Are you using TokenTax today but are looking for a better alternative? In this article, we will break down the most important reasons why you should consider moving from TokenTax to Coinpanda. We will also explain in more detail how to make the switch to Coinpanda.
Exchange and API integrations
TokenTax does not support many exchanges and blockchains with API today. In fact, the total number of supported exchanges is only 16, while the total number of supported blockchains is 24. In contrast to this, Coinpanda supports almost all exchanges and blockchains that exist today. At the time of writing, Coinpanda supports more than 400 exchanges and 125 blockchains.
DeFi and liquidity mining
DeFi has been one of the hottest topics this year. What many DeFi degenerates don’t consider is the tax implications their DeFi transactions have. In general, every transaction where you either exchange or otherwise dispose of an asset is a taxable event! If you find yourselves in this situation, it is important that you find a crypto tax solution that can help you with generating a tax report for everything DeFi and liquidity mining.
From what we know today, TokenTax does not support DeFi transactions for tax purposes. It seems that they can only handle simple token swaps on DEXex on either Ethereum or Binance Smart Chain and none of the other DeFi ecosystems that have risen in popularity this year.
Coinpanda supports almost all DeFi transactions today including liquidity mining, staking, borrowing, and lending. In addition to ETH and BSC, Coinpanda also supports other EVM and L2 chains like Polygon, Avalanche, Fantom, and Moonriver.
|Tax Platform||Liquidity mining||Staking||Borrowing||Lending|
NFTs and the metaverse
When it comes to NFT support, there is a clear winner: TokenTax 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.
|Tax Platform||NFTs – EVM chains*||NFTs – Cardano|
TokenTax does not offer much functionality for portfolio tracking today. They seem to be focused on supporting tax calculations only, 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, your best option is most likely going to be 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. Both TokenTax and Coinpanda provide similar support features including live chat which is becoming more and more important nowadays.
|Tax Platform||Live Chat||Email Support||Forum Support||Help Center|
|TokenTax||All users||All users||No||Yes|
|Coinpanda||All users||All users||All users||Yes|
While TokenTax offers both live chat and email support, they do not seem to have a community forum as Coinpanda has.
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 TokenTax 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||Free plan||Plan 1||Plan 2||Plan 3||Plan 4|
How to switch from TokenTax to Coinpanda
If you are already a TokenTax user and want to switch to Coinpanda, here is what you need to do:
You will need to import all your historical transactions to Coinpanda that you have previously imported to TokenTax. This includes all your transactions from all years you have traded crypto.
Coinpanda supports all the same exchanges that TokenTax supports, so it should be fairly quick to add all your accounts and API keys and import the same transactions. Remember that you will (most likely) need to make any manual adjustments to the transactions imported to Coinpanda if you did this using TokenTax.
If you have questions, just reach out to us in the live chat and our support team will help you with switching over to Coinpanda!
Our support team is available 24/7 to help you migrate from TokenTax to Coinpanda – 100% free of charge! If you have questions, please contact our support team and they will guide you through the process.