CoinTracker Cryptocurrency and NFT Tax Software Review

CoinTracker Cryptocurrency and NFT Tax Software Review

Looking for some help preparing your cryptocurrency or NFT taxes? You may want to rely on a third party software provider to help ease the burden of tracking down all of your transactions across multiple wallets and exchanges. 

Below, we’ll walk you through CoinTracker.io, its product suite, and how it can help you when preparing and generating reports for gains or losses on cryptocurrencies or NFTs. Interested in other tax software, please refer to our reviews on TokenTax and ZenLedger

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What are the Pros and Cons of CoinTracker’s Tax Product? 

Pros

Cons

Easy to get started

Tax loss harvesting tool requires premium plan

Supports all major cryptocurrency exchanges and NFT platforms

Basic and premium versions lack some key features

Advanced portfolio tracking options

Difficult to modify some transactions that need review

 

Specific DeFi and NFT Support

 

Tax impact calculator in beta for "what if" scenario modeling

 

Includes mobile support and mobile app for iOS and Android

 

What Is CoinTracker.io? 

CoinTracker is a cryptocurrency focused portfolio tracking software designed to seamlessly scan cryptocurrency transactions across more than 2,500 individual cryptocurrencies and 300 cryptocurrency exchanges. 

Founded in 2017, CoinTracker allows users to directly connect their accounts at cryptocurrency exchanges like Coinbase or Gemini and self-custodied cryptocurrency wallets like MetaMask to automatically record, reconcile, track, and analyze cryptocurrency account balances and transactions. 

CoinTracker is perhaps best known for its crypto tax product offering which allows users to generate the necessary tax reports for their accounts or tax filing softwares. 

What Is CoinTracker’s Crypto Tax Product? 

CoinTracker’s Crypto Tax product offers tax document preparation and analysis for cryptocurrency and NFT users and traders of various experience levels. The software is designed to seamlessly analyze cryptocurrency exchanges and wallets, ultimately aiding users in generating the necessary tax reports and information for their tax filing needs. 

The CoinTracker Crypto Tax product has four distinct offerings: free, hobbyist, premium, and custom. Below we’ll walk through each each offering in depth and help you decide which makes the most sense for you based on your needs and trading activity. 

What Level of CoinTracker’s Crypto Tax Product Should I Choose? 

CoinTracker provides four distinct levels of offerings for various cryptocurrency and NFT trading experience and activity levels. 

Free

The free tier of CoinTracker's tax product is only useful for beginners or less active users of crypto and NFTs that do not have many transactions. 

  • Up to 25 transactions
  • Cost basis and capital gains calculations
  • Error reconciliation available
  • Forum support 

Unlike some of the other crypto tax software and services, users on the free tier in need of support will only be able to utilize the CoinTracker forums for help. 

Hobbyist

The hobbyist tier of CoinTracker's tax product is offered for $53 per tax year, and provides a similar experience to the free tier of the CoinTracker tax product with one a greater level of allowed transactions. 

  • Up to 100 transactions
  • Cost basis and capital gains calculations
  • Error reconciliation available 
  • Forum support

Premium 

The Premium tier of CoinTracker's tax product is typically offered at $199 per tax year, but is discounted for a limited time to $179 per tax year. This tier allows more active traders of cryptocurrencies and NFTs to reconcile all their transactions from multiple wallets or exchanges. Additionally, this tier brings in support for decentralized finance (DeFi) and margin trading, will providing a higher level of support from the CoinTracker support team. 

  • Up to 1,000 transactions
  • Cost basis and capital gains calculations
  • Error reconciliation
  • Margin trading
  • DeFi functionality 
  • Tax summary by wallet
  • Email support

Custom

The Custom tier of CoinTracker's tax product is priced individually based on the complexity of the transactions and the transaction type (DeFi, Margin, NFT). This tier should only be needed for those with thousands of transactions across many platforms and transaction types. This plan allows for unlimited transactions, concierge support, and custom features not accessible to the other tax tiers. 

  • Unlimited transactions
  • Cost basis and capital gains calculations
  • Error reconciliation 
  • Margin trading
  • DeFi functionality
  • Tax summary by wallet
  • Concierge support
  • Custom features

 

How Much Does CoinTracker’s Tax Product Cost? 

CoinTracker’s Tax Product costs vary based on the needs of the user. Please refer to the section above to help determine which level is best for your needs. 

 

  • Free - $0, up to 25 transactions
  • Hobbyist - $53 per tax year for a limited time, typically $59 per tax year.
  • Premium - $179 per tax year for a limited time, typically $199 per tax year. 
  • Custom - Custom cost based on the needs of the customer. 

Is CoinTracker’s Tax Product Accurate?

CoinTracker’s tax product pulls information directly from the exchanges and wallets the user connects or imports, ensuring that the entries are pulled directly from blockchains data. While this data will pull in accurately, the distinction of events (sale, gain, income, withdrawal, etc) and transaction type can sometimes be incorrect on import. CoinTracker will flag transactions that need manual review and users have the ability to reconcile any errors that are pulled in to the platform. As the NFT and DeFi ecosystems are built out, it is expected that CoinTracker will only become more accurate over time at understanding potential trades, staking mechanics, and more. 

Is CoinTracker’s Tax Product Difficult To Use? 

CoinTracker's tax product is easy to use. Much like other cryptocurrency and NFT tax services, CoinTracker allows users to easily import wallets and exchange accounts with a few clicks. After that, the software automatically calculates and generates costs basis, capital gains, and more. To get started, users can head to CoinTracker.com and signup. 

How Do You Use CoinTracker's Tax Product? 

After signing up, users can import their wallets and exchanges using the "wallets" tab at the top of the page. From here, users can select the appropriate wallet or exchange provider to determine how best to add their transactions for syncing with the software. If you would prefer not to connect an account via API, you will also have the ability to import CSV downloads of your transaction history. 

Once wallets and transactions have been synced, the CoinTracker software automatically calculates your cost basis and capital gains from the transactions uploaded. It is important to ensure you allow access to all of your transaction history so that the appropriate cost basis can be calculated. 

With transactions officially uploaded, users can then modify or review transactions from the "transactions" option within the wallets tab. Here is where any error reconciliation can take place, particularly with NFT and DeFi related activities that are more difficult to correctly identify at this time. 

For more information on using the CoinTracker tax product, you can refer to the demo from the CoinTracker team below. 

 

What Other Products Does CoinTracker Offer?

CoinTracker has four main product offerings designed for various levels of consumer or businesses based on their needs and cryptocurrency activity level.

 

Cryptocurrency Portfolio Assistant

The CoinTracker cryptocurrency portfolio assistant allows users to seamlessly track and analyze their cryptocurrency portfolios across multiple wallets and exchanges. Free to use with limited features, the CoinTracker Portfolio Assistant is accessible in four different tiers: Free, Enthusiast, Pro, and Custom. 

Free

The free portfolio tracker covers the basics of portfolio tracking for cryptocurrency traders and investors.

  • Forum support
  • Current portfolio overview
  • Daily portfolio updates
  • Portfolio allocation

Enthusiast 

The Enthusiast tier is $14 a month, and comes with all the essentials for more dedicated cryptocurrency users. 

  • Forum + email support
  • Current portfolio overview
  • Daily portfolio updates
  • Portfolio allocation
  • Performance over time
  • Performance by crypto

Pro

The Pro portfolio tracker is available for $99 per month and is best suited for active cryptocurrency investors and traders. 

  • Priority support
  • Current portfolio overview
  • Daily portfolio updates
  • Portfolio allocation
  • Performance over time
  • Performance by crypto
  • Performance by date
  • Tax loss harvesting

Custom

The Custom portfolio tracker is best suited for cryptocurrency power users, taking advantage of margin trading, DeFi, and NFTs or cryptocurrency businesses. This tier comes with all of the Pro tier options, plus:

  • Accounting 
  • Custom functionality

 

CoinTracker For Accountants 

Are you a certified public accountant looking to better organize and connect with cryptocurrency focused clients? CoinTracker has a product for you! The CoinTracker CPA product allows certified public accountants to better serve their clients with access to the CoinTracker tax product suite and more. 

CoinTracker Enterprise Solutions and White Labeling

Last but not least, CoinTracker also supports an enterprise solution and white labeling product. If you're a company looking to offer a similar set of tools or products to your customers, you can rely on CoinTracker's software but with your branding and a custom subdomain. To learn more about the enterprise solutions and white labeling, businesses must schedule a demo with the CoinTracker team to learn more. 

Lucky Trader’s CoinTracker Tax Software Summary

The ability to quickly and easily generate reports is a huge benefit to the CoinTracker product. Plus, being a trusted party to notable organizations such as Coinbase and Turbo Tax is a huge plus. Unfortunately, the functionality surrounding DeFi and NFT activity still requires a lot of manual transaction overrides, adding a lot of time to users with lots of transaction activity. 

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Disclaimer: The author or members of the Lucky Trader staff may own NFTs discussed in this post. Furthermore, the information contained on this website or the Lucky Trader mobile application is not intended as, and shall not be understood or construed as financial advice.

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