A lot of people are interested in investing in cryptocurrency but still don’t know how this whole process works. For those who are new to the game, it can be a tough process deciding which crypto tax software is best since they all have their own set of features, pros and cons.
This post will help you choose the right crypto tax software for your needs by going through a list of features you should look for before getting started with any of them.
You should look for crypto tax software that is compatible with your platform of choice
All the major crypto exchanges out there are using one or more of the following trading platforms – Allcoin, Coinbase, Binance and others. All these exchanges provide an account with a big amount of cryptocurrencies to execute trades on them.
Now, if you are only interested in trading then getting a crypto tax software that is compatible with just one exchange seems like a good idea right? But the truth is that it is not really meant for this purpose.
Look for a crypto tax software that can generate reports on your behalf
It can be a hassle to keep track of the transactions and calculate tax on your own. Most exchanges will not provide users with any transaction history. To get around this hurdle, it is better to look into crypto tax software that maintains the full transaction records for you and generates reports of crypto tax in India, so only you have access to them and no one else can ever see what information you have stored in them unless instructed otherwise by you. This ensures that all the activity done on your account is always properly accounted for.
Pay attention to the customer support team
It is a good thing to have customer support for your crypto tax software. You can always get a hold of them via emails and chat services and ask them about any issues you might be having. You can also handle most of these issues yourself over the phone or in-person to save on time and money, but you need to decide if this is something you are willing to do or not.
Make sure that the crypto tax software you are using is not breaching any local laws
Using a crypto tax software, especially one that generates reports on your behalf, will make it easier for you to keep track of your cryptocurrency transactions and all relevant details regarding your earnings, how much taxes you owe and what is due. This can then be used to help you reduce the overall tax burden to the country and state level. You need to make sure though that the crypto tax software or platform you are using is not breaching any law in India.
You can use software like Binocs which will make your crypto investment very smooth. I have personally used Binocs and it has worked very well and has many features which you actually need