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Koinly VS ChainEngine

Compare Koinly VS ChainEngine and see what are their differences

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Contents:
  1. ยป Base Details
  2. ยป Videos
  3. ยป Reviews
  4. ยป Alternatives

Koinly logo Koinly

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

ChainEngine logo ChainEngine

Quickly connect your game to the blockchain
  • Koinly Landing page
    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.

  • ChainEngine Landing page
    Landing page //
    2022-10-13

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.

ChainEngine features and specs

  • Simplified Blockchain Integration
    ChainEngine provides a streamlined process for developers to integrate blockchain technology into applications, reducing the complexity and time required for implementation.
  • Comprehensive Documentation
    The platform offers extensive documentation and tutorials, helping developers to get started quickly and efficiently understand how to use its tools and features.
  • Scalability
    ChainEngine is designed to support scalable applications, making it suitable for projects expected to grow significantly over time.
  • Cross-Platform Support
    The service supports multiple blockchain platforms, providing flexibility in choosing the right technology stack for different project requirements.

Possible disadvantages of ChainEngine

  • Learning Curve
    Despite comprehensive documentation, developers unfamiliar with blockchain technology may face a steep learning curve initially when using ChainEngine.
  • Cost
    Depending on the pricing model, using ChainEngine might be cost-prohibitive for small projects or independent developers working with a tight budget.
  • Limited Support for Niche Platforms
    While ChainEngine offers cross-platform support, it might not extend to niche or emerging blockchain platforms that some projects may require.
  • Dependency on External Service
    Relying on ChainEngine may introduce a dependency on an external service, which could pose risks if there are service disruptions or changes in business priorities.

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

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

More videos:

  • Review - Koinly Review - Paying Taxes on Crypto The Easy Way
  • Review - Koinly Review: The BEST for Crypto Taxes?

ChainEngine videos

No ChainEngine videos yet. You could help us improve this page by suggesting one.

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Category Popularity

0-100% (relative to Koinly and ChainEngine)

Koinly

ChainEngine

Cryptocurrencies
97 97%
Cryptocurrencies
3% 3
Crypto
95 95%
Crypto
5% 5
Games
0 0%
Games
100% 100
Finance
100 100%
Finance
0% 0

User comments

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

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

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 Koinlyโ€™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

ChainEngine Reviews

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

Based on our record, Koinly seems to be a lot more popular than ChainEngine. While we know about 306 links to Koinly, we've tracked only 1 mention of ChainEngine. 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: about 3 years ago
  • I made around 90K profit from a meme coin (crypto)recently and Iโ€™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
View more

ChainEngine mentions (1)

  • What is a project you made with blockchain tech that youโ€™re most proud of?
    Chainengine.xyz is currently holding the top of my list of favorite web3 projects that I created (alongside the team) - despite having been working on NFT projects in the past, this one was much more complex. Source: over 3 years ago

What are some alternatives?

When comparing Koinly and ChainEngine, you can also consider the following products

CoinTracker - The most trusted cryptocurrency tax and portfolio manager

Mars Genesis - 10,000 unique parcels of Mars stored on the blockchain

CoinTracking - All Coins, all Analyzes, all Calculations, all Charts and all Prices for Bitcoin, Litecoin...

thirdweb - thirdweb is an ecosystem of SDKs, dev tools, and dashboards that help teams build and manage web3 apps. Deploy custom or pre-built contracts to ETH, MATIC, AVAX, & more.

Coinpanda - Calculate & file tax reports for Bitcoin and cryptocurrencies. Made for traders and investors.

Gameflip - Buy and sell video games from people not companies

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