If you’re reading this then that probably means one of two things. First, you’re an ardent crypto investor looking for an intelligent alternative to filing your crypto taxes this year, or second, you’ve already used a crypto tax software before, you’re just looking for a better one.
Regardless of which category you fall in, this blog is for you. In this blog, we will compare Kryptos with one of the most popular crypto tax software, Taxbit, to reveal how Kryptos is the best crypto tax software out there and every other tax software in the market pales in comparison.
The comparison is divided into utility-centric sub-categories that compare the two tax software metrics that are most important for the users. We top it off by answering the most frequently asked questions regarding crypto taxation and software-based tax reporting.
So buckle up and let’s dive into the comparison.
What are Crypto Tax Tools?
Crypto tax software is a highly efficient tool designed to simplify the complex tax accounting process for individuals engaged in crypto transactions. This software is accessible through different platforms, such as browser extensions, web applications, or mobile apps, and is packed with advanced features that enable automatic retrieval of transaction data from multiple digital wallets and crypto exchanges. By consolidating user activities into a single dashboard, these tools eliminate the need for manual entry and provide a comprehensive view of all cryptocurrency-related transactions.
By leveraging extensive data sets with critical information and adhering to country-specific regulations, these apps can perform accurate income and capital gains calculations. They cross-reference this data with local tax laws, creating reliable tax reports within minutes. Overall, crypto tax tools are intentionally developed to simplify the tax filing process for cryptocurrency investors globally while being cost-effective.
Kryptos vs Taxbit: Supported Countries
Taxbit's services are exclusively limited to users in the United States, thus barring individuals outside the US from utilising their offerings. In contrast, Kryptos provides full support to three countries, namely Sweden, Norway, and Denmark, with plans to expand its scope to over 10 countries, including Canada, the United Kingdom, and the United States within a few months.
Despite being a major player, Taxbit struggles with accessibility issues, which is where Kryptos steps in to offer its services across multiple countries with regional customer support. We strictly adhere to local tax regulations and ensure that your tax reports are audited by CPAs from your jurisdiction to avoid any mistakes or legal complications.
At Kryptos, we don't rely on algorithms alone to generate your tax reports. Instead, we verify their accuracy to ensure that you don't end up paying extra taxes.
Kryptos vs Taxbit: Supported Exchanges and Wallets
Although specific statistics have not been listed on the Taxbit website, however, from our research we found out that Taxbit claims to support 700+ integrations including exchanges, wallets, and DeFi platforms. Taxbit claims to support 500+ exchanges and wallets from the following blockchains:
Ethereum
Bitcoin
Dash
Litecoin
Helium
Dogecoin
Binance Smart Chain
Bitcoin Cash
Any wallets that do not operate on the following chains are not supported on Taxbit, you can upload the CSV file of these transactions directly to accommodate them in your tax report.
Kryptos supports close to 100+ top crypto exchanges and we have listed almost every one of those exchanges on our website so that our users don’t have to guess whether their exchange is supported on the platform or not. Here's a list of the most popular exchanges supported by Kryptos:
When we tried to find all the exchanges supported by Taxbit on their website we couldn’t locate such a crucial metric, so at this point, we will have to take their word for it. As far as wallets are concerned Taxbit only supports wallets from 8 major blockchains, and if your wallet doesn't operate on these 8 blockchains, then you would have to upload your transactions manually on the platform in CSV format. Lucky for you Kryptos supports 100+ wallets from 50+ blockchains, so you don’t have to go through the hassle of manually fetching your transaction list and uploading them.
Kryptos Vs Taxbit: Integrations
Taxbit offers a little over 700 integrations including all the exchanges, wallets, and DeFi protocols, which looks impressive until you look at the integrations offered by Kryptos. Kryptos offers more than 1,500+ integrations. This makes it easy for people to fetch all their transactions and generate accurate tax reports.
The entire point of using crypto tax software for filing your taxes is to automate manual processes and make the overall task easier. If tax software doesn't support enough integrations to auto-fetch all your transactions, and makes you go through manually fetching your transactions from your exchange or wallet as a CSV file and then uploading it on the platform, then what’s the point?
A good crypto tax software should be able to fetch transactions from anywhere and everywhere and should automatically identify any duplicate transactions so that you don’t end up paying more taxes than you actually owe. Kryptos with its 1,200+ integrations is the perfect choice for anyone looking to make filing taxes more convenient. It can easily auto-fetch your transactions from across your investment pool and generate legally compliant tax reports within a matter of minutes and all you need to do is add all your accounts on the platform and wait for your tax report.
Kryptos Vs Taxbit: Features and Services
Both Kryptos and Taxbit are loaded with features like a centralised dashboard, live tracking, automated accounting, and DeFi support. However, the features and services offered by Taxbit are entirely designed to accommodate the needs of US citizens, and even the accounting methods and tax-saving strategies comply with US tax laws.
So regardless of how good the feature list of Taxbit appears to be, it is only accessible to those living in the US. Kryptos on the hand offers its services to people across 3 countries and we will soon expand to 10+ countries. The auto-sync feature that we offer to our premium members is a cut above the rest, reflecting any new transactions within seconds of being executed, and we do that for NFT transactions as well.
Kryptos has almost all the features that Zenledger has, plus some extra ones that make it even better for people all around the world.
Here’s a list of some of the other unique features offered by Kryptos:
Direct APIs and CSV support
Automated Tagging for different transaction types
Supports all time zones and currencies
Supports 1000+ DeFi transactions
Easy-to-use UI for users
Supports 22,000+ cryptocurrencies across 100+ exchanges
Inbuilt tax-saving strategies like Tax Loss Harvesting
DeFi and NFT profile overview
CFA audits on tax reports
Supports multiple cost-basis methods
Kryptos vs Taxbit- Other Supported Services(Mining, Staking, DeFi Liquidity Provisioning, NFTs, etc)
Both Kryptos and Taxbit offer DeFi support, however, the extent of support differs vastly. Where Taxbit supports less than 10 DeFi exchanges, Krytoskatt supports more than 1,000. Apart from this both tax software support NFT transactions, but Kryptos takes that support one step further by offering auto-sync for NFT transactions making the overall experience better and more convenient for the user.
Mining, staking, lending, liquidity provisioning, you name it. Kryptos supports all kinds of transactions and also has automated tagging to segregate transactions based on categories.
Kryptos makes it easy for you to keep track of all your NFT transactions, no matter which blockchain they're on. It even generates your NFT tax report in just a few minutes! We also support over 1,000 DeFi protocols, top DAOs, and more than 30 EVM chains. Whether you're staking, LP'ing, or lending, Kryptos sorts all your DeFi transactions automatically. With over 50 labels to work with, we can deal with even the most complicated DeFi and NFT transactions accurately. When it comes to mapping transactions, Kryptos is the best in the business.
Comparison of Kryptos vs Taxbit
Best Crypto Tax Software: Kryptos vs Taxbit
Kryptos is a better choice for you if you want your tax filing experience to be hassle-free. Moreover, Taxbit is only accessible to residents of the US, so if you live outside of the US, Kryptos is the obvious choice. And if you’re still not convinced why Kryptos is the best choice for you, here are a few more reasons to convince you:
International Tax Reports
Secured by advanced encryption algorithms to ensure data security
1,000+ DeFi integrations
Auto Sync available for both crypto and NFT transactions
Easier to use
Faster than Taxbit
Costs 74% less than Taxbit
Offers features like Tax loss harvesting(not offered by Taxbit)
FAQs
1. Why Should I Use Kryptos over Taxbit?
Simply because Kryptos is better than Taxbit, offers more utility than Taxbit, and costs significantly less than Taxbit. And if that’s not enough to convince you, here are a few additional reasons why:
International Tax Reports
Secured by advanced encryption algorithms to ensure data security
1,000+ DeFi integrations
Auto Sync available for both crypto and NFT transactions
Easier to use
Faster than Taxbit
Costs 74% less than Taxbit
Offers features like Tax loss harvesting(not offered by Taxbit)
2. Kryptos vs Taxbit: Which Crypto Tax Software is Better?
Kryptos offers way more integrations than Taxbit. It is more affordable and is also much easier to use. Moreover, Taxbit is only available for people in the US, while Kryptos is available in three countries, with that list expected to grow to 10 countries within the next few months. Kryptos is better because it offers way more features than Taxbit for a fraction of the price. Also, the customer support at Kryproskatt is impeccable.
3. Can Kryptos Help Minimise Your Crypto Tax Liabilities?
Kryptsokatt’s algorithm can more than suggest tax reduction strategies based on the nature of your transactions, the overall structure of your transactions, and your location. It optimises your capital gain calculations by choosing the best-suited accounting methods, helping you save a ton of money on your tax bill. The algorithm also employs strategies like tax-loss harvesting to lower your tax bill while ensuring you pay the right amount of taxes, not more.
All content on Kryptos serves general informational purposes only. It's not intended to replace any professional advice from licensed accountants, attorneys, or certified financial and tax professionals. The information is completed to the best of our knowledge and we at Kryptos do not claim either correctness or accuracy of the same. Before taking any tax position / stance, you should always consider seeking independent legal, financial, taxation or other advice from the professionals. Kryptos is not liable for any loss caused from the use of, or by placing reliance on, the information on this website. Kryptos disclaims any responsibility for the accuracy or adequacy of any positions taken by you in your tax returns. Thank you for being part of our community, and we're excited to continue guiding you on your crypto journey!
Country
Issue
Kryptos Use Case
India
Cryptocurrency transactions are taxed as capital gains, with evolving legislation creating uncertainty.
Kryptos.io streamlines the process by automatically tracking transactions and computing capital gains, adjusting to new regulations for precise reporting.
Brazil
Cryptocurrencies are subject to capital gains tax and must be reported, posing challenges with complex requirements.
Kryptos.io simplifies compliance by offering real-time transaction tracking and detailed tax calculations, making it easier to meet Brazil’s tax obligations.
Nigeria
Regulatory framework for cryptocurrencies is evolving, with uncertainty around taxation and restrictions from the Central Bank.
Kryptos.io provides an adaptable solution by maintaining detailed records and generating flexible reports, helping users stay compliant despite regulatory changes.
USA
Cryptocurrency transactions are subject to capital gains tax, with detailed IRS reporting requirements.
Kryptos.io enhances compliance by automating the tracking of transactions and generating comprehensive tax reports, facilitating adherence to IRS requirements.
UK
Cryptocurrencies are taxed under both capital gains tax and income tax, requiring careful tracking and reporting.
Kryptos.io aids UK users by monitoring both capital gains and income from crypto transactions, ensuring accurate and straightforward tax reporting.
Australia
Cryptocurrencies are subject to capital gains tax, and users must report their gains and losses to the ATO.
Kryptos.io assists Australian users by providing seamless transaction tracking and precise capital gains calculations, ensuring efficient compliance with ATO reporting requirements.
Germany
Cryptocurrencies are taxed as private assets with gains subject to tax if held for less than a year.
Kryptos.io supports German users by tracking holding periods and computing taxes on cryptocurrency transactions, ensuring adherence to German tax regulations.
Japan
Cryptocurrency gains are treated as miscellaneous income and are subject to high tax rates.
Kryptos.io helps Japanese users by offering a detailed tracking system and calculating taxes on miscellaneous income, efficiently managing high tax obligations.
Scenario
Description
Kryptos Features that can be of aid
Multiple Exchanges and Wallets
Consolidating records from various exchanges and wallets to maintain a comprehensive overview of crypto activities.
Seamless integration with numerous exchanges and wallets, automatic import, and consolidation of records.
International Transactions
Managing records for cross-border transactions, including currency conversions and compliance with international tax laws.
Support for multiple currencies, efficient management of cross-border activities, accurate currency conversion for reporting.
Complex Transactions
Handling trades, swaps, staking, lending, and other sophisticated crypto activities.
Advanced tracking, reporting, and documentation for various transaction types. Kryptos' DeFi and NFT modules offer specialized tools for managing decentralized finance and NFT activities, ensuring precise records and comprehensive oversight.
How we reviewed this article
Written by
Pratibha Tiwari
Content Creator - Kryptos, An engineer who transitioned to become a Web3 Content Writer and Creator, has contributed to core marketing teams of renowned Web3 projects.
As Web3 evolves, managing a diverse portfolio has become complex. Kryptos simplifies this with advanced tools for real-time tracking, NFT management, and DeFi analytics. Discover how Kryptos turns challenges into strategic advantages for modern investors.
Struggling with crypto tax in Australia? Kryptos.io simplifies the process, ensuring accurate and compliant filings with the ATO. Track transactions and value assets effortlessly—make tax season stress-free.
Mastering Crypto Taxation: Navigate the Complex World of Digital Assets with Kryptos, the Ultimate Solution for Accurate, Efficient, and Future-Proof Tax Reporting.
See More
Kryptos vs Taxbit: Which Tax Software is the Best for You?
By
Pratibha Tiwari
On
If you’re reading this then that probably means one of two things. First, you’re an ardent crypto investor looking for an intelligent alternative to filing your crypto taxes this year, or second, you’ve already used a crypto tax software before, you’re just looking for a better one.
Regardless of which category you fall in, this blog is for you. In this blog, we will compare Kryptos with one of the most popular crypto tax software, Taxbit, to reveal how Kryptos is the best crypto tax software out there and every other tax software in the market pales in comparison.
The comparison is divided into utility-centric sub-categories that compare the two tax software metrics that are most important for the users. We top it off by answering the most frequently asked questions regarding crypto taxation and software-based tax reporting.
So buckle up and let’s dive into the comparison.
What are Crypto Tax Tools?
Crypto tax software is a highly efficient tool designed to simplify the complex tax accounting process for individuals engaged in crypto transactions. This software is accessible through different platforms, such as browser extensions, web applications, or mobile apps, and is packed with advanced features that enable automatic retrieval of transaction data from multiple digital wallets and crypto exchanges. By consolidating user activities into a single dashboard, these tools eliminate the need for manual entry and provide a comprehensive view of all cryptocurrency-related transactions.
By leveraging extensive data sets with critical information and adhering to country-specific regulations, these apps can perform accurate income and capital gains calculations. They cross-reference this data with local tax laws, creating reliable tax reports within minutes. Overall, crypto tax tools are intentionally developed to simplify the tax filing process for cryptocurrency investors globally while being cost-effective.
Kryptos vs Taxbit: Supported Countries
Taxbit's services are exclusively limited to users in the United States, thus barring individuals outside the US from utilising their offerings. In contrast, Kryptos provides full support to three countries, namely Sweden, Norway, and Denmark, with plans to expand its scope to over 10 countries, including Canada, the United Kingdom, and the United States within a few months.
Despite being a major player, Taxbit struggles with accessibility issues, which is where Kryptos steps in to offer its services across multiple countries with regional customer support. We strictly adhere to local tax regulations and ensure that your tax reports are audited by CPAs from your jurisdiction to avoid any mistakes or legal complications.
At Kryptos, we don't rely on algorithms alone to generate your tax reports. Instead, we verify their accuracy to ensure that you don't end up paying extra taxes.
Kryptos vs Taxbit: Supported Exchanges and Wallets
Although specific statistics have not been listed on the Taxbit website, however, from our research we found out that Taxbit claims to support 700+ integrations including exchanges, wallets, and DeFi platforms. Taxbit claims to support 500+ exchanges and wallets from the following blockchains:
Ethereum
Bitcoin
Dash
Litecoin
Helium
Dogecoin
Binance Smart Chain
Bitcoin Cash
Any wallets that do not operate on the following chains are not supported on Taxbit, you can upload the CSV file of these transactions directly to accommodate them in your tax report.
Kryptos supports close to 100+ top crypto exchanges and we have listed almost every one of those exchanges on our website so that our users don’t have to guess whether their exchange is supported on the platform or not. Here's a list of the most popular exchanges supported by Kryptos:
When we tried to find all the exchanges supported by Taxbit on their website we couldn’t locate such a crucial metric, so at this point, we will have to take their word for it. As far as wallets are concerned Taxbit only supports wallets from 8 major blockchains, and if your wallet doesn't operate on these 8 blockchains, then you would have to upload your transactions manually on the platform in CSV format. Lucky for you Kryptos supports 100+ wallets from 50+ blockchains, so you don’t have to go through the hassle of manually fetching your transaction list and uploading them.
Kryptos Vs Taxbit: Integrations
Taxbit offers a little over 700 integrations including all the exchanges, wallets, and DeFi protocols, which looks impressive until you look at the integrations offered by Kryptos. Kryptos offers more than 1,500+ integrations. This makes it easy for people to fetch all their transactions and generate accurate tax reports.
The entire point of using crypto tax software for filing your taxes is to automate manual processes and make the overall task easier. If tax software doesn't support enough integrations to auto-fetch all your transactions, and makes you go through manually fetching your transactions from your exchange or wallet as a CSV file and then uploading it on the platform, then what’s the point?
A good crypto tax software should be able to fetch transactions from anywhere and everywhere and should automatically identify any duplicate transactions so that you don’t end up paying more taxes than you actually owe. Kryptos with its 1,200+ integrations is the perfect choice for anyone looking to make filing taxes more convenient. It can easily auto-fetch your transactions from across your investment pool and generate legally compliant tax reports within a matter of minutes and all you need to do is add all your accounts on the platform and wait for your tax report.
Kryptos Vs Taxbit: Features and Services
Both Kryptos and Taxbit are loaded with features like a centralised dashboard, live tracking, automated accounting, and DeFi support. However, the features and services offered by Taxbit are entirely designed to accommodate the needs of US citizens, and even the accounting methods and tax-saving strategies comply with US tax laws.
So regardless of how good the feature list of Taxbit appears to be, it is only accessible to those living in the US. Kryptos on the hand offers its services to people across 3 countries and we will soon expand to 10+ countries. The auto-sync feature that we offer to our premium members is a cut above the rest, reflecting any new transactions within seconds of being executed, and we do that for NFT transactions as well.
Kryptos has almost all the features that Zenledger has, plus some extra ones that make it even better for people all around the world.
Here’s a list of some of the other unique features offered by Kryptos:
Direct APIs and CSV support
Automated Tagging for different transaction types
Supports all time zones and currencies
Supports 1000+ DeFi transactions
Easy-to-use UI for users
Supports 22,000+ cryptocurrencies across 100+ exchanges
Inbuilt tax-saving strategies like Tax Loss Harvesting
DeFi and NFT profile overview
CFA audits on tax reports
Supports multiple cost-basis methods
Kryptos vs Taxbit- Other Supported Services(Mining, Staking, DeFi Liquidity Provisioning, NFTs, etc)
Both Kryptos and Taxbit offer DeFi support, however, the extent of support differs vastly. Where Taxbit supports less than 10 DeFi exchanges, Krytoskatt supports more than 1,000. Apart from this both tax software support NFT transactions, but Kryptos takes that support one step further by offering auto-sync for NFT transactions making the overall experience better and more convenient for the user.
Mining, staking, lending, liquidity provisioning, you name it. Kryptos supports all kinds of transactions and also has automated tagging to segregate transactions based on categories.
Kryptos makes it easy for you to keep track of all your NFT transactions, no matter which blockchain they're on. It even generates your NFT tax report in just a few minutes! We also support over 1,000 DeFi protocols, top DAOs, and more than 30 EVM chains. Whether you're staking, LP'ing, or lending, Kryptos sorts all your DeFi transactions automatically. With over 50 labels to work with, we can deal with even the most complicated DeFi and NFT transactions accurately. When it comes to mapping transactions, Kryptos is the best in the business.
Comparison of Kryptos vs Taxbit
Best Crypto Tax Software: Kryptos vs Taxbit
Kryptos is a better choice for you if you want your tax filing experience to be hassle-free. Moreover, Taxbit is only accessible to residents of the US, so if you live outside of the US, Kryptos is the obvious choice. And if you’re still not convinced why Kryptos is the best choice for you, here are a few more reasons to convince you:
International Tax Reports
Secured by advanced encryption algorithms to ensure data security
1,000+ DeFi integrations
Auto Sync available for both crypto and NFT transactions
Easier to use
Faster than Taxbit
Costs 74% less than Taxbit
Offers features like Tax loss harvesting(not offered by Taxbit)
FAQs
1. Why Should I Use Kryptos over Taxbit?
Simply because Kryptos is better than Taxbit, offers more utility than Taxbit, and costs significantly less than Taxbit. And if that’s not enough to convince you, here are a few additional reasons why:
International Tax Reports
Secured by advanced encryption algorithms to ensure data security
1,000+ DeFi integrations
Auto Sync available for both crypto and NFT transactions
Easier to use
Faster than Taxbit
Costs 74% less than Taxbit
Offers features like Tax loss harvesting(not offered by Taxbit)
2. Kryptos vs Taxbit: Which Crypto Tax Software is Better?
Kryptos offers way more integrations than Taxbit. It is more affordable and is also much easier to use. Moreover, Taxbit is only available for people in the US, while Kryptos is available in three countries, with that list expected to grow to 10 countries within the next few months. Kryptos is better because it offers way more features than Taxbit for a fraction of the price. Also, the customer support at Kryproskatt is impeccable.
3. Can Kryptos Help Minimise Your Crypto Tax Liabilities?
Kryptsokatt’s algorithm can more than suggest tax reduction strategies based on the nature of your transactions, the overall structure of your transactions, and your location. It optimises your capital gain calculations by choosing the best-suited accounting methods, helping you save a ton of money on your tax bill. The algorithm also employs strategies like tax-loss harvesting to lower your tax bill while ensuring you pay the right amount of taxes, not more.
All content on Kryptos serves general informational purposes only. It's not intended to replace any professional advice from licensed accountants, attorneys, or certified financial and tax professionals. The information is completed to the best of our knowledge and we at Kryptos do not claim either correctness or accuracy of the same. Before taking any tax position / stance, you should always consider seeking independent legal, financial, taxation or other advice from the professionals. Kryptos is not liable for any loss caused from the use of, or by placing reliance on, the information on this website. Kryptos disclaims any responsibility for the accuracy or adequacy of any positions taken by you in your tax returns. Thank you for being part of our community, and we're excited to continue guiding you on your crypto journey!
As Web3 evolves, managing a diverse portfolio has become complex. Kryptos simplifies this with advanced tools for real-time tracking, NFT management, and DeFi analytics. Discover how Kryptos turns challenges into strategic advantages for modern investors.
Struggling with crypto tax in Australia? Kryptos.io simplifies the process, ensuring accurate and compliant filings with the ATO. Track transactions and value assets effortlessly—make tax season stress-free.
Mastering Crypto Taxation: Navigate the Complex World of Digital Assets with Kryptos, the Ultimate Solution for Accurate, Efficient, and Future-Proof Tax Reporting.