Investment

Reviewing CoinTracking: our experiences with detailed instructions

With this tool you can keep a clear overview of your own crypto-portfolio: current value, profit or loss of trades, balance sheets, realized and unrealized profits, tax returns and much more!


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Reviewing CoinTracking: our experiences with detailed instructions (c): cointracking.info

28.04.2018

CoinTracking is an innovative management tool for over 5,400 existing crypto-currencies. With this you can check your own portfolio on the desktop as well as using the mobile app at any time. All data can be imported manually, via csv file or automatically via API. The basic version is free. If you intend to manage many trades, we recommend a lifetime account.





Summary: CoinTracking.info at a glance

• on the market since April 2013, currently 300,778 registered users
• support for more than 5,400 crypto-currencies
44 exchanges, 7 wallets and even 6 already closed exchanges
• regularly new features and support for new exchanges, wallets and Altcoins
3 versions (1- and 2-year and without time limit): basic version for free (up to 200 transactions)to Lifetime version for 0.289 Bitcoins
• supported languages: German, English, Spanish, Italian, Portuguese, Russian, Catalan, South Korean (90%), French and Chinese (55% each)
highest security level, as no access to exchanges is necessary (data are only read via API)
perfect anonymity, no information required
interesting for: active crypto-fans with regular transactions (exchange of BTCs for ASltcoins, buying and selling for euros or dollars, interest income), which can no longer be represented with Excel in a comprehensive way
not interesting for: long-term, passive investors who have bought their crypto-money and now want to wait for more than 1 year


CoinTracking and the tax return

The next tax return is pending and it is almost impossible to properly report the taxable income?
You will have to face this problem, if you have not entered the crypto-market before 2017 or 2018 and - regardless the many coins – you joined to benefit from the boom of Bitcoin and different Altcoins. Every single trade has to be shown in the tax return, since these are private sales transactions that are taxable within one year. At the same time, any costs incurred for transfers or exchange fees can also be claimed as tax-reducing.

Whoever knows the problem, has several options:

1. Concealment: that's certainly not a good idea, because blockchains are characterized by their transparency - and sooner or later the tax offices will take advantage of it!

2. Work out with Excel and the history of each stock exchange for nights, when you bought Altcoins for money, including fees and transfer costs.

3. Use CoinTracking and use the built-in control report.


When registering via our link, you'll get a 10% discount, should you decide on the fee-based version of CoinTracking. What this version can offer, you'll find out later in our test.

Export for the tax declaration
CoinTracking* helps you with the annual tax returns of Bitcoins and Altcoins. For FREE users, the tax report is limited to 100 sales, but it can also save them a lot of work.

According to the FIFO method valid in Germany and many other countries, the tool calculates all trades and prepares them, so that they only have to be attached to the tax return as an attachment.

After clicking on "tax report" and then on the orange "open settings and create new tax report", the report can be customized with some practical settings.

Cointracking © "cointracking.info"

When you have finished, you get the result by clicking on "generate new tax report".

The tax report can be created either for a specific trade pair or for the entire portfolio.

Note:
The tool is designed to comply with the laws of different countries, such as the German Income Tax Act, Capital Gains, FBAR, Form 8949 and many others. In case of doubt, the export does not replace a tax consultant or auditor. Consequently the creators of CoinTracking cannot assume liability for the report.

New features since 2018:
Since this year, the tax report also takes into account mined coins and margin trades. In addition, the values can be grouped according to dates (days).

Our assessment:
After we compiled our data for the first tax declaration manually via Excel-list, we ventured the step to the Unlimited edition for the current report. The integration of all data is shown below and it was very easy. However, creating the report was a real pleasure: fast, easy and clear. We have saved many hours of work here!

Registration and setup in just a few steps

But back to the beginning! First we have to register.
It's quick and easy: After clicking on CoinTracking* we have to go to "login/register" in the top right corner. Then we enter a username, a secure password and an e-mail address.

After clicking on "register now" the registration is complete.

Cointracking © "cointracking.info"

After registering you will probably first take a look at the "dashboard".
Here you can check all the important information at a glance, thus the summary of your own portfolio, the value per coin, the expenses, the profit or loss, all trades, the exchanges and much more.

Of course, there are no entries yet, we have to create them first.

Depending on the number of trades and the time period, the update may take a few seconds to receive all data. This is only necessary if new trades have been added. After a few seconds, the page is reloaded and displays the evaluations.

How do I enter my trades?

Before CoinTracking can carry out calculations, the own crypto-portfolio must be deposited on the page "register coins". There are three options for this:

1. enter trades manually
2. upload trades via Excel or CSV file
3. automatic import via API

Enter trades manually

Click on "register coins" in the navigation bar:

Cointracking © "cointracking.info"

Here you are on the main page to track the coins.

The manual method makes it easy to enter individual trades. Click on the "new" button (see red arrow) to create a new trade. In the window that opens, all entries, such as date, crypto-currency, number of purchased or sold coins, etc. can be made.

Cointracking © "cointracking.info"

All trades can also be edited later in the table. Alternatively you can select them and edit them with "edit".
The escape key can be used to discard unsaved changes.

If you notice a wrong entry, it can also be deleted.
By using SHIFT + CLICK or CTRL + CLICK several rows can be selected at once. This also works over several pages.

All data is also sortable and searchable. A detailed table of trades is available under "reporting" in the navigation bar and then under "trade list".
There, the data can also be exported as a PDF, CSV or Excel-file.

Note for free users:
Freshly created and then deleted trades will not be counted in the free account any longer. So you can try out!

Upload trades via Excel or CSV file

If many purchases or sales have to be entered, the manual way becomes very tedious soon. It is faster with the direct import of the data via csv-file:

Cointracking © "cointracking.info"

As an alternative to the screenshot, the logo of an exchange directly below the trade table can also be clicked in order to access the exchange importer.
Once there, the Excel or CSV file downloaded in the exchange can be easily added via drag & drop.
Further formatting of the file is not necessary, since CoinTracking automatically takes care of a correct import.

Trades imported from exchanges are marked with the name of the exchange in the trade table. Even after that you can search or sort.

On the right-hand side of the trade table, there is also the possibility of deleting all trades of a stock exchange at once.

Note for free users:
This variant is also completely free for the first 200 trades!

Automatic import via API

Even faster and more conveniently, data can be added via API import. The biggest advantage is that new trades are automatically added through the existing API connection.
The system checks the trades every few minutes and adds new ones directly to the CoinTracking account.
To set up the API importer, simply click on the logo of a stock exchange or BTC public address and follow the instructions.

Our assessment:
Since the creators of the website also have to live on something, automatic data import via API is only accessible to paying customers. The individual account upgrades and their costs are discussed below.
However, once you have enjoyed an automatic connection, you do not want to miss the function any more.

Supported exchanges and wallets

CoinTracking offers its customers the integration of currently 44 exchanges, 7 wallets and even 6 already closed exchanges. The offer is constantly growing and can be checked in the following overview:

Cointracking © "cointracking.info"

What can CoinTracking do? - General performance overview

The services that CoinTracking offers cannot all be explained - if you are more interested in the current listing of your coins, you will need to patiently explore the site.
However, you will be rewarded with outstanding service and analysis options, which should also meet the demands of every professional.

Here is an overview:

Personal analyzes:

  • interactive charts for trades and coins
  • calculation of important key figures
  • profit/loss, coin value & balance sheet
  • realized and unrealized profits

Trades:

  • list of all trades and fees
  • grouping by stock market
  • interactive search
  • comments
  • many new updates for the page "balance per exchange":

- grouping of all data according to trade type
- deactivation of zero balances
- advanced filter by stock market, group, trade type and date for a better overview

  • We will soon include the extended filter in other reviews as well.

Tax return:

  • capital gains report
  • FIFO, LIFO, HIFO and LOFO
  • prepared for tax consultants & tax office
  • changeable parameters for all countries
  • from now on, exchanges, groups and trade types can be individually excluded from the calculation.

Trade importer:

  • simple csv import from 40 exchanges
  • automatic import via APIs
  • export to Excel, PDF, CSV, XML & JSON
  • direct comparison with the blockchain

Coin charts and analyzes:

  • history charts for all 5402 coins
  • always the current prices for all coins
  • top coins by trades and volume
  • experimental Bitcoin predictions

Functions & security:

complete documentation
e-mail reports on request
SSL certified & encrypted
no access to your exchanges needed!

Account upgrades: what do the different versions offer?

CoinTracking.info offers a total of 3 different versions:

Cointracking © "cointracking.info"

Cointracking © "cointracking.info"

The free account

CoinTracking can be used permanently for free.
The user gets access to all statistics and imports up to a limit of 200 trades. If this limit is exceeded, no further trades can be added.

Our assessment:
For beginners a great way to get to know and love the tool!

CoinTracking Pro

CoinTracking Pro is for regular traders.
The maximum trade limit rises to 3,500. If this limit is exceeded, no further trades can be added. However, access to all evaluations, charts and the tax report remains possible without restriction.

A switch from CoinTracking Pro to CoinTracking unlimited will be discounted for all Pro users who already paid the amount.
For users with multiple accounts, when purchasing CoinTracking Pro or Unlimited, all current and future accounts will be upgraded.

Our assessment:
If you are satisfied with the current state of development and if 3,500 trades are sufficient, the Pro Edition is the right choice. However, it is advisable to buy a lifelong access; this is worthwhile if you already know that you want to work at least 3 years with CoinTracking. - Saved working time not taking API import into account!

CoinTracking Unlimited

CoinTracking Unlimited is the ideal solution for users with many trades. With this package unlimited trades can be tracked. There are also 20 backups available and guaranteed access to all future enhancements.

All trades are backed up daily. Added to this is an accelerated and prioritized caching (faster calculation of all data and trades).

For users with multiple accounts, when purchasing CoinTracking Pro or Unlimited, all current and future accounts will be upgraded.

Our assessment:
This version leaves nothing unfulfilled. This is also well known by CoinTracking and the user has to pay for this with a few thousand euros. But you will get a reliable tool that will serve you reliably.

Payment options

  • Bitcoin (5% discount on the invoice amount), account upgrade after 1 confirmation
  • CoinPayments for payment with Altcoins, account upgrade after 1 confirmation
  • PayPal, instant account upgrade
  • SEPA direct debit, account upgrade after receipt of payment
  • Credit Card: Visa, MasterCard and American Express
  • Discover Network (US, Mexico only)

Lifetime CoinTracking Guarantee

When purchasing lifetime usage, the buyer will receive the lifetime CoinTracking warranty. That means:
Should CoinTracking ever be discontinued or become obsolete (no matter if within a year or 30 years), all traders with a lifetime CoinTracking Guarantee will receive all CoinTracking source code and may use all the tools on their own server or on their PC.
The trader receives all rights to the code and may use it both privately and commercially.

Our assessment:
This warranty makes the tool even more valuable for the long-term (guaranteed!) application. One should therefore seriously consider the purchase of a lifelong version.
However, it is always recommended that you first test the free version in detail and then decide.

Is CoinTracking safe?

Yes, we think CoinTracking.info is extremely secure.
How does that come?
The advantage of the management tool is that data from wallets or stock exchanges are only read out. There is no active access to assets at any time. Bitcoin or Altcoins cannot be stolen by creators behind CoinTracking or hackers.

Since CoinTracking registration does not mean depositing personal information (name, address, etc.) - the creators may collect metadata -, personal privacy is not at risk.

For more security, your own CoinTracking account can be secured with 2-factor authentication. This is possible under "account", then "settings" and finally "security settings".

Review of CoinTracking.info: our conclusion

Using CoinTracking is easy and not risky. Access to your own crypto-assets is secure, data is read only but not written.

Anyone who deals more intensively with the crypto-currency management tool will quickly develop a taste for countless statistics and analysis options. If that's too much for you, CoinTracking only does exactly what it's meant to do: keeping your own crypto-holdings under control.

If you own only a few crypto-currencies with manageable equivalents in euros or dollars, the free option for up to 200 trades is worth it. This helps to keep track and conveniently analyze past and future developments.

If you already know that you want to stay active on the crypto-market for a longer period of time and more than willing to pay for the paid versions, the Pro and Unlimited versions will quickly become an indispensable tool for your own crypto-portfolio.

Anyone who signs up using this this link will receive a 10% discount on the paid versions of CoinTracking.



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