Koinly is an online crypto tax platform that keeps tabs on all your cryptocurrency transactions and helps you create tax returns that conform with applicable regulations. Generally, it streamlines the process of tracking your cryptocurrency transactions, such as buying, selling, mining, staking, lending, and receiving airdrops, allowing you to connect all your wallets in one place.
Keep reading this article for an overview of Koinly and its pricing.
How does Koinly Work?
Bring in your financial data first. Koinly supports the import of API keys from a user’s wallet. You may also import a CSV file from a wallet or an exchange into Koinly.
Koinly facilitates instant cryptocurrency trading and more. It computes numbers from mining, staking, margin trading, lending, and borrowing operations. Basically, it’s like a crypto tax Swiss army knife. All imported calculations must then be checked. No-cost synopsis. Keep tabs on your bitcoin holdings everywhere you may be using this handy tracking tool.
After purchasing one of Koinly’s tax report packages, you may export the reports to Excel and then file your taxes manually or with TurboTax. Koinly creates Schedule D of Form 8949. Additionally, Koinly can make tax forms for the US Internal Revenue Service (IRS).
Here’s a good Koinly review video about Koinly tax software
Koinly’s crypto tax software prices vary depending on your version.
There is no fee to use Koinly’s Free tier. The free version of Koinly offers all the features of the paid version except for the ability to generate tax reports.
Your entire cryptocurrency holdings (up to 10,000 transactions) may be imported from exchanges and wallets. However, only a portion of your capital gains can be seen on the app. You can do your tax calculations with Koinly for free, but you’ll need to buy software to complete and submit them.
New Members May Join for Just $49 Per Year
Using Koinly for a year will set you back $49. The Newbie version of this program has in-app tax filing capabilities. Koinly’s free edition only allows you to keep track of up to 100 crypto transactions.
The tax cost analysis and custom file imports for your cryptocurrency holdings are only available in the paid edition of the app. If you only make a handful of deals per year and prefer to have your taxes filed mechanically, this is the best option.
Price: $99 (Hodler) / $179 (Trader)
Koinly has two paid tiers: Hodler and Trader. Hodler has the same capabilities as Newbie, except that instead of 100, you may import 1,000 crypto transactions. The annual fee for Hodler is $99. Tracking trades is unlimited, as is the email help provided to traders. If you trade cryptocurrencies frequently, it may be worth the $179 per year to upgrade to Koinly’s Trader version.
Is Koinly legit?
Koinly is a legitimate company, but even if that weren’t the case, you wouldn’t have to worry about your money being stolen due to hacking assaults since you utilized Koinly.
Generally, Koinly uses your API credentials to access your Exchange account data, but it cannot execute trades or withdraw funds on your behalf. Consequently, a hacker who intends to corrupt the Koinly platform does not have access to the same option.
We hope you enjoyed our Koinly review. You might also like BullionByPost review.…