CoinTracking: The All-in-One Crypto Tax and Portfolio Solution

As an investor in cryptocurrency, you need tools to help gain insights into your portfolio and stay on the right side of tax regulations. CoinTracking provides an all-in-one solution for both portfolio management and cryptocurrency tax reporting. Their platform offers a simple way to track your trades, holdings, and balances across more than 5,000 cryptocurrencies. With an easy-to-use interface, you can view reports on your investment performance, asset allocations, and realized and unrealized gains. When tax season arrives, CoinTracking generates the necessary tax reports to declare your cryptocurrency capital gains and ensure you remain compliant. For a crypto investor looking to optimize profits and simplify tax filing, CoinTracking delivers a powerful set of tools to gain control and oversight of your digital assets.

What Is CoinTracking and How Does It Work?

CoinTracking is a comprehensive cryptocurrency portfolio management and tax reporting tool. It allows you to track all your crypto transactions across various exchanges and wallets in one place.

To get started, you simply sign up for a free CoinTracking account and connect all your exchanges, wallets, and crypto accounts. CoinTracking then automatically imports all your historical transactions, balances, deposits, and withdrawals. It tracks the current value of your crypto assets and generates reports on your portfolio’s performance and tax obligations.

Some of the main features and benefits of CoinTracking include:

Consolidated portfolio view. See all your crypto assets and balances in one dashboard. Track holdings, transactions, profits and losses across exchanges and wallets.
Tax reporting. CoinTracking generates tax reports to help you stay compliant. It supports tax reporting for the U.S., U.K., Canada, Australia, and more.
Performance tracking. View charts and graphs to see how your portfolio and individual crypto assets have performed over time. See realized and unrealized gains.
Cost basis tracking. CoinTracking calculates the cost basis for all your crypto transactions to determine your capital gains and losses for tax reporting.
Multi-exchange support. CoinTracking supports over 300 crypto exchanges and wallets. Simply connect your accounts to import all transaction data.

In summary, CoinTracking is a useful tool for any crypto investor looking to gain a holistic view of their digital asset portfolio and stay on top of crypto tax reporting requirements. With its wide range of features and integrations, CoinTracking can help you track your crypto journey and optimize your portfolio.

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Key Features of CoinTracking for Cryptocurrency Investors

As an investor in cryptocurrencies, you need tools to help you keep track of your trades, profits and losses, and tax obligations. CoinTracking provides an all-in-one solution for managing your crypto portfolio and taxes.

CoinTracking allows you to import your trades from over 70 crypto exchanges to automatically track your profits and losses. You can import trades through API, CSV, or manually add transactions. CoinTracking calculates your capital gains and losses in real-time to determine your tax liability.

Some of the key features for cryptocurrency investors include:

Portfolio management. View your crypto holdings, balances, profits and losses across all your exchanges in one place. See performance over time through interactive charts and reports.
Tax calculation. CoinTracking generates tax reports for short-term and long-term capital gains to help you file your crypto taxes accurately. Reports are compatible with tax software like TurboTax.
Cost basis tracking. CoinTracking tracks the cost basis of all your cryptocurrency buys, sells, trades, air drops, forks, and mined coins to properly calculate your capital gains and losses for tax reporting.
Portfolio analytics. Analyze your crypto portfolio performance through interactive charts, reports, and metrics. View your asset allocation, top gainers and losers, trade volume, and more. Set price alerts to stay on top of the market.
Multi-exchange overview. See your entire crypto portfolio across all supported exchanges in one place. No need to log in to each exchange separately. CoinTracking aggregates all your data to give you a total overview of your cryptocurrency investments.

With a robust set of tools for managing your crypto portfolio and taxes in one place, CoinTracking is an essential platform for any serious cryptocurrency investor. The all-in-one solution simplifies the complex tasks of portfolio tracking and tax reporting so you can focus on your investment strategy.

Using CoinTracking for Cryptocurrency Taxes

Using CoinTracking for your cryptocurrency taxes allows you to track all your trades and generate necessary tax reports. ###Connecting Your Exchanges

To get started, you’ll need to connect all the cryptocurrency exchanges you use to CoinTracking. This allows the platform to automatically import your trade history and account balances. Most major exchanges are supported, including Binance, Coinbase, Kraken, and KuCoin.

Manually Adding Trades

If you have trades on unsupported exchanges or in your personal wallets, you can manually add them to your CoinTracking account. You’ll need to provide information like the trade pair, trade type (buy/sell), date, price, and amount. It may take some time to add all your historical trades, but it’s necessary to ensure your tax reports are accurate.

Generating Tax Reports

Once all your trades have been added, you can generate necessary tax reports in CoinTracking based on your country’s specific requirements. In the U.S., you’ll need to generate Form 8949 to report capital gains and losses. CoinTracking uses FIFO (first in, first out) accounting to determine your cost basis and capital gains, but you can change to a different method if needed. The tax report will contain details on each trade, your proceeds, cost basis, and capital gain/loss. You can then transfer this information to your Schedule D tax form.

Additional Features

Beyond taxes, CoinTracking offers useful portfolio management features. You can see your balances across all exchanges, wallets, and cryptocurrencies in one place. Performance reports show your realized and unrealized capital gains, and you can see detailed charts and stats for your portfolio. CoinTracking supports over 5,000 cryptocurrencies, so you can track even the most obscure altcoins. With an affordable pro subscription, you also get access to advanced tools like the CoinTracking mobile app, API access, and more in-depth reports.

For cryptocurrency investors, accurately reporting your taxes and managing your portfolio can be challenging without the right tools. CoinTracking provides an all-in-one solution to simplify the process and give you useful insights into your crypto holdings. By connecting all your data in one place, you’ll have a clear overview of your trades, balances, gains, and losses for tax time and beyond.

CoinTracking Portfolio Management

CoinTracking’s portfolio management tool allows you to get a comprehensive overview of your crypto assets and transactions. By connecting your exchanges and wallets, you can import all your trades and balances automatically.

Track Your Holdings

See all your crypto holdings in one place. CoinTracking aggregates data from over 5,000 exchanges and wallets so you can monitor your balances and values across platforms. Get an overview of your entire portfolio or drill down into specific coins. You can also manually add any crypto assets not automatically tracked.

Analyze Your Performance

Evaluate how your investments are performing over time. CoinTracking provides tools to visualize your gains and losses, including:

Realized and unrealized profit/loss: See your total P/L and that for specific coins.
Cost basis: Review how much you paid for your crypto assets.
Average buy/sell price: Check the average price you bought or sold specific coins at.
Timeline: View a chronological history of your transactions and how the values of your coins have changed.

Optimize Your Strategy

Use CoinTracking’s portfolio management features to make better investment decisions. Some of the insights that can help optimize your crypto strategy include:

Concentration analysis: See how your funds are allocated across different coins and make sure you have a balanced portfolio.
Correlation matrix: Identify which coins are correlated to better diversify your holdings.
Performance attribution: Determine which coins contributed the most to your total P/L to help guide future investment choices.

With a clear overview of your crypto portfolio and advanced tools for performance analysis, CoinTracking can help take the guesswork out of your investment strategy. The portfolio management features provide actionable insights so you can make data-driven decisions to optimize your holdings and maximize your profits.

Integrations: Connecting Your Exchanges and Wallets

CoinTracking offers integrations with all major cryptocurrency exchanges and wallets to automatically import your transaction data. Connecting your accounts allows for accurate portfolio monitoring and tax reporting.

Exchange Integrations

CoinTracking supports over 300 exchanges including Binance, Coinbase, Kraken, and KuCoin. Once connected, all trades, deposits, withdrawals, staking rewards, and other transactions will be imported into your CoinTracking account. Your balances, portfolio holdings, and performance metrics will update automatically with the latest data from your exchanges.

Wallet Integrations

In addition to exchanges, CoinTracking also integrates with many cryptocurrency wallets like Exodus, Jaxx, and MyEtherWallet. Connecting a wallet will import your transaction history and current balances to provide a complete overview of your crypto assets in one place.

API Integrations

For exchanges and wallets that do not offer a direct integration, CoinTracking provides API integration options. An API, or application programming interface, allows software to communicate with other software. By entering your API keys, CoinTracking can connect to the exchange or wallet’s API to import your transaction data. Many exchanges like KuCoin, Huobi, and Poloniex support API integrations with CoinTracking.

Manual CSV Upload

As a fallback option, you can also manually upload CSV files from any exchange or wallet to your CoinTracking account. Most platforms allow you to download your full transaction history in CSV format which can then be uploaded to CoinTracking. Although not automated, uploading CSVs ensures all your crypto transactions are accounted for to enable accurate tax reporting and portfolio monitoring.

With integrations spanning hundreds of exchanges, wallets, and APIs, CoinTracking provides a unified hub to view and manage your entire crypto portfolio in one place. Connecting your accounts is a vital first step to utilizing CoinTracking for your cryptocurrency tax and accounting needs.

CoinTracking Reporting Tools

CoinTracking offers robust reporting tools to gain valuable insights into your crypto portfolio and taxes.

Portfolio Reports

View reports on your holdings, transactions, profits and losses. The portfolio summary provides an overview of your net worth and asset allocation across all exchanges and wallets. You can filter by time period, exchange, currency or asset to analyze performance.

Tax Reports

Generate necessary tax reports for your country, including capital gains, income and gift reports. For U.S. users, Form 8949 and Schedule D reports can be exported to include in your tax return. Reports provide details on each taxable event to ensure full compliance.

Performance Reports

See how your portfolio has performed over time with customizable performance reports. Select a time period and benchmark to compare your returns against major crypto indexes. Charts and graphs provide a visual representation of your portfolio growth and asset class returns.

Accounting Reports

For those running a crypto business, CoinTracking offers accounting reports to properly manage finances. Income statements, balance sheets, cash flow statements and more can be generated with the click of a button. All reports are exportable to share with your accountant.

Custom Reports

In addition to the standard reports, you have the option to create customized reports tailored to your needs. Select specific time periods, exchanges, assets and more. Save custom reports to run again in the future.

With a variety of reporting tools at your disposal, you’ll gain valuable insights to optimize your crypto portfolio and stay on top of taxes. CoinTracking provides a comprehensive solution for managing your digital assets and keeping records clean in case of an audit. Their reporting features allow both casual and professional crypto investors to take control of their finances.

CoinTracking Pricing Plans

CoinTracking offers three pricing plans to suit different needs. The plans vary based on features, number of transactions, and length of data storage.

Free Plan

The Free plan allows you to track 200 transactions and store data for 1 year. This plan is ideal for those just starting out in crypto or with a small portfolio. You’ll have access to basic features like:

Manual trade entry
Basic reports (profit/loss, balance, etc.)
Read-only API access
1 portfolio

Hobbyist Plan

The Hobbyist plan supports up to 5,000 transactions and 3 years of data storage for $49/year. This mid-tier plan adds:

5 portfolios
CSV import
Advanced reports (performance, taxes, etc.)
Read/write API access
Email support

Professional Plan

For high-volume traders, the Professional plan tracks up to 100,000 transactions and stores 10 years of data for $199/year. This plan includes:

Unlimited portfolios
Priority email support
Customizable reports
Accounting integration
IP whitelisting
2-factor authentication

CoinTracking offers a 15-day free trial of the Professional plan. They also provide discounts for 2-year and lifetime subscriptions. Educational pricing is available for students.

In summary, CoinTracking has affordable plans for any crypto investor. Whether you’re just starting out or an advanced trader, CoinTracking can track your transactions, generate reports, and help you stay compliant with crypto tax laws. Their paid plans offer more features, longer data history, and priority support. For most hobbyists, the Hobbyist plan should suit all your needs at a reasonable price.

Is CoinTracking Safe and Secure?

Data Encryption

CoinTracking utilizes industry-standard encryption to protect users’ data and accounts. All data transmitted between CoinTracking’s servers and users is encrypted using 256-bit SSL. This includes account passwords, API keys, and all transaction data. Locally stored data is also encrypted.

Two-Factor Authentication

For added security, CoinTracking offers optional two-factor authentication (2FA) for all user accounts. With 2FA enabled, logging in requires not only your password but also a code sent to your phone via text message or authenticator app. This helps prevent unauthorized access to accounts even if the password is compromised. Enabling 2FA is highly recommended for any online service that stores sensitive data or connects to financial accounts.

Limited API Access

CoinTracking’s API allows programmatic access to your account for services like portfolio tracking, tax reporting, and data aggregation. However, API access also presents a security risk if misused. CoinTracking mitigates this risk by limiting API access to read-only permissions by default. Users must explicitly grant additional permissions to any API keys. API keys should also be kept private and only shared with trusted services.

Responsible Data Use

CoinTracking collects and stores a minimum amount of personal information required to provide its services. According to CoinTracking’s privacy policy, users’ personal data is not sold or shared with third parties for advertising or marketing purposes. Account information is only shared with authorities in response to lawful requests.

In summary, CoinTracking appears to utilize appropriate security practices and safeguards to keep users’ accounts, data, and funds secure. However, as with any online service, there is always some risk of data breaches or cyber attacks. Users should enable all available security features, use strong and unique passwords, limit API access, and monitor accounts regularly for unauthorized activity. By taking these precautions, the risks of using CoinTracking can be reasonably mitigated for most users.

Frequently Asked Questions About CoinTracking

CoinTracking is a popular all-in-one cryptocurrency tax and portfolio management solution, but many users still have questions about certain aspects of the platform. Here are some of the most frequently asked questions about CoinTracking:

What cryptocurrencies does CoinTracking support?

CoinTracking supports over 5,000 cryptocurrencies including all major coins like Bitcoin, Ethereum, Litecoin, and Ripple. CoinTracking is always adding support for new cryptocurrencies as they become available on exchanges.

How does CoinTracking calculate my crypto taxes?

CoinTracking uses the data you provide about your trades, transfers, staking rewards, mining rewards, gifts, and other crypto transactions to determine your capital gains, losses, and income for tax reporting purposes. CoinTracking uses the FIFO (first-in, first-out) accounting method to match up your buys and sells and calculate your gains and losses. You have the option to override the FIFO method and specify which lots were sold if needed.

Do I have to pay taxes on crypto staking or mining rewards?

Yes, in most countries staking rewards, mining rewards, and other crypto income are taxable. CoinTracking will track your staking and mining rewards and include them in your tax reports. The value of the rewards at the time they were distributed will be counted as income. You may owe income taxes and/or self-employment taxes on these rewards.

How much does CoinTracking cost?

CoinTracking offers several pricing tiers ranging from free to $299/year. The free plan is good for up to 200 trades. Paid plans include unlimited trades, margin trading support, the option to import data from more exchanges, and include priority support. Most casual crypto investors find the Hobbyist plan for $49/year sufficient for their needs.

Is my data secure with CoinTracking?

Yes, CoinTracking takes security very seriously. All communication with CoinTracking is encrypted. Your data is stored in secure data centers in Germany with strong physical security. Only a small number of CoinTracking employees have access to customer data. CoinTracking does not share or sell your personal information or trading data.

Conclusion

As you have seen, CoinTracking offers a robust set of tools for effectively managing your cryptocurrency portfolio and staying on the right side of tax regulations. With an easy to use interface, automatic import of transactions from exchanges, and tax reporting compliant with regulations across multiple countries, CoinTracking can save you significant time and hassle. The free plan allows you to get started right away, while paid plans provide advanced features for more active traders. For a convenient, affordable solution to gain insights into your crypto investments and ensure tax compliance, CoinTracking is an all-in-one service worth exploring. Take control of your crypto portfolio and taxes today with CoinTracking.