CryptoTrader Tax Review

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CryptoTrader Tax Review


Professional and Trustworthy Cryptocurrency Tax Software

No more creating a mess when filing your crypto taxes; get CryptoTrader Tax and get taxes done in minutes. Integrate your wallets, import the records, and let the software do its job.

Filing taxes can be a super tedious task, especially regarding crypto taxes. A handful of transactions can be quickly reported, but if you are trading cryptocurrencies more frequently, you will spend more time and effort on the taxes alone.

Let’s play it smart and invest more time in the crypto market than filing taxes. But how do we do it? Is there a magic spell to file your crypto taxes in minutes?

Well, the genie has granted your wish, and there is an option to file your crypto taxes in seconds, and it is the CryptoTrader Tax Software.

One Minute Quick Review

CryptoTrader Tax does save time by automating the entire process of taxes. You can choose to import your transactions or integrate almost every Crypto wallet manually. Whether mining, trading, staking or earning interest, this tax software processes the tax reports accordingly without any manual intervention while you can later edit a few entries. 

Additionally, it integrates TurboTax and TaxAct, so you can even submit your crypto tax file directly using the software.

We liked that the software is internationally available for all crypto investors and makes it easy to file taxes. However, we also appreciate the simple and easy to use interface that does the quick job, and you can integrate almost all kinds of crypto wallets (45+).

CryptoTrader Tax does the job smoothly and fast compared to other Crypto Tax software.

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Understanding the Crypto Tax Basics

IRS is quite active and intelligent in making physical and digital assets taxable. With Cryptocurrencies in your pocket/wallet, you need to know how they tax it and what value you should be paying as the proper tax.

Crypto/NFTs and other blockchain tokens are volatile, meaning their value change over the period. So, how does one know how much tax is to be paid? For this purpose, the IRS (Internal Revenue Service) uses a cost basis accounting format.

Here is how it works; each token or cryptocurrency is treated as securities, like stocks or bonds. Each token has to be brought into the value of $USD at the time of purchase.

crypto tax

For instance, if you are buying Ethereum at present, its exact value in $USD has to be noted as per your purchase. If you have bought it using another token, even then, you have to make the conversion and calculate the equivalent $USD token. Later, when you sell it, you get the capital gains and losses data, which can be used for the taxation system.

So, how do you know if you have made capital gains or losses? As they are one of the crucial factors when it comes to taxation. The answer is simple: noting the token’s value while selling it in the equivalent $USD. IRS imposes tax based on this value, capital gains and losses.

So, be it long term or short term, you will eventually pay tax based on how much capital gain or loss you make at the time of selling.

However, if you have gained cryptocurrency through work or mining, this asset is taxed as ordinary income. 

Manually reporting Crypto tax needs a lot of work to do; converting each transaction into an equivalent $USD token, filling a couple of forms, and much more. 

Here is when CryptoTrader tax comes into the picture and does the crypto tax filing in minutes. 

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*** Only applicable when you buy using the link below and use the above promo code for completing the sign-up.

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What is CryptoTrader Tax?

CryptoTrader Tax is an automated tax calculation software by CoinLedger. It is an easy to use software that helps you report your crypto tax using three simple steps.

Founded in 2017 by David Kemmerer and Mitchell Cookson, this crypto tax software has gained the trust of over 100,00+ crypto investors for simplifying the messy crypto tax problem. 

CoinLedger has been so successful with its tax filing software that CryptoTrader Tax is considered the #1 choice among all kinds of crypto traders and collectors. 

The easy to use software allows you to import from 45+ popular wallets and integrates them for automatic reporting. However, if you wish, you can also manually upload the crypto transactions or later edit them and let the software process a tax report for you.

The software generates Form 8949 based on your transactions which you can download and proceed with your taxation. The best part is you can also directly upload the tax through TurboTax integration and invest the saved time in the Crypto market for other essential transactions. TurboTax allows you to E-file your crypto tax alongside other tax forms.

But wait, what if you need a professional to check your crypto tax report? You can do that straightaway after the report is processed by inviting them.

4 Steps to Prepare Crypto Tax Report in Minutes using CryptoTrader Tax

Filing crypto taxes can be made easy with CryptoTrader Tax software; it is a simple four steps process that helps you save time and effort and help you prepare crypto tax reports in minutes. 

Import your crypto transactions

1. Import your Crypto Transactions

The first and foremost step is to import your crypto transactions. Importing your crypto transactions should be easy as the software allows you to integrate 45+ wallets and support several kinds of exchanges.

Using the wallet’s API, you can set automatic import or manually upload the transactions file.


Historical crypto transactions are also recorded when you import from your crypto wallets. However, you can use the filters to extract crypto transactions for the preferred period.

2. Add Other Crypto Income

Though all your crypto transactions are imported from your wallet, you still miss out on the crypto earned from mining, rewards, airdrops, or other gift formats. 

It is natural to miss out on a few such transactions, and the best you can do is add such “other crypto income” in the second step. 

You can skip this step if you don’t have such transactions to add.

CryptoTrader Tax Add Crypto Income

3. Generate your Tax Report

Once you have imported all your crypto transactions and added the leftover transactions, it’s time to review them and generate your crypto tax report.

Reviewing is an important step; you need to thoroughly check if you have missed out on any transactions to avoid problems in your taxation later.

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4. File your Crypto Tax

Now that your crypto tax report is ready, you can instantly download and submit your tax forms.

Another best thing you can do is submit your crypto tax forms alongside other taxes using the Turbotax or TaxAct feature. CryptoTrader Tax has TurboTax and TaxAct integrated within the software and allows you to directly submit your crypto taxes. 

In other cases, you can download and share the report with your accountant and let them handle your crypto taxes alongside your tax forms.

File crypto tax

The Backend

You must be wondering, hey, what happens in the background when you import your transactions? is it safe? And how does the software get the correct cost basis of the token specific to the time of purchase or sell? 

Let’s answer some of your common questions by describing how the CryptoTrader Tax works.

In the first step, when you want to import the transaction data, there are two possible ways; manual or automatic. The manual way is to upload the transactions data in the form of a document that the software will analyse. However, you need to connect your wallets to the CryptoTrader Tax software using an API in an automatic mode. So, the software will directly import the transactions, including the historical transactions data, and you need not keep importing them each time in the future.

But is it safe to connect our crypto wallets to CryptoTrader tax software using an API? 

The API used by CryptoTrader Tax is read-only, meaning the software won’t be able to edit, manipulate, or make other changes; it can only read the data, fetch it and prepare the tax forms for you.

Once the importing is done, the software first filters and analyses the token; based on the transaction and date and time, it then extracts the exact cost basis of that particular token and the amount of tax to be paid.

This process is repeated for all the transactions, and after all the calculations are performed, an instant auto-filled IRS form 8949 is processed for you.

You can then easily download it and let your accountant do the job for you. But wait, you can file crypto taxes on your own using the TurboTax and TaxAct integrations. These are E-filing tax software that allows you to file your taxes easily. So, your taxes are reported to IRS within a few minutes. TurboTax and TaxAct also allow you to file your other taxes within minutes with its easy to use interface. However, you need to prepare those tax reports yourself, and CryptoTrader Tax can’t help you with that.

Crypto Tax Reports Include,

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CryptoTrader Tax Integration | Wallet, DeFi, and Exchange

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Plan Comparison

CryptoTrader Tax comes with four easy to understand pricing options that allow users only to spend based on their requirements. Usually, with software like these, you cannot find many pricing options, and we typically end up paying more than what’s required for us.

Hobbyist is the most basic plan on CryptoTrader tax software for those crypto investors who don’t trade much or have just begun their crypto journey (Bybit is the best platform to start trading in crypto with exclusive benefits, secure trading, and much more – know more). This most basic plan starts at $49 and comes with a 14-day money-back guarantee. 

There is not much difference in features offered by each plan on CryptoTrader Tax software. The only difference is how many trades you can report using the software. For instance, with the Day Trader plan, you get 1,500 trades, the high volume plan offers 5000 trades (most popular), and the unlimited plan provides unlimited trades for all those crypto enthusiasts who dream big.

The high volume plan is the most popular one, with 5000 trades and the best fit for the crypto enthusiasts; you get to start for free and quickly upgrade your plan on the go.

Pros and Cons of CryptoTrader Tax Software



What People Say About CryptoTrader Tax

Used CryptoTrader.Tax after unsuccessfully trying a competitor's site. CryptoTrader.Tax software imported transactions easier and the reconciliation resulted in just a few warnings to be resolved. The team the quickly help me navigate through resolving those warnings! TOP NOTCH!!!
Tim Barrett
Used this service this tax season and loved it! Everything went smoothly and was easy to understand, only took a few minutes to sign up and had everything in a nice format. Definitely using this again next year. I have told Friends and Co-workers about this service and highly recommend it to everyone!
Ashley Ottomoeller
Just wanted to leave a quick review. I have used Cryptotrader for the last three years now. In my opinion, one of the best in what they do. I have tried other sites/services but they just didn't work out for me. I feel like this site is very user friendly and the support via chat is great as well. Would recommend to others.
Love CryptoTrader.Tax. Fabulous platform for quickly calculating the tax impact of your crypto trading. Thank you so much for this service. Have used it for clients and my own trading. Great reports and even completes the forms for you. Works like a charm.
Mark Klopfenstein

CryptoTrader Tax software is people’s one of the favourites, with a Trust Pilot score of 4.5+ stars and over 200+ reviews. Trust Pilot is one of the best platforms for users to read genuine reviews by users for various kinds of software and services.

CryptoTrader Tax Contact

CryptoTrader Tax is one of the best software platforms to prepare a report of your crypto taxes for easy filing. The support team is available 24/7 in service for your questions and problems. You can also contact them via email or a live chatbox.

Super Savings For You

10% Discount Coupon


*** Only applicable when you buy using the link below and use the above promo code for completing the sign-up.

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