Koinly Reviews

Terrible supportand guidance from Anders in support VEN balances were showing up when there was none balances of coins I sold of long time ago kept showing up tried support and documentation was very useless short answers just saying is an issue of the exchanges I actually tried CoinTracker and Accointing and they were better solutions and did not have any of these issues even though Koinly assured me was in the exchanges Avoid this Koinly scam

Overall I ve had many issues with this software The API and CSV files not correlating and the support team are next to useless The EOY reports are not usable In discussion on how to get a refund Please don t bother with this trash software

Haven t addressed the basics Transactions costs are attributed to coin purchase and therefore not immediately claimable as a transaction cost Example Coinbase deduct a transaction cost however this product identifies as coin cost raising the initial purchase price and ignoring the transaction cost Very poor implementation for a tax summary product

Customer support in the forums is non-existent They simply aren t responding to any queries Each day new questions are posted by users but they go unanswered The general sentiment on the forums is that users are frustrated from the lack of engagement by customer support They haven t issued any statements saying they are backed up so the only conclusion left is that they are ignoring users on purpose

I tried Koinly and it did not separate purchases from income It also could not find the first purchase BTC for four others and they were in the exchange They would not refund my money Saying I only had 7 days BUYER BEWARE Those that reviewed below are obvious fakes and either from Koinly or paid by them Now I am even more disappointed in Koinly

IMPORTANT NOTE I ve been waiting in some cases 6 hours and in another case 1 day for a response from Koinly to these issues which I wrote them over chat They simply do not respond And yet when I put up my review here on Trustpilot they posted a reply almost immediately So they think it s more important to manage social media than to help customers Pretty disgusting Read on for my report I see the other good reviews here but I do not understand them when stacked up against my experience Maybe Koinly was once good but has fallen apart This is a long and detailed report The main points on 1 In doing my 2021 crypto taxes on two different days their site changed the amount of capital gains they say I made with the second report being 5 times the amount of the first report 2 I was severely overcharged by over 500 3 Customer support is almost nonexistent The only way to reach anybody is by chat If you post something on chat you may hear back the same day but that s very unlikely So far never have I heard back the same day I don t think anyone works there most days And the answers have been unsatisfactory I don t think the support people are trained And of course if you have a follow-up question you lose another 24 hours I was in a tax crunch so the delays were terrible I suspect that maybe the company once had support people ran into financial difficulty and then let most of them go Now the more in-depth review The software couldn t account for many of my crypto trades even though APIs had been established Maybe it would have been the same for Cointracker Many of my friends use that As noted above on one day the software said I made 5 times as much as it said I made the previous day meaning my tax burden was suddenly 5 times more Was the first statement true The second one Neither How would I know But the amount of gains reported should never change especially by 500 By the way if someone from Koinly later responds and disputes this of courses I took screen shots of everything and can prove everything in this post On to money problems In my case I paid 99 for a 2021 plan in March of 2021 Well I had a lot of transactions in 2021 so the bill was really 279 However they wouldn t apply the 99 to the 279 because they said that the plan I paid for in March of 2021 was for 2020 even though that was never stated I didn t even use Koinly ever until early October of 2022 But if that s not bad enough Today their 279 bill changed to 449 No explanation was given And the 279 plan should have easily covered the amount of trades I made According to their website 279 covers 27 000 transactions According to their accounting I had just over 6 000 trades I logged out and logged back in and now the price was 279 again Anyway I had spent SO many hours inputting the data for my tax report that I had no choice I paid the 279 Here comes the rip-off So I then went to print out my tax reports but the system wouldn t do it unless I paid ANOTHER payment this time of 479 Even though I had just paid 279 for 27 000 transactions and I had 6 000 transactions I immediately wrote customer support and never heard back It s been about 6 hours since I wrote them So what did I do My accountant needs those tax reports So I paid the extra 479 and got a message that I needed to pay even more this time 170 more So I logged out and logged back in and then I could finally print out my tax reports But as I said the amount of profit it said I made was 5 times what their tax system reported I made the day before And I can tell you that this second report the 5X one is way off I just checked my credit card The two payments haven t shown up yet When they do I ll have my credit card company reverses the charges and if they fight it I will show them screen shots from their own website showing 1 The 5X discrepancy in capital gains statements between the two days and 2 The statement on their site that 279 gets you accounting for 27 000 trades 3 The statement on their site that I had 6 000 trades 4 The proof that I paid 279 5 Their demand for an additional 479 which I paid to get my tax report 6 My proof that I had already paid 99 back in March Every problem I ve listed here and every screenshot documenting the various problems have been sent to Koinly But they never responded As noted I think they don t have anyone working customer support most days They even emailed me after I first published this review and asked me to reach out immediately I did and again no response There s simply no one there I figure that they outsourced social media to another company and someone from that company is the one who responded to this review In summary now I know why my friends use Cointracker

No body likes tax time I actually pay my accountant very well to address my more complex needs but even he wants to have something like Koinly to help figure out the crypto component of my investment portfolio Like others I have more than one broker institution that I deal with However I had trouble even with one I have both a personal account and a corporate account I wanted a report for each from one institution only I tried to keep it simple Even describing this they thought I was trying to comingle my accounts How hard is it to understand that I need a report for my personal crypto acct and one for my company that are 2 different accounts that I want to keep separate Twice they said they did not recommend I do that comingle Hello I just told them 3 times that was not what I was trying to do but Koinly comingled them each time following their recommendations I know everyone gets stuck at tax time and not everyone is super savy when it comes to computers or types of files That is why customer support is so important I am better than most but not a programmer or I would have done it myself Again I know that at the busiest time of year for support there are not enough properly trained people for such a complex system but that is your system Even though I was handed off to a more advanced support person after a few days it still took chat support which was the only support available about 2 days to respond each time And usually they did not read the whole comment and questions and therefore I never got what I paid for Just saying it should not take tech support more than 2 weeks to help me My taxes now are late I over paid to not get the tax man upset My accountant has to send a second filing because now we past filing deadlines You guys know you don t want the govt trying to figure out something so confusing that Koinly is not getting it right So if I get audited I will be happy to ask koinly to pay for my accountant fees PS over 10 000 normally I really hope Koinly learns how to integrate AI to handle 90 of people s issues and then the harder ones they can have real people help them in a timely mannerTo date I still don t have my crypto return in order Koinly I would like to work with you to resolve our issues Please use Trustpilot s Find the Viewer feature to reach me

CSV file is not formatted to where turbo tax accepts it and won t upload

I find it hard to believe anyone giving this company a 5 star I cant really blame them but I will anyways let me explain SO I have a lot of transactions and KOINLY after you put in a certain amount of transactions stops adding them so u cant tell what your profit and loss is SO I ended up paying about 1 000 dollars to use this software which is a total joke I was pretty much forced to do it after investing all the time it took to upload all my wallets and such Koinly is garbage but apparently the free software Taxbit supports practically no wallets at all So after I paid for first round of transactions Koinly has a offer that pops up for 15 off LOL which really pis ed me off cause if u have half a brain you realize how does that do me any good at all when I can use the 30 off coupon Its just there way of saying hey we know your trapped into using this so were goanna rub it in tour face just to pi you off a little bit more Its absolutely ridicules crypto traders are expected to gothrough this every year not only going through this crap but to have to pay insane amounts of money just to get taxes done YOUd think the regulaters would try and make it easy if they want there share of our gains but no gotta say though its a pretty good trap Koinly gets you stuck in Im guessing all the other crypto tax sites are no different

I decided to try Koinly after receiving a promotion that allowed for a free tax report for any of their tiers I signed up with the code fine I went to use it a couple of weeks later I got told I d have to upgrade my plan to get a tax report It said I needed a trader account even though I used their sign up code which made me eligible for a free trader account I feel like they are intentionally being misleading because after you invest a lot of time setting up your wallets that s when they hit you with a actually you have to pay Their support was not helpful The first answer I got was a copy paste job that didn t answer my promotion question and just told me I would have to upgrade my account After asking again they didn t say why the promotion wasn t upheld they just said they could give me 50 off They never directly answer my questions and stopped replying after the second response I wouldn t recommend because I feel they are trying to squeeze money out of people