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Home Opinions and Insights

its pros, cons, and how it works

September 21, 2022
in Opinions and Insights
Reading Time: 3 mins read

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

It started as a crypto portfolio tracking app before adding tax reporting features that are very popular in the crypto industry.

Usage

In a nutshell, CoinTracking has two roles. Crypto portfolio manager and tax reporting software.

But first things first. First you need to download the CoinTracking app and create an account to use the CoinTracking software.

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

CoinTracking analyzes all transactions in real-time and provides an overview of coin value including realized and unrealized gains and losses. Integrates with 70+ cryptocurrency exchanges and tracks 7000+ cryptocurrencies.

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As a tax reporting software, Cointracking.info integrates with various major cryptocurrency exchanges to collect transaction history for automatic tax reporting. We support different formats of annual crypto tax reports based on different criteria (i.e. Capital Gains, FBAR, Form 8949 and German Income Tax Act). It also supports automatic import.

Trade data can be entered either manually, via manual CSV import from an exchange, or fully automatically via API.

coin tracking price

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 (i.e. reports are not automatically generated). Users can only generate tax reports for up to 200 crypto transactions. No automatic imports are possible, but up to two manual imports are possible.

Professional

The annual cost of the CoinTracking Pro package is $131.88. Save $60 when you pay for 2 years in advance. You can also choose to pay for a $425 lifetime subscription.

The Pro package allows users to generate tax reports for up to 3,500 crypto transactions. Each coin allows him 5 automatic imports and unlimited manual imports.

expert

The Expert Package costs $203.88 per year. However, you can save up to $84 by paying for two years up front. You can also choose to pay for a $919 lifetime subscription.

The Expert Package allows users to generate tax reports for up to 20,000 crypto transactions. You can have 10 automatic imports and unlimited manual imports per coin.

Unlimited

The Unlimited package costs $659.88 annually, but you can save $240 by paying upfront for 2 years. You can also choose to pay for a lifetime subscription at a cost of $5299.

The unlimited package allows users to generate tax reports for an unlimited number of crypto transactions. Each coin allows up to 50 automatic imports and unlimited manual imports.

Tax Report Generation Process in CoinTracking

To generate a tax report using CoinTracking,[]under the tab[]Click the button. Then enter the required details such as country, year, calculation method, type of calculation (calculate tax and profit or calculate profit only).

next,[]Click.

Pros and Cons of CoinTracking

Strong Points

  • CoinTracking supports importing from almost all crypto exchanges and wallets, including popular hardware wallets like Trezor and Ledger Nano S.
  • Paid packages allow users to automatically create tax reports in a variety of ways including FIFO, LIFO, HIFO, AVCO, and ACB.
  • The process of creating tax reports using the CoinTracking app is simple and easy.
  • The CoinTracking app is designed to comply with various tax laws, including US tax law, capital gains, FBAR, Form 8949, and German tax returns under income tax law.

Cons

  • The free package does not allow users to generate tax reports automatically.
  • The large number of features can be overwhelming for cryptocurrency newbies.
  • Pricing packages are billed annually instead of monthly, which makes them expensive, especially for low-volume traders.

Why Use Coin Tracking

If you are looking for a one-stop app that allows you to track your crypto portfolio and generate crypto tax reports, CoinTracking could be the right choice. Especially for low-volume crypto traders who manually enter trading data, you can also choose to use the free package.

Reports can be generated using different methods such as FIFO, LIFO, HIFO, AVCO, ACB and are also compatible with crypto tax laws of different countries around the world.

It is also relatively easy to use and integrates with various cryptocurrency exchanges and wallets, allowing you to automatically import transaction data from the exchanges and wallets you use.

final verdict

In a nutshell, the CoinTracking app is a great tool for cryptocurrency investors and traders, 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 capabilities to comply with the ever-changing crypto environment, especially when it comes to crypto laws.

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