CryptoTrader.Tax review: Automatic cryptocurrency tax reports
Summary
Find out how to automatically build cryptocurrency tax reports with CryptoTrader.Tax and how it compares to other options.
- Good for generating crypto tax reports very quickly and easily, TurboTax integration
- May take longer to add airdrops, mining income, gifts and other non-purchased cryptocurrency.
What is CryptoTrader.Tax?
CryptoTrader.Tax is a program that automatically generates tax documents for your cryptocurrency holdings.
When you finish using it, you will have the following:
- Completed IRS Form 8949 (for US users only)
- Audit trail report
- Cryptocurrency income report
- End of year positions report
- TurboTax online direct import
To help minimize your tax paid on crypto earnings, CryptoTrader.Tax lets you choose either LIFO or FIFO for calculating liabilities
How to use CryptoTrader.Tax
Using CryptoTrader.Tax is a three-step process.
How much does it cost to use CryptoTrader.Tax?
There are four different tiers available. The main difference between them is the number of trades supported.
The fees below are accurate as of 4 October 2019.
| Tier | Cost | What you get |
|---|---|---|
| Hobbyist | US$49 per tax season | Up to 100 trades Live chat support |
| Pro Trader | US$99 per tax season | Up to 2,500 trades Live chat support |
| High Volume Trader | US$199 per tax season | Up to 10,000 trades Priority support |
| Unlimited | US$299 per tax season | Unlimited trades Priority support |
Key features of CryptoTrader.Tax
Which reports does it offer?
CryptoTrader.Tax offers a thorough set of tax reports on completion, included a completed IRS form 8949 (for US users), an audit trail report and an end of year positions report.
How do I import information to CryptoTrader.Tax?
You can directly import trading information from 28 different exchanges. For unsupported exchanges, you can download reports from the exchange and then upload these to CryptoTrader.Tax.
You can manually add airdrops, ICOs, mining revenue and similar if needed.
What exchanges does CryptoTax support?
CryptoTax lets you directly import data from the following exchanges and wallets:
- Uphold
- Huobi
- Bitfinex
- Changelly
- Coinbase Pro
- Coinjar
- Coinspot
- CryptoBridge
- CoinMate
- Cash App
- BTC Markets
- COSS.IO
- CoinBene
- Gatehub
In a nutshell
Pros
- Cost-effective. CryptoTrader.Tax offers good value compared to some equivalent products, especially in the $49 for up to 100 trades tier.
- Comprehensive tax reports. CryptoTrader.Tax saves even more time by giving you a thorough selection of completed documentation.
- One-off payments. You probably only need CryptoTrader.Tax at tax time, so the fee comes as a one-off payment during tax season.
- Wide exchange support. CryptoTrader.Tax supports a wide range of popular exchanges.
Cons
- US-focused. While the documents provided are useful time-savers for users worldwide, some of CryptoTrader.Tax’s documents provided, such as the IRS Form 8949, are specific to the United States.
Compare CryptoTrader.Tax against other crypto portfolio tracker apps
Your reviews
Andrew Finder
Editor
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