Koinly Review: Is It the Best Crypto Tax Software in 2026?
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Tracking crypto transactions for tax purposes is one of the most frustrating parts of investing in digital assets — especially if you use multiple exchanges, wallets, or DeFi protocols. Manual spreadsheets quickly become unmanageable, exchange reports are often incomplete, and mistakes can be costly if you are ever audited.
In this in-depth Koinly review, we take a clear and unbiased look at how Koinly works, how accurate it is, what it costs, and who it is actually best for. The goal is simple: help you decide whether Koinly is the right long-term solution for your crypto tax reporting — without marketing hype.
Quick Verdict
Koinly is one of the most reliable and beginner-friendly crypto tax software platforms available today, particularly for users with multiple exchanges, wallets, or more advanced crypto activity.
Koinly works best for investors who trade on more than one exchange, use wallets or participate in staking, DeFi, or NFT activity, and want clear, country-specific tax reports with the option to review results before paying.
Koinly is not completely “hands-off” for very complex DeFi activity — some transactions may still need manual review — but for most investors, it offers an excellent balance between automation, accuracy, and transparency.
You can try Koinly for free and only upgrade if you need full tax reports.
What Is Koinly?
Koinly is a crypto tax tracking and reporting platform that automatically imports transactions from exchanges, wallets, and blockchains, then calculates capital gains, losses, and crypto-related income.
Instead of manually tracking trades, transfers, and fees, Koinly:
- Syncs transaction history automatically
- Identifies taxable vs non-taxable events
- Calculates gains based on your chosen accounting method
- Generates tax-ready reports
It supports hundreds of exchanges and wallets, along with many popular blockchains and DeFi protocols.
Who Is Koinly Best For?
Koinly is especially suitable for:
- Crypto investors using multiple exchanges
- Users managing non-custodial wallets
- People involved in staking, DeFi, or NFTs
- Freelancers or businesses paid in crypto
- Anyone working with an accountant or preparing for audits
It may be less suitable if:
- You only made a handful of trades on one exchange
- You expect fully automated handling of extremely complex DeFi strategies
- You want the platform to file taxes on your behalf (Koinly provides reports, not filing)
Key Features Explained
Automatic Exchange & Wallet Syncing
Koinly connects to exchanges via read-only API keys or wallet addresses. Once connected, it imports transactions automatically and keeps your data up to date.
Transfers between your own wallets are usually identified correctly, helping avoid double taxation.
Crypto Tax Calculations
Koinly calculates:
- Capital gains and losses
- Income from staking, mining, and airdrops
- Transaction fees and cost basis
You can select accounting methods such as FIFO, LIFO, or HIFO (depending on your location).
DeFi & NFT Support
Koinly supports:
- Token swaps
- Liquidity pool interactions
- Wrapped tokens
- NFT minting, buying, selling, and transfers
While most activity is handled automatically, advanced DeFi users should still review transactions carefully before finalizing reports.
Country-Specific Tax Reports
Koinly generates reports tailored to many tax jurisdictions, including:
- United States
- United Kingdom
- Most EU countries
- Canada
- Australia
Reports can be downloaded and shared directly with your accountant.
Koinly Pricing (Summary)
Koinly uses a tiered pricing model based on the number of transactions per tax year.
You can:
- Import transactions for free
- Preview capital gains and errors
- Pay only when you need full tax reports
This allows you to evaluate the platform before committing.
Is Koinly Accurate?
Koinly is highly accurate for standard trades and many DeFi activities. It correctly identifies most transfers and reduces duplicate taxable events.
However:
- Some complex DeFi transactions may require manual adjustment
- Users should always review flagged or unclear entries
Overall, Koinly is considered one of the more accurate crypto tax tools available, especially compared to free or spreadsheet-based solutions.
Is Koinly Safe to Use?
Yes. Koinly uses read-only API access, meaning it cannot move or withdraw your funds.
Security best practices include:
- No withdrawal permissions
- Encrypted connections
- User-controlled API keys
As with any financial tool, you should still use strong passwords and enable two-factor authentication.
Pros and Cons of Koinly
Pros
- Supports many exchanges and wallets
- Strong DeFi and NFT handling
- Clear, user-friendly dashboard
- Free preview before paying
- Accountant-ready tax reports
Cons
- Pricing increases with transaction volume
- Some DeFi transactions require manual review
- No built-in tax filing service
Koinly vs Other Crypto Tax Software
Compared to other crypto tax tools, Koinly offers a strong balance of ease of use and advanced features. It generally outperforms basic tools while remaining accessible to non-technical users.
For detailed comparisons, see our upcoming guides such as Koinly vs CoinTracker.
Final Verdict: Should You Use Koinly?
If you are serious about crypto and want a reliable, long-term solution for tax tracking, Koinly is a strong choice.
It saves time, reduces errors, and scales as your crypto activity grows. While it may require occasional manual review for complex DeFi activity, it remains one of the most trustworthy options available.
You can start using Koinly for free and decide later if you need paid tax reports.
Frequently Asked Questions
Can Koinly handle staking and NFTs?
Yes, Koinly supports staking rewards and NFT transactions, though complex cases should be reviewed.
Does Koinly file taxes for me?
No. Koinly generates tax reports that you submit yourself or provide to an accountant.