best crypto tax software — CoinLedger, Koinly, or TaxBit?
In this guide, we’ll do a feature-by-feature comparison of the three platforms and break down which crypto tax software is the best choice for investors in 2023.
What’s the best crypto tax software: Koinly, Taxbit, or CoinLedger? Winner: CoinLedger
All three platforms are great choices for crypto investors. Koinly, Taxbit, and CoinLedger all have talented teams working to make
crypto tax reporting easier than ever.
When it comes to key factors like customer satisfaction, ease of use, integrations, and customer support,
CoinLedger is the best choice on the market!
But don’t take our word for it —
get started with a free CoinLedger account and see for yourself why the platform is trusted by more than 400,000 investors worldwide. Below, we’ll rank each platform on categories that matter the most to potential customers. While we admit we’re a bit biased, we made an effort to give each platform credit in the areas where they excel! User interface Winner: CoinLedger
Tax season can be stressful. It’s important to choose a platform that makes it easy for you to import your transactions and generate a tax report.
CoinLedger: CoinLedger is consistently praised for its easy-to-use interface. CoinLedger is designed by and for crypto investors — which means importing transactions and generating a tax report just takes a few minutes! Koinly: While Koinly has a sleek interface, some customers have complained that the platform mislabels transactions. In some circumstances, this can lead to customers paying more in taxes than they should! TaxBit: TaxBit has faced criticism for its confusing user interface for individual investors.
Since 2018, CoinLedger has been the #1 choice for investors looking to take the stress out of tax season!
Customer support Winner: CoinLedger CoinLedger: CoinLedger has offered free email and live chat support since 2018. Koinly: Koinly began offering email and live chat support to all customers recently. TaxBit: While TaxBit offers email and chat support, customers have complained about slow response times.
CoinLedger is one of the few platforms on the market that has offered free customer support since 2018. As a result, the CoinLedger team has years of experience solving customer issues.
Focus Winner: CoinLedger, Koinly
Different crypto tax platforms have different areas of focus — some are focused on serving individual investors, while others are focused on serving governments and large companies.
CoinLedger: Since 2018, CoinLedger has been focused on building an easy, intuitive experience for individual investors. Koinly: Koinly is focused on serving individual investors! TaxBit: While TaxBit offers a product for individual investors, its primary focus lies in building products for enterprises and regulators.
Because TaxBit does not make money from individual investors, some critics have complained that the company has not put the same level of effort into improving its platform as competitors.
Let’s break down the pricing tiers for each crypto tax platform.
Winner: Three way tie! All platforms offer a free tier. CoinLedger: Free to track your portfolio and view net gains & losses, $49 for 0-100 transactions, $99 for 101-1,000 transactions, $199 for 1,001-3,000 transactions, and $199+ for more than 3,000 transactions Koinly: Free to track your portfolio, $49 for 0-100 transactions, $99 for 101 - 999 transactions, $179 for more than 1,000 transactions, and $279+ for more than 3,000 transactions Taxbit: In 2023, TaxBit offered free plans for individuals who used an exchange within the Tabit network.
many customers complained about issues such as missing transactions. Because Taxbit’s focus is on enterprises and regulators, the company’s product for individual investors is lacking. Features Winner: CoinLedger
Let’s walk through some of the features and services that each crypto tax platform offers.
CoinLedger: Tax-Loss Harvesting Report, DeFi & NFT support, FIFO, LIFO, HIFO, Email and Live Chat support, Error reconciliation, CSV and wallet import, Expert Review Koinly: DeFi & NFT support, FIFO, LIFO, HIFO, Email and Live Chat support, Error reconciliation, CSV and wallet import TaxBit: DeFi and NFT support, FIFO, LIFO, HIFO, Email and Live Chat support, Expert Review (price quoted)
CoinLedger is the best option when it comes to features that make tax filing easy — whether you want to import your NFT and DeFi transactions, get help from a real customer support representative, or get a CoinLedger team member to comb through your tax report for possible errors!
Tax Software Integrations Winner: CoinLedger
Your crypto tax platform should integrate with your tax software of choice!
CoinLedger: TurboTax, TaxAct, Taxslayer, H&R Block Koinly: TurboTax, TaxAct, H&R Block TaxBit: TurboTax, TaxAct
CoinLedger offers the most tax software integrations of any platform on the market!
Customer Reviews Winner: CoinLedger, Koinly
Before you choose a crypto tax software platform, it’s important to take a look at how the platform is rated on third-party review sites. Here’s how CoinLedger, Koinly, and TaxBit are rated on Trustpilot.
CoinLedger: 4.8 stars Koinly: 4.8 stars TaxBit: 3.8 stars
Currently, TaxBit lags behind CoinLedger and Koinly, with customers often complaining about poor customer service.
Refund policy Winner: CoinLedger
If you’re not sure whether a platform is right for you, you should take a look at its refund policy .
CoinLedger: CoinLedger allows refunds within 2 weeks of purchasing a tax report. Koinly: Koinly offers refunds within 7 days of purchasing a tax report. TaxBit: TaxBit does not offer refunds on subscription packages.
CoinLedger has the most generous refund policy of the three platforms!
Supported Countries Winner: Koinly
If you’re not based in the United States, you should make sure to choose a platform that supports your country.
Koinly: Koinly supports more than 30 countries, including the US, Australia, and Canada. CoinLedger: CoinLedger supports 14 countries, including the US, Australia, and Canada. TaxBit: TaxBit is only built to support users in the US.
Koinly supports the most countries of any of the three platforms listed.
Blockchain integrations Winner: CoinLedger
Platforms with blockchain integrations can pull your transactions after you enter your wallet address!
CoinLedger: CoinLedger integrates with blockchains like Ethereum, Avalanche, Binance Smart Chain, Solana and more! Koinly: Koinly integrates with Ethereum, Solana, Avalanche, Binance Smart Chain, and dozens more! Taxbit: Taxbit integrates with Ethereum, Avalanche, and 9 more blockchains!
Koinly has the most integrations of the three platforms. However, CoinLedger has the best balance when it comes to quality and quantity of integrations — Koinly customers have noted that some integrations have critical errors when it comes to pulling transactions from the blockchain.
In addition, CoinLedger is the only platform that properly accounts for gas fees from blockchain transactions (which can lead to huge tax savings!)
Exchange integrations Winner: CoinLedger, Koinly
It’s important to find a platform that integrates with your exchanges of choice. You’ll be able to import thousands of transactions with the click of a button.
CoinLedger: CoinLedger integrates with more than 380 exchanges. Koinly: Koinly integrates with more than 380 exchanges. TaxBit: While TaxBit is known for having direct partnerships with prominent exchanges, TaxBit only integrates with 26 exchanges.
CoinLedger and Koinly lead the pack when it comes to direct exchange integrations.
Safety & Security Winner: Three-way tie
It’s important to find a platform that takes steps to protect your data!
CoInLedger: CoinLedger follows industry-best security practices — CoinLedger enforces a password complexity standard and all CoinLedger credentials are hashed using a PBKDF2 function. In addition, CoinLedger’s servers are on a proprietary virtual private cloud with network access lists that prevent unauthorized requests and potential hacks. Koinly: Koinly uses tools like encryption, third-party security tools, and two-factor authentication to keep your data safe. TaxBit: TaxBit uses security measures like encryption and internal controls to keep your data safe.
All three platforms take steps to protect user data! Remember, you don’t need to hand over your private keys to use
crypto tax software. All three platforms only require ‘Read Only’ API keys — which means they can’t access your cryptocurrency. How do I choose a crypto tax software?
If you’re choosing a crypto tax software platform for the first time, you may have trouble identifying which features are the most important. If you find yourself in this situation, here are a few factors to consider:
User friendliness: Tax season can be stressful. It’s important to choose a platform with a friendly user interface to help make the experience feel seamless! Customer support: A quality customer support team can help if you run into any trouble generating your crypto tax report! Integrations: Ideally, your platform should integrate with all the exchanges, blockchains, and cryptocurrencies you are using so that you can automatically import your transactions with just a click! In conclusion
Don’t know which crypto tax software is the best for you? We encourage you to try out CoinLedger for free — there’s no need to enter your credit card information until you want to purchase a tax report!
Get started with a free CoinLedger account today.