Koinly Review

Tax season sanity

Koinly is a cloud portfolio and tax tool that pulls transaction history from exchanges and wallets, then labels trades, transfers, staking rewards, and swaps for reporting. It is non-custodial: you grant read-only API keys or upload CSVs, but Koinly never holds coins. That makes it popular with people who have activity across five or more venues and dread rebuilding cost basis in a spreadsheet every April.

Imports and coverage

The selling point is breadth: 500+ integrations, multi-country tax forms, and automatic matching of internal transfers so you are not double-taxed on wallet moves. FIFO, LIFO, and specific identification are supported depending on jurisdiction. DeFi and NFT coverage exists but varies by chain; expect to spend an afternoon cleaning up mislabeled smart-contract interactions on busy wallets.

Cost and limits

Paid tiers scale with transaction count, which hurts high-frequency traders more than buy-and-hold holders. Real-time portfolio dashboards are not Koinly's focus; it is built for accurate year-end reports, not minute-by-minute net worth. Import a sample month before you buy the top plan, especially if you farmed airdrops or used DEX aggregators heavily. Annual billing can lower the effective cost once you know your transaction band.

Workflow tips

Connect read-only keys only, fix unknown transactions as they appear rather than in one painful batch, and reconcile opening balances against exchange statements. Koinly stores your transaction metadata on its servers, so read the privacy policy if that bothers you. Pair it with a hardware wallet habit: the tool sees history, not keys. If your accountant asks for adjustments, export the report early and leave time to fix labels before the filing deadline.