I’ve tried crypto tax software so you don’t have to.

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TL;DR Koinly is the best solution out there.

Short brief

I’ve tried Cointracker – https://www.cointracker.io/ and it seems to me that other solutions have more options when it comes to exchanges, wallets and cold wallets. I’ve quickly switched to another solution because of that.

I’ve moved to coin panda next – https://coinpanda.io/ Great selection of exchanges and all sorts of wallets, compliance with both US regulations and EU regulations. But UI/UX was a bit complicated to me compared to Koinly + Koinly was 10$ cheaper for my amount of transactions 😁 Obvious move to Koinly

In my opinion Koinly – https://koinly.io/ is the best solution out there. Easy to set up wallets and exchanges, easy to navigate between pages and UX/UI is better then other solutions out there (in my opinion). Compliance with US/EU regulations, Canadian regulations and many more.

Pros, cons and difficulties

You have to provide all the transactions you have out there in order for AI of both Koinly and Coinpanda to calculate taxes properly. So if you are a user like me, who have accounts on all the major exchanges, you will deal with some problems.

You can add and flair transactions manually, but if you have many of them it will be problem again. Even though both coinpanda and Koinly supports all the major exchanges + almost all the wallets, there are still some of them that are not supported. Like Moonlet and LTO Wallet for example.

If you managed to provide all the exchanges, wallets and transactions – AI will calculate your taxes really accurately. It flairs your transactions as:

Buy/Sell Rewords Transfers between wallets Airdrops and many more

So if the only thing you are doing is stacking sats and DCAing monthly, Koinly or coinpanda might be the best solutions out there. People who trade or have a lot of transactions might deal with some problems.

EDIT: Oh, yes. If you are experiencing any problems with API (that checks all of your transactions) you can always upload your transaction history from almost all the existing exchanges manually. It’s extremely easy to do on NEXO, Blockfi, Coinbase. You just need to press 2-3 buttons. Can be a bit of a challenge on Binance and KuCoin since you have to search for where the transaction history is. And it can also can be hard to do like on AscenEX. You have to write to the support and wait for one week to get your transaction history.

submitted by /u/Letsmakeitawsome
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