Cointracker.io is like a tracker that detects how well one’s cryptocurrency portfolio is doing. The tracking function provided by it is available for free. The tracker in it can be enabled by simply clicking on the performance tab at the upper column of the screen.
It is used in such a way that it pulls data and information from all the wallets and exchanges done. Cointracker was founded by Chandan Lodha and Jen Lerner. It is a San Francisco based company and was introduced by a company called Nino Finance.
Cointracker cooperates with TurboTax and TaxAct. It provides free services for its users. In case of any doubts, one can easily reach out to their service centers. They take a time of 24 hours to respond to one’s doubts. Cointracker’s apps are easily available in Android and iOS devices.
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The subscription prices for Cointracker ranges from being the highest to the lowest. The cheapest subscription available for it is the hobbyist plan which costs approximately 49 dollars in a year. The only difference between you and your task is just a matter of a few clicks.
It provides the facility to store important data using a wallet. As per information, CoinTracker supports 4 types of different wallets such as
How does Cointracker.io work?
The most obvious step is to create an account on CoinTracker. The signup can be done by using their coin based account or even through your google accounts. After this, email verification is done followed by a successful login to your account. A dashboard appears on the screen from which the user is required to select the type of exchanges and wallets. It can be used to add any public address to a wallet and would update it when transactions are done. After doing all sorts of verification one can see the summary of their tax upon the screens.
Now, let us dive into the details, features, pros, and cons of using Cointracker.
- It supports multiple accounting methods which include FIFO, LIFO, HIFO, ACB ACB, and even share pooling.
- The auto wallet sync feature is used to adjust the value of a portfolio automatically as prices fall and rise.
- It can be used to import and export CSV data.
- It is used to generate tax by following a simple three-step process.
- It has a ‘download CSV’ button to export CSV of your portfolio data.
- It keeps an eye on your investments and returns available on those.
- It supports over 300 crypto exchanges.
- It serves as a tax manager such that it helps an individual to calculate his taxes.
- Regardless of the plan one takes to use it, your crypto taxes are done in just a few minutes.
- One is not required to be a professional to use CoinTracker. It is good enough to be used by the newbies.
- Cointracker provides a live chat window for its customers regarding any issues or doubts.
- It is one of the safest sites to be used and is highly recommended.
- It does not support margin trading, derivatives, or even swaps.
- While many services available are free, Cointracker holds a price for its user. This is probably the biggest setback if Cointracker.
Cointracker is not free but if one is a frequent trader and can invest both time and money freely then it would be worth the expenditure. It provides premium and unlimited packages for users. It connects you to your wallets with just read-only access.
Cointracker provides such features that are hard to find in any other web-based application. This app is highly in demand because it generates IRS form 8949 and covers all the basic tracking needs. One can manage all their accounts using a Cointracker.
It legit provides a safe environment for your data. Such that it stays safe and secured. Well, every application, software have their own advantages and disadvantages. It simply depends upon the user how he makes use of it.
Therefore, always make the best out of the resources available to you.
I hope this information is useful enough to help you know much about Coin Tracker.io.