Tracking crypto can be complicated...
However long you have been active in the cryptocurrency world, it is probably more than likely that you hold more than one coin/token. With airdrops, referral campaigns, faucets, etc. it can be very easy to accumulate a plethora of cryptocurrencies. Before you know it, you may have coins/tokens spread across a handful of wallets and exchanges. Down the road if you decide to sell or trade any of your assets, things become even more complicated due to the various tax regulations and laws.
But CoinTracker.io makes it easy
CoinTracker.io is your all-in-one cryptocurrency tracker and crypto tax calculator. CoinTracker.io uses read only access to your wallets and exchange accounts to ensure that you can easily and securely check all of your crypto assets from one place. In addition to that, they offer(for a fee) crypto-tax services to help you navigate the complex subtleties of the US tax system with regards to cryptocurrencies.
Tracking
Cointracker.io supports over twenty five hundred coins and tokens across numerous exchanges offering you the best chance to track each of your crypto assets. The founders of CoinTracker.io created their product out of the frustration from trying to do exactly that. The four founders worked together to create a product that is automated, secure, and easy to use. They offer reliable, free customer service in a timely manner and they are constantly developing their product to make it better and better each day.
I was immediately impressed with the fact that three of the four founders have a background with Google. While there they each worked on specific projects including Google Payments, Google Play, and Project Loon.
In fact their product is so impressive, they have gained some big name investors from all sectors including:
- Serena Williams (Pro Tennis Player)
- Alexis Ohanian (Co-Founder of Reddit)
- Paul Buchheit (Creator of Gmail)
Additionally, they have gained a lot of press exposure from various news outlets like Forbes and Coindesk.
Tax Services
As I mentioned above, while their application to track all of your cryptocurrencies is free, they do charge a fee for their crypto-tax services. The pricing model is a one time fee based on the number of transactions that you do each year. If you trade and exchange your cryptocurrencies a lot, you will have to pay more. If you make more than fifteen thousand transactions per year, they have custom plans that you can contact them about.
It is important to note that all tax-calculator plans include(according to their website):
- Support for over 2500 coins and tokens
- Various cost basis methods
- Auto sync with unlimited exchanges and wallets
- Bulk uploads of transactions via .csv(comma separated value) file
- Transaction history .csv
- Capital gains report
- IRS form 8949
- IRS Schedule D (Form 1040)
- Export to Turbotax and TaxAct software
- Referral to affiliate crypto tax advisor
CoinTracker also offers a one year money back guarantee on their services. I think the fact that they are willing to back their product like that speaks pretty highly of what they are offering.
Getting Started
Cointracker gives you various ways to login to the system. I grabbed this screenshot via the web interface, but they also offer mobile apps that you can download from the Google Play Store and Apple iTunes Store respectively.
Although I have a Coinbase account, I chose to use an email account I just recently setup for all things crypto related. It was only a matter of seconds before I received the confirmation email and was granted access to my CoinTracker.io dashboard.
Adding exchanges/wallets
Adding my Coinbase account was pretty simple consisting of a couple clicks, entering my login information, and then authorizing the app to have read only access to my account. Binanace and other exchanges may be a little more tricky requiring you to add API to your account and entering the keys in your CoinTracker.io interface. Some exchange accounts can take longer to synchronize than others, so please keep that in mind.
Through the magic of CoinTracker.io, I now have all of my exchange accounts visible in one place. My Kraken account worked the same way as Binance requiring me to add an API and entering those keys into CoinTracker.
I plan on spending the weekend getting all of my wallets and exchange accounts sync'd up. I have a feeling it will not come close to taking the whole weekend though. The instructions they give for each step are well written and extremely easy to follow. It is obvious the team at CoinTracker has worked really hard to make sure their product is simple to use and as frustration free as possible.
I want to leave you with a short paragraph quoted from the CoinTracker.io website. If you haven't stopped reading this post for a split second to install the app yet, definitely do that. You can follow the links above on your appropriate device to install them.
CoinTracker automatically syncs your transactions and balances across all the top cryptocurrency exchanges and wallets, to provide you a fully reconciled transaction history. This works across 2,500+ coins and tokens, and provides historical and current pricing, cost basis calculation, ROI, and performance charting. In addition, CoinTracker applies your country's tax rules to calculate your capital gains and income from cryptocurrency in each taxable year, and if relevant, completes your tax form (IRS Form 8949 example).
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Disclaimer
This is not financial advice, nor a guarantee or promise in regards to any result that may be obtained from using the above content. The information provided here is for informational and entertainment purposes only. It should not be considered as financial and/or investment advice. No person should make any kind of financial decision without first consulting their own financial adviser and/or conducting their own research and due diligence.
All screenshots were taken by me with permission for this post unless otherwise stated