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CoinTracking – Getting Started
CoinTracking.info is a powerful portfolio manager tool for both traders & cryptocurrency accountants. In this article, we’ll break down the basic steps required to get started with CoinTracking.
Keeping track of your cryptocurrency trades is essential in executing a successful, compliant crypto tax strategy. The cryptocurrency market, however, is extremely data-rich — profits, losses, token values, and trade dates can quickly make data tracking complex and unwieldy. CoinTracking.Info provides crypto traders with a comprehensive tracking and reporting toolset that helps streamline crypto tax strategy.
What is CoinTracking.Info?
CoinTracking is a portfolio manager designed for tracking cryptocurrency trades, and provides users with analysis on token prices, volume, and value – alongside trades, profits, and losses.
Importantly, CoinTracking integrates with most exchanges, and allows users to automatically import trades. Manual entering and manual import is also available, allowing traders to enter trades as they are made.
How to begin with CoinTracking
Getting started with CoinTracking is extremely simple. In order to set up an account with CoinTracking, users need only set a username and a password and preferred currency. On registration, you’re also provided a streamlined trade logging interface.
In addition to logging trades, CoinTracking.info also provides users with historical chart data for all 6,000+ cryptocurrencies and coins, experimental price forecasts, a personal analysis table and is able to capture trade data without requiring access to cryptocurrency exchanges.
If you’re trading less than 200 transactions per year then its possible to just have the free account, otherwise the Pro & Unlimited packages are $149USD & $266 USD per year respectively.
Logging Trades with CoinTracking
The first step in logging trades with CoinTracking is selecting the tokens or coins that will be tracked. Users are able to enter coins manually, logging either buys or sells of specific amounts of tokens, the amount traded, and the trading fee.
To streamline the trade logging process, the crypto platform also allows users to upload their entire trade history from a broad selection of exchanges that include Abra, Binance, Poloniex, LocalBitcoins, Cex.io and Bittrex.
An automatic API importer allows users to set up automatic trade monitoring. This option updates the CoinTracking log on a minute-by-minute basis.
Overall, CoinTracking is extremely simple, and provides users with a powerful tool that can significantly reduce the time and stress involved with submitting a crypto gains tax report. As cryptocurrency accountants, this is our favoured tool to use in producing the information necessary for your tax return.
Using CoinTracking for Your Tax Return
CoinTracking is a highly effective method of capturing trade information when submitting a tax report. The CoinTracking platform is able to calculate every single trade made by a user — down to the cent — and prepare them in a variety of different formats. Generating a crypto trading tax report with the platform is a simple two-click process.
A profit & loss report and closing balance report is then usually what most traders require to show their crypto tax accountant.
Logging every crypto trade you make can be a time-consuming process. CoinTracking offers real-time automatic trade tracking and delivers streamlined tax reports with minimal effort. To get started tracking your crypto trades, ask our crypto tax returns team for an affiliate discount.
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Stuart Reynolds is the founder of Fullstack Advisory, an award-winning accounting firm for businesses leading the future. He is a 3rd generation accountant who specialises in tech companies, agencies and entrepreneurs.