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

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
S

Could do with some work

Could do with some work I m spent over 3 nights matching transfers which should have been picked up as common considering the hash is the same The problem wouldn t be so bad if the interface wasn t so slow I think koinly have done a good job up but they have some optimising to do
C

Hi Koinly Team

Hi Koinly Team I got my first taxreview now It was a trying a small plan for my 2019 taxreview But i am missing the separation of taxable gains and untaxable gains But before i get my 2020 and 2021 plan i would like it that is possible then i will review my rating to 4 or 5Brgds
L

There was no place on turbotax to

There was no place on turbotax to upload your csv file After talking to their customer service for awhile it was decided that I would upload your file through one of their links for a different crypto csv software company It worked and was excepted but for awhile I didn t know what I was going to do with your file if I couldn t upload it to them

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.