CoinTracker Review 2024: Crypto Transaction and Tax Tracking

What Is CoinTracker?

Founded in 2017, CoinTracker offers two main features: cryptocurrency wallet tracking and cryptocurrency tax preparation. You can sign up and get started for free, but using all features, including most tax preparation needs, requires paying a hefty price.

The dashboard shows information about your crypto assets, including real-time prices, historical data, deposits, withdrawals, market caps, and performance details. You can track and view by coin (e.g. Bitcoin, Ether), by wallet, or across your entire portfolio in a single view.

CoinTracker claims more than 1 million users, and those located in the United States, Canada, and Australia can use the straightforward tax preparation features. You can use CoinTracker for your taxes for free if you have 25 or fewer transactions. More activity requires paying to get your tax forms, including the detailed Form 8949 with all cryptocurrency activity.

What Does CoinTracker Offer?

If you have a cryptocurrency portfolio, CoinTracker.io offers a useful feature set. Here’s a closer look at what stands out.

Transaction Tracking

CoinTracker provides 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 500 wallets and exchanges, including Coinbase, Binance, Ledger, and TrustWallet. 

Currently, CoinTracker offers tracking support for around 10,000 crypto assets, so this platform will likely support your entire crypto portfolio. It also partners with platforms like OpenSea to ensure wide support for NFTs.

Tax Compliance

CoinTracker helps you stay tax compliant. When it is time to file your taxes, you can generate your tax package and download it in just a few minutes. You can upload or import your forms into your main tax software for your income taxes, including TurboTax and TaxAct.

The platform automatically utilizes the cost basis accounting method to allow for seamless tax-loss harvesting. The increased visibility into these details can help you make more intelligent trades to minimize your tax liabilities.

When building your cryptocurrency portfolio, staying tax-compliant is critical. It can be complex to track these details on your own. CoinTracker takes care of this chore for you.

Crypto Currency Fee Tracking

Anyone who's traded crypto knows that fees can be expensive. You may pay a combination of exchange fees and network fees (e.g. Ethereum Gas) when entering trades and conversions.

With CoinTracker, you can easily see the fees you pay per transaction and exchange. This information can help you adjust to minimize crypto asset trading costs.

Mobile App

CoinTracker is available on the Apple App Store and the Google Play Store. With the mobile version, you can quickly check in on your portfolio and real-time crypto prices on the go. 

The mobile app is highly rated by users, earning 4.7 out of 5 stars on the Apple App Store and 4.2 out of 5 stars on the Google Play Store.

Are There Any Fees?

The only downside of CoinTracker is that it can be extremely expensive if you have a large number of transactions. Here’s a look at pricing for taxes and portfolio tracking plans.

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

For portfolio tracking, you can create an account and track your currencies for free. But to get more detailed data, you must pay up to $99 monthly.

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 an excellent option.

Koinly is also competitive with CoinTracker’s offerings and is a crypto tax software favorite.

Here 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 setup 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 CoinTracker 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 set up 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 generally comfortable working with CoinTracker.

As with all financial apps, using a unique password and following cybersecurity best practices is critical to keep the digital bad guys out of your accounts. If your crypto wallet or exchange account is hacked, you’ll likely lose all assets with no way to get anything back.

Is It Worth It?

CoinTracker is our favorite overall cryptocurrency tracking platform, going head to head with Koinly as a top choice. Because plans quickly add up to hundreds or thousands of dollars per year, it’s up to you to decide if CoinTracker is worth the cost.

CoinTracker Features