Beginner’s Guide: Using Koinly Step-by-Step

jame

— 2 min read

Step 1: Create a Koinly Account

  1. Go to Koinly.io.
  2. Click Sign Up.
  3. Enter your email and create a password (or use Google/Apple login).
  4. Confirm your email through the verification link sent to your inbox.

✅ Tip: Use an email you check regularly, because Koinly will send notifications about sync errors or tax report updates.

Step 2: Set Up Your Country & Tax Rules

  1. After logging in, go to Settings → Tax Settings.
  2. Select your country of tax residence. Koinly will then apply the correct local rules for capital gains and crypto income.
  3. Choose your accounting method (FIFO is most common, but check with your tax advisor if LIFO or HIFO makes more sense).

Step 3: Add Wallets & Exchanges

Koinly supports two ways to add your crypto data: API or CSV upload.

Option A: Connect via API

  1. Go to Wallets → Add Wallet/Exchange → Search for your exchange.
  2. Click your exchange (e.g., Binance, Coinbase, Kraken).
  3. Generate an API key on your exchange (usually under “API Management”).
  4. Copy the API key and secret into Koinly.
  5. Koinly will automatically import your transaction history.

Option B: Upload CSV

  1. Export your transaction history from the exchange or wallet.
  2. Go to Wallets → Add Wallet → Manual CSV Upload.
  3. Upload the file. Koinly will parse transactions automatically.

✅ Tip: For wallets like MetaMask or Ledger, Koinly can import wallet addresses directly, which works even if there’s no API.

Step 4: Review Imported Transactions

  1. Go to Transactions → All Transactions.
  2. Check for any missing or duplicate transactions.
  3. Fix mistakes manually:
    • Click on a transaction → Edit details.
    • Mark transfers between wallets as “internal” to avoid double counting.

💡 Tip: Pay special attention to DeFi transactions, staking, airdrops, and NFT trades, as these can sometimes be misclassified.

Step 5: Check Your Capital Gains & Income

  1. Go to Tax → Capital Gains to see gains/losses for each transaction.
  2. Go to Tax → Income to see staking rewards, mining, or airdrops.
  3. If you want, preview your estimated tax liability based on your country’s tax rates.

Step 6: Generate Tax Reports

  1. Go to Tax → Reports.
  2. Select the tax year you want.
  3. Choose the report format:
    • CSV (for manual filing or accountant)
    • PDF (summary report)
    • TurboTax integration (USA only)
  4. Click Generate Report.
  5. Download and save your report for filing.

✅ Tip: Koinly allows you to generate a “Preview Report” before paying for full reports, which is handy to check for missing transactions.

Step 7: File Your Taxes

  1. Use the report with your local tax authority (IRS, HMRC, ATO, etc.).
  2. Some countries allow direct upload of CSV or PDF reports.
  3. Otherwise, use the Koinly report to manually fill in capital gains and income on your tax form.

💡 Tip: Keep all your Koinly-generated reports for at least 5 years, since tax authorities may request them during audits.

Step 8: Track Your Portfolio

Even after filing taxes, Koinly can act as a portfolio tracker:

  • Go to Dashboard → Portfolio to see your crypto holdings in real time.
  • Track total value, profits, and losses.
  • Useful for planning future trades and tax projections.

Step 9: Advanced Features (Optional)

  • DeFi & NFT Support: Import your Uniswap, PancakeSwap, or NFT marketplace activity.
  • Manual Transactions: Add trades or income not detected automatically.
  • Multi-Year Reporting: Koinly can generate reports for multiple years at once.
  • Integration with Accounting Software: Export to Xero, QuickBooks, or TurboTax for business reporting.

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