Between different exchanges and wallets, I think I have like 35 different wallets. I was originally intending to calculate my taxes myself but with work being busier than expected and some of the complexities with transactions, I decided the juice might not be worth the squeeze for time/savings. So I sought out to find a working crypto portfolio that would fill my needs. So the first platform I looked at was Cointracker.
Cointracker has an APP and a website which feel fairly intuitive. They are fairly straight forward and the APP is really nice in order to follow your what you have. They also give you a daily email notification with how your portfolio is doing which is a nice feature. Although… Let’s be real, you are looking at your portfolio several times a day anyways so the email feature might be less needed. The major con I have with Cointracker is it doesn’t support liquidity pools from my experience. It seems like its a feature coming in the future but right now the platform doesn’t do it very well.
PROs: very intuitive, APP works great, nice notifications and profit trackers, great overall portfolio manager and tax compiler in one. Pricing is pretty competitive. I do really enjoy how they display the portfolio though! It is very very nice. Highly recommend for people that are using basic exchanges and regular wallets without liquidity pools.
CONs: Isn’t keeping up with the hype of last year (UNISWAP!!!) Still a nice tracker but for me personally I can’t use them [yet]. No compatibility for BSC.
If you want a referral code this one is mine: https://www.cointracker.io/i/EMz55cyxx58w
Cointracking has a much less nice portfolio tracker interface. It feels a little bit more complex but it offers a lot of hands on options. I really like the fact you can bulk edit transactions which is nice for adding labels (like what exchanges things came in from). As far as taxes goes, the platform offers a LOT of options on how you want to organize your taxes. Because of the smooth transition of syncing exchanges and wallets, I decided to purchase a premium plan when I saw that they handled the liquidity pools (at least better than cointracker) but I ended up canceling it due to the lack of BSC support. I will say, however, their customer support is pretty awesome and they will walk you through fixing your portfolio if you need it and they are plan on implementing BSC onto the platform some time this year. It just wasn’t willing to risk and I was hoping to use the same platform going forward. Kuddos for actually refunding my money though!
PROs: Probably the most flexible tax options out of all the platforms. There is an APP but it is better as an overall estimate/snapshot of your portfolio which is a pro or con depending on what you are striding for.
CONs: I think as far as platforms syncing goes, cointracking might be ahead of cointracker but it is still lacking some features. Liquidity pools are handled better than Cointracker at this current time but it still has some room to improve. They also don’t support BSC wallets at all (at the time of writing).
I do think I’ll be revisiting them in the future so if you want to help support the blog then this referral code is much of help!
Koinly was the choice for me. It was extremely easy to sync my portfolio into Koinly and the platform seems to handle liquidity and staking rewards very well however my major cons with the platform is that it lacks an APP and it lacks a price for liquidity tokens. For example, if I add 1 ETH worth of tokens into Uniswap, for some reason the platform wont measure the value of these tokens when they are in liquidity. I wish that it would give me a running estimate of the value of my tokens while they are in liquidity. Also, I wish the platform would offer more features for breaking down my portfolio to seeing a quick estimate from the dashboard. And finally, the APP would be a huge benefit for the users.
PROs: Tracks liquidity pools and mainstream features of crypto projects.
CONs: no APP and does not track estimated value of liquidity pools.
As of now, I do think they are the most competitive and advancing tax software platform so I will be probably using them for my future taxes as well. If you want to use my referral code for this one, it will be much appreciated!
Koinly does fulfill my needs the best out of the three platforms so that’s what I went with. If you are using liquidity pools, I then Koinly is definitely the one to choose from. Also, if you are using BSC then as of now, Koinly is definitely the hard answer.
If this was helpful and I hope taxes go well for you! Do you use another platform? If so leave a comment and I’ll check them out! I’ll try to do a more in-depth look on the platforms individually in the future.