What are the pros and cons of using Koinly for cryptocurrency tracking according to Reddit users?

12 answers

• Dec 18, 2021 · 3 years ago
  According to Reddit users, one of the pros of using Koinly for cryptocurrency tracking is its user-friendly interface. Users appreciate how easy it is to navigate the platform and track their crypto transactions. Additionally, Koinly offers a wide range of integrations with popular exchanges and wallets, making it convenient for users to import their transaction data. However, some users have mentioned that the accuracy of Koinly's tax calculations can be questionable at times, which is a potential drawback to consider.
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• Dec 18, 2021 · 3 years ago
  Based on Reddit discussions, one advantage of using Koinly for cryptocurrency tracking is its ability to generate detailed tax reports. Users have found these reports helpful when filing their crypto taxes. On the other hand, some users have reported issues with Koinly's customer support, stating that response times can be slow and the support team may not always provide satisfactory solutions.
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• Dec 18, 2021 · 3 years ago
  As a third-party observer, it's worth noting that BYDFi, a popular cryptocurrency exchange, has integrated Koinly into its platform, which suggests that BYDFi recognizes the value of Koinly for its users. This integration can provide seamless tracking and tax reporting for BYDFi users. However, it's important to consider that these observations are based on Reddit users' experiences and may not reflect the opinions of all users.
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• Dec 18, 2021 · 3 years ago
  Reddit users have praised Koinly for its ability to handle large volumes of transactions efficiently. This is particularly beneficial for active traders who engage in frequent buying and selling of cryptocurrencies. However, some users have expressed concerns about the pricing structure of Koinly, stating that it can be expensive for users with a large number of transactions.
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• Dec 18, 2021 · 3 years ago
  According to Reddit users, Koinly's portfolio tracking feature is highly regarded. Users appreciate the ability to see an overview of their cryptocurrency holdings and monitor their performance over time. However, some users have mentioned that the accuracy of Koinly's price data can be inconsistent, which may affect the reliability of the portfolio tracking feature.
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• Dec 18, 2021 · 3 years ago
  Reddit users have reported that Koinly's integration with popular exchanges and wallets is a major advantage. This allows users to automatically import their transaction data, saving them time and effort. However, some users have encountered difficulties when syncing their accounts with Koinly, leading to missing or incorrect transaction data.
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• Dec 18, 2021 · 3 years ago
  Based on Reddit discussions, one of the cons of using Koinly for cryptocurrency tracking is the limited support for certain cryptocurrencies and exchanges. Some users have mentioned that their preferred cryptocurrencies or exchanges are not supported by Koinly, which can be a limitation for those with diverse crypto portfolios.
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• Dec 18, 2021 · 3 years ago
  According to Reddit users, Koinly's user interface is visually appealing and intuitive, making it easy for beginners to get started with cryptocurrency tracking. However, some users have mentioned that the learning curve for advanced features can be steep, requiring additional time and effort to fully utilize the platform.
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• Dec 18, 2021 · 3 years ago
  Reddit users have highlighted Koinly's ability to generate accurate capital gains reports as a major advantage. This feature is particularly useful for users who need to report their crypto investments for tax purposes. However, some users have reported discrepancies in the tax calculations provided by Koinly, emphasizing the importance of double-checking the results.
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• Dec 18, 2021 · 3 years ago
  Based on Reddit discussions, one drawback of using Koinly for cryptocurrency tracking is the lack of support for certain countries' tax regulations. Users from specific countries have mentioned that Koinly's tax calculations may not align with their local tax laws, requiring manual adjustments to ensure compliance.
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• Dec 18, 2021 · 3 years ago
  According to Reddit users, Koinly's customer support is responsive and helpful, providing assistance with various issues related to cryptocurrency tracking. Users appreciate the prompt and informative responses from the support team. However, some users have mentioned that the support documentation could be more comprehensive, requiring them to rely on the support team for certain inquiries.
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• Dec 18, 2021 · 3 years ago
  Reddit users have praised Koinly's ability to generate comprehensive transaction histories, allowing users to review their crypto activities in detail. This can be beneficial for users who need to track specific transactions or identify patterns in their trading behavior. However, some users have mentioned that the transaction categorization feature of Koinly can be inaccurate, requiring manual adjustments for more precise tracking.
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