Investments can be somewhat challenging with thousands of crypto coins and tokens which are actively traded now in the online space.Also with new cryptocurrency regulations and legislative developments, there need of technical developments is also important. In line with this there is a crypto tool used by thousands to calculate cryptocurrency tax known as Cointracker.io.
Let me share my experience with the Cointracker tool as it is a secure and simple platform that automates your portfolio and taxing solutions.
What is Cointracker.io?
CoinTracker is an online portal that provides you real-time access to your cryptocurrency portfolio. With this platform you can connect third-party exchanges and wallets, with the regard of giving you second-by-second updates on the cost of your investments.
This not only allows you to check your balances in real-time, also keep tabs on transactions. This is especially beneficial if you are a full-time trader and you wish to automate your reconciliation processes. It is also useful if you live in a country that taxes cryptocurrency profits as capital gains.
Also, the Cointracker tool can be connected with 100k Popular Crypto wallets and exchanges with a remarkable record of $10B transaction volume.
Who is behind Cointracker?
Cointracker was created by a company named Nino finance which is based in San Francisco.The two ex-employees of Google- Chandan Lodha, and Jon Lerner founded Cointracker.
Chandan Lodha-Co-founder worked as an associate product manager at Google before starting the Cointracker platform whereas Jon was a software engineer at Google.
Features of Cointracker
Wallet and Exchange Integration:You can directly connect your wallet and exchange with the help of Cointracker, also it constantly and automatically syncs your balances and transactions from your local wallet and exchange.
Fee Tracking: With Cointracker you can see the fee paid per transaction and per exchange.
Multiple Cost Basis Methods:Cointracker users are provided with five various accounting methods that help to generate tax forms such as FIFO, LIFO, HIFO, Adjusted cost base, and shared pool.
Cryptocurrency Exchanges
CoinTracker supports more than 300 cryptocurrency exchanges.Few of them are
Binance
BitMex
Bitfinex
Coinbase
Gemini
Kucoin
Huobi and many more
Cointracker supports countries like
US
UK
Canada
Australia
Is Cointracker Safe?
Now the question with respect to CoinTracker is whether or not it is safe. After all, you will be giving the platform access to your cryptocurrency exchanges and wallets — so it’s exactly basic that you understand whether or not this presents risks.
In the case of CoinTracker, the platform not only gets to view your wallet and exchange balances, but also each and every transaction that you manage later.
Final Verdict
CoinTracker is the most useful platform that is applicable for cryptocurrency investors of all shapes and sizes. At the other end of the scope CoinTracker is most useful if you readily trade cryptocurrencies.
