blue chat button in the lower right corner of the screen to activate a bot. The support team is available in English and German from Monday to Friday (8 am to 6 pm UTC). The average response time is 48 hours at the moment. Coin Tracking is also present on popular social media websites including Youtube and Twitter, so you can contact its representatives there too.

Pros and cons

Let’s summarize what makes CoinTracking the best crypto reporting software and why you may be disappointed with it in some cases.

Pros:

  • Diversity of features;
  • Support for numerous exchanges, wallets, assets, and countries;
  • Mobile compatibility;
  • Simple, customizable, and user-friendly dashboard;
  • Free trial;
  • Lots of guidelines for new users;
  • Security and anonymity.

Cons:

  • Paid plans;
  • A mobile app does not support all features of the web version.

Conclusion

CoinTracking has been a trusted leader in crypto management and tax reporting for over 12 years already and it does not plan to lose its championship. It has lots of benefits for crypto investors but it may take time for beginners to grasp all the functions it offers too.

Simply put, Cointracking app is a great tool for crypto traders of all skill and experience levels – from beginners to top of the line whales that run the show on exchanges. It is easy to use, has a wide offering of supported wallets and exchanges, is run by a well-reputed company that keeps improving the product. Cointracking is one of the leading tax reporting platforms. To sum up – Cointracking.info does its job very well and will surely stay in the top ranks of crypto tax tools for a long time.

Hopefully, this article will help you. Don't forget to leave a like, comment and sharing it with others. Thank you!

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