CoinTracking Review

Are you juggling multiple crypto wallets and exchanges, struggling to track transactions and prepare for tax season? If so, it's time to explore a more efficient solution by reading this CoinTracking review!

CoinTracking is a comprehensive cryptocurrency portfolio management and tax reporting platform that can connect with popular wallets and exchanges, including Ledger wallets and Binance. If you see this as a potential solution to your challenges, scroll down to get to know the CoinTracking price packages, features, drawbacks, and steps to get started.

Note that I focus on discussing “cointracking.info” review – not the other similar-sounding platform that’s also a CoinTracking alternative named CoinTracker. While the name and function seem similar, CoinTracking offers its own set of features.

Verdict at a glance: If you're looking for a platform that can manage your portfolio and tax reports in one place, CoinTracking is a good option. It's feature-rich, secure, and helpful to automate the tedious tasks of crypto management and tax reporting. While it's supposed to simplify that process, sadly, this platform still seems to have a complex design. Moreover, some users report that the pricing isn't transparent enough, so be sure to carefully review the pricing plans and features before subscribing.

What Is CoinTracking?

Founded in 2012, CoinTracking is the world’s first crypto tax reporting tool and portfolio manager. At the time of writing, it has over 1,7 million users with more than $40 billion total worth of all portfolios. With such an impressive user base and asset value, I think any CoinTracking review would often emphasize this tool as one of the leading platforms in the industry.

Dariusz Kachel, the mastermind behind CoinTracking, aims to simplify the lives of cryptocurrency traders when it comes to reporting their crypto taxes and tracking their assets.

After all, while the overarching principles of taxation may be straightforward, the specific application to cryptocurrencies is complex and ambiguous, given the novelty of this sector^[1]. Many people struggle to keep detailed records of their cryptocurrency transactions, so CoinTracking exists to help in this process by automatically populating trading information.

It keeps track of portfolios, creates reports with interactive charts, and lets users import from their exchanges. This way, crypto traders can view current balances and realized and unrealized gains, helping them calculate their taxes and general financial analysis more accurately and efficiently.

If a tax professional uses this tool for their clients, having reports from CoinTracking would help all parties have the necessary information for tax filings, identify potential tax-loss harvesting opportunities, and integrate with popular accounting software to include crypto transactions into overall financial records.

To find out more features on this platform and how those can benefit you, let's proceed with my CoinTracking review and discuss the pros, cons, as well as pricing plans. I'll also guide you on how to create the account and navigate some features if you decide to use this tool.

CoinTracking Review: PROS

After getting to know the basics, let's continue this CoinTracking review by discussing things you may like about this platform!

Strong Privacy and Security Measures

For those prioritizing privacy when using a tool, CoinTracking is the right option because it lets you use the features completely anonymously – no personal data is required, not even your email address.

Upon signing up, users only need to type in a username and password. An email is optional to facilitate support, recover lost passwords, and keep in touch. If you enter your email, you can set up a two-step verification to add an extra layer of protection in case you forget your password. Those who don’t submit their email address wouldn't be able to set this security feature and access their account if they lose their device.

To avoid accidental data loss or data corruption, the platform allows users to create complete backups of their portfolio. This way, they can restore the data safely. The amount of backups depends on your plan, but you can delete older backups at any time to add a new one.

Moreover, all CoinTracking processes, including reports and encryption methods, are already ISO/IEC 27001 certified. This certification shows that the platform has applied high-security standards as it involves more than just checking if the systems are working correctly. It also includes:

• Audits. Regular inspections are conducted to verify that the company is following established procedures and meeting ISO standards.
• Tests. Checks to ensure that the tool's security measures, such as a Secure Sockets Layer (SSL) certificate, are effective. Having an SSL certificate means the website builds a secure connection between the user and the website, making it unreadable to anyone intercepting the information.
• Training. Education for employees on data privacy practices and regulations.

Overall, these measures to get the ISO certification ensure that the platform is protecting user data with anonymous registration, securing communication with an SSL-encrypted website, and training employees. 

Another detail I want to highlight in this CoinTracking review is that your data is deleted forever if you delete your account. That way, you don't have to worry that the platform will retain it without your consent.

Comprehensive Portfolio Tracking

What makes CoinTracking stand out among other similar tools is that it provides a comprehensive and real-time overview of cryptocurrency holdings. 

It seamlessly integrates with 300+ exchanges, 200+ wallets, and DeFi protocols, enabling users to monitor their entire crypto portfolio in one place. Obviously, this complete integration includes popular exchanges, like Binance and Kraken, and even supports legacy exchanges via CSV that are no longer operational. Moreover, it can track over 27,500 digital assets, including Bitcoin, altcoins, non-fungible tokens, and stablecoins.

You can copy data from your exchange or wallet using these two primary methods: API transfers and CSV uploads. API transfers let you connect exchanges through API, so your data gets updated automatically each day, but this feature is only available for premium users. Meanwhile, those on a free plan can upload their CSV files manually.

Besides API transfers and CSV uploads, CoinTracking actually enables users to input transactions manually on a provided table on the “Trade List”.

Enter relevant information, such as the type of trade (e.g., buy, sell, send, receive, etc.), the amount you buy, the currency, and the date you bought the asset. If you do more than just trade and buy crypto, you can set a different transaction type with CoinTracking’s detailed annotation features. These have options to keep track of lost funds, airdrops, mining income, staking rewards, hacked funds, and more, so you can calculate your taxes more accurately.

You can edit the data and comment on every single trade with a note. All data is searchable and sortable, so you can easily find and analyze specific transactions.

This tool also offers significant benefits for HODLers, people who adopt a long-term investment strategy by holding onto their cryptocurrencies. While HODLing typically doesn't trigger immediate tax events as you don't sell, it's still crucial to keep track of your crypto purchases for tax purposes. The reason is that tax authorities generally require information on your original purchase price to know potential capital gains when you eventually sell.

Whenever you add transaction data using all those methods, CoinTracking provides up-to-date cryptocurrency prices, fetching price details from various exchanges, so you don’t have to do it manually. In fact, it offers "Market Analysis" displaying professional insights about Bitcoin and altcoins, from real-time data to news and educational resources.

Well, if you still need to change some details, you can set custom prices for all coins you own. This feature is particularly useful for initial coin offerings (ICOs) that are not listed on any exchange yet or overwriting existing coin prices with custom prices to reflect your cost basis or fair market value. It’s also possible to convert coins to NFTs, and then those collectibles will be shown in the "NFT Center".

CoinTracking's comprehensive portfolio management is further improved by its array of charts, graphs, tables, and reports. Beyond the "Trade List" I mentioned, which details all transactions, the platform offers many more visual tools to analyze your crypto holdings.

For example, to visualize your portfolio's historical performance, explore the "Historical Balance & Trade Statistics". This feature provides a clear graphical overview of your coin and currency holdings over time. Additionally, the "Trade Prices" section offers detailed transaction records with converted prices for each trade.

To quickly grasp the volume of your trading activity, check the "Number of Trades" feature. This visually appealing tool categorizes your trades by exchange, type, and time frame (daily, monthly, yearly) for easy analysis.

Do you need features for expert analysis? Well, CoinTracking also has your back. For instance, you can see a graph showing your current and historical realized and unrealized profit and loss calculation on “Realized and Unrealized Gains”. Additionally, navigate to “Trade Analysis” to see detailed coin pair analysis. Calculate your average purchase, sales price, break-even price, and profit or loss.

For more CoinTracking info, review readers can visit their "Reports" page to know what kind of reports and graphs are available on the platform.

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Tax Reporting

CoinTracking's free, comprehensive tax reports are available for over 100 countries. This is particularly valuable given the lack of international standards for current cryptocurrency taxation^[2].

Note that CoinTracking supports country-specific tax reports. At the time of writing, this feature is available for users in the USA, Canada, UK, Austria, Finland, Denmark, Belgium, Spain, Italy, Germany, India, Australia, and New Zealand. Those users can generate various report types tailored to specific jurisdictions, such as:

• FinCEN Form 114 (FBAR). This is for US taxpayers with foreign financial accounts exceeding $10,000.
• IRS form 8949. It’s a tax form used in the United States to report the sale or exchange of capital assets, including stocks, bonds, and cryptocurrencies.
• Capital gains reports. This specifically refers to the format and structure of tax reports tailored to Australian tax requirements, which include calculations for the CGT discount, a unique feature of the Australian tax system.

Users from outside of those mentioned countries can use the general tax reporting function. Still, you can choose a tax method that is legal in your country to help simplify the process. It supports 12 accounting methods, some of them are:

• First-In First-Out (FIFO). Assumes the oldest acquired items are sold first.
• Last-In First-Out (LIFO). Assumes the most recently acquired items are sold first.
• Highest-Cost First-Out (HIFO). Assumes the most expensive assets are sold first. This method is not widely used in accounting.
• Lowest-Cost First-Out (LOFO). Assumes the least expensive assets are sold first. 

You can choose to calculate either your tax and gain or just the gain. If you know your precise tax rate, calculating both tax and gain is recommended. However, if you feel uncertain about your tax rate, calculating the gain alone allows tax authorities to determine the correct tax amount based on your specific circumstances.

Also, it’s possible to specify long-term holding preferences to optimize tax calculations. Many countries offer reduced tax rates or even tax exemptions for cryptocurrencies held beyond a specific period.

For those needing more information about crypto taxation, check CoinTracking’s crypto tax consultant database to find a tax expert located in your area. It’s an easy-to-navigate and free-of-charge list consisting of links about tax law agencies in more than 75 countries.

Reliable Tool for Tax Firms

Other than benefiting individual traders, CoinTracking has many features that help a small or large tax firm streamline their crypto tax services.

Business owners can customize the customer CoinTracking's admin panel by displaying their company logo in the upper left corner. Additionally, they can add contact information for easy customer accessibility.

To better organize your team, whether it’s for medium or large tax firms, CoinTracking introduces permission accounts. This allows multiple team members to access CoinTracking while safeguarding sensitive client data with strong password protection. You can create individual employee accounts and customize their permissions to control what they can see and do within the platform.

In terms of pricing, CoinTracking offers substantial discounts to corporate partners. It has a tiered pricing structure, so the more clients you sign up, the more you save. This allows you to improve your service offerings by including CoinTracking at a competitive price while maintaining profitability.

Additionally, this platform seamlessly integrates with popular tax software like TaxACT, TurboTax, and WISO. Business owners living in Germany and using CoinTracking can also have the option to use CoinRacoon as a complementary service.

CoinRacoon, developed by WINHELLER, automates the complex process of integrating cryptocurrency transactions into traditional financial accounting.

By seamlessly connecting with CoinTracking, this software efficiently handles large volumes of crypto data, transforming it into accurate and legally compliant accounting records. It suits tax firms heavily involved in cryptocurrency trading that need reliable financial reporting, especially as it supports over 100 trading platforms.

If your preferred accounting tool isn't listed in this CoinTracking review or the official website, don't worry! You can easily export any CoinTracking report to Excel or CSV format, allowing for flexible integration into your existing workflow.

Did you know?

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CoinTracking Review: CONS

In this part of the CoinTracking review, let's have a more balanced view of this platform by talking about its drawbacks.

Old-School Design

From the previous section about the advantages of cointracking.info, review readers may already point out that this is a robust platform with extensive features. However, its user interface has been a point of criticism for some users, which is a quite drawback in my opinion considering it has more functionality than any other CoinTracking alternative.

Users often invest considerable time learning the platform's intricacies. This is largely due to the platform's complex structure, making it difficult to locate specific tools or settings. Also, the number of tools and options available can be overwhelming, especially for those new to cryptocurrency management or tax reporting.

For example, the dashboard’s design itself features multiple navigation bars with dropdown menus which can make users confused about what to click when they want to use specific features.

Moreover, you’re also still exposed to graphs, numbers, and tables within the dashboard as you scroll down.

To mitigate these challenges, CoinTracking provides banners and arrows to help you locate key features. I also suggest that you watch the videos provided on their documentation first to get to know all the functionalities and maximize your experience.

Besides the complex layout, the platform’s visual design seems outdated and lacks modern UI/UX elements. For example, the charts on the dashboard appear simple and lack interactive elements, such as zooming and panning. 

On some pages (e.g., on the sign-up page below) the elements look evenly spaced without a clear emphasis on the most important action (signing up). This page specifically also uses excessive white space, which creates a sense of emptiness and lack of personality.

Well, I’m not a designer myself, but these minor details might significantly impact a user’s experience. A platform like CoinTracking, with its huge amount of data and features, needs a design that can effectively guide users through the information and help them finish their tasks efficiently.

Confusing Pricing

Some user CoinTracking reviews have expressed concerns about unexpected charges associated with CoinTracking's subscription model. I think this might be due to the platform's auto-renewal feature. While convenient for many, it has led to instances where users have been “accidentally” charged for services they no longer need. 

Additionally, there seems to be a lack of clarity regarding the “comprehensive capability” of the highest-tier plan. Several users have reported needing to purchase additional services despite subscribing to the most expensive package.

Therefore, I think you need to check its detailed breakdown first and carefully evaluate your needs before committing to a specific plan to avoid unnecessary expenses.

A pro tip in this CoinTracking review in terms of pricing is that you should consider purchasing a lower-tier plan and adding on the specific service you need. This approach can potentially save you money compared to opting for the highest-tier plan, which might include features you don't use.

CoinTracking Pricing Plans

I've just talked about the confusing pricing of the platform in the previous section of this CoinTracking review. Now, let's look into these plans in more detail.

CoinTracking price plans are tiered, depending on the user's needs:

• Free
• Pro ($12.99/month, billed yearly; $9.99/month, billed every two years; $449 lifetime access)
• Expert ($19.99/month, billed yearly; $15.99/month, billed every two years; $1099 lifetime access)
• Unlimited ($69.99/month, billed yearly; $54.99/month, billed every two years; $6699 lifetime access)

Of course, the higher the tier, the more transactions it can handle and the more features it offers. You can choose from a 1-year, 2-year, or lifetime plan. Opting for a longer subscription term results in a lower monthly cost.

In my opinion, for users with a relatively small number of transactions and a basic need to track their portfolio, the free version should be enough. 

The 200-transactions limit in this plan might accommodate many casual investors. You can use most of its features, reports, and the mobile app, including manually entering transactions or importing the data via a CSV file, but you can’t enjoy the auto-import feature.

I think the Pro plan would likely be the one that’s suitable for many casual traders. Its transaction limit is 3,500, with five auto imports for each coin. If you think your transactions are more than 3,500 and need more auto imports, consider choosing the Expert plan.

Meanwhile, professional traders who want to unlock all features and have priority customer support can choose the Unlimited plan. There’s no restriction on the number of transactions and access to all future developments. In fact, those choosing the lifetime Unlimited plan get the entire source code of CoinTracking in case the service is ever disabled.

Not sure which is the right plan for you even after reading this section of CoinTracking review? Don't worry, you can easily adjust your plan as your needs change. The tool offers flexibility by allowing you to upgrade or downgrade your subscription at any time.

At the time of writing, CoinTracking price packages range from €12.99 to €69.99 per month. Considering the comprehensive features offered and the competitive landscape, I believe it's a worthwhile option. For example, this platform’s standout feature is its extensive support for country-specific tax reports, surpassing any CoinTracking alternative in terms of both quantity and coverage.

Moreover, it has a Corporate plan, designed for tax business owners that need to manage multiple clients and team members. The base price is €1,099 yearly, which already includes three Unlimited plans. If you need additional accounts, it costs €199/account/year.

CoinTracking also has a package called "CoinTracking Full-Service" that provides professional assistance to ensure accurate tax reporting. This is like an à la carte option in addition to the available paid plans. It can help handle your crypto transactions, automate data imports, answer crypto-related tax questions, and more.

There are a few services to choose from, each with different pricing ranging from €100 to €2,499:

• Onboarding call. Schedule a 30-minute video call with one of CoinTracking’s professional experts to get advice on your specific situation. 
• Premium support. This service includes account checks and face-to-face training sessions.
• Account review. As the name suggests, it consists of a complete account review and tax reports, transaction validation, and a joint video call to discuss identified issues.
• Express account service. It handles the export and import of all transactions and tax reporting preparations for users facing tight tax deadlines.
• Basic account service. This is individual support in extracting and importing trading data below 5,000 transactions.
• Advanced account service. Similar to basic account service, but with a larger number of transactions.

Interestingly, the available services can be country-specific. For example, you can find “Individual Canadian Cryptocurrency Tax Return Service” if you select Canada as your country, while “Cryptocurrency Tax Review and Tax Planning” is available for UK users to discuss the complex UK tax treatment.

How to Use CoinTracking?

Given your understanding of the features, benefits, and potential drawbacks mentioned in this CoinTracking review, are you ready to proceed and create an account?

How to Sign Up on CoinTracking?

If so, let's learn how to use CoinTracking, starting by signing up for a free account on their website:

Step 1: Visit the official website and click on the “Login/Register” button.

Step 2: Pick a username and password. The platform will tell if a username is taken, and you should find an alternative.

Step 3: Select your main currency and language. It's optional to choose your time zone. Don't worry, you can change these settings later. Click "Add or import your transactions now" to proceed.

After completing these steps, you should see an empty dashboard since you haven't input any data yet.

How to Add Your First Transaction?

After signing up, there should be a banner that guides you to the next step: adding your first transaction. To do it manually, you need to follow these steps:

Step 1: Click the “Add your first trades now, to see some awesome charts” link on the banner.

Step 2: Hit on the “New” button to add your first trade.

Step 3: Fill in the “Add a new transaction” form consisting of a transaction type, transaction date, and other details like the exchange you used to purchase the asset.

Step 4: Click “Add transaction”, and you should see your newly added transaction appear in the table.

How to Connect CoinTracking to a Crypto Exchange?

Besides inputting the data manually, you can also connect CoinTracking with your exchange to automate transaction imports. To do this, after clicking the link on the banner, click "Add Import" in the upper right corner. Then, continue doing these steps below:

Step 1: Choose your exchange, blockchain, or wallet. There are a lot of options, so you can just type in yours to quickly find it.

Step 2: You can pick an import method: API or CSV. Note that users with a Free plan can only use the CSV Import method. Remember that users with a Free plan can only use CSV Import.

Step 3: Follow the specific instructions. For example, you need to get an API key if you choose API Import, while users who use CSV Import can upload their CSV files. Note that different exchanges or wallets may require specific steps.

By following these steps, you'll be able to automatically import your transaction data from your connected exchange or wallet, saving you time and effort.

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Conclusions

From this CoinTracking review, I think you’ve noticed that this platform offers a comprehensive solution for managing cryptocurrency portfolios and preparing tax reports, especially when you compare it to any CoinTracking alternative out there (remember, this is a "cointracking.info" review, not another similar-sounding platform!).

While it provides a wide range of features, including automated transaction imports, tax report generation, and portfolio analysis, it's important to consider potential drawbacks such as interface complexity and potential misunderstandings with pricing plans. Knowing this helps you troubleshoot effectively when learning how to use CoinTracking properly and avoid common challenges.

For example, if you're having trouble connecting CoinTracking with a leading cryptocurrency exchange like Binance, you might need to double-check your API keys and ensure you've enabled the correct permissions within your Binance account.

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. L. W. Cong, W. Landsman, E. Maydew, et al.: ‘Tax-Loss Harvesting With Cryptocurrencies’;

2. A. Peláez-Repiso, P. Sánchez-Núñez, Y. G. Calvente: 'Tax Regulation on Blockchain and Cryptocurrency: The Implications for Open Innovation'.