In this article, we will break down the most important reasons why you should consider moving from Koinly to Coinpanda. We will also explain in more detail how to make the switch to the most accurate tax solution.
Supported exchanges and blockchains
Both Koinly and Coinpanda support almost all exchanges and blockchains that exist today. At the time of writing, it does appear that Coinpanda has a direct API integration with more exchanges and blockchains than Koinly currently supports.
However, the most important thing to consider when choosing between Koinly and Coinpanda is which platform supports your exchanges, blockchains, and wallets. Coinpanda is adding support for new API integrations each week, so reach out to support if you have questions about an exchange or blockchain we don’t support just yet!
DeFi and NFTs
DeFi has skyrocketed in popularity and adoption the past year, and you might be in the situation where you need help with figuring out your taxes for everything DeFi, liquidity mining, and staking! Luckily, both Koinly and Coinpanda can help you in this area, but there are some important differences you must be aware of.
Based on feedback from our users and also from what we have observed ourselves, Koinly does not always handle DeFi transactions correctly for tax purposes. Ethereum and other DeFi ecosystems are very complex, so it’s critical that you chose a tax platform that is able to import all your transactions correctly.
|Tax Platform||Liquidity mining||Staking||NFTs – EVM chains*||NFTs – Cardano|
When it comes to NFT support, there is a clear winner: Koinly does not support NFTs for tax calculations at the time of writing, while Coinpanda does this for Ethereum and all other EVM chains including Binance Smart Chain, Polygon, and Avalanche!
After adding your public address to Coinpanda, you will be able to see all your NFT transactions on the Transactions page including a free preview of the gain/loss for every transaction. As a bonus, Coinpanda has also support for NFTs on Cardano.
Both Koinly and Coinpanda have similar functionality when it comes to portfolio tracking. Both platforms let you connect your exchange accounts and wallets using either API keys or your public addresses. The Dashboard pages on both platforms give you a full overview of your portfolio holdings and the latest movements in the crypto market.
If you are simply looking for a portfolio tracker, you will most likely be very satisfied using either Koinly or Coinpanda.
Doing your crypto tax calculations can be both a very challenging and intimidating task, and it’s critical that you get enough support and help so that you are able to generate an accurate tax report. While both Koinly and Coinpanda provide similar support features, there are some important key differences you must be aware of.
Koinly seems to only offer live chat and email support for their users who have upgraded to one of the most expensive tax plans. Coinpanda, on the other hand, offers 100% free support to all users whether they have upgraded their tax plan or not. This is something you must consider if getting the appropriate help and support is important to you.
|Tax Platform||Live Chat||Email Support||Forum Support||Help Center|
|Koinly||Only for paying users||Only for paying users||Partly||Yes|
|Coinpanda||All users||All users||All users||Yes|
Both Koinly and Coinpanda have a community forum where you can report bugs and import issues or request new features and integrations. However, from reports we have received, it seems that Coinpanda support staff is much more active in the forum and engaging with users compared to Koinly.
Both platforms have an extensive help center with published help articles that explain most of the functionality, how to troubleshoot missing transactions, and how to import transactions from different exchanges and blockchains.
Both Koinly and Coinpanda have a similar pricing plan structure. How much you need to pay depends on the total number of transactions for a specific tax year. All plans give you lifetime access to download tax reports for the year which you have upgraded. Both platforms have also custom plans for users with a large number of transactions exceeding the lower plans seen in the table below.
|Tax Platform||25 transactions||100 transactions||1,000 transactions||3,000 transactions||Higher limit|
How to switch from Koinly to Coinpanda
If you are already a Koinly user and want to switch to Coinpanda, you have two options:
Export a CSV file with your complete transaction history from your Koinly account. Next, upload this file to a Koinly wallet in your Coinpanda account. Coinpanda will automatically detect and categorize your transactions similar to how they were imported to Koinly. All future transactions must be imported using either API import or by uploading CSV files.
Connect your exchange accounts and wallets to Coinpanda and import all your transactions from all years you have traded crypto. This is the recommended method for several reasons:
- No duplicate transactions will be imported
- Makes it much easier to import future transactions and keep all your wallets up to date
- Avoids the possibility of transactions imported wrongly to Koinly to be imported in your Coinpanda account
- Easier to debug and troubleshoot the data imported
Our support team is available 24/7 to help you migrate from Koinly to Coinpanda – 100% free of charge! If you have questions, please contact our support team and they will guide you through the process.