As cryptocurrency trading and investment become more prevalent, users often find that they need tools to track their portfolios to analyze gains or losses for tax and recordkeeping purposes. This week news.Bitcoin.com spoke with Dario Kachel, the founder of Cointracking.info, a digital asset tracking service for investors and traders.
Cointracking.info: Tracks Historical Prices of Over 4000 Cryptocurrencies
Cointracking.info is an online service that tracks cryptocurrency movements for profits and losses. Information like this is helpful for established traders and investors submitting data to tax collectors. The company claims that it can import data from over 40 cryptocurrency exchanges and can track 4,000 virtual currencies so traders can visualize their investment performances.
The founder of Cointracking.info, Dario Kachel, started the business because he tried to track coins and gains using an Excel spreadsheet as a trader. Using this method, Kachel found many disadvantages of using the spreadsheet, and it led him to create his cryptocurrency-centric startup in April of 2013.
“After three months of work, I had released the first version of Cointracking.info as it was the first crypto portfolio tool on the market,” Kachel explains to news.Bitcoin.com. “Right now we have 62,000 active users from all over the world, with 13,000 new sign-ups each month. Our team consists of seven employees who are working mainly on programming, support, and marketing tasks. Additionally, we work with external specialists who are programming APIs and apps for iOS and Android.”
We are all active bitcoin users and also moderators in different crypto-communities.
Cryptocurrency Tracking Can Be a Tax Accountant’s Nightmare
Kachel further details that he believes Cointracking.info is the easiest way cryptocurrency enthusiasts can manage their portfolios all in one place. “We store historical prices for all 4,000 coins and can calculate all your gains, losses, current and historical coin values, totals and amounts, tax-free coins, tax reports for the IRS and any other tax authority in the world,” Kachel details. The founder also tells us that clients who utilize the company’s resources include users who want to track the fiat value in real time, experienced traders with arbitrage trades on numerous exchanges, users who generate thousands of trades a day with trading bots, and tax accountants.
“It would be extremely difficult and time-consuming to calculate gains for thousands of trades with conventional methods,” Kachel details. “Our tax report saves a lot of time and money compared to the manual calculation or a tax consultant. We cut this down to just a couple of minutes or even seconds, which means a lot of time is saved for other things that our customers face on a day-to-day basis.”
Cointracking.info Users Can Remain Completely Anonymous
As far as data privacy is concerned, Kachel tells news.Bitcoin.com that Cointracking.info is not an exchange that hosts any coins, funds or API keys with trade or withdrawal permissions. The founder further explains that the service does not require personal data and users can remain completely anonymous using the system.
“The data we store, like transactions or read-only API keys for exchanges, is stored encrypted and secured by firewalls and a three-step verification system,” Kachel emphasizes. “Since all our data is hosted in Germany, all of our security practices are in line with the strict German data protection laws.”
Tax and data monitoring services have become more popular over the years as there are a few other startups offering similar services such as Node40, Bitcoin Transaction Coordinator, and Libra Enterprise.
What do you think about Cointracking.info’s services? Let us know what you think in the comments below.
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Images via Shutterstock and Cointracking.info.
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