Koinly VS Anchorage

Compare Koinly VS Anchorage and see what are their differences

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Koinly

Koinly is the easiest way to monitor your crypto activity & file your taxes.

Anchorage

The most advanced Qualified Custodian for institutional investors in crypto. Anchorage offers a single modern platform for digital asset custody, offering staking, governance, and more.

Landing page //
2021-10-12

Koinly is a cryptocurrency calculator trusted by crypto investors in over 20 countries. Koinly integrates with 700+ exchanges, blockchains, and wallets to give investors an easy and accurate way to track their crypto transactions in one place. From here, Koinly calculates the total capital gains and income an investor has derived from their crypto in any financial year.

Landing page //
2023-05-15

Koinly

Website: koinly.io
Pricing URL: Official Koinly Pricing
$ Details: freemium
Release Date: 2018 January
Startup details
Country: United Kingdom

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Anchorage

Website: anchorage.com
Pricing URL: -
$ Details
Release Date: -

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Koinly features and specs

User-Friendly Interface
Koinly offers an intuitive and easy-to-navigate interface, making it accessible for both novice and experienced crypto investors.
Comprehensive Transaction Tracking
The platform supports a wide range of cryptocurrencies and integrates with numerous exchanges and wallets, allowing for detailed transaction tracking.
Tax Reporting
Koinly provides automated tax reports that comply with the regulations in various countries, simplifying the process of filing crypto taxes.
Accurate Calculations
Koinly uses advanced algorithms to accurately calculate gains, losses, and income from your crypto activities.
Excellent Customer Support
Users generally report positive experiences with Koinly's customer support, which is responsive and helpful.
Portfolio Insights
The platform offers valuable insights into your crypto portfolio, including detailed analytics and performance tracking.

Possible disadvantages of Koinly

Cost
While Koinly offers a free plan, advanced features and comprehensive reporting require a paid subscription, which might be expensive for some users.
Limited Free Plan
The free plan has limitations on the number of transactions it can handle, which may not be sufficient for active traders.
Complex Transactions
Some users have reported that the platform struggles with the accurate categorization and calculation of more complex transactions, such as DeFi activities.
Privacy Concerns
Some users may be concerned about providing access to their exchange and wallet data, which involves sharing sensitive financial information with a third-party service.
Data Sync Issues
Occasionally, there are reports of synchronization issues where data from exchanges or wallets doesn't update correctly or promptly.
Learning Curve for Detailed Features
While basic features are user-friendly, some of the more advanced tools and customization options might have a steeper learning curve.

Anchorage features and specs

Comprehensive Digital Asset Custody
Anchorage provides a robust platform for digital asset custody, offering advanced security features and compliance with regulatory standards tailored to institutional investors.
Regulatory Compliance
Anchorage is a federally chartered digital asset bank, ensuring a high level of trust and compliance with U.S. regulations, catering to institutions seeking a compliant partner.
Integration and API Capability
Anchorage offers seamless integration options and APIs, which allow financial platforms to efficiently integrate with their services, enhancing user experience and operational efficiency.
Diverse Asset Support
Anchorage supports a wide range of digital assets, catering to diverse investment portfolios and offering flexibility to institutional clients.

Possible disadvantages of Anchorage

Targeted at Institutions
Anchorage primarily serves institutional clients, which might not be suitable for individual investors or smaller entities that cannot meet the requirements or afford the service.
Complexity of Services
The range of services and features offered by Anchorage might be complex for institutions unfamiliar with digital asset management, requiring significant onboarding and understanding.
Geographic Limitation
As a U.S.-based entity, Anchorage's services might be less accessible to clients outside of the United States due to varying international regulations and compliance requirements.
Cost
The sophisticated services and regulatory compliance might entail higher costs, which could be a deterrent for smaller institutions or those with limited budgets.

Analysis of Koinly

Overall verdict

Overall, Koinly is considered a reliable and efficient tool for managing cryptocurrency taxes. It is well-suited for individuals who seek an automated solution to handle their crypto tax responsibilities and wish to ensure compliance without hassle.

Why this product is good

Koinly is often regarded as a good cryptocurrency tax software due to its user-friendly interface, comprehensive support for a wide range of exchanges and wallets, and its ability to generate tax reports compliant with various countries' regulations. It automates the tedious process of tracking transactions, calculating gains and losses, and preparing necessary tax documents. Additionally, it supports multiple currencies and offers detailed features that cater to both casual investors and professional traders.

Recommended for

Cryptocurrency investors seeking an easy-to-use tax solution
Frequent traders needing comprehensive transaction tracking
Individuals looking for a software compatible with various international tax jurisdictions
Users who want to automate their tax reporting process

Koinly videos

+ Add

Ripple’s Shareholder SBI Invest in QIWI. Ripple Unleashes 1B XRP. Koinly to Add Support for XRP!

Anchorage videos

+ Add

World of Warships - Anchorage Review - Great Division Ship

Category Popularity

0-100% (relative to Koinly and Anchorage)

Koinly

Anchorage

Cryptocurrencies

92 92%

Cryptocurrencies

8% 8

Crypto

89 89%

Crypto

11% 11

Finance

97 97%

Finance

3% 3

Fintech

82 82%

Fintech

18% 18

User comments

Share your experience with using Koinly and Anchorage. For example, how are they different and which one is better?

Reviews

These are some of the external sources and on-site user reviews we've used to compare Koinly and Anchorage

Koinly Reviews

Best Cryptocurrency Tax Software: Complete Guide to the Top Options

The automated data import is available via either an API exchange connection or by adding cryptocurrency wallet addresses. Data on margin trading, futures trading, staking, lending and DeFi can also be imported. An interesting feature is Koinly’s smart transfer matching, which leverages an artificial intelligence system to detect transfers that are made between your personal...

Source: blockonomi.com

14 Best Crypto Tax Software to Ease Your Calculation and Be Compliant

Koinly has a very generous free subscription that permits up to 10,000 transactions with lots of additional features. It supports the usual FIFO, LIFO, average cost basis, etc., for tax accountancy.

Source: geekflare.com

15 Best Koinly Alternatives 2022

As the name suggests, CryptoTax Calculator provides easy-to-understand tax calculations with customizable rules to support your unique tax needs. CryptoTax Calculator is an excellent Koinly substitute that does a better job than Koinly in giving powerful and accurate tax reports.

Source: rigorousthemes.com

Anchorage Reviews

We have no reviews of Anchorage yet.
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Social recommendations and mentions

Based on our record, Koinly seems to be a lot more popular than Anchorage. While we know about 306 links to Koinly, we've tracked only 1 mention of Anchorage. We are tracking product recommendations and mentions on various public social media platforms and blogs. They can help you identify which product is more popular and what people think of it.

Koinly mentions (306)

Tax Question. If i buy $1000 worth of crypto and sell 50% on a double and then let the balance ride. Am i exempt from paying tax on that transaction?
Every transaction you make with crypto is a taxable event. Even buying something with your bitcoin is a taxable event. So instead of looking at your balance, you have to look at each and every transaction and see how much you paid for the asset, how much you sold it for, and how long you held it. The ATO will also want a report on your crypto transactions, which you can get from koinly.io. That will also... Source: over 2 years ago
48-nation bloc to crack down on using crypto assets to avoid tax
Https://koinly.io/ is a popular recommendation here in Denmark. Denmark may have the worst possible taxation for crypto: every time you sell, use or convert your crypto, that's an event where you have to calculate your gains or losses. Gains are taxed like personal income (so up to 53% tax), but losses can only be deducted at 26% they do not offset the gains directly. A school teacher speculating in crypto ended... - Source: Hacker News / over 2 years ago
Questions about defi
-is it possible to track swaps and trades I'm making in defi via koinly.io or another tax tracking provider? I want to take advantage of long term capital gains vs short term whenever possible. Source: almost 3 years ago
I made around 90K profit from a meme coin (crypto)recently and I’m 18 years old and have no idea how to go about taxes. Please help me . Also what could I do with my profits ?
Every trade where you go from 1 coin to another is a capital gains event. Take a look into https://koinly.io/ to calculate it for you. Source: about 3 years ago
Staked ETH Rewards on Coinbase
I just bit the bullet and pay koinly.io to do it for me. The one thing I like about it is you can tag staked transaction (eth to eth2) as swaps so they don't show up on your taxes. It's actually free until you want them to generate a tax form for you. Source: about 3 years ago

Anchorage mentions (1)

Anchorage Digital to take custody of 20 billion Amp tokens for the Amp Foundation
Anchorage Digital is one of the most trusted, premier custody solutions for institutional level entities in the digital asset space. They are backed by Goldman Sachs, KKR, and Apollo Global, among many others. Founded by two former engineers from Jack Dorsey’s Square. Source: over 3 years ago