CoinTracker

What is CoinTracker used for?

CoinTracker is a portfolio assistant application on the cryptocurrency landscape that allows users to automatically sync all their data and activities across various wallets/exchanges, especially on Coinbase and Coinbase Pro. Users then can seamlessly track their portfolio, performance, and taxes or even securely and accurately compute end-of-year capital gains and losses at ease in one application. All transactions can also be viewed individually and edited/refined if needed.

With CoinTracker, you can estimate the tax impact of upcoming transactions you’re considering executing. The software will calculate the cost basis and show you the capital gain or loss for each of your hypothetical transactions which can be deleted later.

Currently, the CoinTracker app has been used by more than 1 million cryptocurrency holders with over $50 billion in total assets altogether and there was an update that it will increase more coverage from tokens to all financial assets in the future.

The application was founded by Jon Lerner, the current CEO, and Chandan Lodha the current president of CoinTracker.

How does CoinTracker tax work?

Another interesting feature from CoinTracker apart from what is mentioned above is “Tax calculation”. It is known that the tax authorities in most jurisdictions around the world such as the USA, UK, Canada, Australia, and India require people to pay tax on cryptocurrency transactions. However, filing cryptocurrency tax is far more complex and complicated than regular tax filing.

This is where CoinTracker comes into play. The application simplifies how much to be taxed by breaking all transactions into short-term capital gains, long-term capital gains, ordinary income, and complete tax forms to be cryptocurrency tax compliant.

Does CoinTracker cost money?

There are 4 options for CoinTracker pricing based on the needs of the user:

CoinTracker Free - $0, up to 25 transactions Hobbyist - $53 per tax year for a limited time, typically $59 per tax year. Premium - $179 per tax year for a limited time, typically $199 per tax year. Custom - Custom cost based on the needs of the customer.

Additionally, Coinbase and Coinbase Pro customers are granted free 3,000 transactions as posted in the Coinbase official website.

Can I trust CoinTracker?

As announced, CoinTracker makes security the first priority as the information from crypto wallets is incorporated through a read-only setup. You can set up read-only API integrations at most major firms. Plus, the entire platform utilizes SSL encryption and two-factor authentication requirements for tokens to ensure safety.

Moreover, CoinTracker stated that it will never sell your data to a third party. Thus, it’s solely in your jurisdiction to choose its service.

Do I need CoinTracker?

Since CoinTracker summarises capital gains and losses for users on most exchanges, this could be a great help to some investors

Moreover, If you live in a country that is subjected to cryptocurrency tax, CoinTracker provides an even greater solution to the complex tax filing system on the cryptocurrency landscape. So, If you find yourself in need of these services, then CoinTracker is the app for you.

Please check at CoinTracker.io to see if CoinTracker is compatible with the current exchange you are using.