As cryptocurrency trading continues to gain popularity attracting users from all over the globe, it’s getting harder and harder to keep all transactions, taxes, gains and losses under control, especially for advanced users who trade with several coins on several exchanges. The German startup CoinTracking aims to solve this problem.
CoinTracking is an online service that tracks cryptocurrency movements, one of the leading monitoring tools for all cryptocurrencies available on the market. The tool analyzes the price history of over 4,000 cryptocurrencies, user’s personal trades, profits and losses as well as current balances. It provides a unique time-saving feature designed to create tax reports for the traded cryptocurrencies, assets and tokens. The service is able to import all trading data from over 40 cryptocurrency exchanges and is applicable for any country of the world.
Dario Kachel, the founder of CoinTracking, explains:
“After three months of work, I had released the first version of Cointracking.info as it was the first crypto portfolio tool on the market. Right now we have 62,000 active users from all over the world, with 13,000 new sign-ups each month. Our team consists of seven employees who are working mainly on programming, support, and marketing tasks. Additionally, we work with external specialists who are programming APIs and apps for iOS and Android. It would be extremely difficult and time-consuming to calculate gains for thousands of trades with conventional methods. Our tax report saves a lot of time and money compared to the manual calculation or a tax consultant. We cut this down to just a couple of minutes or even seconds, which means a lot of time is saved for other things that our customers face on a day-to-day basis.”
The CoinTracking portfolio monitoring tool is divided into four areas: trade imports, coin analyses, trade reports and tax reports. Each of them allows users to keep their portfolios under control.
Users may choose whether to import their trades manually via CSV file or to do let the system do it automatically via API import. Furthermore, not only current trades can be imported, but also trade histories from exchanges and wallets, so that users get access to the full information about their profits and losses in coin values as well as their own realized and unrealized profits. As a bonus feature, users are able to create public portfolios and share them with each other.
Coin analyses are based on historical data for over 4,000 coins. With this feature, users will be provided with an overview of current coin prices, experimental forecasts and coin trends. This information will help to execute more mature trading decisions and maximize profits. Another analytical feature is tax calculator with modifiable parameters for every country on earth. It is designed to utilize the commercially available LOFO, LIFO, HIFO and FIFO methods and automatically create a capital yield overview.
The CoinTracking service is suitable for four target groups. Coin holders with small amounts of coins can use the base package of the platform for free, which includes an integration of 200 trades.
Experienced traders can use a pro account, which will provide them with an overview of the exchanges they trade on and analyze their trading history. The pro account has a term time of one to two years and costs between 0.02 BTC and 0.03 BTC.
For bot developers, the unlimited package is the best choice. With it, they will be able to test the success rate of their bot algorithms in order to increase their effectiveness. The unlimited package has a term time of one to two years and costs between 0.05 BTC and 0.06 BTC. For 0.39 BTC, the term limit of the package is extended to life time.
And, finally, companies that accept crypto payments will benefit to the highest degree from the automatically generated tax reports.