Cryptocurrency is quickly becoming one of the most preferred investment options with more and more investors diving into the world of crypto trading.
However, with such a huge number of coins and tokens traded actively in the online landscape, it can be challenging to keep a tab of your investments. Moreover, if you tend to trade digital currencies regularly, you can find it difficult to understand your tax obligations.
Cointracker is a solution that claims to help you with both these issues with its portfolio manager and tax calculator. The platform provides you with an easy way to connect your cryptocurrency exchanges with your wallets to keep you on top of your investment data in real-time.
In this review, we discuss the ins and outs of CoinTracker, how it works, what it offers, and how effective its services are to help you find out if it is actually the best crypto portfolio manager and tax calculator.
CoinTracker Review – Updated 2022
Ever since its inception in 2017, CoinTracker has aimed to wow its users by taking the crypto offerings to another level.
It is an online portal that allows linking more than 8000 cryptocurrencies and up to 300 crypto markets to a single account. By giving you a way to connect third-party wallets and exchanges, it lets you see in real-time how your investments are performing, making it easy to adjust as needed.
CoinTracker not only lets you check your balances and other data in real-time but also helps keep a tab on transactions. This makes it particularly appealing to full-time traders interested in automating reconciliation. It is also useful for people living in countries where cryptocurrency profits are taxed as capital gains.
The platform’s capital gain tax calculator tool is supported in Canada, US, Australia, and UK. The platform claims to have handled over $20 billion of transactions and more than $600 million of claimed capital losses.
Features
CoinTracker offers you several useful features that together make your cryptocurrency trading, investment, and tax reporting more manageable and streamlined.
Wallet Integration
CoinTracker allows you to link any number of crypto wallets to a single account. Those who have multiple crypto sources would find the service quite useful as you can combine all the information for easy tracking and reporting. All the transactions and balances from different wallets can be viewed through a single portal.
Cryptocurrency Tracking
With CoinTracker, you can use more than 300 of the best cryptocurrency markets to see how your investments perform.
You can keep track of the latest trends in the market you can benefit from and stay updated on the current values. Based on these reports, you can quickly make adjustments and maximize gains.
Transaction Tracking
CoinTracker offers an exchange and wallet tracking feature. It allows connecting all your cryptocurrency wallets to keep track of transactions.
It can monitor more than 300 wallets including TrustWallet, Ledger, Binance, and Coinbase. It also keeps you on top of your coins stored on different exchanges and their real-time values.
Fee Tracking
Crypto traders can often find the fees expensive. CoinTracker helps you see the fees you pay for any exchange or transaction.
With this information, it is easy to make necessary adjustments to lower the fees as you trade your crypto assets.
Mobile App
You can use the solution on your desktop as well as mobile devices with dedicated apps available for iOS and Android.
The mobile apps let you check in with your portfolio and real-time prices on the go so that you don’t need to stay tied to your desk to use the service.
Tax Reporting
Staying compliant with tax reporting is one of the most critical aspects of your cryptocurrency portfolio. It can be daunting to track all the details by yourself; this is where CoinTracker proves useful.
The service helps you compile tax reports quickly for any country you live in and import the data to your tax filing application.
Capital Gains Reporting
The calculator tool gets you the profit/loss on the basis of the buying/selling price of the assets. You can view and download a report outlining every transaction you made during the specified time frame.
However, it is often difficult to understand the accounting process as different countries use different standards of reporting.
CoinTracker lets you specify the accounting standard you want to use to prepare your report in compliance with the country you live in.
The report gives you a detailed insight into what you need to submit to the tax body and how much you pay based on the tax rate of the respective country on capital gains.
Pros
- Amazing cryptocurrency and transaction tracking
- Tax reporting and compliance
- Support for a large number of cryptocurrencies
- Unlimited crypto wallet integration
- Updates and syncs for exchanges
- Useful mobile application
Cons
- Limited high-end tools
- Dated interface
- Can get expensive
Who Should Use CoinTracker?
CoinTracker, with all its integrations and tax calculation capabilities, is suitable for crypto investors of different sizes and shapes. The platform can be easily customized to suit the needs of anybody interested in investing in cryptocurrencies.
The Free plan, for example, is ideal for those who are getting started in the landscape while the Custom plan lets you add features that help you with all your complex transactions.
While CoinTracker may not help traders practicing futures and derivatives trading, it is suitable for anybody interested in adding cryptocurrencies to his portfolio.
It comes packed with useful features that should help an investor looking for a convenient way to keep track of crypto wallets. It can also be beneficial for those trying to figure out their tax obligations for crypto profits.
Final Thoughts
Overall, CoinTracker is a valuable tool for cryptocurrency investors, regardless of their experience level and trading volume. It provides a simple way to stay on top of all your crypto transactions and assets across wallets and exchanges.
It also offers powerful tax reporting and compliance tools to simplify your crypto capital gain taxes. It is certainly one of the best crypto portfolio managers and tax calculators available.
