CoinTracker was essentially developed to enable crypto traders to create wealth, file taxes, and maximize their portfolio all year round. As per vendor claims, the software is utilized by more than 500,000 cryptocurrency holders. Therefore, it tracks more than $20 billion worth of crypto assets.
What is CoinTracker?
CoinTracker is a portfolio assistant that helps you to keep tabs on the performance of your crypto coins and manages crypto taxes for you as well.
This software was founded by Chandan Lodha and John Lerner. Both are former Google employees. These individuals work with a team said to be distributed across different parts of the world.
How does CoinTracker work?
CoinTracker basically tracks the performance and taxes of your crypto assets. Once you connect all your wallets and exchanges on the platform, your crypto transactions and balances are automatically harmonized into one unified dashboard.
How to use CoinTracker
Follow these steps to get started with CoinTracker:
- Visit the CoinTracker website, and once there, click on the “Get Started” icon featured on the homepage.
- You will then be redirected to a page requiring you to signup using either Coinbase, Google account, or email.
- After you complete this procedure, go to your email inbox and click on the “connect wallets & exchanges” link sent to you.
- Log in and add exchanges and wallets.
- To secure your account, you will be required to enable the 2-factor authentication.
- The next step is to add exchanges and wallets that you chose in step 4, and for each, you will be directed to a page requiring you to verify them.
- A verification code will then be sent to you on your phone. Enter it to make the process complete.
Security of CoinTracker
Several safety measures have been set in place to enhance the safety of CoinTracker. For instance, the website traffic runs wholly over encrypted SSL and uses SQL injection filters to avert CSRF attacks. API keys are also encrypted and stored securely, and therefore, you can rest easy knowing that your coins are safe. Last but not least, a third party security firm carries out a penetration test of the website annually to verify security patches for further vulnerabilities.
What crypto exchanges does it support?
CoinTracker supports 300+ wallets and exchanges. Some include: BitPanda, Kraken, Compound, Gemini, Ledger, BitFinex, Coinbase, Prezer, etc.
Deposits & withdrawals
This site does not store cryptocurrency fees for anyone. Therefore, you will never be asked for any deposit or withdrawal fees.
CoinTraker charges two types of fees:
Tax compliance – This is a once per year fee based on the number of cryptocurrency transactions in the particular tax year.
Portfolio assistance – This is a monthly subscription with advanced portfolio analytics, tax-loss harvesting, charting, performance metrics, and other features.
Quick summary of CoinTracker
CoinTracker has a number of features, which are listed below:
- Works with 8000+ crypto assets
- Automatically optimizes cost basis accounting techniques
- Enables you to tax-loss your portfolio
- Provides tax reports
- Offers a mobile app to track your portfolio on the go
At zero fees, the software can only engage in 25 transactions. Hobbyist ($59) and Premium packs ($199) will enable the system to take part in 100 and 1000 transactions, respectively. For an unlimited number of transactions, you will be charged individually. A 30-day money-back guarantee is available for all plans.
Key details of CoinTracker
|Headquarters||San Francisco, CA, US|
|Listed cryptocurrency||BTC, ETH, BNB, USDT, SOL, ADA, XRP, USDC, DOT, HEX, DOGE, SHIB, AVAX, etc|
|Supported fiat currencies||N/A|
|Supported countries||US, UK, Canada, and Australia.|
|Transaction fees||Various (depends on membership)|
|Customer support||Mail, Telegram, FAQ, support center, crypto guide|
CoinTracker has different customer support options. You can message the team directly with your inquiries through email. There’s also a support center that features a variety of articles. All you need is to do is type your query and articles that answer this question will pop up. Other resources include a blog, a crypto guide, Telegram, and an FAQ section that provides answers to different topics.
CoinTracker review: pros and cons
- A mobile app is available
- Supports thousands of crypto assets
- Margin trading is not supported
- Swaps or future are not supported either
Is CoinTracker legit?
Yes, it is. The founders of the platform are Jon (built TextNow) and Chandan (ex product manager at Google). Furthermore, it is funded by legit companies like Coinbase, Y Combinator, and Initialized.
They are asking for a deposit of USD 12.500 in order to release the funds. Is this legit?