CoinTracker is a powerful tool designed to simplify cryptocurrency portfolio tracking and tax compliance. As the IRS treats every crypto transaction—trades, spends, or exchanges—as a taxable event, CoinTracker automates the categorization of these transactions as sales and purchases, calculated in USD. Ideal for users on platforms like Coinbase or DeFi protocols, it streamlines tax preparation, ensuring compliance and informed financial decisions.
What Is CoinTracker?
CoinTracker is a digital platform for tracking cryptocurrency investments. It integrates with hundreds of exchanges and wallets, offering a unified view of your portfolio. By connecting your accounts, it syncs transaction history automatically, providing real-time updates on holdings and performance. Key functionalities include:
- Portfolio Tracking: Real-time updates on gains, losses, and tax liabilities.
- Tax Compliance: Generates IRS-ready forms like Form 8949.
- User-Friendly Interface: Simplifies complex crypto management tasks.
Pros and Cons
| Pros | Cons |
|---|---|
| Connects with 500+ exchanges/wallets | Higher pricing for advanced features |
| Intuitive interface | Limited utility without exchange integrations |
| Integrates with tax software (TurboTax, HR Block) | Tax-loss harvesting only in Prime plan |
| IRS form downloads | Customer support reliance |
Key Features & Benefits
1. Wallet Tracking
Supports 200+ altcoins (BTC, ETH, etc.), meticulously tracking transactions for real-time portfolio oversight.
2. Multiple Cost Basis Methods
Choose from five accounting methods (FIFO, HIFO, LIFO, AS, ACB) to optimize tax outcomes. Consult a tax advisor for tailored advice.
3. Auto Wallet Sync
Automatically updates portfolio values based on market changes, eliminating manual entry.
4. Tax Form Generation
Generates IRS Form 8949 and unrealized gains reports for proactive tax planning.
5. Fee Tracking
Logs transaction, exchange, and network fees to assess true investment costs.
6. Trade Reports & Performance Metrics
Detailed reports analyze ROI, cost basis, and price history to guide future trades.
How CoinTracker Works
- Link Accounts: Connect wallets/exchanges via API.
- Sync Data: Transactions auto-update in real time.
- Track & Comply: View holdings, gains/losses, and generate tax docs.
Pricing Plans
| Plan | Price (Annual) | Transactions | Features |
|---|---|---|---|
| Free | $0 | Unlimited | Tax summary, portfolio value |
| Base/Base+ | $59+ | 100–250 | Full tax reports, TurboTax integration |
| Prime/Prime+ | $199+ | 1,000–2,500 | Adds tax-loss harvesting |
| Ultra/Ultra+ | $599+ | 10,000–250K | 24/7 support, cost basis flexibility |
👉 Compare all CoinTracker plans here
Supported Exchanges & Wallets
- Exchanges: Coinbase, Binance, Kraken, KuCoin, and 300+ others.
- Wallets: MetaMask, Ledger, Trezor, Trust Wallet, Uniswap.
Full list on CoinTracker’s integrations page.
Security Measures
- Self-Custody: No access to private keys.
- 2FA & SSL Encryption: Secure logins and data transfers.
- Encrypted Data: Protects sensitive info at rest and in transit.
Mobile App
iOS/Android app features:
- Real-time portfolio tracking.
- Price alerts and gain/loss analytics.
- Rated for speed and usability.
Customer Support
- Live Chat (AI): Instant help via "Chatoshi."
- Tiered Support: Priority for premium users (24–48 hr response).
- Resources: Tutorials, FAQs, and documentation.
CoinTracker vs. Koinly
- Koinly: Better for obscure tokens; $49 for 100 transactions.
- CoinTracker: $29 for 100 transactions; stronger exchange integration.
Withdrawing Funds
CoinTracker doesn’t process withdrawals. To cash out:
- Sell crypto on your exchange (e.g., Coinbase).
- Withdraw USD to your linked bank account.
Final Thoughts
CoinTracker is indispensable for crypto traders, automating tax compliance and portfolio management. Its seamless exchange integrations and detailed reporting make it ideal for:
- Active Traders: Real-time tracking and tax docs.
- DeFi Users: Supports complex transactions.
- Tax Season: Simplifies IRS filings.
For centralized exchange users (e.g., Coinbase), CoinTracker works flawlessly.
FAQs
Q: Does CoinTracker support NFTs?
A: Yes, but tax treatment varies—check with a tax professional.
Q: Can I use CoinTracker outside the U.S.?
A: Yes, it supports multiple tax jurisdictions.
Q: Is there a free trial?
A: The Free plan offers basic features; paid plans require subscription.
Q: How accurate are tax calculations?
A: Highly accurate, but manual review is recommended for complex portfolios.
Q: What if my exchange isn’t supported?
A: Manually upload CSV files or request integration via support.
Q: Does it support margin trading?
A: Limited support; check the docs for specifics.