CoinTracker Review 2022: Crypto Transaction and Tax Tracking

What Is CoinTracker?

Chandan Lodha and Jon Lerner founded CoinTracker.io back in 2017. CoinTracker has made it a point to ‘wow’ its users from the beginning of the company. Instead of offering a simply crypto tracking platform, it takes the offerings to the next level. 

You’ll find important tax tracking tools in CoinTracker 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. 

At the moment, $20 billion in crypto assets are tracked through CoinTracker.

What Does It 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

As the name suggests, CoinTracker offers 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 support for over 8,000 crypto assets. With that, it is very likely that your crypto portfolio will fit right into this platform.

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

Tax Compliance

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. 

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 smarter trades to minimize your tax liabilities. 

Within the platform, CoinTracker will help 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.

Furthermore, CoinTracker has integrations with both TurboTax and TaxAct this year.

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 per exchange. This information can help you make adjustments to minimize the fees you pay while trading crypto assets. 

Mobile App

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

Not only is a mobile app available, but it is also highly rated by users. CoinTracker has earned 4.7 out of 5 stars on the Apple App Store. The platform has also earned 4.3 out of 5 stars on the Google Play Store.

Are There Any Fees?

Yes. CoinTracker currently has four price points:

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

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 a great option. 

However, there 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 set up 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 It 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 setup 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.

Is It Worth It?

CoinTracker Features