Best Crypto Trader Tax Report Tools

On this page we want to share the best crypto tax tools we know so far. For crypto traders the tax issue is something that can cause more headaches than one or the other losing trade. If you don’t know much about tax on cryptocurrency trades, Tax likely feel like a big unknown monster hiding somewhere in the woods close to you, watching you with dangerous sparkling eyes. When it comes to money it’s important to always know where you stand, always know all factors that influence your finances in order to really know how much you have.

A trader is like a business owner, who has to keep an eye on all his expenses and tax as well as on his turnover. Especially when it comes to crypto trading you need to know how much money you need in fiat at a certain point in the future when the taxes are due. And if you are trading a lot, and you want to make everything legally correctly, then you it can be difficult or an unwelcome extra effort to make those tax calculations on the side all the time. Presumed that you actually know how it works in your country.

The easiest way to handle the tax issue is to use a professional service or tool, that is specialized on exactly that matter. In the last few years such services where founded due to the rise of the crypto trading branch, especially during the bullish run towards the parabolic bubble in the end of 2017. There are a lot of websites and services out there, but in the field of crypto there are a lot of shady services and scams, so we try to separate the wheat from the chaff.

Below you get to know the 4 crypto tax report tools we consider worth mentioning at the time of writing this article:

#1 Koinly (with Free Trial Account)

Koinly is a portfolio tracker and tax calculator tool that makes calculating annual gains and losses simple for every user.

With support for hundreds of countries, thousands of cryptocurrencies, and easy integration with some of the most popular exchanges available, this platform is one of the best to turn to when tax season rolls around.

Let’s take a closer look at some of the features that you can expect to receive when you use Koinly.

Koinly – Supported Countries

• USA
• Canada
• Australia
• UK
• Sweden
• Denmark
• Ireland
• New Zealand

It’s important to note that the countries listed above are only a few supported by Koinly (that are visible on their site). The platform supports over 100 countries. Those who are interested in using the platform but do not see their country listed in the “Support Countries” tab can reach out to Koinly to learn more about what services are provided in their area.

Supported Brokers / Exchanges

From what can be seen on their website, Koinly supports major exchanges like:

• Binance (incl. Margin trades)
• Coinbase
• Coinbase Pro
• Gemini
• Poloniex
• Bitstamp
• Bittrex
• Kraken (incl. Margin trades)
• Bitfinex (incl. Margin trades)
• BitMex
• Idex

However, this only begins to scrape the surface of their full support. If you do a little bit of digging, you will find that Koinly supports a staggering 339 exchanges, 73 wallets, over 6,000 blockchains, and 9 services. You can learn more about all of the items that they support on their integration page.

Koinly Pricing

When you first join the Koinly platform, you are given a free-trial that only expires once you choose to export your tax documents.

When you need to download these documents, you have a choice of the Hodler plan, which costs $79/year and gives you up to 300 crypto transactions, the Trader plan, which costs $179/year and gives you up to 3,000 crypto transactions, and the Oracle plan, which costs $399/year and gives you up to 10,000 transactions. The latter two plans also feature improved support and additional features that experienced traders might need.

It’s important to know exactly what users receive with their packages as well. Koinly features an easy signup process, quick data importing through the use of API keys, public keys, or CSV files, quick capital gains/loss analysis as well as asset tracking and assigning (income, lost coins, airdrops), report forms for major types like the FBAR, K4, Form 8949, and Schedule D, and the ability to export forms to major tax software providers like TaxAct, TurboTax, and Xero.

Koinly also comes with additional features like tax-loss harvesting, tax impact capabilities to help you understand how trades may affect your annual dues, and audits reports designed to protect users in the event of an audit.

Overall, this platform provides affordable, comprehensive coverage that can be difficult to find in similar products.

Tax Reports

Koinly allows you to download Form 8949, Schedule D along with a Comprehensive tax report. They also support turbotax online and cd/dvd version. Koinly also caters to international investors and allows downloading specialized reports for Norway, Sweden, UK, Ireland and others. This is alongside their dashboard which shows you reports for any of the years.

Do they Report to the IRS?

It does not appear as though they report to the IRS. You can learn more about how your information is stored and used in their privacy policy.

#2 Cointracking.info

This comprehensive crypto trader tax report tools is the most complex one out there when it comes to tracking cryptocurrency trading activities and the related tax reports.

Traders can import data from 54 trading platforms including sites like Cobinhood, KuCoin, Hitbtc or cryptobridge, just to name a few. The platform not only lets traders keep track of all their trades, no matter from which platform, cointracking.info also provides price trend overviews and of course it perfectly prepares your trading and income data for your tax reports.

Cointracking.info supports all cryptocurrencies out there, which are already way more than 6,000 altcoins.

What we especially like about this massive crypto tracking tool is their great user dashboard that gives a great overview of your portfolio in the form of very vivid charts and circle graphs.

This program made in Germany is literally able to manage everything for you when it comes to keeping track of where you stand financially in terms of cryptocurrencies.

They even have special service features such as email alerts about rising or falling coin prices concerning the ones you own.

Supported Countries

In your account settings you can choose your country out of a long list which looks like it contains all countries on this planet. Also you can choose between all major fiat currencies of the world, so the program can be used for more or less any country. So we’d just shortly say “all countries”, without warranty.

Supported Brokers / Exchanges

Let’s make it short: ALL brokers, such as..

• Bitfinex
• Binance
• KuCoin
• Bittrex
• Cobinhood
• Cex
• Cryptopia
• Hitbtc
• Kraken
• and all the others

Pricing

There are two plans available. The Pro Plan is kind of the regular plan for average traders and investors, while the Unlimited Plan is designed for professional investors, as they call it. You can check out the details on their website. The prices look fair compared to the service you get. Just think of the usual rates of accountants or tax software in general, then you’ll notice that Cointracking’s pricing is absolutely fair.

Cointracking.info – Supported Countries

USA, UK, Germany, Netherlands, Canada and Australia are supported by default. However, the smart program is designed to suit any country’s tax situation as you can adjust the tax rate that will be used for the calculations. So you just need to know your country’s tax rates for cryptocurrency gains (short-term and long-term rates might vary).

Since we have a review about cointracking.info on our site, we’d like to suggest you have a look at it here so we don’t need to get into more details again.

Do they Report to the IRS?

In your account at cointracking.info you don’t need to tell your real name or provide any personal information, so the accounts can be used anonymously in case you choose to pay with BTC or altcoins. If you pay with paypal or credit card of course the account will be linked to your real name. But you can see that the service obviously doesn’t have any interest in reporting their clients to authorities, and with anonymous accounts it even wouldn’t be possible, especially if you’re using a VPN before you use the platform. Anyways, it’s a German company that has nothing to do with the US IRS.

#3 CryptoTrader.tax

This smart tool also allows you to import your crypto income and trades into the program where your gains and taxes will be calculated.

The program will also prepare the tax form, so you literally have no effort at all with the boring and time-consuming calculations since you will just spend a few minutes using the cryptotrader.tax service program, and not hours by doing everything on your own by hand.

So CryptoTrader.tax has only those key functions without any additional features, so compared to Cointracking.info it’s very basic but it does the job.

Cryptotrader.tax – Supported Countries

The program is suitable for any country. In your account settings you can choose between a wide range of fiat currencies, so likely the one of the country you live in will be represented. The fiat countries of the following countries are choosable, so obviously you will be able to calculate your tax for those regions:

• USA
• Australia
• Brazil
• UK
• Europe
• Norway
• Sweden
• Poland
• Denmark
• Hungary
• Hong Kong
• Czech Republic
• Turkey
• India
• Japan
• Malaysia
• Taiwan
• Singapore
• Israel
• Russia
• Saudi Arabia
• South Africa
• South Corea

How does Cryptotrader.tax work?

The program is very easy to use. First you sign up by just providing a name and password. That’s it. They don’t want to know anything else from you.

Then you just follow 3 simple steps.

Once you’ve signed up and are logged in you are asked to set the basic information which is the fiat currency of your country, your time zone and you need to select the crypto brokers you’re trading on. Cryptotrader.tax supports trade export files from Binance, Coinbase, Coinbase Pro, Gemini and Poloniex.

If you’re also using other trading platforms you can still import that data but you need to prepare the CSV file correctly so the program can process the data. Here is how it works to prepare the CSV.

The second step concerns your crypto transactions outside of trading. So if you’ve got any incoming or outgoing transactions from your cryptowallets that have nothing to do with transfers from or to the brokers for trading purposes, then you need to add those entries in the second step that is calles “Add Transactions” section. There a list will be generated with the data you have to provide per income entry, such as the cryptocurrency and the amount, additionally a timestamp for your entry will be created and each entry will be labled the way you defined it. Such as “income”, “gift”, “mining” or wherever the money might come from.

The third step is to import your trades from the exchanges/brokers. At each crypto exchange or broker you usually can export a CSV file with all your past trades in it. No need to fill in hundreds of trades somewhere manually.

Afterwards you can review your trades with all the details like exchange, the type, the coins you’ve traded, the amount after fees etc. When you’ve checked this and the table looks fine, than you can already pass through the fifth step which is the creation of your report.

Supported Brokers / Exchanges

• Binance
• Coinbase
• Coinbase Pro
• Gemini
• Poloniex

In case you’ve used other trading platforms you need to prepare a CSV with the right data structure.

CryptoTrader.tax Pricing

The cloud SaaS has a very simple pricing consisting of a free version and a payed subscription. The difference is of course in the features you’re offered. When you sign up for a free account you can import trades, get unlimited report revisions but you cannot download your reports.

When you pay the $39.99 for the payed plan you get your income report and you can export the IRS tax form. Also, you can export your data for your tax accountant if you have somebody who will fill your tax form for you.

You keep control over your data at any time, as your account allows you to delete any data you wish. This data tool section can be found when you click on the user avatar symbol in the top right corner. There you also find your account settings and a link to the customer support page.

Speaking of their customer support, the easiest way to get in touch with the service is to simply use the live chat window you find on the right corner on the bottom of the website.

Do they Report to the IRS?

To the question if crpytotrader.tax will report their users’ data to the IRS, they clearly so No.

#4 Bitcoin.tax

This platform’s approach is again a bit different than in the case of the foregoing ones.

Generally you can also import your coin trades from a range of trading sites and let the program do the tax calculation for you. Additionally, with this crypto trader tax report tool you can import your mining rewards from wallet addresses or CSV.

Additionally you can also monitor individual wallet addresses and of course the program manages the IRS form 8949 for you so you don’t have any hustle with filling out the tax report.

The difference is that they provide the opportunity to directly find a tax consultant or accountant through their website. You should keep in mind that all those tax calculating platforms don’t replace professional accounting advice for individual cases. So you might still need help for accounting or regarding your tax declaration, and that’s what Bitcoin.tax is designed for.

Supported Countries

• United States
• Australia
• Canada
• NewZealand
• Germany
• UK
• Sweden
• and others

Bitcoin.tax is able to calculate the crypto tax for Germany, UK, Sweden, Australia, Canada, NewZealand and the United States in the first place. But it will also work for other countries.

Additionally the platform provides a Tax Professional Directory for further tax services like attorneys for tax advice or tax planning. Of course, only Bitcoin tax professionals are listed in the directory.

The platform is also targeting tax professionals and accountants who can use it to calculate the crypto numbers for their clients.

Supported Brokers / Exchanges

• Binance
• Bitfinex
• bitFlyer
• BitStamp
• Bittrex
• BTC-e / WEX
• CampBX
• Cex.io
• Circle
• Coinbase
• Coinbase Pro (GDAX)
• Cryptopia
• Gate.io
• Hitbtc
• Kraken
• KuCoin
• Liqui.io
• LocalBitcoins
• Payful
• Poloniex
• Uphold
• VorWox
• and others by manually prepared CSV

Bitcoin.tax Pricing

Regarding what you get, their pricing looks quite reasonable. The normal plans will suit most users. But even the high volume plans aren’t expensive when you think of the massive data a day trader can create over a year and all this gets processed by the service. Looks quite fair. Also think that financial services always have their value and price.

Do they Report to the IRS?

In their terms they state that they will only share user data with third parties when they have a user’s consent. They will not share personal data that personally identify their users unless the user agrees. So they don’t seem to proceed their user data to any authorities.

That would also be pretty stupid for a company in that area. They would have a hard time to get new clients if such a breach of confidence would come out.

Cryptocurrency-tax.info – Find Out Your Country’s Crypto Tax Rate

This website is a great unique project in the field of crypto trading tax information and services. It provides an interactive map about tax rates so you can find the tax rates of your country by just clicking on it. By clicking on a country, the map zooms in and a info box gets opened answering questions such as “what is the tax category?”, “How much is the tax rate?”, “Which tax events are taxable?”, as well as if there are any special tax rules and more. So you might need this map when using one of the services mentioned above, in case you aren’t from one of the countries they support.

The use of this map is entirely free. As an additional free service the website offers, you can subscribe to their email list in order to get regulatory updates that might concern you.

So that’s the 4 websites we can recommend. We hope one or the other will be helpful for you. The good thing is you can signup for free and simply check them out.