CoinTracking
Today a little report about CoinTracking (CT).
Since I do more than just Buy and Hodl at Cryptos, it was clear to me at some point that I will need a tool that helps me to track everything. Of course you could use Excel, however I'm not a fan of doing everything manually when it's also automated 90% of the time.
CT is tracking tool for cryptos to keep track and prepare them for tax. Especially for me, who mainly does staking, it is an advantage to know when I can sell which and how many cryptos tax free and I made profit by it.
CT analyzes all your trades and generates a lot of information like the value of your coins, the profit / loss of your trades, realized and unrealized profits, evaluations for the tax return, and much more. With current and historical prices on 20,079 coins and assets.
Some info about CT:
* 1,161,000 active users
* 25,000 tax advisors & companies
* 13 years of historical data
* Coin Trends for 20,079 coins.
* $41.5 billion total value of all portfolios
* Headquartered in Munich
Personal analytics
* 25 customizable crypto reports.
* Interactive charts on trades and coins.
* Profit / Loss & Audit Reports
* Realized and unrealized profits
Trade Imports
* Easy import from 110+ exchanges
* Automatic import via APIs
* Direct reconciliation with the blockchain
* Export to Excel, PDF, CSV, XML & JSON.
Tax Reporting
* Tax reports for 100+ countries
* Capital gains, income, mining, etc.
* 13 tax methods (FIFO, LIFO, AVCO...).
* Reports for tax advisor & tax office
And much more.
Crypto data can be imported directly via an API from the crypto exchanges or as an import via file. But also wallets can be tracked directly here!
At first, everything is a little confusing, but if you take a few minutes, which should be nothing new for people who deal with finances, you have quite quickly found everything important that you need for the beginning.
The Dashboard:
The dashboard is widely spread and asks for all kinds of information. For example, when the first trade was and the last. Also an overview of how many have taken place.
Furthermore, there is also a balance by days and a current balance. Also, a timeline is displayed, in which you can see when you bought what etc.
Reporting:
Via the tab Reporting you can have the most different things evaluated. Whether trades or the balance, there are also many linked videos directly on the page, which help you to use everything correctly!
In addition, you can see how long you still have to hold coins to be able to sell them tax-free.
You can check if some transactions have been entered twice or are missing.
You can also find information about the tax and many other reports and services.
Enter Coins:
The tab Enter Coins shows the different possibilities to enter your coins.
If you are in the menu, you will see the last transactions and the possibility to enter your coins manually. This is necessary, for example, if wallets or exchanges are not yet supported (Keplr and CDC DeFi Wallet, for example).
When scrolling down you will see the possibilities for an entry. Here you can now choose your wallet by the logo and which type of import is offered.
Also the other possibilities with logo are listed here. So also the automatic wallet imports, which use the blockchain for tracking.
On the right hand side there is a summary of his coins.
Charts & Trends:
Here, as the name suggests, there are various charts and trends that can be displayed.
At Coin Trends you can find a price list of all 20,090 available currencies on the market including price trend and current trading volume.
About CoinCharts you can view the info about the price, history, details and an on-chain analysis.
Also a price calculator is offered which shows the different values in the selected currency and also inverts the whole thing.
E.g. 1 BTC = 1 BTC (Who would have thought that?) or USD/Euro = X BTC
User Statistics :
Here you can see the average number of Bitcoins and Coins per user, the average value as well as the profit or loss, calculated from the data of 1,162,543 CoinTracking users.
So you can get a rough picture of how the coin distribution is and what is bought.
Tax Report:
Let's move on to the part that is probably one of the most important to me and why I came to CT, the tax report. CT Tax Report are designed to be adaptable to different tax laws and regulations and allow for the preparation of financial statements and reports for different countries. They calculate all reports including capital gains, income, fees, donations, losses, and the closing position report.
Creating a tax report is quite simple. First you select the country where you are a taxpayer and then the method. In the case of Germany: FIFO
In the tax calculation you can now select "Calculate taxes and profit" or only "Calculate profit". In the case of the former, it is still necessary to enter the short and long term tax rate. Short-Term for sales under one year, Long-Term over one year. For other countries and tax laws this can of course differ.
Now you can select periods, depot separation etc pp to adjust everything to your own requirements.
At the end you can create the tax report and you can download it directly.
There is also a selection button that leads you to links of different tax advisors in different countries.
There is also the selection "Tax information" here you can enter your country and you get a small overview of the different tax laws regarding Trading/Mining/Staking/etc pp briefly summarized.
E.g. Germany: Airdrops:
Depending on whether a consideration has been performed or not. A consideration exists as soon as a mail address is deposited or an account is created.
Without consideration: To be treated like a gift (tax exempt amount 20.000€)
With consideration: Other income § 22 No. 3 EStG (such as staking, lending, etc.).
Both options are offered at CoinTracking.
So everything important kept short and understandable!
Account:
Now the last part of the dashboard, the account and various settings.
In the first point, as with most sites, you can edit your account settings and customize as desired.
In the second point , Account Upgrade. you can now choose which package you want to have. More about this later.
Point three shows various partner benefits.
"Exclusive third party benefits for CoinTracking Premium users
To add even more value to your CoinTracking membership, we have partnered with a variety of crypto services to offer a number of exclusive deals and discounts. Benefits apply to all Premium Users (PRO, EXPERT, UNLIMITED and CORPORATE) unless otherwise stated. New offers will be added continuously."
Here are some interesting bonus programs for exchanges, education, analysis and more. Also, there are discounts for BitBox and NordVPN, for example.
Furthermore, you can create a public profile and share them with friends, for example, although I can't imagine that anyone is doing that voluntarily right now.
You can also create an API for your CT account and a tutorial like where and what is also offered.
What is also available are backups of your transactions.
And as a last point: Logout
AccountUpgrade:
In this tab you can buy different subscription packages for CT.
There are 4 different options to choose from:
FREE : Has everything important and is, as the name suggests, free. Here are up to 200 transactions per year possible and the tax & capital report limited to 100 entries. For HODLer without big Staking etc I think just right.
PRO: I have this version, because I have several coins on several platforms stake and so mehrer transactions take place. Here are 3500 transactions included. From here, automatic imports are also possible from exchanges and blockchains. From this package, the "exclusive benefits" also apply.
So who moves things a little more often or like me, staked several coins, finds here the right package.
EXPERT: This package is for Cryptotrader something. Here you can choose between 20,000, 50,000 and 100,000 transactions. So if you move and trade your coins on a large scale, this is the right package for you.
UNLIMITED: With this package there is no limit to the number of transactions. Otherwise, this package has as an advantage over the other packages that there are advanced tools, prioritized calculations and preferred customer support.
Costs :
For each package, except Free, there are different subscription options. You can choose between 1 year, 2 years and lifetime. The longer you choose, the cheaper it gets.
PRO: 1 year -> monthly 8.99€ (annual billing)
2 years -> monthly 6.99€ (Biennial billing) - This is the package I chose.
Lifetime - > 349€
EXPERT
20,000 transactions: 1 year -> monthly 13.99€ (Annual billing)
2 years -> monthly 10.99€ (biennial)
Lifetime -> 749€
50.000 transactions: 1 year -> monthly 17.99€ (yearly)
2 years -> monthly 13.99€ (biennial)
Lifetime -> 1069€
100.000 transactions: 1 year -> monthly 22.49€ (yearly)
2 years -> monthly 17.99€ (biennial)
Lifetime -> 1499€
UNLIMITED: 1 year -> monthly 45.99€ (yearly)
2 years -> monthly 36,99€ (biennial)
Lifetime -> 4349€
Payment methods:
You can pay with all common payment methods.
However, special mention should be made of Crypto. com, CoinPayments and BTC. Yes, you read that right. You can pay with BTC here and even get a 5% discount on the purchase of your choice! Furthermore, probably over 50 altcoins are also accepted as payment methods, but without discount.
And to round it all off, there is of course a referrer link with which you get an ADDITIONAL 10% discount on your upgrade.
https://cointracking.info/?ref=W558412
Even if you want to test the FREE version first and you decide to upgrade later, you will get the discount as long as you signed up via the link.
I am more than satisfied with CT so far and can confidently recommend it for those who don't want to have their own Excel spreadsheets or similar and also want to have a tax report !
Have you already made experiences with CT or do you want to know something more? Then write it in the comments and I try to answer to the best of my knowledge and belief.
This post was first created in German and is mainly aimed at the German community. Cointracking is available in several languages and the operation is the same.
All information without guarantee.
#cointracking
#crypto
#taxreport
#bitcoin
#getquin
