R
Rick
The discount offers
I did not get the promotional discount
C
Customer from Finland
No DeFi Support Expensive Poor Customer Support
I purchased a plan for reporting 2020 taxes I have not yet been able to complete tax reporting despite dedicating hours of work on Koinly Integrations to regular exchanges like Coinbase works flawlessly The problems will start when you go beyond that There is no automated DeFi support so getting accurate reporting on contracts like Maker and Compound is an absolutely horror Be warned that pricing on Koinly reports is very steep especially if you have used exchanges like KuCoin and Binance that may have with lots of microtransactions These exchanges may lead you having to import thousands of transactions and you will need to purchase the expensive reporting plans The platform is mostly working well but there are also clear bugs and performance issues At least one bug I reported was fixed but there seems to be lot of issues in using the service if you go outside the happy path cases of using it Especially if you need to make changed to data manually it could be very laborous Despite the above my biggest concern is that the customer support is very unresponsive Even the quickest customer service responses have taken days and I ve yet to receive responses to most of the issues I have raised
C
Carlo
Data Lost
I have to give 2 stars due to the following Australia Adding the information wallets setting up the account and reviewing and correcting some information before the final tax report was ok Not the easiest not the hardest considering the industry The problems came latter The Tax report that I have used for the capital gains and all related to crypto came without my details although I have set up my contacts details in the area related to tax reports This was still happening by the 06 01 2022 I have received a reply from Koinly that my question will be passed to the correct team Today 07 01 2022 I went to my account and all the data was lost no wallets or information No problem if the ATO does not require more information but if they need I will need a new Tax Report for the ATO that matches what has been already submitted In addition Koinly is operating in Australia and I could not find and office or a PO Box at least I have emailed Koinly with the situation just before this review I will wait for their reply I really hope that I have not to input all the data again and somewhere in the system is a copy of the report that can be issued with my details Cheers Carlo Canberra Australia
D
Dan M
On the outset
On the outset Koinly was good at tracking APIs and combining them with csv and manual inputs However the generated report was disappointing as the generated tax form made no sense to me in trying to input it under the cryptocurrency capital gains for on UFile which is a major Canadian tax program So I ended up having to do it all manually anyways The strange part was having to take a plunge on a 100 US report nearly 130 Canadian was a discount link showed up on my page AFTER I had purchased the report and signed back in to view it It would have been nice to have gotten a discount however after seeing the results it just seemed like it had no value to me The report listed all of my BAT tokens as being in a pool which was confusing The program had listed the BAT tokens as an income but it showed up as a pool after manually tagging them all as Rewards Finally following the discussion groups it was apparent that getting a response to questions from the developer was lacking
D
Dale
Didn t recognise Cold Storage Transactions correctly
Koinly didn t correctly register transfers to my Ledger Wallet correct A lot of manual corrections were required to make it right
J
JH
Koinly does the bare minimum to help
Koinly does the bare minimum to help you track your tax responsibilities If you do anything complex their system won t properly track it and there is not enough flexibility for you to fix it yourself For example if they don t have the price for a coin you need to manually update the price in the trade However there is no way to do this in a batch operation and doing the action takes multiple clicks per trade so it s basically impossible to enter the correct data properly There is many other issues with their system I won t go into basically it s good enough if you just do basic trading on Coinbase and don t often use a real crypto wallet Otherwise you will need to find a more advanced solution
K
Kathy Scarpati
I was under the impression that doing
I was under the impression that doing tax form for Coinbase meant all transactions would be entered into 8949 That is what the IRS requested not those 3 little lines you wrote My I ask what the purpose of your program is if it does not import and print document info required I feel like I just blew money out the window not that I have any to spare As most people don t either At the top of your program you need to let people know you do not do the Form 8949 has to be done manually
N
Nicholas Coetzee
Incorrect report
Made a loss for the year yet the report says iv made a 17k profit On the report under notes it says missing cost basis and labels the transaction as a net gain im assuming its mistaken a swap or something of the kind for a simple profit when in fact it should be neutral at a 0 pnl
K
Kunde
tooooo slow
tooooo slow some features suddenly hidden after few refresch currently a nightmare
J
Jeff M
They do an okay job but have issues
They do an okay job but they still seem to lose track of assets for a single year they claimed they could not identify the basis for around 60K of assets when my crypto assets in total are around 120K About 50 were unidentified They don t seem to supply an easy way to track down missing assets What would be helpful is at least to identify when and where the asset was first seen They also don t seem to support transactions with Uniswap V3 Pools They also have issues with some transactions from Binance With the missing transaction for Binance and Uniswap tell me the procedure to solve this not some generic statement Binance can generate some tax reports so they could let you import that report and then fix the missing transactions With Uniswap V3 I guess because it i uses NFTs they don t know how to deal with that but still figure it out Uniswap is only the top defi protocol in the world Also sadly the fee goes up the more transactions you have I ended up having to pay more I noticed that TurboTax now supports doing crypto tax reporting with tools to help bring in the transactions from wallets and exchanges I am going to take a look at this for next year Overall I think Koinly needs to up their game Update as of 10 12 2023 - still have all the transactions where they can t find matching buys for thus I still have a whopper number of trades where they say I bought the coins for Zero dollars
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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.