If you live a cross-border life, crypto taxes can turn into chaos fast.
One month, you’re paid in stablecoins. The next month, you’re swapping tokens on-chain, bridging assets, and using two different exchanges because one is “temporarily unavailable” in your current country. Then tax season shows up, and you realise your “simple portfolio” is actually 900+ micro-transactions spread across wallets you barely remember.
Koinly is built for exactly this reality: it pulls transactions from exchanges, wallets, and blockchains, then turns that mess into tax reports you can file.
This Koinly review covers what it does well, where it can still trip you up (especially with DeFi), how pricing works, and whether it’s the right crypto tax software for digital nomads and expats.
What is Koinly
Koinly is a crypto tax calculator and portfolio tracker that imports your transaction history, calculates gains/income using common cost-basis methods, and generates tax reports (including localised reports for certain countries).
You can use it for free to connect wallets and exchanges and preview your tax position. You only need a paid plan when you want to download official tax reports.
Why Koinly is a strong fit for nomads and expats
Most crypto tax tools are built around one assumption: you live and file in one country, and your activity is mostly exchange-based.
Nomads break that assumption constantly.
Koinly is designed to handle:
- multiple exchanges and wallets (and the “moving platforms” reality)
- on-chain activity (DeFi and NFTs)
- different cost-basis methods depending on the country/tax rules you’re under
- tax reporting across many jurisdictions (or at a minimum, a comprehensive report you can bring to an accountant).
Koinly explicitly states it supports 100+ countries globally and provides a comprehensive tax report suitable “no matter which country,” as long as your jurisdiction uses supported cost-basis methods.
Koinly review: Key features
1) Very broad integrations (exchanges, wallets, on-chain)
Koinly supports auto-sync from 1000+ direct integrations, covers 7,200+ DeFi protocols, and allows unlimited CSV imports – with no private keys needed.
This matters for nomads because you’re more likely to:
- rotate exchanges (access, KYC friction, local restrictions)
- use multiple wallets (hot wallet + hardware wallet + “travel wallet”)
- end up with partial histories that must be stitched together via CSV + on-chain lookups.
2) DeFi and NFT support (with a reality check)
Koinly includes DeFi & NFT support as a core feature set.
That said, no tax tool perfectly labels every DeFi edge case automatically. Expect to review categories for:
- bridges, wrapped assets
- LP positions and withdrawals
- lending/borrowing flows
- airdrops, rewards, and “spam” transactions
Koinly does include features like smart transfer matching, bulk editing & rules, and spam detection, which materially reduces cleanup time.
3) Multiple cost-basis methods (important if you changed countries)
Koinly supports common cost-basis methods such as FIFO and LIFO, and also HIFO in regions where it’s permitted.
For nomads, this matters because your filing obligations can shift if you become tax resident somewhere new. The tool won’t “decide” what’s legally best for you, but it will let you calculate using methods your jurisdiction may accept.
4) Country-specific reports (where available) + comprehensive reporting
Koinly offers localised reporting options such as:
- US IRS reporting (including Form 8949, Schedule D, and more)
- UK HMRC capital gains summary
…and other country-specific formats, plus a comprehensive audit-style report.
Koinly review: pricing (and what you actually need)
Koinly pricing is based primarily on transaction count per tax year.
- Free: $0 (lets you import/sync and preview gains; no report downloads)
- Newbie: $49 / tax year (up to 100 transactions)
- Hodler: $99 / tax year (up to 1,000 transactions)
- Trader: from $199 / tax year (starts around 3,000+ transactions, with higher tiers available)
Two important details that people miss:
- You can use Koinly for free indefinitely, and only pay when you need to download tax documents.
- Koinly notes that many exchanges split large orders into many trades, but it attempts to group them; it also excludes spam and many small reward transactions—this can reduce your effective transaction count versus “raw” exchange exports.
Also: Koinly accepts crypto payments (BTC, ETH, DAI, USDC) as well as card payments – nice alignment for a crypto-native audience.
Setup walkthrough (nomad-proof)
Step 1: Connect everything first (don’t cherry-pick)
Start by linking:
- every exchange you used (even “one-time” accounts),
- every wallet you touched (hot wallets, hardware wallets, mobile wallets),
- key on-chain addresses.
Koinly supports both API sync and file import for exchanges.
Step 2: Use read-only API access (security best practice)
Koinly needs read-only access and does not require withdrawal permissions.
For many nomads, this is non-negotiable: never grant trading/withdrawal rights to third-party tools.
Step 3: Add blockchain addresses properly
For chains like Bitcoin or Cardano, you may need an extended public key (xpub) rather than a single address.
Step 4: Reconcile the “classic tax pain points”
Most inaccuracies come from four places:
- Transfers between your own wallets/exchanges not being recognized as transfers,
- Missing cost basis (especially if you moved coins from somewhere you no longer have data for),
- DeFi labeling (bridges/LP positions),
- Duplicate imports (API + CSV overlaps).
Koinly’s smart transfer matching + bulk rules help, but you should still scan for warnings or negative balances and fix the root cause before exporting.
Step 5: Generate the report(s) you actually need
If you’re filing with an accountant across borders, the comprehensive report plus localised formats (where available) is usually the most useful bundle.
Security and privacy: is Koinly safe?
There are two separate questions here:
1) Does Koinly need private keys?
Koinly states it does not require private keys for syncing.
2) What about compliance and controls?
Koinly has published updates discussing its security/compliance posture, including SOC 2.
Practically, your biggest control is still operational: use read-only keys, don’t grant withdrawal permissions, and treat any third-party integration as a surface area that must be minimised.
Koinly review: Pros and cons
Pros
- Very broad coverage: 1000+ direct integrations, DeFi protocol coverage, unlimited CSV imports
- Supports 100+ countries and common cost-basis methods
- Strong reporting options, including localised reports for key jurisdictions
- Helpful cleanup features (transfer matching, rules, spam detection)
- Free to use until you need to download reports
Cons
- DeFi still requires human review in many cases (true for all tax tools, but worth stating explicitly)
- Pricing can jump for high-frequency traders (transaction-based tiers)
- The “accuracy” you get depends heavily on how complete your data sources are (missing exchanges = missing cost basis)
Koinly vs alternatives
If you want a simple benchmark: CoinTracker states it calculates tax reports for 100+ countries as well.
In practice, your decision usually comes down to:
- how much DeFi/NFT activity do you have
- how international your filing situation is
- which tool best supports your specific exchanges/wallets and your accountant’s preferred output formats.
If you’re a nomad who touches multiple platforms and you want one tool that can ingest “almost anything,” Koinly’s integration breadth is a meaningful differentiator.
Who should use Koinly?
Best for
- Digital nomads/expats using multiple exchanges + wallets across countries
- Anyone who needs broad integrations and a solid “cleanup workflow” before exporting
- Investors who want to preview gains for free, then pay only when exporting.
Might not be ideal for
- People with extremely complex DeFi (where a specialist or accountant-led workflow may be more efficient)
- Users who want a tool that requires near-zero review (unrealistic for advanced on-chain activity).
FAQs
Is Koinly free?
You can use Koinly for free to import/sync and preview gains; you pay to download tax reports.
Does Koinly support DeFi and NFTs?
Yes, DeFi & NFT support is included, and Koinly claims coverage across thousands of DeFi protocols.
Can I pay for Koinly with crypto?
Yes, Koinly accepts BTC, ETH, DAI, and USDC (as well as card).
Which tax forms can Koinly generate (US/UK examples)?
Koinly provides localised tax reports, including US IRS reporting (Form 8949, Schedule D, etc.) and UK HMRC summaries.
Final takeaway on Koinly review
Koinly is one of the most practical crypto tax tools for a cross-border life: broad integrations, DeFi/NFT support, multi-country positioning, and a workflow that lets you see where you stand before you pay.
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