Koinly

Crypto tax reporting has a structural problem: a single active trader might generate thousands of taxable events across a dozen exchanges, wallets, and DeFi protocols in a year, and almost none of those platforms issue a 1099 or equivalent tax form the way a traditional brokerage does. Koinly was built to close that gap — connecting to the platforms where the activity actually happens and reconstructing a complete, audit-ready tax picture.

This review covers how Koinly calculates gains, what it costs at different trading volumes, how it handles DeFi and NFTs, and how it compares to CoinLedger.

How Koinly Builds Your Tax Report

Koinly works by importing your complete transaction history, either through read-only exchange APIs, wallet address tracking, or CSV upload for platforms without API support. Once imported, it:

1. Deduplicates and matches transfers between your own wallets and exchanges, so moving crypto between your own accounts isn’t mistakenly treated as a taxable disposal
2. Applies your chosen cost-basis method — FIFO, LIFO, HIFO, or average cost — consistent with what your tax jurisdiction permits
3. Classifies each transaction type — trade, transfer, income, gift, donation, lost/stolen — since each has different tax treatment
4. Calculates capital gains/losses on every disposal event, and ordinary income on staking, mining, and airdrop receipts
5. Flags anomalies — like assets with no recorded cost basis, which would otherwise overstate your tax liability

The output is a full set of country-specific reports: IRS Form 8949 and Schedule D for the US, a Capital Gains Summary for UK HMRC, and equivalent localized reports for Canada, Australia, Germany, and 15+ other countries.

DeFi, Staking, and NFT Support

Crypto tax software historically struggled with anything beyond simple buy/sell activity. Koinly has invested heavily in supporting:

• Liquidity pool transactions — deposits, withdrawals, and impermanent loss tracking across major DEXs
• Staking rewards — automatically classified as income at receipt, with cost basis set for future disposal calculations
• Yield farming and lending — interest and reward token tracking across supported protocols
• NFT trades — purchases, sales, and mints tracked with capital gains calculated the same way as other crypto assets
• Airdrops and hard forks — classified as income at fair market value when received

Coverage is broad but not universal — brand-new or very niche protocols occasionally require manual transaction labeling until Koinly adds native support.

Koinly Pricing Breakdown

Free — $0 Full transaction tracking and portfolio view with no transaction limit. You can see your complete calculated tax liability before paying anything — but cannot export or download the actual report.

Newbie — $49/tax year Up to 100 transactions. All tax reports unlocked.

Hodler — $99/tax year Up to 1,000 transactions. Adds margin trading, futures, and options support.

Trader — $199/tax year Up to 3,000 transactions (custom pricing above that). Dedicated support during tax season.

Pricing is per tax year, not a recurring subscription — you pay once you’re ready to file for that year and can review your numbers for free beforehand.

Koinly vs. CoinLedger

Koinly supports more countries with fully localized tax forms — over 20 versus CoinLedger’s narrower focus on the US, UK, Canada, and Australia — making Koinly the stronger choice for international filers. Koinly’s DeFi protocol coverage is also generally broader. CoinLedger counters with a more polished, US-focused workflow and tighter direct integration with TurboTax for filers who want the most frictionless path from crypto activity to a filed US return.

Who Should Use Koinly

Active traders and DeFi users benefit most from Koinly’s broad protocol support and error-detection features, which catch the missing-cost-basis issues that plague manually-tracked complex portfolios.

International filers outside the US — particularly in the UK, EU, Canada, and Australia — get localized forms that map directly to their domestic tax authority’s requirements.

Accountants managing multiple crypto clients use Koinly’s professional features to manage several client portfolios under one account.

Who Should Consider Alternatives

US-only filers wanting the simplest possible TurboTax handoff may prefer CoinLedger’s more streamlined integration.

Very low-volume holders (under 100 transactions, simple buy-and-hold) may not need a paid tool at all if their exchange already issues adequate tax documents — though crypto-to-crypto trades are still often missed without dedicated software.

Institutional or fund-level crypto accounting needs go beyond Koinly’s individual/prosumer focus and require dedicated crypto fund accounting platforms.

Expert Verdict

Koinly solves a genuinely hard problem — reconstructing a complete, defensible tax position across fragmented crypto activity — with broad exchange coverage, solid DeFi support, and localized reporting for filers well outside the US. The free tier’s full transparency before payment is a meaningful trust signal in a category where buyers are understandably wary of black-box calculations.

For anyone with crypto activity beyond simple buy-and-hold on a single exchange, Koinly is one of the safest default choices in the category.

Overall rating: 4.5 / 5

International Pricing Notes

Koinly prices primarily in USD with regional payment options. As of 2026:

• United Kingdom: Plans available in GBP, Hodler plan approximately £79/tax year
• European Union: Plans available in EUR, Hodler plan approximately EUR 92/tax year
• Australia: Plans available in AUD, Hodler plan approximately AUD 149/tax year
• Canada: Billed in USD, Hodler plan approximately CAD 135/tax year

Localized tax forms are included at no extra charge once you’re on a paid tier matching your transaction volume.