Coinpanda Review

Let's face it: crypto taxes can be a real headache, especially when we aren't familiar with the language used in the crypto tax platform. So, reading this Coinpanda review can be useful, as the tool can simplify the tax reporting process and even do it in your own language.

Compared to Coinpanda alternatives, this platform is a lot more flexible. It supports various languages, including English and German, and covers different jurisdictions, cost-basis methods, and tax forms. All of these benefits will help you navigate the crypto tax season, no matter where you're from.

Still, is Coinpanda legit? In this review, I'll answer the commonly asked questions and many others. I will also cover its pros and cons and how it compares to other similar platforms like Coinpanda VS Binance Tax and Coinpanda VS Koinly.

Verdict at a glance: Coinpanda is a powerful tool for managing crypto taxes, especially for those with complex trading strategies and specific country tax needs. However, it may require manual intervention and can be more expensive than alternatives. Some user Coinpanda reviews also mentioned that they had issues with refund policies, which led to negative experiences and dissatisfaction.

What is Coinpanda?

Let’s start this Coinpanda review by discussing the basic question: what is Coinpanda? Coinpanda is a portfolio tracker and cryptocurrency tax calculator, helping users track balances across exchange accounts and wallets and generate crypto tax reports.

Founded by Eivind Semb, this platform started out of his own frustration with keeping track of his cryptocurrency assets using Excel. The spreadsheets stored so much data and complex formulas even he had trouble understanding them.

After trying different crypto tax software at that time, he decided to build a simple minimum viable product (MVP) in early 2019, and his friends were the first testers. Semb and his friends also posted a link to the website on Facebook groups and forums. Surprisingly, they received lots of positive and supportive feedback from many people.

At first, it became popular in Scandinavia, and the team decided to expand globally. At the time of writing this Coinpanda review, it has gathered more than 150,000 crypto users around the world, which I think answers the question, "Is Coinpanda legit?".

Its motto has been to deliver the most easy-to-use website and friendly user experience for crypto tax management with these four core pillars:

• Automatic import and synchronization of transactions across all exchanges, wallets, and blockchains;
• A user-friendly interface;
• The most accurate and complete tax reports;
• Best-in-class support through email and live chat.

So, does Coinpanda live up to its mission? Let’s find out in this Coinpanda review, where I break down the platform's pros and cons and provide some Coinpanda alternatives you might want to consider.

Coinpanda Review: PROS

In this Coinpanda review chapter, I'll delve into the robust set of features that make this platform a popular choice for crypto investors and traders.

User-Friendliness

Coinpanda's user-friendly approach starts right from sign-up. With quick social logins (Google, Coinbase, or Apple) and a simple selection of your home country and currency, you're ready to go exploring the platform. Unlike other crypto tax calculators that force immediate wallet integration, Coinpanda first lets you add your wallet after signing up, offering a more flexible and intuitive experience.

For exchanges that support API, click the [Auto-Sync] button and let Coinpanda synchronize your transactions automatically. The importing process takes anywhere from a few seconds up to 20 minutes.

Although it sounds easy, some users may be concerned, "Is Coinpanda safe when integrating with exchanges and wallets?". Well, the team says that it never asks for your private keys and builds the platform on a robust security infrastructure.

When the sync process is complete, you should see a record in the “Wallets” menu showing the total number of transactions, coins, and total value imported. Click the wallet or exchange to get more details on your holdings.

After adding your wallets or exchanges, ensure that you import all transactions by clicking the [Transactions] menu. If you find a missing one or Coinpanda doesn’t provide integration to your exchange or wallet, upload CSV files, use the generic file template, or add transactions manually.

The generic file template is an online CSV file provided by Coinpanda. It’s a table consisting of transaction details, including the timestamp, type, amount, currency, and label. If you prefer editing a local version, you can download the file template directly as either XLSX or CSV and upload it to Coinpanda.

Meanwhile, adding a manual transaction on Coinpanda involves choosing one of four types: Trade, Receive, Send, or Transfer. Each category is accompanied by a brief description to assist in accurate selection.

After choosing a category (e.g., Trade), you're prompted to input details such as date, wallet, amount, transaction fees, and a description. If you need to adjust the category, simply select a different option from the dropdown menu.

Alternatively, you can post a feature request on the forum to encourage the exchange or wallet support in the future. The team is actively adding new exchanges, with an average integration time of four to five days.

The dashboard that visualizes the transactions is quite interactive, with hover-over details for graphs. It displays the total value, cost basis, and change. You can also filter the data by time period: 1W, 1M, 3M, YTD, or a specific year. Alongside the graph, there's a summary of the tax year, including short-term capital gains and taxable income.

Below the graph, you'll find a list of cryptocurrencies, along with details like cost, 24-hour price change, and current value, as well as a seven-day price chart for each.

Once you finish uploading all transactions, go to the “Tax Reports” page. I like that the neat layout of the platform allows you to quickly grasp all relevant information at a glance.

You can see a summary of your capital gains and crypto sent or received during the tax year, the cost-basis method, and available tax reports within your home country (in doc and PDF files). No need to navigate through complex menus to find the information you need.

The last tab, “Portfolio”, compiles dropdown menus for NFT assets, a tax-loss harvesting feature, and a market page that displays current cryptocurrency prices, as well as the market capitalization and volume – details you often find on a crypto tracker.

The market page is one aspect worth highlighting in this Coinpanda review. I think I didn’t find such a unique feature set in other crypto tax platforms, which actually can help answer the question, "Is Coinpanda legit in terms of data accuracy?". The reason is that the users can confirm prices and stay informed about crypto market trends directly within the platform.

Clicking on an asset on the market page provides more detailed information, including a price chart. While the information may not be as comprehensive as a dedicated crypto tracker, it offers sufficient details for essential insights.

Comprehensive Integrations

At the time of writing this Coinpanda review, this crypto tax platform has +900 integrations, consisting of 473 exchanges,158 wallets, and 370 API integrations.

It supports all cryptocurrencies listed on CoinMarketCap (CMC) and CoinGecko (+15,000 as I’m writing this review) and an additional +500,000 tokens that are not listed on those platforms. Tokens from almost all blockchains are supported, including Ethereum, Solana, and many more.

Coinpanda supports a wide range of decentralized finance (DeFi) transactions, including borrowing, lending, and staking, from over 2,000 protocols. It also integrates with almost all popular L1 blockchains (+70) and automatically imports and tracks NFTs, simplifying the process of connecting with OpenSea in just one click.

Interestingly, Coinpanda also lets you upload files from other crypto tax calculators, such as Koinly, CoinTracker, and TokenTax. This feature can be particularly useful if you've already started using another platform and want to switch to Coinpanda without losing your data.

Compared to other crypto tax calculators, Coinpanda's extensive integration coverage seems to ensure that it can handle the complexity of most crypto portfolios, including those with a diverse range of assets and transactions.

Tax Reporting Capabilities

In this part of my Coinpanda review, let's discuss the core: how Coinpanda handles tax reporting. For your information, Coinpanda can generate:

• Capital gains report where you can see a gain/loss breakdown of each transaction;
• Income report that displays all your income, such as mining, staking, airdrops, and donations;
• Report for DeFi, NFTs, and metaverse;
• End-of-year holdings that break down your asset allocation, cost basis, and market value on the last day of the tax year;
• Futures and margin trading report.

It also enables users to export CSV files of the tax reports to tax-filing software, including TurboTax, TaxAct, and H&R Block.

At the time of writing this Coinpanda review, this tool supports over 65 countries, including the United States, Australia, Japan, Singapore, Chile, the United Kingdom, Sweden, Denmark, and many more. It also provides region-specific tax forms like the US' IRS Form 8949 and Sweden's Skatteverket K4.

“Then, what if my country isn’t on the list for generating region-specific tax reports?”. Don’t worry; you can use the platform as long as your country uses the available cost-basis methods: First In, First Out (FIFO), Last In, First Out (LIFO), Highest In, First Out (HIFO), and Average Cost Basis (ACB).

Besides these four generic methods, it offers country-specific calculation methods for the United Kingdom (Share Pool), Canada (Adjusted Cost Base), Japan (Total Cost Basis), France (Prélèvement Forfaitaire Unique), and Ireland (Irish FIFO).

The wide range of cost-basis methods offers flexibility for users. However, it's crucial to verify your country's specific tax regulations and consult with a professional to ensure compliance. For instance, LIFO is commonly used in the United States, but it's not permitted for Canadian tax purposes.^[1]

Note that the country-specific methods are only visible if you’ve set the correct home country while signing up or on the “Settings” page.

From what I've seen, the current support for countries, cost-basis methods, and tax reports in Coinpanda seems adequate. It even outperforms some aspects compared to Coinpanda alternatives like Blockpit and Koinly.

Koinly supports 20 countries for specialized tax reports and over 100 for general reports, with five cost-basis methods. Blockpit, on the other hand, is limited to 10 specialized reports and only supports FIFO.

However, it's important to know how Coinpanda ensures the accuracy of its tax calculations, as it is crucial, especially when dealing with complex transactions and varying regulations.

So, how does the platform make sure the data is correct? Coinpanda provides a yellow icon beside the [Holdings] section if it sees that the calculated balance differs from the balance reported by the API.

Clicking on this yellow button will prompt a new window that displays all the balance differences in more detail. Discrepancies between your actual holdings and the ones shown on Coinpanda usually mean some information hasn't been imported and/or imported incorrectly.

Additionally, Coinpanda has a built-in tool to identify missing data, which you can see or filter on the [Transactions] page. Warnings may appear for transactions exceeding your balance or coins with missing market rates. While fixing warnings isn't mandatory, unresolved balance issues may increase your capital gains.

Multiple Support Channels

Many user Coinpanda reviews commend the platform’s customer support, and I agree. The readily accessible chat button, conveniently located in the bottom right corner of the website, ensures quick responses from live agents. This direct connection to human support is a significant advantage, providing immediate assistance when needed.

Meanwhile, those wanting to talk about tax topics, ideas, or technical issues with other Coinpanda users can visit the community forum. It's a place for users to share experiences, ask questions, and receive support from fellow peers. Engaging with the community can help answer common questions like, "Is Coinpanda legit?". This is because it's populated by real users who can provide firsthand experiences and testimonials.

I also appreciate the well-organized knowledge base, which offers precise categorizations ranging from beginner-friendly guides to advanced topics like tax report generation. Additionally, the integration of FAQs into key pages, such as the “Tax reports” menu, further improves user convenience because you don’t have to navigate to the dedicated help center.

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Coinpanda Review: CONS

While Coinpanda has its strengths, it's not all sunshine and rainbows. In this part of my Coinpanda review, I'll talk about some of the platform's shortcomings and limitations.

Issues With Payment Transparency and Heavy Manual Edits

Several people have reported negative experiences with Coinpanda, particularly regarding its "lifetime access" offer and payment transparency. Some user Coinpanda reviews have claimed that the deal was limited to a single tax per year, and refund requests were denied despite the service not meeting their needs.

While the Coinpanda support team may respond quickly, it's crucial that these responses lead to effective solutions. In such a case, I think Coinpanda needs to prioritize clear and transparent refund policies to ensure that users understand the terms and conditions before committing to a paid plan.

Moreover, Coinpanda offers a convenient way to import transactions directly from exchanges or wallets using API keys. However, some user Coinpanda reviews have reported that this process is not as seamless as advertised, often requiring significant manual intervention. Despite the convenience of API integrations, others have encountered challenges with data accuracy and completeness.

Common issues include incorrect NFT transaction imports and unidentified liquidity pools. These discrepancies can lead to inaccurate tax calculations and necessitate time-consuming manual corrections.

While the support team acknowledges these limitations and has promised future improvements, the current state of the platform can be frustrating for users who expect a more automated and accurate experience.

Coinpanda Pricing Plans

A Coinpanda review wouldn’t be complete if it didn’t cover Coinpanda's pricing plans. So, is this platform worth the penny? Well, Coinpanda offers a flexible pricing model that caters to various user needs.

This platform offers a never-ending free plan to try out most of the portfolio tracking features. It lets you import data from all supported wallets and exchanges, review imported transactions, and track your entire crypto portfolio. You only need to pay when you’re ready to download the tax reports.

Coinpanda's paid plans offer flexible options to suit different needs. The basic subscription starts at $79 per year for up to 100 transactions. For power users, the “Trader” plan provides 1,000 transactions and advanced features like smart contract interactions and automated on-chain transactions for $149 per year.

Lastly, the top-tier “Satoshi” subscription, priced at $499 per year, is designed for high-volume users with up to 20,000 transactions.

If you think this tool suits you, consider searching for a Coinpanda coupon code on discount websites or community platforms. You might find promotions that can help you save on your subscription. In addition, it's worth noting that every tax year, you will need to repurchase the plan.

In case you've upgraded your account to a paid package, you're eligible for a full refund if the request is sent within seven days from the payment, and you haven't downloaded any tax reports or forms. Also, the reason for the refund must be related to a technical bug or issue the team can’t solve within a reasonable time.

Additionally, Coinpanda won't give the money back for problems related to failed transaction uploads or negative balance warnings. Therefore, I suggest you fully explore the free plan first.

That said, are you interested in purchasing? Coinpanda offers secure payment options, including Visa, MasterCard, American Express, and Google Pay, all processed through the trusted Stripe payment gateway. So, if you wonder, "Is Coinpanda safe to share sensitive financial information?", the team mentions that all payments go through Stripe, which is PCI-compliant and SOC 1 and SOC 2 compliant.

How to Use Coinpanda?

If you decide to use the platform after reading this Coinpanda review, follow these steps to create your account and add your wallet:

Step 1: Visit Coinpanda’s official website and click the [Try for free] button.

Step 2: Create an account by entering your name and email address and creating a password. Agree to the terms of service and privacy policy and hit [Sign Up]. Alternatively, continue using a Google or Coinbase account or Apple ID.

Step 3: Select your home country and local currency and click [Save].

Step 4: You’re all set! Click [Get Started] to enter your dashboard.

Step 5: Press [+ Add Wallet] to start tracking your crypto transactions.

Step 6: Select an exchange or wallet or search for it using the provided search bar. Follow the on-screen instructions to connect. For instance, Bybit lets you import transactions using API with the click of an [Auto-Sync] button. Meanwhile, some options may require you to drag and drop a file.

Wait for the tool to import your transactions and review them for accuracy. Once you're satisfied, you can proceed to generate your tax reports.

Coinpanda Alternatives

Judging from the Coinpanda review above, I think you may notice that Coinpanda can be a valuable tool for managing crypto taxes. However, note that it's not the only option available. Several alternatives offer similar features and benefits, often at more affordable price points. Let's explore some of the top Coinpanda alternatives (e.g., Coinpanda VS CoinTracker) and their key features.

Coinpanda VS Binance Tax

If you’re already a Binance user, you may have heard of Binance Tax. It’s a cryptocurrency tax calculation tool offered by Binance that helps users calculate their capital gains and losses on their transactions. Using Binance Tax won't require you to learn a new platform because it's a free tool integrated directly into the Binance platform.

That said, Binance Tax's primary limitation is its focus on Binance transactions. If you've traded on multiple exchanges or used various wallets, this platform may not be the best solution.

Coinpanda, on the other hand, is a more comprehensive crypto tax software that supports a wide range of exchanges and wallets. It offers features like automated transaction imports, portfolio tracking, and detailed tax reports. While you need to purchase a Coinpanda pricing plan to access the service, I think it provides a robust solution for complex tax scenarios.

Coinpanda VS CoinTracker

Besides Binance Tax, I think you should consider CoinTracker, another Coinpanda alternative. Both platforms offer similar features, including portfolio tracking, NFT support, and tools designed for tax professionals.

If we talk about the number of integrations for the Coinpanda VS CoinTracker comparison, the former seems to outperform the latter with its +900 integrations. CoinTracker covers +500 exchanges and wallets, although the number is relatively high enough for a crypto tax calculator.

Similar to Coinpanda, CoinTracker also works seamlessly with popular tax software like TurboTax and H&R Block. This integration simplifies the filing process by directly transferring crypto tax data to your overall tax return.

However, CoinTracker provides a more budget-friendly package compared to Coinpanda pricing plans. The former charges $59 per year for 100 transactions. Meanwhile, Coinpanda requires you to pay $20 more to get the same number of transactions.

Additionally, CoinTracker seems to be more secure, as it has a dedicated security page, showing that the platform is SOC 1 and SOC 2 compliant. Compliance with these industry standards indicates a strong commitment to data security and privacy.^[2]

Comparing Coinpanda VS Cointracker like this, you may question, “So, is Coinpanda safe or not?”. Well, although Coinpanda doesn’t mention SOC, the team says it doesn’t directly request your private keys and is hosted in a secure facility. It’s also compliant with the EU General Data Protection Regulation (GDPR) and the Swiss Federal Data Protection Act.

Coinpanda VS Koinly

After reviewing the comparison of Coinpanda VS CoinTracker, you may also want to check Koinly. There are many similarities between Coinpanda VS Koinly, such as support for DeFi transactions, a wide range of integrations, and various support channels (from live chat and help center to forum support).

So, what is Coinpanda’s strong point that its competitor doesn’t have? At the time of writing this Coinpanda review, the platform excels at providing more detailed, country-specific tax reports compared to Koinly. Coinpanda offers comprehensive reports for major global jurisdictions, including Japan's total cost basis feature, which is unavailable on Koinly.

Meanwhile, Koinly might be a better option if you're looking for a more affordable paid plan. The platform's most basic paid plan, priced at $49 per tax year, offers a similar transaction limit to the entry-level Coinpanda pricing plan, allowing for up to 100 transactions.

That said, you might get lucky and discover a Coinpanda coupon code and get it for cheaper.

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Conclusions

Now, it's clear that Coinpanda can be a powerful tool for managing crypto taxes. It covers multiple jurisdictions and offers helpful features, including automated transaction imports and detailed tax reports, particularly well-suited for users with complex trading strategies and those who need to comply with specific country tax regulations.

However, it's important to note that the platform may require some manual intervention for optimal accuracy, especially when dealing with NFT transactions and liquidity pools.

Therefore, I suggest that you check comparisons, like Coinpanda VS Binance Tax and Coinpanda VS Koinly. Coinpanda alternatives may provide a more affordable price point, making it an attractive choice for budget-conscious users.

The content published on this website is not aimed to give any kind of financial, investment, trading, or any other form of advice. BitDegree.org does not endorse or suggest you to buy, sell or hold any kind of cryptocurrency. Before making financial investment decisions, do consult your financial advisor.

Scientific References

1. M. Archambault., J. Archambault.: 'A Test of the Firm Characteristics Hypothesis for LIFO Choice of Canadian Firms';