Koinly Review (May 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

Best Overall

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

$50 offer ends May 19.

★★★★★

Rated 4.9/5

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

For starters, CoinSmart’s trading fees are an incredibly low 0.2%. They offer excellent customer support available 24/7 via phone, live chat and email, and user accounts are verified instantly.

CoinSmart has been designated a Registered Marketplace by the Ontario Securities Commission (OSC), and as a publicly-traded company, their financials are audited by a third-party firm at least once per year. They also maintain a 95% cold storage policy, which ensures your crypto is kept extra safe and secure across all circumstances.

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 phone, live chat or 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 for low fees and the best overall trading experience.

CLAIM MY $50 BONUS
Offer ends May 19.

2. Bitbuy

Lowest Fees

Trading fees: 0.1% – 0.2%
Security: 99% cold storage
Signup bonus: $50

Serving over 400,000 Canadians

★★★★★

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 just 0.2%, and go as low as 0.1% for transactions made using their advanced trading platform. It supports 17 cryptocurrencies, verifies accounts instantly, prides itself on its helpful customer service reps, and has a beautiful, well-rated app.

Bitbuy has processed more than $4 billion in trades across its 350,000+ 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 for all order sizes.

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 Canadian crypto exchange that offers altcoin trading, excellent customer service, and a slick mobile app, open a Bitbuy account today.

Features

  • Extremely low trading fees (0.1% – 0.2%)
  • Easy to use for both beginners and more advanced traders
  • Supports 17 cryptocurrencies
  • Excellent customer support
  • 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% to 0.2%
  • INTERAC Deposits/Withdrawals: 1.5%
  • Bank Wire Deposit: 0.5%
  • Bank Wire Withdrawal: 1%

Signup Bonus

$50 when you deposit $250 using this link.

Best For

Investors looking to trade with extremely low trading fees.

CLAIM MY $50 BONUS
Free account, instant verification

3. Crypto.com

Best For Altcoins

Trading fees: 0.4%
Security: 95% cold storage
Signup bonus: $10

Trade with 10x leverage.

★★★★

Rated 4.2/5

Crypto.com is a major global player that brings a mature, proven exchange to Canadian crypto investors. It supports 100+ cryptocurrencies, making it an ideal fit for anyone looking to invest in undiscovered altcoins before the masses.

Crypto.com offers some unique features that no other Canadian cryptocurrency exchanges can match. Users can trade options and futures contracts, earn interest by staking their coins, and make trades with up to 10x leverage when they feel particularly confident in a coin.

Crypto.com also has invested an enormous amount of money into its platform security, which makes trading with them extremely safe. The exchange is lightning quick (prices update dozens of times per second), which gives day traders an upper hand over the rest of the market.

Overall, Crypto.com is a solid crypto exchange for investors looking to cash in on brand new altcoins. If you’re just looking to buy more mainstream coins like Bitcoin and Ethereum, though, I suggest either Bitbuy or CoinSmart instead.

Features

  • Average trading fees (0.4%)
  • Supports 100+ cryptocurrencies
  • Allows up to 10x leverage
  • Trade crypto derivatives (futures and options contracts)
  • Earn daily interest by staking your coins
  • Purchase newly-listed coins at up to 50% off
  • Free deposits from all cryptocurrencies

Cost

  • Account Opening: Free
  • Trading Fees: 0.4%

Best For

Investors looking to buy altcoins and other new crypto assets before they go mainstream.

OPEN FREE ACCOUNT
Extremely secure, 10x leverage

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.

The Best Crypto Exchanges In Canada

Best Overall

Supports: 16 cryptocurrencies
Security: 95% cold storage
Trading fees: 0.2%

$50 bonus ends May 19.

★★★★★

Rated 4.9/5

Lowest Fees

Supports: 17 cryptocurrencies
Security: 95% cold storage
Trading fees: 0.1% - 0.2%

Free account, instant verification

★★★★★

Rated 4.8/5

Best For Altcoins

Trading fees: 0.4%
Security: 95% cold storage
Signup bonus: $10

Trade with 10x leverage.

★★★★

Rated 4.2/5