Koinly Review (Sep 2022): Cryptocurrency Tax Made Easy

January 8, 2022
Reviews
koinly review

Koinly is a free cryptocurrency tax tool that makes tracking your taxes when trading cryptocurrencies simple. It offers many useful features, such as precise tax reports, broad international support, and an extensive blog covering crypto tax news and recommendations.

The software also allows you to link your account with 350 cryptocurrency exchanges, making it one of the most comprehensive crypto tax platforms accessible today. We recommend using the platform to assist you in managing your cryptocurrencies taxes.

What Is Koinly?

Koinly is a crypto tax software platform that allows you to automatically import your transaction history, monitor market prices, keep track of your wallet transfers, calculate your crypto gains/losses, and produce tax reports. It's designed for individual cryptocurrency traders as well as business or professional accountants who have clients that invest in cryptocurrencies.

Koinly allows you to add transactions for over 17,000 cryptocurrencies and has support for over 50 blockchains, 350 exchanges, and 50 crypto wallets. The platform can be used for free, but there are also paid plans available that range from $49 to $179 per tax year.

Koinly Features

1. Precise Tax Reports

Koinly has many tools to help you find problems with your transactions and make them as accurate as possible when creating a crypto tax report. Some of these tools include:

ToolFunction
Double-Entry Ledger System Backs every change in asset balances with an entry, making it simple to troubleshoot problems.
Missing Transactions Highlights errors like incorrect imports or missing transactions that cause your accounts' balances to become negative.
Auto Import Verification Automatically verifies your wallets via API to ensure that all data has been correctly imported.
Duplicate Handling Duplicate handling. Skips duplicate transactions whether you use the API or CSV files to import.

2. Wide Array Of Supported Countries

Koinly is currently accessible to users in numerous nations across Europe, Asia, Oceania, and North America, with more countries being added as the platform evolves.

Here is a list of the countries that Koinly currently supports:

United StatesUnited KingdomFranceLithuaniaSlovenia
CanadaAustriaGermanyLuxembourgSpain
AustraliaBelgiumGreeceMaltaSwitzerland
New ZealandCyprusIcelandNetherlandsJapan
DenmarkCzech RepublicItalyPolandSouth Korea
IrelandEstoniaLatviaPortugalSingapore
SwedenFinlandLichtensteinRomaniaUkraine

3. Koinly Blog & Tax Guides

Koinly also provides free tax guides to help you learn about how cryptocurrencies are taxed in your country. Considering this topic is relatively new and somewhat fluid, Koinly's tax guides are a valuable resource.

The platform also has its own dedicated blog that is updated regularly and helps keep anyone up to date on the latest crypto tax news and advice, so it's worth following even if you're not a Koinly user.

4. Koinly Customer Support

Koinly offers a plethora of information on common inquiries through its extensive FAQ section, and it also offers a variety of customer support options to help clients through the following channels:

  • Email (hello@koinly.io).
  • Koinly Help Center (via the “Resources” tab at the top right).
  • Live Chat (via the “Contact” tab at the bottom of the page).

Koinly also has a social media presence, and you can talk with the Koinly team through Facebook and Twitter as well.

Koinly Cost

Currently, Koinly is free to use for anyone. However, paying any of the plans available to you will grant you access to a variety of features that aren't available to free accounts, such as access to different tax report formats (like a Form 8949, Schedule D report) and custom file format imports.

Top Crypto Exchanges To Pair Koinly With

Now that you know how efficient Koinly is at providing you with accurate crypto tax reports, it's worth mentioning that the platform supports 350 cryptocurrency exchanges.

This means Koinly will be able to help you import every transaction from your accounts on all of these platforms, which is incredibly valuable considering how many different crypto exchanges are available today.

Here are a few of the top crypto exchange options that you can use to pair up with Koinly:

1. CoinSmart – $50 Signup Bonus

Best Overall

Trading fees: 0.2%
Security: 95% cold storage
Signup bonus: $50

$50 bonus ends September 31, 2022.

★★★★★

Rated 4.9/5

CoinSmart is, without a doubt, the best crypto platform in Canada in 2022.

For starters, CoinSmart has the lowest trading fees in Canada at just 0.2%. It supports 16 cryptocurrencies, verifies accounts instantly, prides itself on its helpful customer service reps, and has a beautiful, well-rated app.

CoinSmart has been designated a Registered Marketplace by the Ontario Securities Commission (OSC), is registered as a Money Services Business with FINTRAC, and is a member of the anti-money laundering group TRUST, all of which means they're a highly secure exchange. They maintain a 95% cold storage policy, and as a publicly-traded company, their financials are audited by a third-party firm at least once per year.

As a new CoinSmart user, you'll receive a $50 bonus upon funding your account, which you can use to buy Bitcoin, Ethereum, or any of the 16 assets CoinSmart supports. If you're looking for a highly secure, reputable crypto platform, CoinSmart is an excellent choice.

Features

  • Extremely low trading fees (0.2%)
  • 24/7 customer support available via live chat and email
  • Instant account verification
  • Supports 16 cryptocurrencies
  • Registered Marketplace by the OSC
  • Immediate deposits and withdrawals
  • User-friendly for both beginners and advanced traders
  • 95% cold storage policy keeps your crypto extra secure

Cost

  • Account Opening: Free
  • Trading Fees: 0.2%
  • INTERAC Deposit: 0%
  • Bank Wire Deposit: 0%
  • Bank Wire Withdrawal: 1%
  • EFT Withdrawal: 1%

Signup Bonus

$50 bonus when you sign up using this link and our promo code YOREOYSTER.

Best For

Investors looking to trade with low trading fees.

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Offer ends September 31, 2022.

2. Bitbuy — $50 Signup Bonus

$50 Signup Bonus

Trading fees: 0% – 1.5%
Security: 99% cold storage
Signup bonus: $50

$50 bonus ends soon.

★★★★★

Rated 4.8/5

Bitbuy is a great second option for Canadians seeking a reliable, trustworthy crypto exchange.

Like CoinSmart, Bitbuy's trading fees are also low, ranging from 0% – 1.5% depending on how much you trade. They offer excellent customer support available 24/7, and user accounts are verified instantly.

To date, Bitbuy has processed more than $4 billion in trades across its 400,000+ Canadian users. It's a Registered Marketplace and Investment Dealer as recognized by the Ontario Securities Commission (OSC), which means it's a highly safe and secure exchange that offers deep liquidity on all order sizes.

I've personally used Bitbuy for over a year, so I've seen them consistently improve their platform over time. For example, Bitbuy recently removed its fees on deposits and withdrawals, making the overall trading experience significantly cheaper for users. Those fees were Bitbuy's main drawback before, but now I'm very confident calling it the best crypto exchange in Canada.

For a limited time, Bitbuy is offering a $50 bonus to Yore Oyster readers who fund their account with $250 or more. If you’re looking for a highly-respected exchange that offers the lowest fees in Canada, excellent customer service, and a slick mobile app, open a Bitbuy account today.

Features

  • Low trading fees (0% – 1.5%)
  • Easy to use for both beginners and more advanced traders
  • Supports 25+ cryptocurrencies
  • Excellent customer support via live chat and email
  • Powerful mobile app (rated 4.6/5 on the App Store)
  • 99% cold storage policy keeps your crypto extra secure

Cost

  • Account Opening: Free
  • Trading Fees: 0.1%
  • INTERAC Deposits/Withdrawals: Free
  • Bank Wire Deposit: Free
  • Bank Wire Withdrawal: 1%

Signup Bonus

$50 bonus when you deposit $250 using this link.

Best For

Investors looking for extremely low fees and the best overall trading experience.

CLAIM MY $50 BONUS
Offer ends soon.

3. VirgoCX – $30 Signup Bonus

Best For Fringe Coins

Spreads: ~0.5%
Security: 95% cold storage
Signup bonus: $30

Low spreads, great platform.

★★★★

Rated 4.5/5

Based in Toronto, VirgoCX is another one of the best Canadian crypto exchanges. Its users appreciate that it offers 50+ cryptocurrencies, one of the widest selections of any exchange on this list. 

VirgoCX’s trading platform and mobile app are intuitive and easy to use, even for beginners. It offers 24/7 customer support via live chat and email, plus an extensive FAQ section on its site.

VirgoCX charges no deposit or withdrawal fees on fiat and covers the first $6 in mining fees on ERC20 withdrawals. It requires 2-factor authentication on all accounts, and maintains a 95% cold storage policy to keep your assets safe at all times.

Features

  • Supports 50+ cryptocurrencies
  • Free fiat deposits and withdrawals
  • Free deposits and withdrawals on most cryptocurrencies
  • 24/7 support available via live chat and email
  • User-friendly for both beginners and more advanced traders
  • 95% cold storage policy keeps your crypto extra secure

Cost

  • Account Opening: Free
  • Cash Deposits: Free
  • Cash Withdrawals: Free
  • Crypto Deposits: Free
  • Crypto Withdrawals: Free for all major coins
  • Spreads on trades: Around 1%

Signup Bonus

$30 when you fund your account with $100 or more using this link.

Best For

Investors looking to buy altcoins before everyone else.

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Free account, instant verification

In Summary

Koinly is a cryptocurrency tax platform that makes it easy to keep track of the taxes you have to pay when trading cryptocurrencies. It has many interesting features, such as its precise tax reports, wide support in different countries, and an extensive blog dedicated to crypto tax news & advice.

The platform also allows you to pair up your account with 350 cryptocurrency exchanges, making it one of the most comprehensive crypto tax platforms available today. Considering Koinly is also free to use, we recommend that you consider using the platform to help you keep track of your crypto taxes today.

Koinly FAQs

Is Koinly Safe?

Yes, Koinly is a safe service to use. All of their data is encrypted in transit, their API and application endpoints are only available via TLS/SSL, and they obtained an “A+” rating on SSL Labs' tests. This implies that the platform exclusively employs strong ciphers suites with features like HSTS and Perfect Forward Secrecy turned on.

Is Koinly Legal In Canada?

Yes. Koinly is compliant with all relevant legal and regulatory requirements in Canada.

Does Koinly Report To The CRA?

No, Koinly does not report to the Canada Revenue Agency (CRA). However, the tax reports that Koinly creates allow you to report your crypto taxes to the CRA yourself.

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