CoinTracking.info has been around since 2013 and currently supports over 315,000 users. It’s packed full of great features which help you manage your cryptocurrency portfolio and make better decisions. These include:
CoinTracking is ripe with numerous features that can be sequestered into several larger categories:
- Personal analysis – This group of features offers a myriad of interactive charts, where you can monitor the state of your trades and coins. You will also receive calculations of key indicators that provide a thorough insight into your profit/loss, balances, and coin value. This will, in turn, enable you to better grasp your realized and unrealized gains.
- Trade Importer – The platform offers effortless CSV import from 24 exchanges, plus automatic API import. The system directly synchronizes with the blockchain and even offers export in PDF, Excel, XML, CSV, and JSON.
- Trades – The software will keep a complete list of your trades and fees, grouping them by exchange and allowing interactive search and the comment function.
- Coin charts and analyses – CoinTracking is definitely worthy of that name, but its tracking capability also extends to the past. Namely, it keeps history charts of all 4532 virtual coins while also always providing the latest prices for each one. It also provides a list of top coins by volume and by trade, alongside experimental Bitcoin forecast.
- Tax declaration – All trades will be calculated according to FIFO, HIFO, LIFO, and LOFO and prepared for your accountants and the tax office. The algorithm also incorporates fees consideration and variable parameters, depending on your country of residence.
Note that CoinTracking constantly improves the functionality of the platform and by that we mean providing significant upgrades almost every single month. They do boast their overenthusiasm for trading analysis and their app, but they genuinely “walk the walk” as well.
How CoinTracking Works
CoinTracking analyzes the trades you made with virtual cryptocurrency and calculates the resulting taxes. The whole process is pretty straightforward and can be encapsulated within the following few steps:
- Account creation – The process doesn’t even require that you provide your e-mail, although it’s highly recommended for security purposes. By signing up, you’ll be joining over 30,000 registered members.
- Trades import – You can import your trades to CoinTracking from 24 popular exchanges, including BitStamp, Bittrex, BTC-e, Kraken, Poloniex, and others. The import process is conducted via CSVs and APIs, so no access to your personal data is required.
- Analysis – With your account set up and trades imported, you can start utilizing numerous analyses and up-to-date data concerning all your trades, exchanges, and coins.
The CoinTracking tool operates 24/7, ridding you of keeping track of countless trades and your current profit-loss ratio. CoinTracking also has a truly engaging community, spread across numerous forums and similar online outlets.
The mobile app was recently revamped, and it looks good. It does everything you’d expect:
- Get an overview of your portfolio value and recent price changes.
- Portfolio value over time.
- Cryptocurrency price trends.
- Unrealised and realised gains (summarised).
It would benefit from a little love, especially the clunky alerts system (process described below). If you don’t want anyone accidentally stumbling onto your portfolio, you’d also be well advised to logout after you’re done using the app too (or set a password using another app). Not ideal.
The more trades you need to calculate, the more expensive your tax form will be.
The Hobbyist plan– the cheapest subscription available– costs $49 per year. But if you subscribe to this plan, you’ll only be able to analyze 100 transactions. The next step up is Basic Trader, which costs $149 supports up to 1,000 transactions. If that doesn’t cover you, you can go with Active Trader (4,000 transactions, $399) or Pro Trader (15,000 transactions, $999).
There’s also a Satoshi plan, which features unlimited transactions and unspecified “custom features.” Pricing information isn’t available on the site, but can be obtained through CoinTracker’s customer support team.
CoinTracker’s tax form generator is pricey compared to competing services, many of which are cheap or even free. On the other hand, few trackers offer the extensive tax calculation features that CoinTracker has. The fact that CoinTracker integrates with the most popular tax accounting software programs and all the major crypto exchanges is another major plus. If you’re a frequent trader, it may be worth it to buy a subscription plan. Otherwise, cheaper and simpler trackers will likely suffice.