Honest Comparison
Koinly vs UpdraftFi
Koinly helps you calculate crypto taxes. UpdraftFi is a crypto net worth tracker that shows you everything you own.
| Feature | UpdraftFi | Koinly |
|---|---|---|
| Primary focus | Net worth tracking | Tax reporting |
| Best for | Complete financial picture | Tax season prep |
| Pricing | Free / $19 / $49 per month | $49-$279 per tax year |
| Free tier | Local storage, unlimited history | 10K transactions, no tax downloads |
| DeFi tracking | Yes | Yes |
| Traditional assets | Yes | No |
| DeFi yield / APY tracking | Yes | No |
| In-app token swaps | Yes | No |
| Balance encryption | Zero-knowledge | Standard (AES-256-GCM) |
| Tax reports | Coming soon | Yes |
| Mobile app | Mobile-responsive web app | Android + iOS (beta) |
Looking for a Koinly alternative? Here's how the two tools compare on features, privacy, and pricing.
What Koinly does well
Koinly does both tax reporting and portfolio tracking. It imports transactions from wallets and exchanges, classifies them, calculates your gains, and generates tax forms for 100+ jurisdictions. If your main goal is getting Form 8949 or a tax summary for your accountant, Koinly is solid.
Their free plan is genuinely useful: 10,000 transaction imports, 900+ integrations, unlimited wallets, portfolio growth tracking, ROI calculations, and an income overview for staking and lending. You only pay when you need to download tax reports.
Users on Trustpilot frequently praise Koinly's support responsiveness and wide integration coverage. The tool works well for people who find crypto tax intimidating and want a guided workflow.
That said, Trustpilot and Reddit reviews also mention issues with incorrect imports (especially from certain exchanges), confusing ROI calculations on the dashboard, and the per-tax-year pricing model catching some users off guard. Worth checking recent reviews.
Where UpdraftFi is different
Built for net worth tracking
We show you your complete financial picture: crypto, DeFi, exchanges, plus traditional assets like bank accounts and real estate. If you want one private crypto portfolio tracker that shows everything you own, that's us.
Active crypto features
UpdraftFi tracks DeFi yield and APY on your positions, and lets you swap tokens directly in the app. It's a portfolio you can act on, not just look at.
Traditional assets included
UpdraftFi tracks EVM wallets, Bitcoin, Solana, exchange balances, bank accounts, real estate, and custom assets. One place for everything.
Different pricing model
Koinly's free tier is great for portfolio tracking. But tax reports cost $49-$279 per tax year, and you pay again each year you need reports. UpdraftFi is a monthly subscription that includes everything, including automatic daily snapshots and encrypted cloud backups.
Privacy architecture
This is where the tools differ most. Here's exactly what each approach means:
| Data | UpdraftFi | Koinly |
|---|---|---|
| Balance snapshots | Zero-knowledge (we cannot decrypt) | Standard server-side |
| API keys | Server-side encrypted | AES-256-GCM encrypted |
| Wallet addresses | Server-side encrypted | Stored on server |
We're honest about the trade-off: we need to decrypt your API keys to auto-fetch data. But your actual balances, the numbers that matter, are encrypted with keys derived from your passphrase. We can't see your net worth even if we wanted to.
A note on Koinly's security model: Koinly uses HTTPS in transit and AES-256-GCM for stored API keys, hosted on Heroku. This is standard server-side encryption, not zero-knowledge. Their security page does not claim that they cannot access your data. They do state they will never sell or trade your data.
Which tool is right for you?
Use Koinly if…
Your main goal is crypto tax reporting
You want a wide range of exchange integrations
Crypto-only tracking is fine
You only need the tool at tax time
Use UpdraftFi if…
You want a complete net worth view (crypto + traditional)
You care about zero-knowledge balance encryption
You have DeFi positions to track alongside everything else
You want year-round tracking, not just tax season
The bottom line
Koinly is a tax-first crypto tracker with a solid free portfolio view. UpdraftFi is a crypto net worth tracker built for people who want privacy and a complete financial picture.
If you need tax forms, Koinly does that. If you want one private dashboard showing your complete financial picture year-round, that's what we built.
Frequently Asked Questions
Sources: koinly.io, koinly.io/legal/security, user reviews on Reddit and Trustpilot. Last updated February 2026.
