Question 1

How does CoinLedger work?

Accepted Answer

CoinLedger works by importing transaction data from various crypto exchanges, wallets, and DeFi platforms through API connections or CSV file uploads. It then automatically classifies transactions, calculates gains and losses, and generates tax reports based on the imported data. Users can review their transaction history, make manual adjustments if needed, and download comprehensive tax forms for filing purposes.

Question 2

Is CoinLedger a secure platform?

Accepted Answer

CoinLedger employs robust security measures, including 256-bit encryption for all data in transit and storage within a virtual private cloud (VPC) with network access control lists. The platform requires read-only API permissions for exchange integrations, never accessing users' funds or private keys, and allows users to delete all transaction data and API connections from their accounts at any time.

Question 3

How to use CoinLedger?

Accepted Answer

To use CoinLedger, start by creating an account and importing your crypto transaction data from exchanges and wallets. Next, review your imported data on the Transactions page, making any necessary adjustments or addressing warnings like missing cost basis. Finally, purchase and download your tax reports from the Tax Reports page, which you can then use for filing or provide to your tax professional.

Question 4

What services does CoinLedger offer?

Accepted Answer

CoinLedger offers automated crypto tax reporting, portfolio tracking, and tax loss harvesting tools for individual investors and tax professionals. The platform provides integration with over 400 exchanges and wallets, supports DeFi and NFT transactions, and offers tax form generation compatible with major tax filing software. Additionally, CoinLedger offers a "Done For You" service where their experts handle data import, transaction classification, and tax report generation for users who need extra assistance.