Koinly Review: Features, Integrations & Pricing | Crypto Tax Software

Handling crypto taxes can be overwhelming. The market is complex, with activities like staking, mining, trading, and DeFi (Decentralized Finance) adding layers of challenges. With multiple wallets, various transactions, and varying values, you would feel the need for an expert on this. This is where Koinyl makes things better and helps you file accurate crypto taxes in minutes. From seamless integrations with over 400 crypto platforms to automated reporting, quick import transactions from various exchanges and various cryptocurrencies, and region-based jurisdiction compatibility, it turns out to be one of the best crypto tax software on our list.

Whether you’re a casual investor or an active trader, Koinly bridges the gap between blockchain intricacies and tax reporting needs. In this review, we’ll look at everything that Koinly has to offer, how it works, and if you should use it for your crypto tax needs.

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Crypto Tax Basics

IRS, in recent years, has termed cryptocurrency securities (like stocks and bonds). These include all the crypto tokens, including the NFTs (The pictures, music, and other art stuff you have been buying). And if you own a cryptocurrency, at some point in time, you are going to file it for taxes.

Likewise, with most financial tools, you don’t have to pay tax if the Crypto is just resting in your wallet. When you make a transaction with it, maybe exchange it with another coin, send it to another wallet, or trade it, the tax is implied.

Here, as per the IRS, we need to use a cost basis on cryptocurrencies, and the equivalent value of the trade is considered for capital gains or losses. If you have earned cryptocurrency through other means, such as a reward or mining, it is considered an ordinary income and taxed accordingly.

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Understanding Capital Gains and Losses in Crypto Taxes

Capital Gains and Losses are simple concepts, and they are similar to profits and losses when you make a trade with cryptocurrencies. When you sell, trade, or dispose of your crypto holdings, the difference between the acquisition cost (purchase price) and the selling price results in either a capital gain or a capital loss.

Here is how capital gains and losses in Crypto typically work,

Capital Gain: If the selling price of your cryptocurrency is higher than the price of purchase in the past, you have a capital gain. Now, here, we have both short-term gains and long-term gains, which are taxed accordingly and as per the law of the residing country.

Holding Period: The time during which the cryptocurrency rests in your wallet before selling or trading it off. In most countries, if you are holding cryptocurrency for a favorable long period, say one year, you are eligible for preferential taxes, known as long-term gains. The benefit is that the tax bracket on long-term gains is less than that for short-term gains.

Capital Losses: If the selling price of your cryptocurrency is lower than the price of purchase in the past, you have a capital loss. Capital losses can sometimes be used to offset capital gains in the same tax year, reducing your overall tax liability.

Wash Sales: Some jurisdictions have rules against the concept of “Wash Sales” that consumers use to trick the law. This essentially means you cannot claim a capital loss for selling or trading your cryptocurrency and purchasing it immediately after.

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What is Koinly?

Koinly is a cryptocurrency tax software designed to take the stress out of crypto tax calculations. It streamlines the entire process, from tracking your transactions to creating tax reports that meet global compliance standards. Whether you’re trading, mining, staking, or earning through DeFi platforms, Koinly ensures that every transaction is captured, categorized, and reported accurately.

The software supports a wide range of platforms—over 400 exchanges, wallets, and blockchains—making it one of the most adaptable tools for crypto investors. For example, if you’re trading on Binance, earning staking rewards on Ethereum, and storing funds in a Ledger wallet, Koinly consolidates all this data into one easy-to-use dashboard.

Koinly also caters to advanced use cases, such as NFT trading and liquidity pool transactions, ensuring no taxable events are overlooked. Users can customize their accounting methods (FIFO, LIFO, or HIFO) for optimal tax liability calculations and automate tedious tasks like transaction imports and error detection, which saves users hours of manual work. It’s the go-to solution for anyone looking to simplify their crypto tax obligations.

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How to Create a Koinly Account

Creating a Koinly account is a straightforward process, and it took us less than a minute to set up our account and start using the tool. In this review guide, we will make the process a lot easier for you with detailed steps.

How to create a Koinly account,

• Visit the Koinly website and click on the signup button at the top-right of the homepage.
• A new webpage with the signup options will be presented on your screen. Here, you can either sign up using your email address and create a password or sign up using your Google account.
• Once done, verify your email by using the confirmation link sent to you on your registered email address. If you cannot find it, look for the spam folder.
• Log in to the dashboard, and you can start using the tool right away.

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Setting up your Koinly Account

Using Koinly is a lot easier, and the best thing is you can get started for free. The free plan offers portfolio tracking, tax optimizer, and up to 10000 transactions, which is nice, but to make it efficient, you might want to consider at least the lowest-paid plan: $49/Year. There are also other plans and pricing options, which we will discuss in a dedicated section of our review, but for now, let’s go with the free plan; you can always upgrade later. 

Once you are in, let’s set up our wallet and exchanges.

1. Connecting your Wallets and Exchanges

Connecting your wallets and exchanges ensures Koinly captures all your crypto transactions accurately. You don’t have to manually enter each transaction, retrieve the absolute value of trade, and then calculate everything. Here, with the “Read-only” access, Koinly imports all the transactions from your wallets and exchanges with a click of a button.

You can do the same with the exchanges, but to make it happen, you will require the API key from your wallet or exchange. You can basically find it on your profile or settings, and it depends on what platform you are using.

Here is how you can connect your wallet and exchange,

• Once you login to your Koinly account, head to the Wallets section on your Koinly dashboard.
• Tap on the “Add Wallet or Exchange” and look for the particular wallet or exchange you use.
• Now, enter the API key of the wallet or exchange you use, and remember to paste only a read-only API key and not any other access.
• If the wallet/exchange does not support API, you can export your transaction as a CSV file and upload it on Koinly.
• After syncing, you can check and see that all transactions appear accurately. 

2. Review and Categorize your Transactions

Once you import all the transactions, it is important to review and categorize them properly. This helps you save time from all the mess if you miss out on one or more transactions while the tool calculates and fills out the tax forms for you.

Here are a few steps we recommend,

• Navigate to the Transactions section and review each entry.
• Ensure that Koinly has correctly categorized events as trades, staking rewards, transfers, or mining income.
• If Koinly flags missing or incomplete transactions, provide the necessary details to ensure accuracy.
• Use Koinly’s error detection feature to identify and correct duplicate or missing transactions.

3. Generate and Download Tax Reports

One of the best things about Koinly is the tool itself prepares the entire tax report for you. We have already imported the transactions; the only thing left to do is generate and download tax reports. The process is so seamless that it takes less than 20 minutes, and you have your tax reports ready to be filed without any hassle, all by yourself.

Here are the next steps on how you can generate and download tax reports,

• On your Koinly dashboard, click the Tax Reports option from the menu.
• Choose the relevant tax year for which you want to generate a report.
• Now, you get to choose the preferred account method (FIFO, LIFO, and HIFO) and also pick the currency and country for specific tax settings.
• Once done, tap on “Generate,” and Koinly generates reports that are compatible with IRS, HMRC, ATO, or tax software like TurboTax or TaxAct. You can also export your report as a PDF, Excel, or CSV file.

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Core Features – Koinly

Koinly offers various features, but at the heart of the tool are five crucial features that make Koinly one of the most reputed and reliable crypto tax software. Automated portfolio tracking, accurate tax calculations, error detection, support for DeFi and NFT, and customizable reports features not only make Koinly an easy and helpful tool but also reliable.

Let’s look at each of these core features in brief.

1. Automated Portfolio Tracking

Koinly streamlines portfolio management by automatically syncing data from over 400 exchanges, wallets, and blockchains. Once connected, it pulls transaction histories and categorizes them into clear, actionable insights. For example, it can distinguish between taxable trades and non-taxable transfers, saving users time and confusion. 

The real-time dashboard offers a bird’s-eye view of your holdings, profits, and losses across all platforms. This feature is invaluable for investors managing multi-platform portfolios, as it consolidates data into a single, easy-to-read interface. With automated portfolio tracking, users can stay informed about their financial standing without having to juggle multiple tools or platforms.

2. Accurate Tax Calculations

Koinly’s tax calculations are precise and fully compliant with global regulations. The software uses advanced algorithms to account for capital gains, losses, income, and staking rewards. Users can select accounting methods such as FIFO (First In, First Out), LIFO (Last In, First Out), or HIFO (Highest In, First Out), enabling tax optimization. Its tax engine also considers regional tax laws, ensuring that reports meet the standards of jurisdictions like the IRS, HMRC, and ATO. By automating these calculations, Koinly reduces the risk of errors, providing users with peace of mind during tax season.

3. Error Detection

Koinly’s error detection feature ensures that every transaction is accounted for correctly. It highlights missing or duplicate transactions, helping users resolve discrepancies before generating tax reports. For instance, if an exchange fails to log a withdrawal, Koinly flags it for review. This feature is especially useful for users dealing with high transaction volumes or complex activities like DeFi and NFTs. By identifying errors early, Koinly ensures the accuracy and reliability of your tax data, minimizing the risk of audits or penalties.

4. DeFi and NFT Support

Koinly excels at handling advanced crypto activities, including DeFi staking, liquidity pools, and NFT transactions. It automatically categorizes these activities, ensuring that taxable events like rewards and sales are captured. For example, staking rewards from Ethereum 2.0 or NFT sales on OpenSea are accurately logged and reflected in your tax reports. This feature is crucial for modern investors who engage in innovative blockchain technologies. Koinly’s ability to manage these complexities sets it apart from competitors, making it a leading choice among DeFi and NFT users.

5. Customizable Reports

Koinly allows users to generate tax reports tailored to their needs and local regulations. These reports include summaries of capital gains, income breakdowns, and transaction histories. The platform supports multiple export formats, such as IRS Form 8949, Schedule D, and HMRC-specific reports. It’s also compatible with popular tax software like TurboTax and TaxAct, ensuring seamless integration during the filing process. By offering customizable and detailed reports, Koinly simplifies tax preparation for both individual users and professional accountants.

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Koinly Integrations

Koinly offers various integrations from Exchanges, Wallets, Blockchains, DeFi, NFTs, and other tax software. These integrations make it easier for you to import all transactions and seamlessly create a single crypto tax report for you to file. The integration also includes tax software such as TurboTax or TaxAct, which are basically software for you to file such tax reports alongside regular tax and more, making it a much more convenient option. 

While Koinly and other crypto tax software have several wallet and exchange integrations, it is okay if you don’t find the ones that you use and manually upload the files. The tool still works great.

1. Exchanges

Koinly supports automatic syncing with major crypto exchanges like Binance, Coinbase, Kraken, Bitfinex, and many more. By integrating wallets using API keys, users can seamlessly import their transaction histories without manual effort. For exchanges without API support, Koinly allows CSV uploads, ensuring no transactions are missed. These integrations simplify the often-complicated process of consolidating trading data across multiple platforms. 

Whether you’re an active day trader or a long-term investor, Koinly’s exchange integrations offer the most accurate and comprehensive records.

2. Wallets

Hardware wallets like Ledger and Trezor, along with hot wallets like MetaMask and Trust Wallet, are fully supported by Koinly. Of course, alongside a lot of other mobile and desktop wallets. Users can link their wallet addresses to the platform, enabling automatic tracking of deposits, withdrawals, and transfers. This is particularly useful for investors managing cold storage wallets alongside active trading accounts. By squeezing wallet data into a single dashboard, Koinly ensures that all crypto activities are accounted for, regardless of where they occur.

3. Blockchains

Koinly integrates with major blockchains like Bitcoin, Ethereum, Solana, Avalanche, and Polygon, as well as lesser-known networks. This integration allows users to track on-chain activities such as token transfers, staking rewards, and smart contract interactions. By supporting a wide range of blockchains, Koinly caters to investors with diverse portfolios, ensuring every transaction is captured and categorized accurately.

4. DeFi and NFT Platforms

DeFi platforms like Uniswap, PancakeSwap, and SushiSwap, along with NFT marketplaces like OpenSea and Rarible, are supported by Koinly. The platform logs staking rewards, yield farming returns, and NFT trades, categorizing them as taxable or non-taxable events. This feature is critical for users involved in decentralized ecosystems, as it simplifies the complex task of tracking these unique transactions for tax purposes.

5. Tax Software

Koinly’s reports are compatible with popular tax filing software, including TurboTax, TaxAct, and Xero. This integration allows users to export their tax data in formats that are easily imported into these platforms, streamlining the filing process. By bridging the gap between crypto and traditional tax software, Koinly eliminates the need for manual data entry, saving time and reducing errors.

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Is Koinly Worth It?

Koinly stands out as a reliable, efficient, and feature-rich tool for managing cryptocurrency taxes. One of its primary strengths lies in its ability to automate tedious tasks, such as importing transaction histories, categorizing taxable events, and generating tax reports. For users with diverse portfolios spread across multiple exchanges, wallets, and blockchains, Koinly provides a seamless way to consolidate all data into a single platform.

The software’s precision in tax calculations is another reason it’s worth considering. By supporting various accounting methods like FIFO, LIFO, and HIFO, Koinly allows users to optimize their tax liabilities based on their country’s regulations. Additionally, its error detection feature ensures that discrepancies or missing transactions are flagged and resolved before filing, minimizing the risk of audits or penalties.

Koinly’s ability to handle complex crypto activities, such as DeFi staking and NFT trading, sets it apart from competitors. It’s one of the few platforms that comprehensively supports these innovative blockchain technologies, making it a valuable tool for modern investors. Furthermore, the intuitive interface makes it accessible to beginners, while advanced features cater to seasoned traders and tax professionals.

Finally, Koinly’s pricing plans are flexible and affordable, ensuring that users from all backgrounds—casual traders, long-term holders, and professional investors—can find a plan that suits their needs. For the time saved, accuracy guaranteed, and peace of mind provided, Koinly is undoubtedly worth the investment.

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Pricing and Plans: How Much Does Koinly Cost?

Koinly offers flexible pricing plans that cater to a wide range of users, from casual traders to professional investors managing thousands of transactions. Each plan is designed to accommodate varying transaction volumes and reporting needs, ensuring that users only pay for the features they require.

Free Plan

The free plan is perfect for beginners or those who want to explore Koinly’s capabilities without any financial commitment. It allows users to track their portfolios, sync wallets and exchanges, and review transactions. However, tax reporting is not included in this plan, making it more of a trial option than a comprehensive solution.

Newbie Plan ($49/year)

This entry-level plan supports up to 100 transactions. It is ideal for casual investors with limited trading activity who need basic tax reporting. Users can generate detailed reports that comply with local tax authorities.

Hodler Plan ($99/year)

Designed for long-term investors, this plan covers up to 1,000 transactions. It offers all the features of the Newbie plan with additional support for more complex portfolios.

Trader Plan ($199/year)

Active traders with up to 3000 transactions benefit from this mid-tier plan. It provides priority access to Koinly’s robust features, making it suitable for users who engage in frequent trading across multiple platforms.

Pro Plan ($299/year)

The Pro plan supports 10,000 transactions and is tailored for professional investors, tax professionals, or businesses handling high transaction volumes. You can also buy more transaction units, up to 100,000 transactions, and beyond that, you can contact the Koinly team to create a custom plan for you. The Pro plan includes all the premium features, including priority customer support and advanced reporting capabilities.

Koinly’s pricing is competitive compared to similar platforms, and the tiered structure ensures that users only pay for what they need. All the premium features are available for the lowest to the highest-paid plan on Koinly. Additionally, users can upgrade their plans at any time, providing flexibility as their transaction volume grows.

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Contact Koinly: Help and Support

Koinly excels in providing reliable and accessible customer support, ensuring that users receive prompt assistance whenever they face challenges. The platform offers multiple channels for help, making it easy to find solutions whether you’re a first-time user or an experienced crypto investor.

Help Center

Koinly’s Help Center is a comprehensive library of articles, guides, and FAQs that cover everything from getting started to advanced troubleshooting. The content is well-organized and searchable, allowing users to quickly find answers to common questions.

Email Support

For more personalized assistance, users can contact Koinly’s support team via email. Response times are generally quick, especially for paid plan users who receive priority support. The team is knowledgeable and capable of resolving complex issues related to integrations, tax calculations, or data discrepancies.

Community Forums

Koinly hosts an active community forum where users can share tips, ask questions, and discuss their experiences. It’s a great resource for learning from other crypto investors and staying updated on new features or changes in tax regulations.

Priority Support for Pro Users

Users on the Pro plan enjoy dedicated, priority support. This ensures that their queries are addressed swiftly, making it ideal for professionals or businesses with time-sensitive needs.

The availability of multiple support channels reflects Koinly’s commitment to user satisfaction. Whether you’re troubleshooting a data sync issue or seeking guidance on tax optimization, Koinly’s support system ensures that you’re never left in the dark.

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When to Use Koinly?

Koinly stands out among crypto tax software due to its unmatched integrations, advanced features, and user-friendly design. It’s the go-to choice for anyone looking to simplify their crypto tax process, especially for users with complex portfolios that include DeFi, NFTs, or multiple exchanges and wallets.

When to use Koinly:

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Conclusion: Is Koinly the Best Crypto Tax Software?

Koinly is a standout solution for simplifying the complexities of cryptocurrency taxation. Its ability to automate key processes—like importing data, categorizing transactions, and generating tax reports—saves time while ensuring compliance with tax laws worldwide. Whether you’re a beginner exploring crypto investments or a seasoned trader with a complex portfolio, Koinly adapts to your needs with precision and ease.

What sets Koinly apart is its extensive integrations with over 400 platforms, robust support for advanced activities like DeFi and NFTs, and customizable accounting methods like FIFO, LIFO, and HIFO. Its intuitive interface and error detection feature further enhance the user experience, providing confidence that your tax filings are accurate and complete.

For global users, Koinly’s compliance with tax regulations across jurisdictions like the IRS, HMRC, and ATO ensures that it meets international standards. Its flexible pricing plans make it accessible to a wide range of users, from casual investors to professional accountants managing large transaction volumes.

By bridging the gap between the technical complexities of blockchain and the requirements of tax authorities, Koinly has established itself as a trusted partner for crypto investors. If you’re looking for a reliable, user-friendly, and comprehensive crypto tax tool, Koinly is undoubtedly one of the best options available today.

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FAQs About Koinly Crypto Tax Software