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CoinTracker Review 2020 - How To Use CoinTracker?

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Country: USA
Launched: 2017

Expert Review

Dec 23, 2019

 

Cointracker is an unique web application that is responsible for monitoring, tracking, and taking updated information on a user’s crypto portfolio while at the same time, automatically generating tax forms for the individual. 

In just a few clicks, users can get many things across different exchanges done. Also, the platform allows users to be informed on transactions and any other relevant developments that may be related to their portfolio. 

The overall goal of the application is to help the user to keep track of the value of their crypto portfolio while at the same time organizing the data for tax purposes.

 

Cointracker Overview

Cointracker Features

Cointracker Pricing

Advantages Of Cointracker

How To Use Cointracker 

Customer Service

Cointracker vs. Cointracking

Cointracker vs. Bitcoin.tax

Is Cointracker Safe? 

Conclusion

Cointracker Overview

Cointracker was founded on August 22, 2017, by Chandan Lodha and Jon Lerner. The company is based in San Francisco, California, and being a portfolio and tax manager for virtual currencies; it specializes in accounting, fintech, blockchain, digital currencies, and some other financial services.

The company’s services are available to users across the globe, and the platform supports/tracks over 2,500 crypto coins, including the likes of Bitcoin, Ethereum, Ripple, Litecoin, Binance Coin and many more.

Cointracker features a unified dashboard that displays everything that is happening around the user’s assets. On the dashboard, you will see real-time token prices, tokens historical data, deposits, withdrawals, and market caps.

Unlike some other platforms that offer the same services as Cointracker, this application is not entirely free. Users are expected to pay a subscription fee to gain access to the platform’s leading feature; tax filing. 

However, the fee varies depending on the value of the user’s assets.

Cointracker Features

  1. Tax Form Generation The application doesn’t only track developments around crypto portfolios; it allows users to generate capital gains report, which is in line with their crypto assets. The IRS form 8949 is used to generate the tax form, and users can easily lower the taxes they pay to the concerned agencies by wisely harvesting the losses made by crypto tokens. As a result, users can spend their trading profit more wisely.

  2. Auto Wallet Synchronization Even though this is a common feature among wallet tracking apps, the Cointracker application takes this feature to the next level by allowing it to automatically synchronize the user’s portfolio data across thousands of crypto tokens. Also, the app adjusts the user’s portfolio value based on real-time developments in the crypto market. It takes advantage of the fact that several exchanges support auto wallet synchronization, and so far, there are 13 synchronized exchanges — however, its possible to add to this list manually.

  3. Multiple Cost Basis Methods Cointracker is perfect for individuals that are scared of being audited. The application offers users five different cost basis methods through which they can generate their tax forms. They include First In First Out (FIFO), Highest In First Out (HIFO), Last In First Out (LIFO),  Share Pooling (AS), and Adjusted Cost Base (ACB). 

To choose the best method for yourself, you can consult a professional advisor. Also, it’s important to note that different methods bring different results.

Cointracker Pricing

The application is free to use by anyone at the basic level; however, to get more advanced plans that aid with advanced tax calculations, you have to buy them. 

Let’s have a look at the various subscription plans;

Free plan – it's free

  • It automatically syncs with all your wallets and crypto exchanges you are on

  • Get a CSV that contains all your transaction history

Hobbyist – this one will cost you $49

  • It will automatically sync with all your wallets and crypto exchanges you are on

  • You will gain access to a CSV which contains all your transaction history 

  • Here you will have access to FIFO cost basis method

  • Access to capital gains report

  • Access to IRS Form 8949

  • Transaction limit of 100 transactions 

  • Ability to export to Turbo Tax

  • Get a referral to an affiliated cryptocurrency tax advisor

  • Access cost basis per transaction

Basic Trader – this one will cost you $149

  • Here you have access to all the perks offered in the Hobbyist plan

  • Transaction limit of 1,000 transactions

  • Access to FIFO, HIFO or LIFO cost basis methods

Active Trader – this one will cost you $399

  • Access to everything in the basic trader plan

  • Transaction limit of 4,000 transactions

Pro Trader – this one will cost you $999

  • Here you have access to all the benefits of the active trader plan

  • Transaction limit of 15,000 transactions

  • You will be prioritized when it comes to customer service

Custom plan -to access this plan, you need to contact Cointracker. 

  • Transaction limit of over 1m+ transactions

  • You will receive priority support

  • Access to custom features

 

Advantages Of Cointracker

  • The application is simple, and one doesn’t have to be a professional trader to use it. All you have to do is connect your account to the various exchanges and wallets you may be using, and you can start to enjoy the services.

  • Cointracker is quite scalable, and regardless of the plan one is subscribed to, the application will get your crypto taxes done in just a few minutes.

  • The application is quite accurate, given that the information displayed on the dashboard is sourced from exchanges you are on and wallets you hold in real-time.

  • The platform integrates with over 300+ crypto exchanges.

How To Use Cointracker 

  1. To get started on this platform, visit the cointracker.io website, and click on the “Get Started” icon.

  2. You will be taken to a page where you have to choose how you would like to get started. Once there, you will see three options, including sign up using Coinbase, your Google account, or email. Select your preferred mode and proceed to sign up.

  3. Go to your email inbox and click on the link that has been sent there to complete registration.

  4. After you successfully log in, on the dashboard, you will see the option of adding exchanges and wallets. There are over 300+ exchanges supported and several wallets.

  5. First of all, secure your account by setting the 2FA. Click on the user icon on the top right and select the settings section

  6. Select enable the two-factor authentication

  7. Now you can proceed to add exchanges and wallets. For example, if you decide to add a Coinbase account, you will be directed to a page where you have to log in to your account

  8. A verification code will be sent to your mobile phone via SMS, and you have to enter it to complete the process

  9. You can repeat the process for other exchanges and wallets you hold, and you are good to go

Customer Service

Cointracker provides its customer support through a live chat window at the bottom of the website. Users can ask for any kind of assistance related to the platform.

Also, there are other resources, including a crypto tax guide, blog, and an FAQ section that contains answers to the commonly asked questions.

Cointracker vs. Cointracking

When comparing these two crypto asset tracking platforms, Cointracker.io seems to have the edge over Cointracking.info for several reasons including; support for UK tax rules, unlimited tracking for free, simplicity and ease of use and many more. 

Cointracker vs. Bitcoin.tax

When we compare Cointracker.io to Bitcoin.tax, both seem to be on par on many grounds. However, Bitcoin.tax appears to be cheaper than the former. All in all, both are excellent applications for tracking your digital assets.

Is Cointracker Safe? 

From our research, we can confidently say that Cointracker is a safe application. On one review site, the platform scored a 5/5 from 36 reviews with all participants seemingly quite happy.

Conclusion

Even though the subscription fees may be quite expensive when compared to those of its competitors, the application offers additional features that are hard to find anywhere else. Cointracker is for the serious trader who needs more than just the basic cryptocurrency tracker. 



User reviews

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Mike 22 January, 10:33 AM
5.0

A solid tool if you're serious about cryptotraiding. I helps keeping in order all your accounts, activity and wallets. Really helpful platform.

Londar 18 January, 10:13 AM
4.0

When you just started to use you see that all the features are free and you are able to check the crypto markets without any obstacles, but then, you are requested to pay for their service. I don't say that the platform is bad, but you have to keep in mind that it costs something.

Vow 17 January, 6:16 AM
5.0

The review is cool, the helpful step by step guide. I'm gonna check it out, thanks.

Fes 16 January, 9:04 AM
5.0

Most of the tracket feature is free and it's a big pros, I think. It has some relataion with major coins and tax platform and they are able to provide their data officially.

Danzel 14 January, 1:36 PM
5.0

A simple tool tu sum up all my coins account Including wallets and exchange. I see all my recent operation and balances in one place, really useful thing.

Dean 31 December, 3:10 PM
5.0

I'm gonna like this place, it just simply works and easily provides with all necessary information about my profile at once. No doubt, it's a solid and trustworthy room.

Rolando 31 December, 11:50 AM
4.0

I couldn't find any good review about this website, thanks for that feedback. I checked and it seems quite legit, I'm gonna use a bit.

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Country: USA
Launched: 2017