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Koinly Review: Cryptocurrency Tax Software for Automatic Tax Reports

Koinly Review

Koinly is an online crypto tax platform that allows you to monitor all your crypto activities and generate regulatory compliant tax reports. Koinly allows you to integrate your wallets and keep track of activities including trading, mining, staking, lending, and airdrops and simplifies the process of recording all the ins and outs. Koinly can be […]

The post Koinly Review: Cryptocurrency Tax Software for Automatic Tax Reports appeared first on Blockonomi.

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Koinly Review

Koinly is an online crypto tax platform that allows you to monitor all your crypto activities and generate regulatory compliant tax reports. Koinly allows you to integrate your wallets and keep track of activities including trading, mining, staking, lending, and airdrops and simplifies the process of recording all the ins and outs.

Koinly can be used to automatically import transactions, and monitors all market prices, wallet transfers, calculates your crypto gains/losses, and generates tax reports.

Koinly Crypto Tax Platform

The platform is available in over 20 countries and integrates over 6,000 blockchains, 350 exchanges, and 75 wallets and provides a comprehensive crypto tax reporting service. The platform can be used for free with paid plans ranging from $49 to $279 per tax year.

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Overview

Koinly was founded in 2018 by Robin Singh and the company retains business locations in the UK, US, Sweden, and Germany. The company operates out of retains a presence in Palo Alto, California 95124, and adheres to the laws of the State of California.

You can find out further information about the company by checking out their LinkedIn profile.

Koinly Founder Robin Singh

The platform is available in over 20 countries including the US, UK, Canada, Australia, and New Zealand, and allows you to import data via API, CSV files, or x/y/zpub keys and generate reports that can be downloaded as pdf files.

These include First In First Out (FIFO), and Last In First Out (LIFO) reports, Form 8949, Schedule D reports, and International tax reports, and Koinly provides a comprehensive online crypto tax auditing service that also allows users to connect with qualified tax accountants in their region.

Koinly’s Key Features

Some of the platform’s key features include:

  • Multi Country Support – The platform is available to people in over 20 countries across Europe, Asia, Oceania, and the Americas. Koinly also allows users to generate localized Form 8949 and Schedule D, K4, Rf1159, and Sheet 9A tax reports.
  • Extensive Service Integration – Koinly integrates with over 6,000 blockchains and supports automatic imports for Bitcoin, Ethereum, Litecoin, and NEO. It also integrates with 350 exchanges including Binance, Coinbase, Kraken, portfolio apps such as Blockfolio and Delta, and 75 wallets and allows you to easily keep track of mining, staking, and various DeFi activities.
  • Easy Data Import – Koinly allows you to connect with a variety of services via API and import key data. Manual CSV file imports are also supported, as are xPub/yPub/zPub imports, and data migrations from Nexo, BlockFi, Bitmex, Deribit, and CoinTracking.
  • Free Account Option – The platform can be used for free to track up to 10,000 transactions and generate capital gains tax previews. The free account can be used indefinitely to track all of your crypto trades and activities.
  • Comprehensive Resources – Koinly provides a handy list of resources such as a Crypto Tax Calculator, Regional Tax Guides, a Tax Accountant list, and a Blog to keep its users up to date.
  • Customer Support – The team provide a Support section, and an FAQ page that aims to address the most common queries. They can also be reached by email and live chat and run a Facebook page and Twitter account.

Platform Features

Which Countries Does Koinly Calculate Taxes For?

Koinly supports tax tracking and reporting for most countries, with the following nations all being supported.

  • The Americas – USA, Canada
  • Europe – UK, Germany, Sweden, Denmark, Finland, Norway, Netherlands, France, Spain, Italy, Austria, Lichtenstein, Ireland, Czech Republic, Estonia, Malta
  • Asia – Japan, South Korea, Singapore
  • Oceania – Australia, New Zealand

The team also state that a much wider range of countries that make use of a range of accountancy methods are supported, and these include countries which use:

  • First In First Out (FIFO)
  • Last In First Out (LIFO)
  • Highest Cost
  • Lowest Cost
  • Average Cost Basis
  • Shared Pool

In order to make sure that your country is supported by Koinly it’s best to contact the team and let them know of your specific requirements.

Supported Countries

Tax Reports

In addition, Koinly also generates a range of localized tax reports for different countries including:

  • Form 8949 and Schedule D
  • Capital gains summary for UK
  • K4
  • Rf1159
  • Swiss Valuation Report
  • Sheet 9A

These localized reports are provided in addition to more standard reports such as:

  • Complete Tax Reports – This contains includes your capital gains summary, margin gains, capital gain transactions, end of year balances, asset summary and income and can be downloaded as a PDF.
  • Transaction Reports – This includes all your transactions and can be downloaded as a CSV.
  • Capital Gains Reports – This is a CSV which contains all your disposals.
  • Income Report – This is a CSV which contains all your income transactions including airdrops, forks, interest, and staking rewards.
  • Gifts, Donations & Lost Asset Reports – This is a CSV which contains any transactions tagged as a Gift, Donation or Lost.
  • Expense Reports – This CSV contains all transactions tagged as a Cost. However, this doesn’t include your trading fees which have already been accounted for in the capital gains report.
  • End of Year Holdings Reports – This CSV contains your holdings at the end of the tax year.
  • Turbotax Reports – This is a CSV that contains your transactions in a format that can be imported into the Turbotax tax software.

How to Get Started on Koinly

Signing up is pretty straightforward, and the main website displays a”Sign up” button at the top right of the page.

Koinly Signup Process

  • You can sign up by using a Coinbase or Google account of by entering an email address and password combination.
  • You can also choose to set your location for tax tracking or just opt to track your portfolio.

Location Settings

  • From here you can access the main dashboard and add your exchange accounts and wallets.
  • You can adjust your account as you like to include the correct tax reporting information for your jurisdiction from the “Settings” tab.

Account Configuration

Koinly Exchange, Wallet, and Service Support   

Koinly integrates with a wide range of popular crypto services and allows you to keep track of your activities on over 6,000 different blockchains, 350 exchanges, and 75 wallets.

As a result, the vast majority of leading crypto service providers are supported and Koinly also integrates with crypto lenders such as Nexo, BlockFi, and Compound.

You can also use the platform to keep track of you portfolios by linking your Blockfolio, Delta, and CoinTracking accounts.

Koinly Exchange Integration

Koinly also supports automatic import for 14 blockchains including Bitcoin, Ethereum, Litecoin, NEO, and EOS with over 6000 cryptocurrencies being supported via CSV import and manual entry.

Blockchain Auto Integration

Koinly Price Plans    

The platform provides a range of plans designed to cater for crypto traders of differing activity levels.

  • Koinly also has a Free plan that can be used extensively and allows anyone to track their trades/transactions, exchange and wallet accounts, and to also obtain a capital gains tax preview. The Free account also provides access to FIFO and LIFO tax reports and allows you to import data from a wide range of sources and contact the team via live chat and email.
  • The Hodler account costs $49 per tax year and allows you to generate FIFO and LIFO tax reports as well as international tax reports, comprehensive audit reports, and Form 8949 and Schedule D reports. You can also export to TurboTax, and TaxACT, however, you are limited to 100 transactions.
  • The Trader account costs $99 per tax year and provides access to a similar range of features and increases your transaction limit to 1000. When committing to this plan you also gain access to priority support.
  • The Oracle account costs $179 per tax year for 3000 transactions and $279 for 10,000 transactions. The Oracle plan provides access to the full range of features available on Koinly. This includes access to priority support, and the ability to generate custom reports. This plan also gains extra assistance from the support team who will perform bulk actions and process custom files without manual charges.

Koinly Pricing

The platform provides access to a comprehensive range of features and all plans currently include tax reports for the last five years of your crypto activity.

To get a better idea of all the options available, you can check out the team’s full price list here.

How Safe is Koinly? 

The team prioritize customer trust and the safety of user data and employ a number of security protocols designed to guard against any exploits or breaches.

Most importantly, Koinly does not require your private keys or gain access to any funds held on your exchange accounts. However, as it connects with your accounts via API, it’s always a good idea to disable the ability to withdraw and trade when configuring your API connections.

All API/blockchain keys are encrypted using aes-256-gcm before being stored, and the website is completely served over https with all data sent to or from Koinly also being encrypted using 256 bit encryption.

Koinly also makes use of Amazon Web Services (AWS), and Heroku for data storage and hosting.  AWS is an industry leader in providing secure hosting, and Heroku is a secure cloud application platform that isolates customer applications and data.

Bitcoin Tax Reports

The platform applies security controls at every layer from physical to application, and applies security updates without any customer interaction or service interruption. This helps Koinly to have an uptime of 99.9% with any planned downtime being announced in advance.

Koinly allows user to sign up and authenticate via Google/Coinbase which does away with some of the need to store passwords, and anyone signing up via email has their passwords stored using bcrypt. The team also continuously scan for vulnerabilities and make sure to limit data access to only authorized employees.

In short, the platform incorporates a good number of industry standard security protocols and the team also elaborate on their security here. As ever, keeping your own personal data safe and remaining sensible with your info will also go a long way to protecting you from any data breaches.

Is Koinly Suitable for Beginners?

The platform is primarily aimed at people already actively engaged in various crypto related activities including trading, investing, mining, staking, and lending. As a result, Koinly may not be directed at people just starting their crypto journey.

However, the platform is useful for crypto enthusiasts of all experience levels and allows anyone entering the sector now to keep track of their activities from day one. It’s also worth noting that Koinly allows you to track your trades and transactions from the last five years which allows more experienced traders to go back and easily report what they have done.

Importing Trades

The platform is quite comprehensive in its scope and links with all the leading exchanges, wallet providers, and blockchains. It also allows you to easily generate a range of reports including capital gains reports, income/transaction reports, end of year reports, and complete tax reports that many people are interested in creating.

The resource section helps to educate users, and the crypto tax guides are a handy way of keeping up to date with what’s happening in your jurisdiction. The localized tax reports also come in handy and error reconciliation features such as auto balance verification, and negative balance warnings help anyone not too familiar with doing their taxes.

More active crypto enthusiasts may have to look into the benefits of the Oracle plan which allows for custom reports, live chat support, and a high level of transactions to be tracked. These features combine to provide a more bespoke service that would suit high frequency traders while the free plan lets less active enthusiasts to easily keep track of all their accounts.

Conclusion

Koinly is a viable option for anyone in a supported region looking for a way to keep track of their crypto activities in order to file tax reports. The web based platform is relatively easy to use, and allows you to quickly link up your exchange accounts and wallet addresses and monitor your activities.

The platform integrates with a wide range of crypto service providers, and covers its core activities well. The service provided helps to streamline keeping track of all your transactions and take away the headache of staying on top of all your operations.

The service is quite well priced, although there is no option to pay in crypto, and the company is still developing having only been around since 2018.

However, the free account option allows anyone to sign up and test out the platform and gauge how accurately it helps you to monitor all your transactions.

All in all, Koinly provides a service aimed at an emerging crypto sector, and the ability to keep track of all your crypto activities will appeal to anyone looking to remain financially compliant and make sure that they can “cash out” or move between crypto and fiat with the minimum of headaches.

Visit Koinly

The post Koinly Review: Cryptocurrency Tax Software for Automatic Tax Reports appeared first on Blockonomi.

Source: https://blockonomi.com/koinly-review/

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NEO Takes a Dive as It Breaks Down From a Short-Term Channel

The breakdown from a short-term pattern suggests that the price will continue falling towards the support levels outlined below. NEO Takes a Dive NEO has been moving upwards since Nov. 5, when it reached a low of $12.94. The upward move culminated in a high of $21.91 on Nov. 25. Since then, it has been … Continued

The post NEO Takes a Dive as It Breaks Down From a Short-Term Channel appeared first on BeInCrypto.

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The NEO price has been moving downwards after it was rejected by an important Fib resistance level on Nov. 25.

The breakdown from a short-term pattern suggests that the price will continue falling towards the support levels outlined below.

NEO Takes a Dive

NEO has been moving upwards since Nov. 5, when it reached a low of $12.94. The upward move culminated in a high of $21.91 on Nov. 25. Since then, it has been moving downwards.

The high served to validate the 0.618 Fib retracement level of $21.10 as resistance, leaving two upper wicks in place. The rally stopped right at this resistance level making it likely that the upward movement was corrective.

At the time of writing, NEO was trading just below the $18.60 resistance area with the closest support at $16.10.

NEO Daily Movement
NEO Chart By TradingView

Long-Term Levels

Cryptocurrency trader @Cryptodude999 outlined a NEO chart that shows a long-term breakout above an important level and a retest of support.

NEO Movement
Source: Twitter

The previous level is at $13.40 and the price has indeed retested it as support after breaking out (shown with the green arrow below).

However, there is another important long-term resistance level at $24, below which NEO has been trading since Oct 2018. A breakout above would likely trigger a very sharp upward move.

Technical indicators are neutral since while the RSI is above 50 and increasing, the MACD is moving downwards. Meanwhile, the Stochastic Oscillator has made a bearish cross.

Therefore, there is no clear trend direction. This and daily time-frame readings suggest that ranging will most likely occur between these two levels.

NEO Long-Term
Chart By TradingView

Short-Term Breakdown

The shorter-term two-hour chart shows that NEO has broken down from a parallel ascending channel and validated it as resistance afterward (red arrow).

The presence of the channel suggests that the increase was corrective, while the breakdown confirms it.

Therefore, NEO is likely to fall towards the previously mentioned $16.10 support area.

NEO Channel
Chart By TradingView

However, if the move since Nov. 25 is an A-B-C structure, which looks likely due to the rejection from the 0.618 Fib (black), the downward move could take NEO even lower.

If the A:C waves have a 1:1 ratio, NEO would decline all the way to its Nov. 5 levels near $13.50.

NEO Wave Count
Chart By TradingView

NEO Conclusion

To conclude, the NEO price should decline in the short-term and reach at least one of the support areas at $16.10 and $13.50.

For BeInCrypto’s latest Bitcoin analysis, click here!

Disclaimer: Cryptocurrency trading carries a high level of risk and may not be suitable for all investors. The views expressed in this article do not reflect those of BeInCrypto

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Valdrin is a cryptocurrency enthusiast and financial trader. After obtaining a masters degree in Financial Markets at the Barcelona Graduate School of Economics he began working at the Ministry of Economic Development in his native country of Kosovo.
In 2019, he decided to focus full-time on cryptocurrencies and trading.

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Source: https://beincrypto.com/neo-takes-a-dive-as-it-breaks-down-from-a-short-term-channel/

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U.S. DoJ Extradites Key Member of Crypto Ponzi Scheme From Panama

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The U.S. Department of Justice (DoJ) has extradited a principal member of a fraudulent cryptocurrency mining and trading platform from Panama to the United States.

AirBit Club Co-founder to Face Criminal Charges in the U.S.

According to an announcement by the acting U.S. attorney for the Southern District of New York, Audrey Strauss, U.S. authorities were able to extradite Gutemberg Dos Santos, co-founder of crypto Ponzi scheme AirBit Club.

Dos Santos, who holds dual citizenship from Brazil and the United States, was extradited to the U.S. from Panama on Nov. 23, 2020. According to Strauss, Dos Santos’ repatriation was possible with the help of the Homeland Security Investigations (HSI).

As reported by CryptoPotato back in August, the U.S. authorities arrested five individuals who were involved in the AirBit Club scheme that fleeced unsuspecting victims of $20 million. Operators of the crypto Ponzi scheme ran false advertisements that promised users hyperbolic rewards from Bitcoin trading and mining.

However, the DoJ at the time alleged that the group only sought to live flamboyant lifestyles of victims’ funds. While spending money on luxury homes and cars, they reportedly made more moves to recruit more victims across the U.S and different other countries.

A statement from the DoJ document reads:

“The extradition of Dos Santos reflects the determination of agents from HSI New York’s El Dorado Financial Crimes Task Force to dismantle global criminal organizations, wherever the investigation takes us. Utilizing our broad authorities and network of law enforcement partners, HSI will continue to hunt those who allegedly prey upon innocent citizens for financial gain.”

Also, if Dos Santos is found guilty of the charges levied against him, the AirtBit Club co-founder could face between 20-30 years in prison.

Law Enforcement Fighting Crypto Crimes

Regulatory authorities globally continue to warn investors about fake crypto-related schemes that promise high returns. According to a recent report by CryptoPotato, Chinese authorities confiscated $4 billion worth of crypto tokens from PlusToken scammers.

PlusToken, which is one of the biggest cryptocurrency Ponzi schemes, promised users high returns, similar to other crypto fraudulent projects. The Chinese law enforcement began investigating the project after it shut down in 2019. In July, the police arrested 27 key members of the scam project, along with 82 other members.

Another major fraudulent crypto scheme, OneCoin, reportedly stole $4 billion from investors with its founder Ruja Ignatova also known as “Crypto Queen,” still at large. Meanwhile, Ruja’s brother Konstantin Ignatov has been arrested by the U.S. authorities since 2019 and could face a 90-year prison sentence.

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Source: https://cryptopotato.com/u-s-doj-extradites-key-member-of-crypto-ponzi-scheme-from-panama/

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PlusToken Crypto Scammers Slammed With 11-Year Jail Sentence

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Principal actors in the PlusToken Ponzi scheme have bagged 11-year prison sentences in China. The scheme managed to defraud investors of billions of dollars in various cryptocurrencies.

End of the Road for PlusToken Scammers

According to the South China Morning Post on Dec. 1, principal members of the PlusToken scam project were sentenced to 11 years imprisonment by a Chinese court. The suspects were found guilty of duping investors of $2.25 billion worth of crypto tokens.

As previously reported by CryptoPotato, authorities arrested 27 key members of the crypto Ponzi scheme in July, in addition to apprehending 82 other individuals linked to PlusToken.

Later in November, Chinese law enforcement seized $4 billion worth of crypto from operators of the fraudulent project. According to court documents, the confiscated cryptocurrency tokens included 94, 775 BTC, 79,581 BCH, 833,083 ETH, 74,167 DASH, 1.4 million LTC, 6 billion Doge, 27.6 million EOS, and 213,724 USDT.

The clampdown of the PlusToken scam project is in line with China’s agenda to rid the country of fraudulent schemes. Also, the latest development signals a win for authorities as the PlusToken platform was one of the largest Ponzi schemes in China.

What Happened?

PlusToken, founded by Chen Bo back in 2018, had all the hallmarks of a classic Ponzi scheme, with funds generated from later investors used to benefit early investors. Chen and other operators employed social media and offline activities to get members, who in turn paid for membership fees up to $500 worth of bitcoin and other crypto tokens.

Between 2018-2019, the platform had over 2.5 million members, with rewards based on the number of new recruits that others brought on board. Meanwhile, the total number of funds generated from members was reportedly over $2.2 billion worth of crypto.

Also, court documents alleged that Chen Bo spent some of the funds on extravagant lifestyles, buying expensive cars and properties for himself and his relatives.

In addition to the PlusToken founder and other key members spending time behind bars, the ringleaders were slammed with fines. The PlusToken scammers were fined between 120,00 yuan ($18K) and 6 million yuan ($912,922),

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Source: https://cryptopotato.com/plustoken-crypto-scammers-slammed-with-11-year-jail-sentence/

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