Koinly Reviews

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koinly.io
3.67
127 reviews
Great Rating
Based on 127 user experiences

Rated 3.67 out of 5 by 127 Happy Customers

47.2%
15.7%
10.2%
10.2%
15.7%
All 5 ★ 4 ★ 3 ★ 2 ★ 1 ★ 😊 Positive 😐 Neutral 😞 Negative Reset Filter
H

Idea is great but the reality is

Idea is great but the reality is painful - Most of the exchanges are not yet integrated with Koinly then CSV data importing is required to Koinly for those exchanges- Most exchanges have limited exporting of CSV data- CSV data you get from the exchanges may not be what Koinly requiresTo solve CSV data conversion to Koinly one needs to be a programmer Even when they are solved the reports obtained from Koinly is not what your tax office want This is especially true for Finnish Tax office You may have to do changes to excel reports you get from Koinly code formulas in excel to get the data you need for the Tax report In a nutshell you may not get what you paid for Simple report that is actually needed by your Tax office Disappointed Giving 2 stars just because Koinly support is responsive
C

Interface Good Syncing Horrible

The interface is good but Koinly seems to have difficulty reconciling transactions The errors I ve spent the last several days solving should never have occurred Problem 1 Fee Sources IncorrectIn many transactions Koinly counted fees against the wrong currency For example I paid 2 99 USD transaction fees on BTC transactions Koinly s software attributed the 2 99 to BTC so I had to go through and fix a number of transactions 2 Quantities Parsed IncorrectlyKoinly parsed a number of balance changes incorrectly and it wasn t rounding issues I found a number of transactions where I purchased an amount of crypto but the amount Koinly parsed wasn t correct and there was no possible reason for the discrepancy amount I thought at first that it was a fee amount but the fees never equaled the discrepancy or in some cases there weren t fees on the transactions I used Koinly for my 2022 taxes and spent some time fixing the transactions but it s the same thing all over again I spent the entire weekend fixing transactions and I m still not done I signed up for an account with a competitor and that platform didn t have any problems I would use the competitor my my 2023 taxes but I made the mistake of already paying Koinly for 2023 I won t make the same mistake for 2024
D

Warning to repeat customers

The first year was great and the report itself is really good Based on my first year I would give them 5 stars The issue is that the pricing continues to increase every year based on your past transactions So you re effectively paying them for all your past years and this starts to become very unaffordable when you take into account that crypto platforms like Swyftx were paying interest on some currencies on a daily basis which 1 transaction So now I m forced to an incredibly inflated price more than 3 times what I paid last year and due to the confusing interface I have been overcharged and am still waiting to hear back from their customer service team Given all this I will be seeking a more affordable solution
H

Still not sure what the best method for

Still not sure what the best method for me to use is time consuming to check all transactions
D

I m going to be fair and constructive

n b This is from the perspective of a UK tax payer If you only have buys and sells on exchanges or in Ethereum ERC20 wallets then koin ly is 4 5 stars Some very minor issues may still prevail for basic users but it works As soon as you get into any of the following Liquidity pools Staking anything BSC Binance Smart Chain etc then you will likely experience significant issues - the sort that either involve heavy manual intervention or that just cannot be addressed currently Ultimately issues that will make you seek alternative tax platforms My overall guess assessment speaking as an advisor to many SME s of their current situation would be as follows Koinly cannot keep pace with the growth of the market users instruments that they find themselves in Development is slow There is no timely support available Ask a difficult question ie a failing in their platform missing feature etc and you will ultimately just be ignored Doesn t mean they won t get there just that they re not there yet Remember under-funded and under-resourced doesn t unsuccessful So if they are watching trustpilot I would have just one request - share your deliverables timeline for the world to see Or ignore me
A

Everything was ok

Everything was ok Was quick and easy Priced excessively Not happy on that one
H

Kinda expensive

Kinda expensive but really easy to use over all Made cleaning my crypto earnings simple
M

Great software but when the API data

Great software but when the API data does not pick up the cost of an asset bought or transferred I am unable to correct the purchase cost of my assets My tax report says missing purchase history for several hundred thousand dollars worth of assets I paid for and will be liable for gains on the full sale value Fine I thought I will just edit the value of the missing history assets from zero to the price I bought them at I have spent hours trying to edit the data but it just wont let you I am due to submit my tax return but cant as I will be liable for gains on zero cost allocations I just cant seem to correct This software need to have some kind of override or be more flexible so you can allocate costs Anyone know how to simply add the cost of an asset so when you sell you are not paying gains on the total sale or exchange value
J

It was good to see my transaction

It was good to see my transaction activities when I loaded everything up from my money exchanges It is all very complicated and would like to speak to somebody on the phone call But this does not seem to get any traction on request
G

Using Nexo csv did not import correctly

Using Nexo csv did not import correctly due to requiring the date adjustment which indicated conversion but actually was transfer Karim corrected the date issue but now the tax report is unreadable and is jibberish aka still code Waiting for a response to file my taxes

About Koinly

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Frequently Asked Questions

Koinly is a specialized software platform designed to simplify cryptocurrency tax reporting and portfolio tracking. It automates the aggregation, calculation, and reporting of crypto transactions by securely connecting to a user's exchanges, wallets, and blockchain addresses. Its core purpose is to help users save time, reduce errors, and ensure accurate tax compliance.

Koinly calculates taxes by syncing your transaction data and applying specific tax rules, such as FIFO (First-In, First-Out), LIFO, or HIFO, which can be selected based on your jurisdiction. It integrates accurate historical price data for thousands of cryptocurrencies to determine cost-basis and automatically computes capital gains and losses from trades, staking, DeFi activities, and other transactions.

Yes, Koinly prioritizes security. It uses read-only API connections for exchanges and wallets, meaning it cannot withdraw or move funds. Data is protected with bank-level AES-256 encryption, and the platform is compliant with GDPR regulations. Your private keys are never accessed or stored.

Koinly supports a wide range of transactions, including standard trades, deposits, withdrawals, staking rewards, DeFi transactions, NFT purchases, margin trading, lending, liquidity pool contributions, and airdrops. Its algorithms are designed to handle these complex activities for accurate tax reporting.

Koinly supports integration with over 700 exchanges, wallets, and blockchains. This includes major platforms like Coinbase, Binance, Kraken, and MetaMask, as well as numerous DeFi protocols and hardware wallets. You can connect via read-only API keys or by importing transaction history files.

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About Koinly

Koinly: A Comprehensive Cryptocurrency Tax Platform

Koinly is a specialized software platform designed to simplify the complex process of cryptocurrency tax reporting and portfolio tracking. It serves as a critical tool for individual investors, traders, and accountants navigating the increasingly regulated world of digital assets. By automating the aggregation, calculation, and reporting of crypto transactions, Koinly aims to remove the significant manual burden associated with tax compliance, helping users save time, reduce errors, and ensure accuracy.

Core Functionality and Features

The platform operates by securely connecting to a user's cryptocurrency exchanges, wallets, and blockchain addresses via read-only API keys or by importing transaction history files. Once connected, Koinly's engine automatically syncs and categorizes all transaction data, including trades, deposits, withdrawals, staking rewards, DeFi transactions, and NFT purchases. Its powerful algorithms calculate capital gains and losses according to specific tax rules, such as FIFO (First-In, First-Out), LIFO, or HIFO, which can be selected based on the user's jurisdiction.

Key Features Include:

  • Automated Portfolio Tracking:Provides a real-time, unified view of crypto holdings across all connected platforms, showing performance, profit/loss, and asset allocation.
  • Tax Calculation and Reporting:Generates ready-to-file tax reports, including IRS Form 8949, Schedule D, and international equivalents for countries like the UK, Canada, Australia, and many others.
  • Support for Complex Transactions:Handles advanced activities like margin trading, lending, liquidity pool contributions, and airdrops, which are often difficult to account for manually.
  • Tax-Loss Harvesting Tools:Helps users identify opportunities to strategically sell assets at a loss to offset capital gains and reduce their overall tax liability.
  • Historical Price Data:Integrates accurate historical pricing for thousands of cryptocurrencies to ensure precise cost-basis calculations.

Target Audience and User Experience

Koinly caters to a broad spectrum of users within the crypto ecosystem. This includes casual investors who have made a few trades, active day traders with high transaction volumes, and professionals like accountants and tax advisors who require reliable data for their clients. The platform emphasizes user-friendliness with an intuitive dashboard that presents complex financial data in a clear, digestible format. It offers educational resources and guides to help users understand crypto tax obligations, making it accessible even for those new to digital asset taxation.

Security and Integration

Security is a paramount concern for Koinly. The platform uses read-only API connections, meaning it cannot withdraw or move funds. It employs bank-level encryption (AES-256) for data and is compliant with GDPR regulations. Koinly supports integration with over 700 exchanges, wallets, and blockchains, including major platforms like Coinbase, Binance, Kraken, and MetaMask, as well as numerous DeFi protocols and hardware wallets, ensuring comprehensive coverage for most users' portfolios.

In summary, Koinly positions itself as an essential financial infrastructure service for the cryptocurrency age. By bridging the gap between decentralized digital asset activity and traditional tax regulatory frameworks, it provides users with the confidence and tools needed to remain compliant. Its automated, accurate, and extensive approach to crypto accounting addresses a fundamental pain point, allowing investors to focus more on their strategy and less on the administrative complexities of tax reporting.