Crypto taxes are unavoidable. Whether you traded on Bybit, held ETH for a year, or farmed DeFi yields — the IRS, HMRC, and most tax authorities want their cut. The question is which tool makes the process least painful.
We tested the four main contenders. Here's the verdict.
The Short Answer
- Best overall: CoinLedger — 25% lifetime recurring commission, widest exchange support, clean UI
- Best for high-volume DeFi: Koinly — handles complex on-chain activity better than anyone
- Best if you already use TurboTax: TurboTax Crypto — seamless if your taxes are simple
- Best free option: Accointing (basic tier)
Why Crypto Taxes Are Different
Traditional tax software wasn't built for this. A single DeFi position can generate:
- A taxable event when you provide liquidity
- Another when you receive yield rewards
- Another when you swap one token for another
- Another when you withdraw
That's four taxable events from one position. Multiply that across a year of trading and you're looking at thousands of rows that generic tax software simply can't parse.
You need something crypto-native.
CoinLedger
Commission: 25% recurring lifetime | Pricing: from $49/year
CoinLedger connects directly to 500+ exchanges and wallets via API or CSV. It auto-classifies transactions, calculates cost basis (FIFO, LIFO, HIFO), and generates IRS Form 8949 and Schedule D ready to file.
What it does well:
- Direct API integrations with Coinbase, Binance, Bybit, Kraken, OKX, and most major CEXs
- DeFi support: Uniswap, Aave, Compound, Curve, and more
- NFT transaction tracking (mint, sale, royalties)
- Tax-loss harvesting suggestions built into the dashboard
- Exports directly to TurboTax, H&R Block, and TaxAct
Pricing: | Plan | Transactions | Price | |---|---|---| | Hobbyist | Up to 100 | $49/year | | Day Trader | Up to 1,500 | $99/year | | High Volume | Up to 3,000 | $179/year | | Unlimited | No limit | $299/year |
Verdict: The cleanest experience from import to export. If you want to get your taxes done in under an hour, start here.
Koinly
Commission: 20% initial + 10% recurring | Pricing: from $49/year (free for < 1,000 transactions with no tax report)
Koinly has been the go-to for DeFi-heavy users since it handles on-chain complexity better than any competitor. It supports 400+ exchanges, 100+ blockchains, and tens of thousands of DeFi protocols.
What it does well:
- Deepest DeFi + multi-chain support in the market
- Works in 140+ countries (not just US tax law)
- Auto-detects staking rewards, liquidity mining, airdrops
- Free plan to preview your data before paying
- Portfolio tracking built in year-round
Pricing: | Plan | Transactions | Price | |---|---|---| | Newbie | Up to 100 | $49/year | | Hodler | Up to 1,000 | $99/year | | Trader | Up to 3,000 | $179/year | | Oracle | Unlimited | $279/year |
Verdict: If you have DeFi activity, multiple chains, or NFTs across different networks, Koinly handles it better. Slight learning curve but worth it.
TurboTax Crypto
Built into TurboTax Premium, the crypto module handles basic trading well. It imports from Coinbase natively and supports CSV from major exchanges.
The problem: it tops out at 10,000 transactions, doesn't handle most DeFi protocols, and costs more per year than dedicated crypto tax software if you're not already a TurboTax user.
Use it if: You have simple spot trading on 1-2 major exchanges and already use TurboTax.
Skip it if: You have DeFi, NFTs, staking, or traded on more than 2 platforms.
The Head-to-Head
| Feature | CoinLedger | Koinly | TurboTax Crypto | |---|---|---|---| | Exchange integrations | 500+ | 400+ | ~50 | | DeFi support | Strong | Best | Minimal | | NFT tracking | Yes | Yes | Limited | | Countries supported | 65+ | 140+ | US only | | Free tier | Preview only | Up to 10,000 txns (no report) | With TurboTax Premium | | Starting price | $49/yr | $49/yr | $89+ (TurboTax Premium) | | Tax-loss harvesting | Yes | Yes | No | | Direct TurboTax export | Yes | Yes | Native |
Which Should You Use?
If you're primarily on CEX (Coinbase, Bybit, Kraken, Binance): → CoinLedger — fastest setup, most direct integrations
If you're deep in DeFi or multi-chain: → Koinly — handles the complexity better
If you already use TurboTax and your taxes are simple: → TurboTax Crypto — keep it in one place
Final Take
The difference between Koinly and CoinLedger is mostly about complexity. CoinLedger is faster and cleaner for CEX-heavy portfolios. Koinly is more powerful for DeFi.
Either way, using dedicated crypto tax software will save you hours vs. trying to do it manually — and potentially save you money by correctly calculating your cost basis and flagging tax-loss harvesting opportunities.
Don't overpay your taxes because you used the wrong tool.