CoinTracking review: the pros, cons and how it works

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Cointracking.info, commonly referred to simply as CoinTracking, is one of the leading cryptocurrency portfolio and crypto tax management software.

It started as a cryptocurrency portfolio tracking app before adding the tax reporting features that have made it extremely popular in the crypto circles.

How it works

In a nutshell, CoinTracking has a dual role: a crypto portfolio manager and a tax reporting software.

But first things first. You must first download the CoinTracking app and create an account to use the CoinTracking software.

As a crypto portfolio manager, CoinTracking allows users to link with all crypto exchanges and cryptocurrency wallets they use and view the value of their cryptocurrency assets in a single interface.

CoinTracking analyzes all transactions in real time and lists the value of their coins including the realized and unrealized gains and losses. It integrates with more than 70 crypto exchanges and it can track more than 7000 cryptocurrencies.

As a tax reporting software, Cointracking.info integrates with a wide range of leading cryptocurrency exchanges to collect trading history for automatic tax report creation. It supports different forms of annual crypto tax reports based on different standards (i.e. Capital Gains, FBAR, Form 8949 and German Income Tax Act). It also supports automatic import.

You can enter your trading data manually, through a manual CSV import from exchanges, or fully automatically via APIs.

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CoinTracking Prices

CoinTracking offers a tiered pricing model with four packages including Free, Pro, Expert and Unlimited.

Free

The CoinTracking Free package allows users to manually generate tax reports using CSV files with a limit of 100 entries (ie the reports are not generated automatically). It only allows users to generate tax reports for up to 200 crypto transactions. It doesn’t allow automatic imports, but it allows up to two manual imports.

Pro

The CoinTracking Pro package costs $131.88 per year. If you pay two years in advance, you get a $60 discount. You can also choose to pay for a lifetime subscription which costs $425.

The Pro package allows users to generate tax reports for up to 3,500 crypto transactions. It allows for 5 automatic entries on each coin and unlimited manual entries.

Expert

The Expert package costs $203.88 per year. However, if you prepay for two years, you can save up to $84. You can also choose to pay for the lifetime subscription which costs $919.

The Expert package allows users to generate tax reports for up to 20,000 crypto transactions. It allows 10 automatic entries for each coin and unlimited manual entries.

Unlimited

The Unlimited package costs $659.88 per year, although you can save $240 by paying two years in advance. You can also choose to pay for a lifetime subscription for $5299.

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The unlimited package allows users to generate tax reports for an unlimited number of crypto transactions. It allows up to 50 automatic entries on each coin and unlimited manual entries.

Process of generating a tax report on CoinTracking

To generate a tax return with CoinTracking, click the Tax Return button under the ‘Tax Return’ tab. Then fill in the required information, including your country, year, method and type of calculation (Calculate Tax and Profit or Calculate Profit Only).

Then click on ‘Generate a new tax return now’.

Pros and Cons of CoinTracking

Pros

  • CoinTracking supports imports from almost all crypto exchanges and wallets, including popular hardware wallets such as Trezor and Ledger Nano S.
  • The paid packages allow users to automatically prepare tax reports on a wide variety of methods, including FIFO, LIFO, HIFO, AVCO, and ACB.
  • The process of creating tax reports using the CoinTracking app is simple and straightforward.
  • The CoinTracking app is designed to comply with a wide variety of tax laws, including the US tax laws, the capital gains laws, the FBAR, Form 8949, and the German tax return under the Income Tax Act and many others.

cons

  • The free package does not allow users to generate tax reports automatically.
  • Its numerous features can be overwhelming for crypto novices.
  • The pricing packages are charged annually rather than monthly, making it expensive especially for small volume traders.
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Why you should use Cointracking

If you are looking for a one-stop app that will help you track your crypto portfolio and generate your crypto tax reports, CoinTracking could be a good choice. You can even choose to use the free package especially if you are a small volume crypto trader where you enter your trading details manually.

It allows you to generate reports using a wide variety of methods including FIFO, LIFO, HIFO, AVCO and ACB, and it is also compliant with crypto tax laws in many countries around the world.

It’s also relatively easy to use and integrates with a wide variety of crypto exchanges and wallets, allowing you to automatically import trading data from the exchanges and wallets you use.

Final verdict

In a nutshell, the CoinTracking app is a great tool for crypto investors and traders and is designed for beginners, experienced individual traders/investors and institutions.

It is a leading tax reporting platform run by a reputable company that continues to improve its product features to meet the ever-changing crypto landscape, especially when it comes to crypto laws.

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