CoinTracker Review: Crypto Transaction and Tax Tracking

What Is CoinTracker?

CoinTracker has made it a point to ‘wow’ its users from the beginning. Instead of offering a simple crypto tracking platform, you’ll find essential tax tracking tools that set it apart from the crowd. 

Plus, the extensive dashboard shows information about your crypto assets, including real-time prices, historical data, deposits, withdrawals, market caps, and performance details. 

Currently, $20 billion in crypto assets is tracked through CoinTracker. They’ve come a long way since Chandan Lodha and Jon Lerner founded the company in 2017.

What Does CoinTracker Offer?

If you have a cryptocurrency portfolio, then CoinTracker.io offers a suite of features. Here’s a closer look at what stands out.

Transaction Tracking

CoinTracker provides a wallet and exchange tracking feature. With CoinTracker, you can connect your cryptocurrency wallets to monitor incoming and outgoing transactions. The tracking can monitor over 300 wallets, including Ledger, Coinbase, Binance, and TrustWallet. 

Currently, CoinTracker offers integration with over 8,000 crypto assets so your crypto portfolio will likely be supported by this platform. It also partners with platforms like OpenSea to ensure wide support for NFTs.

The most notable drawback is that it currently lacks support for Solana wallets.

Tax Compliance

CoinTracker helps you stay tax compliant. When it is time to file your taxes, all you have to do is download your tax report in a few minutes for your filing. CoinTracker now has integrations with both TurboTax and TaxAct.

The platform automatically optimizes cost basis accounting methods to allow for seamless tax-loss harvesting. Plus, the increased visibility into these details can help you make more intelligent trades to minimize your tax liabilities. 

When building your cryptocurrency portfolio, staying tax compliant is critical. Unfortunately, it can be complex to track these details on your own. Luckily, CoinTracker takes care of this chore for you. 

Fee Tracking

Anyone who’s traded crypto knows that fees can be expensive.

With CoinTracker, you can easily see the fees you pay per transaction and exchange. This information can help you adjust to minimize the costs of trading crypto assets.

Mobile App

CoinTracker is available on the Apple App Store and the Google Play Store. This means you can quickly check in with your portfolio and real-time prices on the go. 

The mobile app is highly rated by users, earning 4.7 out of 5 stars on the Apple App Store and 4.2 out of 5 stars on the Google Play Store.

Are There Any Fees?

The only downside of CoinTracker is that it can be extremely expensive if you have a large number of transactions.

Depending on the number of transactions you have, you could quickly find yourself in a Premium tier plan.

How Does CoinTracker Compare?

CoinTracker is one of several crypto portfolio tracking options. But the tax features integrated into this platform set it apart from the crowd. If you are tired of managing your tax accounting responsibilities for cryptocurrency, then CoinTracker is an excellent option. 

Koinly is also competitive with CoinTracker’s offerings and a crypto tax software favorite. 

Here are other tracking options out there that can also help with tax prep:

How Do I Open An Account?

The process of opening a CoinTracker account starts at CoinTracker.io. Click the ‘Get Started’ button. You can breeze through your account setup if you have a Coinbase or Google account that you are willing to connect with. If not, you’ll need to provide an email. 

After you provide an email, you can add exchanges and wallets. Additionally, you’ll need to secure your account by setting up your two-factor authentication details. 

That’s it! You can add additional wallets and exchanges as needed.

Is CoinTracker Safe And Secure?

CoinTracker makes security a priority. As a rule, the platform will never ask you for your private keys. Instead, information from crypto wallets is incorporated through a read-only setup. You can set up read-only API integrations at most major firms.

The entire platform utilizes SSL encryption. Plus, there are two-factor authentication requirements for tokens. 

Finally, CoinTracker states that it will never sell your data to a third party. With all of these security features, you should feel comfortable working with CoinTracker.

features, you should feel comfortable working with CoinTracker.

Is It Worth It?

CoinTracker is our favorite overall cryptocurrency tracking platform, going head to head with Koinly as a top choice. Because plans quickly add up to hundreds or thousands of dollars per year, it’s up to you to decide if CoinTracker is worth the cost.

CoinTracker Features