Check out my review of CoinTracking on YouTube!
CoinTracking is one of the most feature-rich cryptocurrency portfolio and tax trackers. Not only do they have a fantastic web based platform, they have a mobile app for both Android and iOS phones. The app was recently revamped in September, so be sure to check out the new one if you had their older version. They also provide reporting for tax purposes, which is a huge benefit considering governments are going to start cracking down on people avoiding paying taxes on their gains. A few of the most important features are broken down in detail below.
This guide will go over CoinTracking as a whole, but individual reviews on the mobile app and web platform are coming soon! And here is a 10% discount! Even if you sign up for the free version at first you will get 10% off if you choose to upgrade later on!
Exchange and Wallet Tracking
CoinTracking makes tracking your transactions from Exchanges and wallets very simple. At the time of this writing, they support roughly 30 exchanges, 5 specific wallets, and general wallet imports from the actual blockchains. The two primary ways to import transactions are manually by using a CSV file, or automatic by using an API.
Even though the CSV method is manual, they provide clear instructions for how to export a report from your exchange or wallet and then upload it. The first screenshot below shows all the currently supported exchanges and wallets for this method. The second screenshot shows an example of the steps they provide to get the CSV report and upload it. Note that even if your exchange is not on this list you can still format a CSV file with trade data and upload it.
The easiest and more automatic process is setting up API access to a supported exchange. You will need the paid version to use this feature, so check the beginning or end of this article for the 10% discount! There are settings to allow it to check for new trades daily, or you can manually run a job whenever you need to. The first screenshot below shows the supported exchanges for API imports. The second screenshot shows instructions for setting one of them up, so you can see how easy it is.
If both of the methods above fail, they provide a CSV, Excel, and other custom templates for import. They also allow you to enter individual transactions manually, which is ideal for tracking ICOs or gambling winnings. It’s a fluid process and you can duplicate transactions, so they make it as painless as possible.
This feature is extremely important for those of us who live in places that are cracking down on tax reporting of cryptocurrencies. They provide a lot of different options for preparing a report, so you can easily generate one that will fit your reporting needs. The screenshot below shows the options available when generating a tax report on CoinTracking. It provides different tax percentages, various pricing and accounting methods, and even allow for calculating margin trades.
Once you run a tax report, you will have the option to load the regular report or load a very detailed version. It also separates out Income, Capital Gains, Gifts, Lost/Stolen, etc. into their own separate reports. The below screenshot is an example of the capital gains section. Notice there are options for exporting in Form 8949, TaxAct, and TurboTax compatible formats. Check back for guides on running and reading one of these reports!
There are a huge number of features that CoinTracking provides. The biggest being portfolio and tax tracking. A few of the other nice-to-have features are detailed below.
They offer a nice dashboard page that shows a wealth of information. The screenshots below are from their live demo. They even have a nice timeline feature that shows when you first used an exchange or bought a certain cryptocurrency.
They also offer some basic research tools and charting. The first screenshot is from their Coin Trends page that currently has 5091 different cryptocurrencies. The second screenshot shows the chart tool that appears when you click on “Chart” from the Coin Trends page. They also have a current balance report that displays your portfolio in the same way so you can see the trend of each cryptocurrency in your portfolio for 1hr/24hr/7d/30d.
Lastly, they include various reports to show balances by exchange and by currency. They also provide you with trade statistics, trade analysis, and the current realized/unrealized gains for each cryptocurrency in your portfolio. CoinTracking really gives a comprehensive overview of your portfolio, and they are continuously improving so I am excited to see more features in 2018.
There are 3 different account plans for CoinTracking. The types are Free, Pro, and Unlimited. The screenshot below summarizes the features of each. You can buy 1 year, 2 year, and lifetime subscriptions. Note that even though the Free version has an “X” for tax reports, it will let you run a tax report as long as you have less than 100 trades!
CoinTracking is one of the best cryptocurrency portfolio and tax trackers out there. The mobile app is also fantastic and has a great widget so you can get a quick glance of your portfolio from your phone or tablet. Please consider using my referral link for 10% off! Even if you get the free version, the 10% will be available if you decide to upgrade down the road. Check out this article for a couple of other tax resources!