CoinTracker is the most trusted and secure cryptocurrency tax calculator that integrates your wallets and exchanges in a unified environment.
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The Need For a Powerful Coin Tracker
Cryptocurrency came into existence with the inception of Bitcoin about a decade ago. Over the years, tens of thousands of other cryptocurrencies have been created, most of which have unique use-cases. Despite being a new inception, cryptocurrency has gone on to revolutionize the world’s economy. Today, this new industry is worth hundreds of billions of USD.
Although it may take some time, there is no doubt that the future of the world’s economy lies in the revolution of digital assets. Already, cryptocurrency tokens are accepted as a form of payment both online and offline. With the inception of crypto debit cards, crypto enthusiasts can spend their assets anytime anywhere. This is one of the things that are aiding the mass adoption of Cryptocurrencies.
As new cryptocurrency tokens are being created every now and then, the need for more powerful crypto wallet managers increases. Serious crypto traders and investors have multiple assets on different exchanges. There are already highly-functional decentralized applications that can be used to track and manage digital assets portfolios across exchanges. These applications are well known for their power in pulling information from users’ exchanges and wallets. Now we need more than just a basic coin tracker and that is where CoinTracker comes in.
Introducing CoinTracker.io
CoinTracker is a web application that monitors, tracks and pulls updated information on your cryptocurrency portfolio and at the same time, automatically generates tax forms. In one click, you can do a lot of things across various exchanges. This application gets you informed about transactions and other developments acting around your portfolio. There is a unified dashboard that displays everything happening around your assets. Among the information supplied to your dashboard are the real-time tokens prices, market caps, deposits and withdrawals and tokens historical data.
CoinTracker, unlike some other wallet trackers, is not totally free. This is because it offers features that cannot be seen anywhere else. To access its leading feature; tax filing, you are required to pay a certain subscription fee. The subscription fees vary as regards the value of your assets. We will learn more about that in my subsequent post.
Core Features of CoinTracker.io
Since the Cryptocurrency space continues to get bigger, we need some features that cannot be found on basic wallets trackers. CoinTracker is not just any tracker. There are exclusive features that separate this application from other cryptocurrency wallet managers. These features include tax form generation, multiple cost basis methods, auto wallet sync and many others.
Tax Form Generation
CoinTracker is not just about tracking the developments around cryptocurrency portfolios. It gives users the ability to generate capital gains report in line with their digital assets. The tax form is generated through the IRS form 8949 (this is used to report capital gains). From this, you can easily lower the taxes paid to the designated agencies by harvesting the losses in your cryptocurrency tokens. This helps you spend your trading profit more wisely.
Multiple Cost Basis Methods
Are you scared of getting audited? Then that is another reason you need this era-defining application. CoinTracker provides five different cost basis methods through which you can generate your tax form. These are First In First Out (FIFO), Last In First Out (LIFO), Highest In First Out (HIFO), Adjusted Cost Base (ACB) and Share Pooling (AS). These methods work in different ways and bring different results. You may be required to consult a professional advisor (which I am not) to know the exact one that is best for your portfolio. Choosing the wrong one may increase your chance of getting audited.
Auto Wallet Synchronization
This is a common feature when it comes to wallet tracking apps. CoinTracker, however, takes this to a new height. This app automatically synchronizes your portfolio data across thousands of cryptocurrency tokens. It adjusts your portfolio value based on the real-time developments in the cryptocurrency market. When your tokens values rise, the portfolio value increases. When the values of the tokens drop, you know what happens. There are lots of exchanges that support auto wallet synchronization. Among them are HitBTC, Hobi, Bittrex, Binance, Poloniex, Cryptopia and Coinbase. CoinTracker.io works in line with these exchanges to get you updated with the happenings around your digital assets in real time. There are 13 already-synchronized exchanges on CoinTracker. You can as well add as many as you want in addition to these 13 manually.
My next post shall give detailed information on CoinTracker subscription pricing schedule. As well, we will learn about how this application works and other exclusive information.
Departing Thought
We might have come across some competing services with few features similar to CoinTracker. I doubt there is any that has the same functionality as this app. CoinTracker uses the most recent tax management software that works with other prepared tools to integrate major exchanges. This is definitely an application to go for. Learn more about it through the links provided below.
Links and References
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.