Koinly vs. Cointelli: A Comparison Review

Like how the Wild West eventually became mild, the crypto world is coming under more scrutiny than before. Thanks to Biden’s recent executive order, a growing rate of mainstream adoption, and fresh interest among U.S. regulators, anyone who bought or sold crypto in 2021 will be well advised to to get their ducks in a row when it comes to reporting their crypto taxes.

Crypto tax tools are platforms designed explicitly for this purpose. They help crypto traders track their portfolios across multiple digital wallets and calculate capital gains and losses — thus staying in compliance with the Internal Revenue Service (IRS).

Koinly has a reputation for being a solid crypto tax platform. However, Koinly hasn’t been around for very long (it was only launched in 2018), and a number of new alternatives have since reached the market.

Below, we compare Koinly with Cointelli so that you can make the best choice about which crypto tax tool to use in 2022.

Koinly and Cointelli: The Rundown

Koinly and Cointelli both make it easier to go through hundreds and even thousands of crypto and DeFi transactions when calculating capital gains for tax purposes. Let’s compare how the two are alike and why Cointelli is the best Koinly alternative.

Features

Koinly

Koinly warns you when your balance becomes negative and provides you a free CSV spreadsheet of all the year’s crypto trades. That said, you’ll need at least the $49 plan for most of Koinly’s good features, including automatic Form 8949s, Schedule D completion, comprehensive tax reporting, and TurboTax integration. Koinly also offers historical pricing data from the past 6+ years to help you value you position accurately.

Cointelli

Cointelli’s capabilities cover all transaction types, from basic transactions to DeFi, staking, NFTs, and more. The basic version gives you a free view-only report of your crypto wallet imports. Upgrading to the $49 level brings more robust features like major tax platform integration (TurboTax, TaxAct, etc.), the ability to export to your CPA, real humans at your service via chat, call, or email, and 50+ video tutorials.

Winner:

Both Koinly and Cointelli have a $49 fee to access more than the basic features. The two apps both cover all DeFi transaction types, from trading to NFTs. Koinly has the added benefit of historical price data, but Cointelli outshines Koinly in the area of customer service (more on that below).

Ease and Accuracy

Koinly

Koinly’s website claims the setup process takes about 15 minutes. Koinly does a balance comparison and shows a yellow icon next to wallets where some balances did not match, making it easy to fix errors. However, Koinly’s founders are crypto investors, not tax experts — while it addresses investor wish lists, it doesn’t have the same credibility as a product designed by people who know with laser precision what the IRS is looking for.

Cointelli

Cointelli was built by seasoned tax professionals and uses sophisticated API technology that can auto-fix errors in automatic uploads. Users can integrate their wallets, exchanges, and services with Cointelli in just four simple steps — making it one of the easiest crypto tax softwares to use. Cointelli also offers broad exchange compatibility, supporting up to 41 exchanges.

Winner

Cointelli is accessible to anyone who wants to learn how to do cryptocurrency taxes in 2022.

Cost

Koinly

$0 for up to 10,000 transactions (limited tax reports, however)

$49 for 100 transactions

$99 for 1,000 transactions

$179 for 3,000 transactions

$279 for 10,000+ transactions

Cointelli

$49 for up to 100,000 transactions (and can handle more upon request)

Winner:

Cointelli. The flat-rate $49 pricing structure lets users input more transactions and access advanced customer service features without extra hidden fees.

Integrations and compatibility

Koinly

Koinly is compatible with exchanges such as Coinbase, Binance, and Kraken. It can also take wallets like Uphold, Ledger, and Trezor, and services like the ever-popular Nexo, BlockFi and Paxful.

Cointelli

Cointelli supports 110 integrations including 16 blockchains, 41 exchanges (e.g. Coinbase, Gemini, Kraken, Bittrex), 49 wallets, and 4 services including Nexo, BlockFi, Celsius, and Abra.

Winner:

Tie. Both integrate with the most popular partners and ecosystems.

Customer service

Koinly

Users can seek answers to their questions on the Koinly Help Center, ask a question via email, or send an inquiry using a chat widget. Answers may take up to 1 business day, however, even with the chat option.

Cointelli

Cointelli offers customer support via email and chat widget, along with 24/7 live customer service with dedicated tax experts.

Winner:

Cointelli. None of the other competitors offer Cointelli’s degree of customer service without a sky-high price tag.

Our Methodology

The above editorial opinions are Cointelli’s alone and have not been previously reviewed, approved, or endorsed by our partners. While our goal is to review as many crypto tax softwares as possible, we prioritize certain products based on which ones we think are most popular to readers and crypto investors. We choose which products to feature based on our competitors’ content and the Cointelli team’s knowledge of the crypto industry. We do not cover every product on the market.

We evaluated and ranked the best crypto tax software programs using the following framework:

• Crypto transaction capture: his feature ensures reliable data capture that aligns with what the various crypto exchanges record and may share with the IRS.
• Number of blockchains supported: the blockchains are the “source” of the data and are where all crypto transactions are originally settled and recorded.
• Customer service commitment and availability: this is an important element of any customer-facing online experience. It allows for client concerns and questions to be addressed anytime — day or night.
• Calculation accuracy: essential for any tax preparation service is the accuracy of its calculations. You don’t want to pay the IRS more than you need to, nor do you want to underpay and face penalties, interest fees, or an audit.
• Overall value: this is the ultimate factor for consideration because it embodies all of the other elements and provides a way for you to assess which provider offers the greatest service, support, and accuracy for the most affordable price.

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