home” diary » Koinly vs. Blockpit – Cryptocurrency Control Software Compared
Both the Koinly and Blockpit platforms have an intuitive user interface that allows users to easily calculate taxes.
What are crypto tax tools?
Crypto tax tools are software programs used to calculate your crypto-related taxes. These tools make managing your crypto taxes easier by automatically generating a tax report for you.
Koinly vs Cryptotax supported countries
Koinly accepts users from more than 100 countries including the most common: USA, Canada, Australia, New Zealand, Brazil, UK, Germany, Sweden, Denmark, Netherlands, France, Spain, Finland, Norway, Italy, Ireland, Czech Republic, Estonia, Malta, Austria, Lichtenstein, Luxembourg, Belgium, Poland, Ukraine, Iceland, Switzerland, Singapore, India, Japan, South Korea and South Africa.
They also support any country that uses FIFO (First In, First Out), LIFO (Last In, First Out), Highest Cost, and Average Cost basis accounting methods.
Blockpit currently accepts users from four countries, namely Austria, Germany, Switzerland and the United States of America.
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Koinly vs Blockpit supported exchanges and wallets
Koinly supports 398 exchanges (including the most popular ones like FTX, Coinbase, Binance, Crypto.com, Kraken, Gate.io, Huobi and KuCoin) and 50+ wallets (Metamask, Exodus, Trust Wallet, Trezor, Electrum, Coinbase Wallet and more) .
Exchanges supported by Blockpit are: Airswap, Binance, BitMEX, Bitcoin.de, Bitpanda, Bittrex, Coinbase, Coinbase Pro, Kraken, Bitstamp and Poloniex. According to their website, Cryptotax plans to support more exchanges like Gate.io, KuCoin, BitBay, Gemini, Huobi, and more in the future.
For wallets, Blockpit supports Ledger, Tezos, Binance and Coinbase Wallet. Unfortunately, at the time of writing, they don’t currently support Metamask.
Koinly vs Blockpit – other supported services
With access to 350+ exchanges, Koinly can be used to calculate DeFi taxes (including staking and NFTs). Platform users need to sync their wallets or exchanges with Koinly via API or import a CSV file with their transactions to access this feature.
Blockpit can be used to calculate taxes on mining revenue, crypto airdrops, margin trading and more. DeFi taxes (such as swaps, liquidity pools, lending or borrowing crypto) are also available on the platform.
Koinly vs. Blockpit prices
The Koinly platform has four annual pricing plans, each with a different number of transactions: Newbie at $49 (100 txs), Hodler – $99 (1000 txs), Trader – $179 (3000 txs) and the Pro plan at $279 per year (10,000 shipments).
Blockpit offers the following three annual pricing plans: Basic – (free) with 25 TXs, Advanced – $199 (25,000 TXs), and Professional – $599 per year (with unlimited transactions).
In the price section, Koinly seems to be better suited for users with a small to medium number of transactions, while Blockpit is better suited for users with a large number of crypto transactions.
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frequently asked Questions
Is Koinly the best tax software❓
Koinly is one of the best platforms in the crypto market with access to 350+ different exchanges and 50 wallets as well as access to calculate your DeFi taxes.
Is Blockpit or Koinly better for tax purposes?❓
Blockpit is better for users with a large number of crypto transactions per year. On the other hand, Koinly is a better choice for someone looking for accessible pricing plans, access to a large number of integrated crypto exchanges, and fewer processed transactions per year.
Is crypto tax software correct?❓
Although crypto control software is considered a new and emerging technology, it has proven to be accurate and time-saving.
Works Koinly with TurboTax❓
Yes. Koinly supports TurboTax Online.
Which crypto exchange doesn’t file with the IRS❓
All centralized crypto exchanges are required by law to report to the IRS, and most major exchanges do. Decentralized exchanges like Uniswap, Pancakeswap, and dozens of other similar swaps are exempt from this rule as they do not report to the IRS. These swaps have a huge daily volume of billions of dollars and it is up to each user to report to the IRS.
What’s better than Koinly❓
It depends on your needs. Other crypto control software alternatives may have different features, but the downside is that they are not very cost-effective.
Report Blockpit to the IRS❓
It doesn’t. Blockpit only calculates crypto taxes and helps users fill out legally compliant forms.
How do I calculate taxes on crypto-to-crypto transactions?❓
All income from cryptocurrency transactions is taxable in 2022 at a rate of 10% to 37%. The tax applies to gains from the transfer or sale of digital assets.
Does Koinly work for the UK?❓
Yes. Koinly accepts users from over 100 countries including the UK.
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CaptainAltcoin’s authors and guest contributors may or may not have a vested interest in any of the projects and companies mentioned. None of the content on CaptainAltcoin is investment advice or a substitute for advice from a certified financial planner. The views expressed in this article are those of the author and do not necessarily reflect the official policy or position of CaptainAltcoin.com
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