How to Set up an Account on Koinly? 5 Easy Steps

Do you know there is a catch to investing in cryptocurrency? You have to keep tabs on your crypto trades and tax records. It is tricky and takes up a lot of your time.

But why worry too much when you can use Koinly? It is a helpful software that makes managing your crypto investments easy. Question of the day: How to set up a Koinly account?

It’s easy peasy. Let’s understand in this helpful guide by Crypto Accountants.
Check out an overview of Koinly Account creation guidance.

How to Set up an Account on Koinly

1- Sign Up and Create Your Account

First things first, you need to make your Koinly account. Let’s understand how to do that:

Go to the Koinly website: https://koinly.io/
Click on ‘sign up’.
You will see a form. Type in your email address.
Create a strong password. Press ‘enter’ and voila! Your account has been created. Just like that!!

After you do this, Koinly will email the address you provided. Open that email and click on the link inside to confirm your account.

This step is important because it proves you own the email address you used to sign up for.

2- Set Up Your Country and Base Currency

Once logged in, you must enter your details, such as where you live and what currency you usually use:

Find the option to select your country in ‘Settings.’ Click on it and choose the country where you live.
Next, you will see an option to choose your "base currency." You use this central money, like US dollars, euros, or British pounds. Pick the one you use most often.

Setting these options helps Koinly convert all your crypto values into your primary currency. It makes understanding your gains and losses much easier.

3- Connect Your Wallets and Exchanges

Now comes an important part - connecting Koinly to the places where you buy, sell, or store your cryptocurrencies. These are called wallets and exchanges.

Let us tell you how to connect these:

Look for the “wallets” options on the Koinly dashboard and click it.
Check for the option “Add new wallet.”
A list of different wallets will open up.
Look for the one you use and click it. Examples: Binance, Coinbase.
You will need to connect each wallet or exchange to Koinly.

How Do You Connect Your Wallet or Exchange to Koinly?

There are usually two ways to do this:

API Connection

An API is a unique key that lets Koinly securely access your transaction information. To use this method:

Go to your wallet or exchange's website and look for API settings.
Create a new API key. Ensure it has permission to read your transactions but not make trades.
Copy this API key and paste it into Koinly, where it asks for it.

CSV File Upload

You can download your transaction history as a CSV file if you can't use an API. It is like a simple spreadsheet from your wallet or exchange, then upload this file to Koinly.

Remember, the exact steps might differ for each wallet or exchange. However, Koinly usually provides specific instructions for each one.

4- Import Your Historical Transactions

Koinly should have a record of all your past transactions.

If you used the API method, Koinly should automatically import your past transactions.
If you are using CSV files, you will need to download these files from each of your wallets or exchanges. Make sure you download the complete history, not just recent transactions.
Upload each CSV file to Koinly. There is usually a button or area specifically for uploading these files.
After uploading, Koinly will process the files and add the transactions to your account.

This step is crucial because missing transactions can lead to incorrect tax calculations.

5- Review Your Transactions

After you have connected everything and imported your history, it's time to double-check that everything looks right:

Go through your list of transactions in Koinly.
Make sure all the transactions you remember are there.
Check that the amounts and dates look correct.
Pay special attention to how Koinly has categorized each transaction. For example, it should know the difference between buying crypto, selling it or transferring it between your wallets.
If you spot any mistakes, Koinly usually allows you to edit transactions manually to fix them.

Taking the time to review everything helps ensure your tax reports will be accurate.

4 Additional Tips for Using Koinly!

Keep Good Records

Koinly does most of the heavy lifting for you. SAFE SIDE!!! You should keep your crypto transactions records. If you ever encounter a problem importing data, you can use these records to double-check.

Use Koinly's Support

If you need help or clarification, don't worry! You can contact the Koinly support team.

Search the website for answers to common questions or to contact their team.

Try Before You Invest

Koinly offers a free trial for new users. This lets you set up your account and see how it works before paying for a complete plan. It's a great way to make sure Koinly is suitable for you.

Regular Updates

Crypto markets move fast, and tax rules can change. Make a habit of logging into Koinly regularly to import new transactions and check for any updates or features that might help you.

Watch the full steps in this video to get a complete overview:

Final Note!

The steps mentioned above can help you maintain a Koinly account. You can manage your crypto taxes much better with an account.

Consult with a crypto tax professional, especially if you have complex crypto investments.

5 Quick Steps to Set Up Your Koinly Account!