If you’re new to crypto and the words capital gains, cost basis, and myTax (or Form 8949) make you want to hide under your desk, you’re not alone. A few years back I felt exactly the same. Then I started using Koinly—and crypto tax season went from dread to done.
My experience: I’ve been using Koinly for 3 years and it’s been amazing. It’s a huge time saver and—more importantly—accurate. I connect my trading accounts like Swyftx and Independent Reserve, plug in my hot and cold wallets, sync the data, fix any flags, and then run my reports. That’s it.
This review is written for people who are new to crypto investing and trading and want a clean, reliable way to stay compliant in their jurisdiction (Australia/ATO, US/IRS, UK/HMRC, Canada/CRA, etc.). I’ll show you exactly how I set Koinly up, what it does brilliantly, and where you still need a quick human pass—especially if you’ve dipped a toe into DeFi and NFTs.
TL;DR — My Verdict#
Koinly is the best “plug in and relax” crypto tax software I’ve used. It shines at:
- Integrations with centralized exchanges, wallets, and many DeFi protocols
- Jurisdiction-specific crypto tax reports (ATO/IRS/HMRC/CRA and more)
- Practical error-checking (missing cost basis, duplicates, unlinked transfers)
- NFT & DeFi handling on mainstream chains
If you’re a typical investor or casual trader who wants to do crypto taxes properly for your jurisdiction, Koinly is a no-brainer. If you’re a power user on niche chains with exotic transactions, expect to do a bit of manual tagging now and then.
Why Crypto Tax Software Is Non-Negotiable#
Even simple activity can explode into dozens (or hundreds) of line items fast:
- Buying and selling across multiple exchanges
- Swapping tokens on DEXs and paying gas fees
- Earning staking rewards, interest, or airdrops
- Minting, buying, selling, or bridging NFTs
Trying to reconcile all that manually with spreadsheets is asking for pain. The real value of crypto tax software isn’t just math; it’s consolidation—pulling everything into one place, normalising the data, applying your jurisdiction’s rules, and producing audit-friendly reports.
I like sleeping at night. Consolidation gives me that.
Who This Koinly Review Is For#
- New crypto investors & casual traders who want a painless, accurate way to file
- Active traders with multiple exchanges and wallets to reconcile
- DeFi/NFT dabblers who need clean records without becoming forensic accountants
- Australians (ATO) and readers in the US/UK/Canada who need local tax formats
What Is Koinly? (And Why I Chose It)#
Koinly is a crypto tax platform and portfolio tracker. You connect your exchanges and wallets (API, public address, or CSV). It imports transactions, categorises them (buys, sells, swaps, income, transfers), calculates gains/income according to your country’s rules, and lets you export jurisdiction-ready tax reports.
I picked Koinly because it matched my stack (Swyftx, Independent Reserve, EVM wallets), handled my DeFi/NFT basics, and exported exactly what my accountant wanted—without back-and-forth or guesswork.
Koinly at a Glance: The Features I Actually Use#
1) Integrations That Just Work#
- Exchanges: Direct, read-only API connections for popular platforms. I plug in Swyftx and Independent Reserve, then forget about them.
- Wallets: Paste public addresses for supported chains and Koinly ingests on-chain activity automatically.
- CSV fallback: For fringe platforms or historical gaps, I use CSVs. It’s not glamorous, but it’s reliable.
2) Jurisdiction-Ready Crypto Tax Reports#
The whole point is filing cleanly. Koinly exports country-specific reports suitable for:
- Australia (ATO) — summaries ready to map into myTax or hand to an accountant
- United States (IRS) — Form 8949/Schedule D style exports
- United Kingdom (HMRC) — CGT summaries and income breakdowns
- Canada (CRA) — capital gains and income summaries
3) DeFi & NFT Handling#
Most EVM chain activity is recognised out of the box: swaps, staking rewards, common NFT mints and trades. For non-EVM or exotic protocols I sometimes add a CSV or tag a few transactions manually.
4) Error-Checking That Saves You#
Koinly flags:
- Missing cost basis (e.g., you received coins but no acquisition is on record)
- Possible duplicates
- Unmatched transfers (e.g., an outgoing transaction that should link to an incoming one)
Clear these before you run reports and you’ll avoid phantom gains or missing income.
5) Portfolio Snapshot & P/L#
I don’t use Koinly as a trading terminal, but the consolidated P/L and unrealised gains view is perfect for a quick gut check before I click “Generate Reports.”
Is Koinly Accurate for My Jurisdiction?#
Short answer: Yes—if you feed it good data and clear its warnings.
What I’ve seen after three seasons:
- Disposals (sells/swaps) are matched with the selected accounting method (e.g., FIFO or LIFO where allowed).
- Income (staking, airdrops, interest) is separated from gains and shows up in the right bucket.
- Fees & gas reduce gains where rules allow.
- Exports line up with how my jurisdiction expects to see things presented.
Important: tax rules evolve. Koinly helps you keep up, but you should still sanity-check yearly changes and talk to a professional if anything’s unclear.
Pricing & Plans (How I Treat It)#
Koinly’s pricing is straightforward: there’s a Free tier (free forever) that lets you connect unlimited wallets and exchanges, track your portfolio, and preview capital gains, but you’ll need a paid plan to download tax reports.
Paid tiers scale by annual transaction count: Newbie is $49 per tax year for up to 100 transactions.
Hodler is $99 for up to 1,000, and Trader starts from $199 for 3,000+; all paid plans include jurisdiction-ready tax reports (e.g., Form 8949/Schedule D), TurboTax/TaxAct exports, international tax reports, a comprehensive audit report, and email + chat support.
You can upgrade by paying the difference, download unlimited reports for the covered tax year, and purchase additional transactions if you exceed your cap—Koinly supports up to 100,000 transactions on regular accounts.
Getting Started: My Step-by-Step Setup#
This is the exact sequence I follow every year.
Step 1: Create Account & Select Your Country#
During setup, choose your tax country and confirm any accounting method settings. Small step, big payoff.
Step 2: Connect Exchanges & Wallets#
- Swyftx: Read-only API. Koinly pulls trades, deposits/withdrawals, and fees.
- Independent Reserve: API or CSV. I use API unless I’m backfilling old data.
- Hardware & hot wallets: Paste public addresses for supported chains. For anything else, use CSV.
Pro tip: Label movements between your own wallets as internal transfers so Koinly links the outgoing and incoming legs and doesn’t treat them as disposals.
Step 3: Reconcile Warnings#
Koinly’s warnings page is like a pre-flight checklist:
- Missing cost basis? Find the acquisition or add a manual entry.
- Duplicate transactions? Merge or delete the extra.
- Unmatched transfer? Help Koinly link the outflow and inflow.
Spend 30–60 minutes here and you’ll save hours later.
Step 4: Review DeFi & NFTs#
Most mainstream EVM DeFi/NFTs import cleanly. For niche protocols, I do a quick pass:
- Tag rewards as income (staking, farming).
- Ensure liquidity adds/removes are categorised correctly.
- Patch obscure transactions via CSV if needed.
Step 5: Generate Reports#
When warnings are cleared and the numbers look sensible:
- Export your country-specific capital gains and income reports.
- Keep a PDF summary and any CSV backups.
- Share the pack with your accountant or file yourself.
DeFi & NFTs: What Worked vs. What Needed a Nudge#
Great out of the box
- EVM chains: Ethereum, Polygon, BNB Chain, etc.
- Common DeFi: Spot swaps, staking rewards, many LP actions
- NFT basics: EVM-based mint/buy/sell flows
Where I step in
- New or obscure protocols: Sometimes the parser can’t infer intent; I tag or add a CSV line.
- Bridges and cross-chain moves: I double-check that the departure and arrival are linked as a transfer (not a taxable disposal).
- Non-EVM NFTs: Coverage exists but can be uneven. I skim a few transactions to be safe.
Bottom line: Koinly handles the mainstream 80–90% beautifully. For the long tail, a light manual pass is faster than trying to do everything in spreadsheets.
Security, Privacy & Peace of Mind#
A few ground rules I follow:
- Read-only APIs & public addresses only. No private keys—ever.
- Limit API scopes. Only grant what’s needed.
- 2FA everywhere. On exchanges, your email, and Koinly.
- Rotate or revoke keys after the filing season.
- Backups. Export a year-end CSV from every exchange and store it with your final reports.
Koinly is designed to ingest data—not control funds. The threat model isn’t zero, but it’s sensible and manageable with good hygiene.
Koinly for Australians (ATO-Ready in Practice)#
As an Australian tax resident, this is what matters for me:
- ATO-friendly outputs. Koinly’s Australian exports map neatly into myTax or your accountant’s templates.
- Local exchange coverage. I connect Swyftx and Independent Reserve; CoinSpot, CoinJar, and others are supported via API or CSV.
- Audit readiness. The reports are clear, and because I keep my CSVs and statements, I can substantiate every number if asked.
- Accountant-friendly. Mine appreciates not having to reconstruct blockchain history from scratch.
If you’re lodging through an agent, Koinly’s clear categorisation (capital gains vs. income) makes questions easier to answer.
Pros & Cons (From Real Use)#
What I Love#
- Integrations that cover the platforms I actually use
- Jurisdiction-specific reports that drop into my filing flow
- Useful warnings that prevent unforced errors
- Solid DeFi/NFT coverage on mainstream chains
- Free import & review, pay only when you need final reports
What Could Be Better#
- Edge-case DeFi sometimes needs manual tagging
- Transaction caps can bump heavy traders into higher tiers (or add-ons)
- Learning curve if your historical data is messy—expect one tidy-up season
Koinly vs Alternatives (When You Might Choose Something Else)#
There are other good tools out there—some stronger for very specific use cases. Consider:
- Integrations fit: Does it support your exchanges, wallets, and chains well?
- Local filing formats: Do you get the right country-specific exports?
- DeFi/NFT depth: If you live on niche chains, test with real data first.
- Pricing vs activity: High-volume traders should check transaction caps and add-on costs.
For my mix (Swyftx, Independent Reserve, EVM wallets, occasional NFTs), Koinly is the sweet spot.
My Workflow & Time-Saving Tips (Steal These)#
- Connect once, use forever. Keep APIs/public addresses connected so each year is just a sync.
- Monthly mini-recon. Spend 10 minutes at month-end syncing and clearing warnings.
- Tag big transfers immediately. Internal transfers today are fewer headaches in June.
- Keep CSV backups. Download year-end CSVs from every exchange.
- Log unusual events. A quick note like “Bridged 2 ETH to Polygon on Jan 12” helps later.
- Use accountant exports. If a pro is filing, give them exactly what they want.
- Preview before paying. Make sure the draft numbers look sensible, then buy the report.
Here are the main Koinly alternatives I recommend testing, depending on your stack and where you file taxes.
If you’re in Australia, start with CryptoTaxCalculator. It’s built with ATO requirements front-and-center and has clear, regularly updated guidance for Aussies. In my experience it’s a strong like-for-like if you want local nuance, clean reports for myTax, and robust DeFi/NFT handling on mainstream chains.
For a globally used, beginner-friendly option, CoinLedger is solid. It integrates with major exchanges/wallets and generates the standard tax reports most countries expect, with straightforward onboarding and plenty of how-to content. If you’re coming from spreadsheets and want something you can learn in an afternoon, this is an easy trial.
If you care as much about portfolio tracking as tax, look at CoinTracker. They’ve refreshed the product with faster imports and high-volume handling, and it remains a popular choice for people who want an all-in-one dashboard plus tax outputs. I’d pick it when ongoing portfolio hygiene is as important to you as year-end filings.
If you want white-glove help, TokenTax stands out because it’s software and a full-service prep firm. You can calculate inside the app, then hand off tricky edge cases to their in-house tax pros—useful if you’ve got complex DeFi, MEV, OTC, or business-use crypto. ZenLedger also offers both DIY plans and pro-prepared reports, so it’s another good pick when you want a human in the loop.
In Europe (and increasingly beyond), Blockpit is worth a look—especially now that it’s the home for former Accointing users and continues to ship frequent product updates. If you used Accointing previously, Blockpit is the natural migration path and now offers broader reporting.
One final note: TaxBit exited the consumer tax app in late 2023. If you used it previously, you’ll need to migrate to another platform (the vendors above have guides for importing your history).
How I’d choose:
- Make sure your country-specific reports are supported; 2) test your exact exchanges/wallets/chains with a free import; 3) check DeFi/NFT coverage on the chains you actually use; and 4) match the pricing tier to your annual transaction volume. That 15–30 minute trial usually makes the best choice obvious.
Real-World Example: My Annual Koinly Pass#
- Sync: Swyftx, Independent Reserve, MetaMask, hardware wallet addresses.
- Clean: Clear warnings, link transfers, tag staking rewards and airdrops as income.
- DeFi/NFT check: Skim a few random on-chain transactions; fix any weird categorisations.
- Preview: Sanity-check totals against my own expectations.
- Generate: Export the ATO-ready pack and a PDF summary.
- File: Lodge via myTax or send the pack to my accountant.
- Archive: Save PDFs, CSVs, and the Koinly export in a secure folder.
The first year took me a Saturday morning to get squeaky clean. Every year since has been a quick routine.
FAQs (Real Questions People Ask)#
Is Koinly legit and safe?#
Yes. It’s a well-known crypto tax platform used globally. You connect with read-only APIs and public addresses—no private keys. Combine that with strong passwords, 2FA, and limited API scopes and you’ve covered most practical risks.
Is Koinly free?#
You can import and review for free. You pay when you need final tax reports. That lets you test your entire setup before committing.
Does Koinly work in Australia?#
Yes. Koinly provides ATO-friendly reports and step-by-step guidance for myTax or tax agents. It supports popular Australian exchanges via API or CSV and cleanly separates capital gains from income.
Does Koinly support Swyftx and Independent Reserve?#
Yes. I connect both via read-only API. For backfilling or historical cleanup, CSVs are also supported.
Can Koinly handle NFTs and DeFi?#
Yes for most EVM chains (Ethereum, Polygon, BNB Chain, etc.). Non-EVM is improving, but I still review and occasionally tag or CSV-patch unusual transactions.
What reports can I export?#
Country-specific capital gains and income summaries, plus files formatted for common tax software or easy hand-off to an accountant.
What if my data is messy?#
Use Koinly’s warnings to identify gaps, duplicates, and unlinked transfers. If you’re overwhelmed, consider getting an accountant to do a one-time cleanup; after that, the monthly mini-recon keeps things tidy.
Glossary (Plain-English)#
- Capital Gains: Profit or loss when you dispose of crypto (sell, swap, spend, sometimes gift).
- Cost Basis: What you originally paid (plus allowable fees); used to calculate gains.
- Disposal: Any event that triggers a gain/loss under your rules—selling, swapping, etc.
- Income: Rewards from staking, airdrops, interest, mining, etc.
- FIFO/LIFO: Methods to determine which units you sold (first in, first out vs last in, first out) where allowed.
- Wash-Sale: A US-specific concept for securities; treatment for crypto can vary—always check current guidance.
- Internal Transfer: Moving coins between your own wallets; not taxable but must be tagged to prevent phantom gains.
The Bottom Line: Should You Use Koinly?#
If you value your time, hate stress, and want to be confident you’ve handled crypto taxes properly for your jurisdiction, Koinly is absolutely worth it. It automates the heavy lifting, lets you fix exceptions quickly, and produces clean, accountant-friendly reports.
My recommendation: Connect Swyftx, Independent Reserve, and your wallets. Sync, clear warnings, preview the numbers, then pay for the report when you’re happy. You’ll wonder why you didn’t do it sooner.
Disclaimer#
I’m sharing my personal experience for educational purposes. This is not financial or tax advice. Crypto tax rules change and individual circumstances vary by jurisdiction. Always confirm current regulations and consult a qualified tax professional before lodging your return.