CoinLedger Review 2022 - Amazingly Simple & Useful Crypto-Tax & Tracking Software
Coinledger is one of the simplest and easiest to use Cryptotax tools in 2022 — not only does it have an easy to use interfaces but when we tested it out ourselves and went through the process to file our taxes this year with Coinledger the process was simple taking a bit under an hour to complete and that’s despite us having over a dozen exchanges/wallets we had to integrate, and despite us contacting support twice (for testing purposes, we had no real issues when filing ourself!).
Overall Coinledger is a great choice when it comes to filing your crypto-taxes, and if you’re looking for a simple easy to use platform and haven’t engaged in any margin traing, ‘advanced-defi’ transactions like flash-loans, or used any crypto-trading bots, then CoinLedger is a great choice.
|💰 Fees & Pricing||Cheaper than Most|
|💻 Platform Quality||Above-Average|
|🛠 Customer Service||Very Good & Fast
|🥇 Best For||Typical Crypto-Investors|
If you have used crypto-trading bots, or have staked/yield-farmed a lot of different coins you likely have too many transactions to reasonably use Koinly, so we’d recommend checking out our review about TaxBit if that’s you — they offer unlimited transactions vs Koinly which offers a limited number (covered below), making them the better choice for such tax-situations.
If you’ve done margin-trading or ‘advanced-defi’ transactions like flashloans then TokenTax is better for it, as Coinledger doesn’t entirely support such transactions, at least without manual inputs and modifications, which can be very complicated. You can read out entire review on TokenTax by clicking there, but in-short it’s more expensive but has more features that are needed in those specific cases.
With all that being said, Coinledger is a great choice for the average crypto-investor who has a few hundred or few thousand transactions and just wants all the essential features that can help you save on takes and a simple platform at a reasonable price.
Table of Contents
Coinledger Unique Features:
Most features are quite standard across popular Crypto-Tax Platforms — with all of them supporting general Defi transactions, exchanges, and wallets as well as 300+ centralized cryptocurrency exchanges + lending platforms, portfolio tracking, and options to choose different accounting methodologies (FIFO, LIFO) which can save you significantly on your taxes, there are a few unique features that Coinledger has that are simply better than the competition. We’ll go over them below.
Great Support for the Price
Most crypto-tax companies don’t offer support at all for their cheapest plans, meaning if you have a question or problem regarding your taxes, or anything short of a technical issue with the platform you’re completely on your own. With Coinledger it’s included in every paid plan, meaning even the $49 plan offers live-chat support, and it’s actually pretty good — you can read further down in the article about our experience with it — but in short it’s just as fast as other platforms and they’re competent (don’t need to go back and forth to get answers), and overall has great support compared to other crypto-tax platforms.
Great API Integration
While all crypto-tax platforms offer some API integration support most of them don’t provide it for every single exchange/platform that offers it. Coinledger does seem to offer API support for nearly every single platform — out of the dozen or so platforms we used only 1 didn’t have API integration, making them the second best crypto-tax platform (after CoinTracker) this year for API Integrations.
Everything was imported automatically with a simple API key input with one exchange being the exception — which was easily imported via a .csv file export and import taking only a few minutes more than the API integration takes.
Great Visualization Features
Coinledger has one of the best visualisation & portfolio tracking features — if you use the API integration it’ll continuously update and create a chart like the above with both your past transactions and your new transactions — this helps with tax-planning and to realize what you’ll likely owe come tax-time next year.
The one downside to Coinledger’s portfolio tracking & visualisation is they don’t have a working mobile app for this, meaning you’ll only be able to access this functionality when logged into their desktop site — while CoinTracker has a similar feature that works on mobile as well.
Coinledger's Biggest Pros & Cons:
Coinledger has many good features we’ve gone over above, but there are some other pros that are not feature-oriented to the platform, so we wanted to make a quick list to give you a summary of them all:
- Clean User-Friendly Interface
- Free Portfolio Tracking
- Can Preview Owed Taxes (No Exporting without paying)
- Supports DeFi Exchanges
- Competent Customer Service
- Good Educational Resources
However now there are some downsides to Coinledger that we’ve not gotten into already in the article — we’ll go in detail later in the article, but here’s a brief summary of the cons of Coinledger:
- Doesn’t work very well for some margin exchanges
- Limited Transactions on all plans
- Flashloans and other advanced DeFi requires manual input in many cases
- Doesn’t seem to notify you regarding FBAR’s
Coinledger's Pricing for Average Users:
We can all check their plan prices and compare them to the competition and see that Coinledger is a bit cheaper than most platforms, but it’s hard to really know which plan you’ll need before signing up and trying to file — so I’ll try to help you estimate which plan you need, and if alternatives would be better for you.
Hobbyist Plan ($49/Year)
This plan is what’s called ‘anchoring’ in marketing — it’s there only to make you feel like there’s a cheap plan available. In reality this $50 plan is not useable for really anybody who’s done anything but buy/sell a few times during the year, making it useless for 95%+ of cryptocurrency investors.
If you’re on a budget and don’t want to pay more than you absolutely have to Taxbit has a decent basic plan for $50/year that is suitable for crypto-investors in general, although it lacks tax-optimization that helps those with lots of crypto gains (or losses) optimize their taxes.
Day Trader Plan ($99/Year)
While they name this plan after day traders truth be told you don’t need to be a day trader for this plan — in fact most day traders would need a more expensive plan with more transactions. This plan is suitable for 90%+ of crypto investors and has everything you’d really need if all you do is investing, moderate buys/sells, and staking/lending crypto on platforms like Celsius or Nexo.
Coinledger’s day trader plan includes tax-loss harvesting and a decent amount of transactions, making it a good choice overall for most cryptocurrency investors — and is really where Coinledger shines with a good amount of transactions and good features — their lower plans aren’t really useable due to the transaction limitations, more than this and they lose their competitive advantage — namely reasonable amounts of tx’s and good features for a cheap price.
High Volume Plan ($199/Year)
This plan is suitable for 99% of crypto investors, and has everything you need in a crypto-tax platform for most people — however it’s not particularly better than most other platforms for the price — for example TokenTax offers a $199 plan with the same transaction count and easy to use interface, but with better DeFi/NFT and margin trading support.
Overall if you’re already with Coinledger and like them, and don’t need those extra features, there’s no real reason to switch to Tokentax or TaxBit which offer the same great user-experience and price + a few additional features (currently). They’re all more or less just as good for most people at this price range.
Unlimited Plan ($299/Year)
This plan just isn’t competitive — if you need more than the 5000 transactions their high-volume plan offers you’d be better off going with another platform, particularly TokenTax, which offers the same features + unlimited transactions for only $199/year. Other crypto-tax platforms generally don’t charge less than Coinledger for 5000+ transactions, but due to TokenTax having no transaction cap you can use their mid-high level plan and get a uniquely good value.
Unless you’re fully integrated into the Coinledger ecosystem and used them last year, making them extra-easy to use this year, we wouldn’t recommend this plan for new users simply due to it’s relatively uncompetitive nature (in terms of price).
Coinledger Support Quality:
Coinledger’s Support is good — especially for the price, as many crypto-tax platforms do not offer support at all unless you buy their premium $199+ packages. Coinledger offers it for all their plans — and despite this it’s not bad.
While most platforms take around 15-20 minutes to answer complex queries including wait-time till the end Coinledger finishes such inquiries, in our experience, in just over 15 minutes — right around what other crypto-tax take. That’s great, considering they offer the support on all their plans and not just their most expensive ones.
Coinledger vs Competitors:
While Coinledger is a great platform for regular cryptocurrency investors they’re not as feature-rich as other crypto-tax platforms and investors who have a more complex tax situation, or want a more premium experience, likely would prefer TokenTax, and people who want a cheaper platform and have performed lots of transactions this year then TaxBit is likely the better option.
But to be clear — Coinledger is definitely not a bad option at all — in fact we’d say it’s one of the best for average users. If you don’t need the extra features or transaction limits that other platforms offer, and just prefer a simple easy to use platform Coinledger is a great choice at a great price.
Our Experiencing Testing Coinledger:
When I tested filing my taxes on most of the cryptotax softwares this year and Coinledger was one of the easiest — It took me 56 minutes to complete the process from sign-up to being able to export the final tax documents — this is likely a bit longer than it will take you as I had to link up a bit over a dozen different exchanges one-by-one as well as manually enter in around 30 p2p transactions, and around a dozen self-custodied wallets that I used for DeFi and staking this year — quite a bit more than most people to say the least.
While I didn’t have any actual troubles using the platform, but I wanted to test support out — so I made up two problems to see how they’d resolve them. The problems I made up were regarding missing transactions due to losing exchange 2fa and an issue with the cost-basis around NFTs/DeFi.
Both problems/issues we made up were responded to appropriately with good advice that would have solved the problems if they actually existed. Both of these issues took 31 minutes in total to resolve, comprising a slight majority of the time it took us to complete the test of Coinledger.
Coinledger Review FAQ's:
Below we’ll cover the FAQ’s we’ve been asked, or encountered, or even had asked ourself about Coinledger when we first were checking them out — If you have other questions feel free to contact us and we’ll get back to you as soon as we can — and possibly even add our answer down below.
Is it safe to use Coinledger's API Import Feature?
Yes Coinledger is a legit and reputable company and the API feature doesn’t give them access to move or trade on your account — it simply gives them read-only access to allow them to import your transactions as well as the interest you’ve made from lending/staking/saving crypto assets.
Does Coinledger offer any sign-up bonuses?
Coinledger offers 10% off when you sign up with a promotional link — you can receive the discount by signing up through this link — you shouldn’t need to enter in any codes or do anything else to receive the discount, Coinledger reached out to us and told us you simply need to sign-up through that link and you’ll get the discount applied to your first order after signing up with that link. They don’t offer any other sign-up bonus offers as far as we’re aware though — just the discount mentioned above.
Does Coinledger Support Staking & Lending?
Yes Coinledger supports both staking and lending cryptocurrencies and they’ll automatically calculate your tax-obligations related to them when you either connect your exchange API to their software, connect read-only access of your self-custody wallet to them, or simply import a .csv file of your staking/lending rewards. In most jurisdictions they'll be taxed at the rate of personal-income or short-term capital gains.
Is Coinledger Worth It?
Absolutely — if you invested in cryptocurrency then Coinledger is absolutely worth it — using their tax-loss harvesting feature can save you thousands a year in capital gains taxes, and without them it’d be completely impossible to fill out your tax forms as traditional tax softwares generally do not support cryptocurrency transactions and require you to input them all manually — which is simply not feasible if you've done more than a few transactions.
What Countries Does Coinledger Support?
Coinledger can be used for most countries tax reports, but works especially well when used for tax-reports in the USA, Canada, and the United Kingdom — this is where they focus on doing business in and ensuring they fulfil the reporting requirements of the countries. You can technically use the platform for anywhere in the world, but honestly especially if you're in Europe another platform like CoinTracker or Koinly is better if you live in Europe.Coinledger also supports most developing countries, but only in so far as preparing a compiled document of your crypto-trades and profits for you to hand to your local accountant — at this point they do not support filling out tax-forms for most developing countries, unfortunately.
Our overall CoinLedger rating
CoinLedger is a good overall crypto tax platform for most crypto investors that has reasonable pricing and a good set of features overall — unless you have a particularly complex crypto tax situation (10k+ transactions, flash-loans, etc) then CoinLedger is arguably the best platform from a price/value perspective.