Crypto Portfolio Management Tool with a Tax Solution
But how about a platform that offers tax solutions as well?
Indeed, it’s sensible to look for a portfolio management tool that includes a tax solution. It’s because several countries across the world now require cryptocurrency holders and traders to pay due taxes.
Specifically, the United States has been intensifying its call for digital asset holders to pay their dues to the IRS. And many other countries are following suit lately.
Also, a major factor to consider is that you’d have to compute taxes on most (if not all) transactions done over the past years. All these include transactions completed in all wallets, exchanges and services you participated in.
Hence, you’d have mountains of tax computations to solve if you were to look into all transactions you made with all those crypto coins you previously held and currently own.
See why a crypto tax solution is a good inclusion in a portfolio management tool?
Luckily, several portfolio management platforms include a tax management tool. These platforms abound on the Internet. But which one should you choose?
We take the guesswork out from you! Help is on the way with this review of the 3 best portfolio tracking apps that offer a tax solution! Read on to find out more about 3 leading platforms that can help you manage your entire portfolio while dealing with your crypto tax computations as well.
There are several variables you must analyze to determine a good tool for crypto portfolio and tax management. Let’s have a quick look here:
An ideal crypto portfolio platform can present all personal data regarding your digital assets seamlessly. Specifically, good platforms show you the following:
• Personal portfolio’s price and volume data, respectively
• Buy and sell histories
• Coin locations within the portfolio
• Transaction flows in the personal ecosystems
• Return on investment figures
• Token distribution in port
Ideally, you should see all these represented in your chosen portfolio platform. Good personal data representation allows you to get a well-rounded view of all your crypto assets.
With the ever-changing data regarding crypto assets, it’s important to get updated price and market information right within your portfolio platform. Ideal portfolio tracking apps often display these types of information:
• Global crypto market price and volume data
• Price and volume data for individual tokens
• The percentage change of portfolio values (could be on a daily, weekly, and/or monthly basis)
Seeing all these lets you determine how much gains and losses to expect in your crypto assets. Movements in price and market volume also allow you to take the right steps in maneuvering your digital currencies.
Quality portfolio tracking apps let you input your crypto data with ease. It also allows you to connect various wallets, services, and exchanges seamlessly. Good apps also let you easily change imported data based on your needs.
Managing your crypto portfolio and taxes is easy when you’ve got a tracker with an intuitive design. Good apps feature an easy-to-use user interface that won’t overwhelm newbies or non-technical users.
Reputable apps let you set preferences for notifications. For instance, you can set alerts for price and volume changes, news, token movements, and ICO alerts. Good apps allow you to toggle notifications on or off as you please.
Consider choosing an app that has transparent and affordable pricing. Most apps offer packages and bundles based on features you’d like to have.
Also, check that the pricing is cost-effective. Remember that low prices don’t automatically translate to poor quality services.
Quality crypto management apps are backed by responsive support teams. Customer service and support often come through email, phone, and Telegram. Most apps offer 24/7 support on premium
Also, check if your provider offers support in different languages. This is especially important if you’re generating tax reports in countries that are not generally English-speaking.
Now, let’s get to the main gist of this article – a review of the 3 best platforms that offer portfolio management and crypto tax solutions. The 3 apps we’ll tackle include Cointracker, ACCOINTING, and CoinTracking.
ACCOINTING may be the newest kid on the block, considering it was only founded in 2018. But the platform is currently rising to the top of all other crypto tracking and tax solution apps!
ACCOINTING is the brainchild of a crypto traders group which included Kyle Zhang, Andy Pavia, Yann Allemann, Alex Lindenmeyer, and Dennis Wohlfarth. They planned to launch ACCOINTING as the most user-friendly tool for all levels of crypto traders and users.
The platforms run on both a web-based site and a mobile app. Register for an account and you can seamlessly monitor your portfolio from both the site and the app in unison.
Features that ACCOINTING currently offers include the following:
• Easy-to-use dashboard for monitoring your assets and overall portfolio
• Manual CSV inputs for transaction data
• Automated API input from major wallets and exchanges
• Full data set mode for a comprehensive view of your transactions
• Realized and unrealized gains/losses reports
• Automatic Tax Review feature
• Holding Period Assistant dashboard
• Tax-loss harvesting guidance
• Customized tax reports for USA, UK, Germany, Austria, and Switzerland
• Cryptocurrencies Watchlist
• Price alerts and portfolio fluctuation notifications
All these powerful features are packed into an intuitive and non-intimidating dashboard. The app design is sleek with a fast and fluid user interface.
The ACCOINTING app is free to download and supports both iOS and Android devices. The web-based portfolio tracking assistant is also completely free. Subscription plans are only based on your tax report needs and are the most affordable in the market by far:
a. Free Tax Solution - FREE
Free 25 transaction report and all tracking features included
b. Starter Tax Solution - $49.99
This tier includes:
• 365-day license (print as many reports as you like: 2013, 2014, 2015, 2016, 2017, 2018, 2019, and 2020)
• Full portfolio management features
• Unlimited imports
• Complete classifications
• Reports generation from the past years
• Manage 250 transactions
c. Advanced Tax Solution - $129.99
The tier includes all the aforementioned features and allows you to manage up to 5,000 transactions.
d. Professional Tax Solution - $259.99
Get all ACCOINTING features plus advanced holding period and 50,000 transactions with this tier.
All tax solutions also carry a 1-year license.
In a nutshell, ACCOINTING is a powerful new tool to track crypto assets and generate tax reports. It has an intuitive design and fluid performance, not to mention a lot of useful tracking features.
• The dashboard is clean-looking and streamlined; not overwhelming to new users
• Full data set mode unifies all transactions and classifications in one place
• Editable transactions let you manage your portfolio effectively
• Cryptocurrencies Watchlist feature is useful for tracking coins you may be interested in investing in
• Real-time data can be checked at a glance
• Tax reports generated are comprehensive and accurate
• Subscription tiers most affordable in the crypto tracking market
• Mobile web version could be more user friendly
• May have occasional connectivity issues with wallets and exchanges
• Could be better with more countries and languages supported
We’re giving 4.9 out of 5 points to ACCOINTING on these grounds:
• Excellent and fluid user interface
• Useful tracking features available for free
• Quality tax reports generated in minutes
• Affordable rates for tax solutions
As the app is relatively new, more room for improvement gives ACCOINTING users something to be excited about.
ACCOINTING is a truly promising platform and mobile app for portfolio tracking and tax management. It outshines many reputable trackers in terms of design, features, and pricing. It’s a great app to use for both crypto enthusiasts and serious traders alike.
Cointracker is a portfolio and crypto tax manager running on both a web-based platform and an app. It was founded in 2017 by former Google employees Jon Lerner and Chandan Lodha.
Cointracker supports over 2,500 different crypto coins and unifies them into a single dashboard. Users can then see a complete view of their crypto portfolios.
The platform lets users import data from wallets and exchanges automatically using API. As such, it connects to major exchanges using read-only access. Cointracker also allows manual input of certain crypto transactions.
The flagship feature of Cointracker is its tax filing capability where you can compute your tax amount and generate tax forms in line with your crypto assets. This feature is unlocked by purchasing a subscription.
Subscription rates for Cointracker can be quite costly compared to other similar platforms. Nevertheless, here’s a breakdown of the rates with the features included for each tier:
a. Free plan – No charges.
• Portfolio tracker
• Error reconciliation
• Monitoring for capital gains
• Can manage up to 25 transactions
b. Hobbyist Plan - $59 for one tax year.
This tier includes features from the free plan. Manage 100 transactions with the Hobbyist Plan.
c. Premium Plan - $199 for one tax year.
Includes features from the free plan plus:
• Tax summaries per wallet
• Margin trading
• Guidance on tax-loss harvesting
• DeFi functionality
• Chat support
• Can manage up to 1,000 transactions
d. Unlimited Plan – Contact the Cointracker team for a quote, as this is individually priced.
Include all aforementioned features plus:
• Customized features
• CPA consultation
• Priority support
• Can manage an unlimited number of transactions
In all, Cointracker is quite efficient at delivering good portfolio tracking and tax filing services. It has standard features that help get an overview of your crypto assets, especially if you’ve got several coins in various wallets and/or exchanges.
• Simple application and interface that even hobbyists can quickly learn
• Offers real-time data on crypto portfolio
• Can integrate with over 300 exchanges
• Tax filing feature generates tax forms in minutes
• Responsive customer service via email, Telegram, and chat support
• Offers 30-day money-back guarantee
• Quite expensive subscription tiers compared to similar crypto portfolio and tax platforms
• Offers taxation solutions only for 4 major countries – USA, UK, Canada, and Australia
• At times, the website and app doesn’t work in sync
• Support for other languages not available
We’ll give Cointracker a score of 4.4 out of 5. The app’s functionality is undoubtedly good. However, the user interface and app design could see some improvements, especially for its price tag.
Consider using Cointracker if you’ve got a vast cryptocurrency portfolio. You may select their Premium or Unlimited plans for this. Amateurs with smaller portfolios may find the Free and Hobbyist plans too short of portfolio features. Nevertheless, the simplicity and accurateness of the platform are commendable.
CoinTracking is another platform for portfolio and tax management. It was founded in 2012 by Dariusz Kachel. The site went live in 2013 and has become the pioneer in the crypto portfolio and tax platforms.
CoinTracking works primarily on a web-based platform. The company also offers a mobile app for on-the-go portfolio monitoring and tax report generation.
Main features of CoinTracking include the following:
• API imports with read-only access
• Crypto wallet tracking
• Manual and CSV data importing
• Dashboards with trade reports
• Tax report generator
• Tax calculator
• Realized and unrealized gains/losses
CoinTracking also offers permission accounts for accounting firms to share access and features among its employees.
You can use CoinTracking’s free version to track less than 200 trades. You can upload your data manually through CSV files, then generate tax reports from there.
However, you can’t use the free version if you have more than 200 trades. You may opt for three paid versions:
This is good for advanced investors. For $9.99 per month, you can:
• Manage 3,500 transactions
• Get 20MB of manual exchange import (CSV)
• 5 personal trade backups
Most experienced investors choose this plan. There are 3 tiers under the Expert plan based on the number of transactions you can manage:
• 20,000 transactions for $15.49 monthly
• 50,000 transactions for $19.99 monthly
• 100,000 transactions for $24.99 monthly
CoinTracking’s Unlimited plan costs $49.99 per month and gives you a complete set of features, including:
• Unlimited transactions management
• 200 MB per CSV import file
• 20 personal trade backups
To sum up this part, CoinTracking is an overall good app for portfolio monitoring and tax management. The company is a pioneer in the crypto tracking and taxation field, so its platforms offer a wide plethora of services that will be helpful to all kinds of crypto users.
• Offers plenty of powerful portfolio management tools
• Suitable for both amateurs, hobbyists, and professional crypto-traders
• Quickly generates tax reports in minutes
• Has documentation services for tax offices and accountants
• Offers advanced security measures in place
• Various subscription tiers for all kinds of users
• Support available for 7 languages (with 3 additional language translations ongoing)
• Dashboard design may initially confuse new users
• Several features may overwhelm the crypto newbie or hobbyist
• Automatic API import only supports a few popular exchanges as of the moment
• API import only unlocked with a paid subscription
• The app can’t be used alone; needs to be integrated with the web-based platform
We’re giving CoinTracking a score of 4.6 out of 5. A lot of CoinTracking’s features are quite advanced and that’s good for a pioneering platform. Its variety of subscription tiers are also a plus in our book.
CoinTracking seems to be suited most to advanced and professional traders. The platform’s subscription rates are affordable and cost-effective to such people, considering the plethora of features they can use. Meanwhile, the interface looks a bit dated and could use some improvements.
To conclude this post, we’ve reviewed three best portfolio tracking apps that offer a tax solution. Cointracker, CoinTracking, and ACCOINTING are all excellent in terms of features and tax report generation. What sets each one apart is its design, user-friendliness, and pricing.