Last Updated: November 7, 2022
Pros:
✅ It includes reports about Australian taxes. Koinly can produce documents that are acceptable to the ATO.
✅ It accepts cryptocurrency payments Unlike rivals, Koinly accepts payments made using credit or debit cards as well as cryptocurrencies like BTC, ETH, DAI, or USDC.
✅ It provides extensive support for cryptocurrencies. Beyond the well-known cryptocurrencies Bitcoin, Dogecoin, and Ethereum, keep track of transactions for more than 6,000 more.
✅ It also provides fair access. You can invite your accountant, CPA, or tax advisor to use your Koinly account to create your own tax team.
Cons:
❌ It provides a severely limited mobile app. Because the mobile apps for Android and iOS are in beta, you can only utilize Koinly’s features on a computer.
❌ It requires registration in order to view AUD prices.
It tracks limitless transactions, but if you make a lot of deals, you’ll require a subscription package. More than 6,000 coins are supported by this top crypto tax tool. It also supports multiple data imports, including CSV uploads and API synchronization.
For investors wishing to simplify their crypto tax reporting, Koinly is the ideal option. You can check how much money you’ve invested in cryptocurrencies, receive an overview of your cryptocurrency income, and view your realized and unrealized capital gains by synchronizing and importing your data into Koinly. The capability to use Koinly’s software for free prior to purchasing is what makes it unique. All of your exchange and wallet accounts can be connected, and you can receive a free preview of your capital gains. However, if you want to make ATO tax reports or download a tax report, you must pay. Depending on the number of transactions you’ve made, this could become expensive.
Anyone can create a Koinly account in just five easy steps:
There is some necessary information to sign up for a Koinly account. To begin, provide your name and email address. Provide the read-only APY key from your exchange or attach a blockchain wallet address to enable auto-sync. No private information, such as a password, is needed.
You can consider openning an account through our link to get a Free Trial. Link- https://koinly.io/?via=2BDA4319
Koinly is an online platform for crypto taxes that enables you to keep track of all your transactions and provide reports that are compliant with all applicable regulations. Koinly makes it easier to keep track of all your transactions by integrating your wallets and allowing you to track trade, mining, staking, lending, and airdrops.
If the user creates a new account using the Koinly referral link, they can be qualified for a bonus. By employing the offered referral link or referral code, users can benefit from the referral incentive. As a referral incentive, Koinly provides free trials to its users. To utilize the referral bonus, Click here.
Since the “Referral Code” area in your browser will already be filled in, using our link or referral code is now hassle-free. Just complete the last few stages of the registration process.
Koinly stands out from the competition due to its multiple wallets, DeFi, and exchange integrations, some of which include Ledger, Ethereum, and Mercado Bitcoin, since only a small number of exchanges provide all these benefits. The platform allows you to enter data by API, CSV files, or x/y/zpub keys and generate reports that can be saved as PDF files. It is also accessible in over 20 countries, including the US, UK, Canada, Australia, and New Zealand.
Verify that you have read and understood all of the T&Cs before continuing. Before you start your trading adventure with them with joy and satisfaction, make sure you are fully aware of all the terms.
Over 700 exchanges and wallets are supported by Koinly, including the majority of Australian-specific platforms including Binance, Swyftx, CoinSpot, Coinbase, Crypto.com, Gemini, Digital Surge, eToro, CoinJar, etc. Your transaction history can be imported as a CSV or EXL file, or you can manually add your transactions if Koinly does not support your exchange or wallet.
Despite the fact that Koinly can record an endless number of transactions, the pricing is divided into four premium tiers based on how many transactions you’ve completed.
Name of the Plans | Annual Cost (AUD) | Limit of Transactions | Functions |
Basic | Free | 1000 |
|
Newbie | AUD $59 | 100 | a) Reports on international taxes, such as the ATO Comprehensive Audit Report b) H&R Block, TaxACT, and TurboTax exports c) Individual file imports d) All of the free plan’s features mentioned above. |
Hodler | AUD $139 | 1000 | Similar to the Newbie plan |
Trader | AUD $389 | 10000+ | Similar to the Newbie plan with the support of Email |
Users have also the option of upgrading to a paid plan using a credit/debit card or one of the supported cryptocurrencies, including BTC, DAI, ETH, and USDC.
The answe is positive. Koinly provides enough safety. On its website, Koinly describes security precautions and recommended practices such as: Your data, including data “at rest” or data kept on the website, is encrypted end-to-end. Audits by outside parties of its infrastructure and code base to find and correct problems Audits by third parties of its infrastructure and code base to find and correct problems. The payment processing service Stripe stores your payment information on behalf of a third party.
As of May 2022, there have been no security lapses at Koinly that have been documented.
There are three ways to get assistance from Koinly.
From our Koinly review, it is one of the best 10 crypto tax tools. On Trustpilot, Koinly has received a high rating, receiving 4.6 out of 5 stars from over 700 reviews. Customers gush about how user-friendly and current the program is with regards to cryptographic advancements. Numerous people also praise their friendly customer service.
Some users complain about faults and inaccuracies that had to be corrected manually, while others list compatibility problems with specific exchangers. One client, for instance, complained that it was challenging to obtain reliable reporting for DeFi exchanges like Maker and Compound.
