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The Best TokenTax Alternative

Is TokenTax not working for you, or simply looking for a better alternative? Learn more in our Coinpanda vs. TokenTax comparison to find out which crypto tax calculator is the best choice for you!

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Are you using TokenTax today but looking for a better alternative? In this article, we will compare TokenTax to Coinpanda so you can decide which crypto tax calculator is the right choice for you.

Integrations

Today, TokenTax does not support many exchanges and blockchains with APIs. In fact, the total number of integrations is less than 100, and many are not fully supported or are only supported by CSV files. TokenTax also lacks support for many of the largest and most widely used platforms and blockchains.

In contrast to this, Coinpanda supports almost all exchanges and blockchains that exist today.

CoinpandaTokenTax
Total integrations900+Less than 100
Supported exchanges473Unknown
Supported wallets158Unknown
API integrations370Unknown
Major platforms/blockchainsCheck greenMinus solid

DeFi and NFTs

From what we know today, TokenTax does not fully support DeFi transactions for tax purposes. It seems that they can only handle basic DeFi transactions and simple token swaps on DEXes on either Ethereum or BNB Smart Chain, not from any of the other DeFi ecosystems.

Coinpanda, on the other hand, supports almost all DeFi transactions today including liquidity mining, staking, borrowing, and lending.

CoinpandaTokenTax
General DeFiCheck greenCheck green
StakingCheck greenCheck green
Lending/borrowingCheck greenCross grey
Add/remove liquidityCheck green 450+ protocolsMinus solid Few protocols
NFTsCheck green 70+ blockchainsMinus solid Few blockchains

When it comes to NFT support, there is a clear winner: At the time of writing, TokenTax does not support NFTs for tax calculations, while Coinpanda does this for more than 70+ L1 blockchains.

TokenTax also does not have an NFT center like Coinpanda, which lets you view all NFTs and their associated cost basis.

Coinpanda NFT center

Portfolio tracking

TokenTax does not offer much functionality for portfolio tracking today. They seem to be focused only on supporting tax calculations, so you will not be able to track your crypto portfolio using TokenTax.

Coinpanda is both a crypto portfolio tracker and a tax solution that lets you connect your exchange accounts and wallets using either API keys or your public addresses. The Dashboard page gives you a full overview of your portfolio holdings and the latest movements in the crypto market.

If you are looking for a combined portfolio tracker and tax solution, Coinpanda is most likely your best option.

Coinpanda dashboard

Futures and margin trading

Futures, derivatives, and margin trading seem to be very limited and not fully supported by TokenTax. Because TokenTax lacks support for several of the most popular futures platforms, such as Bybit and MEXC, you will most likely find it difficult or not possible to import your transactions to TokenTax.

When it comes to futures and margin trading, the clear winner is Coinpanda.

Customer support

Doing your crypto tax calculations can be challenging and intimidating, and it’s critical that you get enough support and help to generate an accurate tax report. Both TokenTax and Coinpanda provide similar support features, including live chat, which is becoming increasingly important nowadays.

CoinpandaTokenTax
Live chatCheck greenCheck green
Email supportCheck greenCheck green
Forum supportCheck greenCheck green
Help CenterCheck greenCheck green

While TokenTax offers both live chat and email support, it does not seem to have a community forum like Coinpanda.

Both platforms have an extensive help center with published help articles explaining most of the functionality, troubleshooting missing transactions, and importing transactions from different exchanges and blockchains.

Supported countries

CoinpandaTokenTax
Complete Tax Report (PDF)Check greenCross grey
Income and expense reportCheck greenCheck green
USA, IRS formsCheck greenCheck green
UK, HMRC reportCheck greenCross grey
Australia, ATO reportCheck greenCross grey
Canada, CRA reportCheck greenCross grey
France, Formulaire 208Check greenCross grey
Sweden, K4 blankettCheck greenCross grey
Japan, total cost basisCheck greenCross grey

If you report taxes in the US, you are in safe hands with all required IRS forms, including Form 8949 and Schedule D, supported by both Coinpanda and TokenTax. You can also export a CSV file compatible with TurboTax and TaxAct.

However, anyone outside the US will find that TokenTax does not offer any detailed tax reports or tax forms. Coinpanda, on the other hand, lets you export detailed country-specific tax reports for all major jurisdictions such as the UK, Australia, France, Japan, and many others.

Free plan

CoinpandaTokenTax
Portfolio trackingCheck greenCross grey
Transaction detailsCheck greenCross grey
Cost analysisCheck greenCross grey
Capital gains previewCheck greenCross grey
NFT centerCheck greenCross grey
Tax reportsCheck green 25 transactionsCross grey

Coinpanda’s free plan lets you explore most features before deciding to upgrade to a paid tax plan. The free plans come with complete portfolio tracking, access to transaction details and cost analysis, and much more.

TokenTax, on the other hand, does not offer a free plan. In fact, you can’t even import transactions without first upgrading to one of their paid plans, so it’s quite difficult for anyone to get a good idea about whether TokenTax will work for them or not.

Pricing

TokenTax and Coinpanda have similar pricing plans. The amount you pay depends on the total number of transactions for a specific tax year. Both platforms also have custom plans for users with a large number of transactions exceeding the lower plans.

However, TokenTax’s plans are significantly more expensive than Coinpanda’s, and they also offer fewer features. Overall, based on pricing and features, Coinpanda is the clear winner over TokenTax.

Conclusion

After reading this comparison guide, we hope you have gained insight into some of the most important differences between TokenTax and Coinpanda.

Although we might be slightly biased, our conclusion is that Coinpanda is the overall winner and provides more value for money than TokenTax!

If you are already a TokenTax user and want to switch to Coinpanda after reading this comparison, you have two options:

Method 1

Export a CSV file with your complete transaction history from your TokenTax account. Next, upload this file to a TokenTax wallet in your Coinpanda account. Coinpanda will automatically detect and categorize your transactions in a way that is similar to how they were imported to TokenTax. All future transactions must be imported using either API import or by uploading CSV files.

RECOMMENDED

Method 2

Connect your exchange accounts and wallets to Coinpanda and import all your transactions from all the 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 TokenTax to also be imported wrongly to your Coinpanda account
  • Easier to debug and troubleshoot the data imported

Our support team is available 24/7 to help you migrate from TokenTax to Coinpanda – 100% free of charge! If you have questions, please get in touch with our support team, and they will guide you through the process.

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