In my experience, Koinly is a total waste of time. It has a beginner-friendly user interface and over 500+ integrations. Retirement Investments is a financial publisher that does not offer any personal financial advice or advocate the purchase or sale of any security or investment for any specific individual. Source: Koinly One of the major drawbacks of Koinly.io is the pricing. There is no KYC policy present on Koinlys platform. Heroku is a safe cloud application platform that separates client programs and data, and Amazon Web Services (AWS) is a pioneer in the market when it comes to delivering secure hosting. You also get priority assistance when you sign up for this package. After that, you can view your capital gains and download tax reports. Complete Tax Reports: This includes your capital gains summary, margin gains, capital gain transactions, end of year balances, asset summary and income. As the DeFi and crypto sectors grow, Koinly is poised to become the go-to solution for managing your digital assets. Koinly has proven to be a safe platform for crypto users by implementing a variety of security features. A diversified cryptocurrency portfolio comes with challenges. Koinly endeavours to keep all your information safe through encryption. The pricing is reasonable, and the interface is user-friendly. Koinly may assist you in preparing form 1040 Schedule D for free if you are a US taxpayer. Aria was so helpful and provided a detailed explanation to my issue. Beyond tax information, users can view useful portfolio data such as Profit and Loss (PnL) and income streams to better inform their investment decisions. Best Crypto Signals (Telegram & Discord) Are Crypto Groups Worth It? The laws and rules around cryptocurrency appear to be changing on a monthly basis these days, so its critical to have some added assistance when it comes to remaining compliant with your crypto tax requirements. It's safe, just make sure to disable trading. I thought API secret was supposed to never be shared? Koinly also supports all of the most widely used crypto exchanges and includes tax-related information on each exchange directly in Koinly, so you can use Koinly even if you dont use a single cryptocurrency exchange. I contacted support with my issues and got back to me promptly. Yes, Koinly is completely safe to use as it encrypts the API keys using aes-256-gcm before storing them. Is Koinly Safe? Most importantly, Koinly does not require your private keys or gain access to any funds held on your exchange accounts. This system is set to the recommended option in your home country by default. By adding integrations beyond Ethereum-based chains like Solana and Wax, Koinly will introduce an efficient tax solution for NFT investors. Useless - The Koinly totals do not add up, the api synch does not work on Kucoin, there is no way to download a csv to see why Koinly makes no sense and if you want support, they point you to irrelevant youtube videos. Users may instantly automate their tax calculations by importing trades from exchanges, and capital gains taxes can even be estimated throughout the whole year. We're confident that the KuCoin wallet can be resolved and those wild totals you're seeing will balance and reflect accurately. Talk openly to your kids. Members should be aware that investment markets have inherent risks, and past performance does not assure future results. The pricing is reasonable, and the interface is user-friendly. Get money insights in just 5 minutes delivered every Tuesday morning. Trezor One vs Model T: Worth buying in 2023? The platform supports 17000+ cryptocurrencies and 350+ crypto exchanges. Koinly supplies quick tutorials for new users so you can get up to speed quickly. All data sent to Koinly is encrypted in transit. Lets take a closer look at why Koinly is one of the most recognized names in the crypto tax software market. Cant thank them enough for taking the time to thoroughly explain it with screenshots, and a link to an article. This is my 2nd year using Koinly and the product, although not perfect yet, it is the best for crypto/nft taxes and I've tried them all. The Newbie plan fits users who are starting with crypto investment. The Oracle plan allows you to utilize all of Koinlys features. This automated system guarantees maximum accuracy of tax information for investors. The list of countries spans the entire world and covers continents like the Americas, Asia, and Europe. Koinly will be the Turbo Tax of cryptocurrency By this time, as much as Koinly has grown while refining their product over the last couple of years, anyone who needs to deal with cryptocurrency, taxes, and the IRS would have to be crazy to attempt using any other product. Since Koinly is an all-inclusive solution, this means that users will get the most appropriate tax calculations at their fingertips without having to do more research on their own. Link in the comments . Third-party audits of its code base and infrastructure to reveal and fix issues. Koinly is a revolutionary tax software that simplifies cryptocurrency tax reporting. Each wallet in the system is a container for all of your transactions across multiple exchanges or real cryptocurrency wallets. Once you've hit 'Authorize' Koinly will now import all transactions from your Coinbase account. Revolutionary, no stink smell, no toxic, no side effects to hair and scalp, natural effect. Please note that some links on CaptainAltcoin.com are affiliate links. Koinly is the easiest way to track your crypto activity and generate accurate tax reports! Koinly was extremely easy to link exchange accounts and was the only program which I did not have to upload a custom formatted CSV to get all of my transacations in one place. Form 8949, Schedule D is required. We're elated to know using Koinly was a helpful and illuminating experience! So pay attention to this as you might consider an alternative like Zenledger that is better for volume traders. Our aim is for everyone using the service to feel confident in navigating and taking action to generate reports and track your crypto! I'll connect with you now via Trustpilot to receive contact details. So its only natural to wonder: is Koinly safe? I'm Donny. I think it is still the customer service department what makes the difference between different solutions for your needs. You can customize what the API key grants access to. It is not an offer to buy or sell any security, product, service or investment. To see a quick summary of your capital gains and income, go to the Tax Reports page and refresh it. Pricing is also reasonable so I highly recommend anyone who needs assistance with their crypto tax return use Koinly. Instead, information from crypto wallets is incorporated through a read-only setup. If you decide to use this plan, you can track transactions and see previews of your capital gain taxes. This is certainly a learning opportunity for us based on what you've shared here. They forage, breed and hide from predators such as snakes and eagles. Automatically import transactions via API keys. Koinly uses average cost and a number of other accountancy methods to support several countries. Tracking your Cryptocurrency Portfolio with Koinly. Fast forward to 2023 and I've demade all of them to play on the NES. He is particularly interested in the long-term implications of blockchain technology for politics, society and the economy. However, if you need more tax features, consider upgrading to paid plans. They also provide different plans for different needs. ), Crypto Tax-Free Countries Crypto Tax-Friendly Countries (Europe & Asia). The team places a high value on customer confidence and the security of user data, and they use several security measures to prevent any attacks or breaches. It goes against our guidelines to offer incentives for reviews. Track Your Holdings and Growth Overall, Koinly is an excellent option for those looking for a simple and reliable way to calculate their crypto taxes. Koinly is the perfect tool for my tax reporting purposes. Youll be able to view your return on investment, profits, losses, and capital gains. Koinly is a powerful and safe cryptocurrency tax reporting platform that is ideal for retail investors with minimal tax reporting requirements. Most cryptocurrency exchanges do not provide tools for crypto taxes, but all investors require them for accurate tax information. The Newbie plan is the next step, and it costs $49 per tax year. Unlimited trades and priority service are its main features. My accountant has said it is highly sophisticated software. Please make sure to do your own research, make educated financial decisions and consult your Financial Advisor. This makes it easier for you to get the most out of your crypto capital gains. After many iterations and failures, Koinly has secured itself as a leading crypto tax software. UNUS SED LEO has been issued since 2019 with no notable issues and is a popular investment for investors using Bitfinex. Koinly might not be suitable for absolute beginners. Retirement Investments has advertising relationships with some of the offers listed on this website. Web Design. Like most people, you probably dont want to deal with your cryptocurrency taxes. This Koinly review considers this software safe. How do you disable trading on the binance api key? You can use Koinly to calculate any taxes due on your UNUS SED LEO investments Just sync with Koinly to calculate your LEO token taxes fast. : Through artificial intelligence, Koinly can detect transfers between owned wallets to ensure accurate cost-basis tracking. Never before have I met such professional, knowledgeable and diligent staff. Heres what I can tell you: Koinly is built on top of industry-standard security protocols. You can either pick the Free, Newbie, Hodler, or Trader plans. Koinly also uses only the most up-to-date information about crypto taxes and is thus able to provide you with the most accurate information imaginable. Basically, Koinly contains multiple premium-standard security protocols, ensuring that your data is kept safe and protected against breaches and hacking techniques. The platform uses security measures at all levels, from the physical through the application and even into the data layer. They sought to create a crypto tax software that could automatically track transactions across multiple accounts to generate accurate tax information ready to submit to government entities. None of the content on CaptainAltcoin is investment advice nor is it a replacement for advice from a certified financial planner. Crypto currencies have enabled a new generation of businesses and entrepreneurs with the potential to radically disrupt many markets, which has in turn allowed new investment opportunities. We want to go through the nuances of the issues and help inform how to best navigate the platform and have it work optimally for you! Koinly is available in over 100 countries, including the United States, Canada, and the United Kingdom, and is fully compliant with most government regulators. The team at CaptainAltcoin.com only recommends products and services that we would use ourselves and that we believe will provide value to our readers. Try Koinly first. I'm using Koinly to track my crypto trades for the upcoming tax season and I noticed that in order to import my transactions from Binance to Koinly I had to provide them with my API key and API secret. A safe working environment for domestic workers. However, its best to check with your local government whether or not you pay tax for these services. Follow These Steps, The Top 5 Best Crypto Credit Cards To Get This Year, Automatically generates official tax forms, Compatible with traditional tax software such as TurboTax, Fully compliant with IRS and other government regulators, The free version does not provide official reports, Security. Hi J E, We are so sorry to hear about your experience!!! Their development team is probably some hippies smoking all day, who dont know how to write a correct code. The CRA's regulations on crypto can be confusing, but Koinly helps to take some of the stress away. Do I still pay tax, How do I calculate tax on crypto to crypto transactions, Are airdrops, forks, staking, and mining taxed. But did you know that you can use Koinly to simplify the process? This company doesnt calculate transactions accurately. I dont like to write negative reviews, but these people will screw your taxes. Koinly encrypts API keys before storing them. Please send our gratitude for the kind compliment from your accountant! Next we will add a Coinbase Pro exchange account.