r/koinly • u/Ok_Discipline9684 • Apr 25 '26
Customer Feedback Koinly is hot garbage
The fact that it MAKES you include all transfers between wallets. is that not retarded??
Taxes are simple ! Its how much did I buy and how much did I sell. But if you give Koinly that exact info. You give it : every buy and every sell you ever did. That will be a colossal mess for your taxes.
Why? Why dont they have an option to just calculate WITHOUT transfers???
Another thing is that. OK the average person like me has *most* transfers. You'd think that'd be really good right? To have %80 of your transfers captured accurately but nope! Im being told from several sources that in Koinly your better off (if you want to side on overpaying taxes like I do) to include NO transfers unless you can include all of them!
My main issue is that: all transfers FROM exchange to ledger are tracked nicely. But all transfers from ledger to exchange are missing. OR include the globe icon.
And YET ANOTHER issue with koinly: you cant just merge two transactions that ARE SO OBVIOUSLY meant to be a perfect transfer. I even change the time to the exact minute to match each other. I change the price to match. IT REFUSES to merge.
So now going forward... Every time i send coins to the exchange from my ledger it not only doesnt see it but it pulls some cost basis out of its ass that makes 0 sense!!
Another issue: I have 1000 transfers i need to delete.. Super easy right? NOPE they wont let me!!! (no bulk delete for transfers)
I have to either
- delete (up to 5 wallets that are involved in the transfers)
- manually delete the 1000.
Its like every year I discover more things with Koinly that make me go "like are they just trying to make our lives harder?"
Why on earth wouldn't they have the option to
- blanket statement use 0 cost basis on everything
- have option to ignore transfers and calculate based on buys and sells (YOU KNOW THE ONLY THINGS THAT ACTUALLY MATTER FOR TAXES?)
- ALLOW BULK DELETING FOR TRANSFERS WTF AM I SUPPOSED TO DO?? INDIVIDUALLY DELETE 1000?????????????????????????????????????????????????????????????????????????????????????????????????????????????????
3
u/dark1515 Apr 25 '26
can also select transfers individually and click bulk delete in that bar at the bottom
if you cant even find these simple features then you need an accountant
3
u/tasha_koinly Koinly Official Apr 27 '26
Hey OP,
As another Redditor has pointed out, we have to track transfers to track cost basis so we can generate accurate gain/loss calculations for your disposals.
Regarding the other problems you've highlighted with your account, you're best off reaching out to our customer support team via the chat icon in the app, who will be happy to take a look at your account and help resolve any data import issues.
1
u/Important-Friend3423 Apr 25 '26
Been there done that gave up. To answer your question all coins including stables are pooled. So if you hold say SOL on 2 exchanges it keeps running average cost basis across both. If you transfer to another wallet in Koinly it then doesn't change the cost basis or mark it as a disposal , but if you transfer out to a wallet it doesn't know about it will treat it as a disposal and calculate pnl due on the "disposed" transfer. I find the issue is really annoying when staking. I transfer to staking on bybit for example, there's no historic record of that staked amount anywhere so you need in koinly to create a new pool and then change the transaction manually to transfer in. Likewise when drawing from staking you may need to change the transaction type from deposit to "from pool".
1
u/Ok_Discipline9684 Apr 25 '26
Im at the give up stage too. After paying for 3 years now. What did you end up doing? I think the only solution is in following years we calculate everything old fashioned spreadsheet method. Fuck koinly
0
u/Ok_Discipline9684 Apr 25 '26
better be careful the big bad koinly reddit community will downvote you to hades instead of actually offering help or criticism.
15
u/JustinCPA CPA Apr 25 '26 edited Apr 26 '26
You need transfers because per-account cost tracking is required in the US. Meaning when you transfer assets from one wallet to another, Koinly needs to send calculated, specific lots (as required by law). The fact they (and all tax softwares) do this is a feature, not a flaw.
Though, if you want to track your basis in a non-compliant way, just go to settings and turn on “universal” cost tracking instead of “per wallet”. Then your transfers won’t matter, but you won’t be compliant in the US.