Tradeswatch vs. Koinly : which one is the best crypto portfolio tracking tool?

Introduction

Tradeswatch and Koinly are both crypto portfolio tracker tools. Although Tradeswatch and Koinly offer similar features, such as transactions tracking or data export, Tradeswatch’s comprehensive interface and deep analysis of your portfolio, smart alerts, multi-channel notifications, comprehensive and easy data export make it a more complete and helpful tool for some investors and traders.

What is Koinly?

Founded in 2018, Koinly is a cryptocurrency portfolio tracking and tax report tool that enables users to track their digital assets across various wallets and exchanges and generate tax reports. Koinly supports CEX and decentralized finance (DeFi) tracking.

What is Tradeswatch?

Tradeswatch is (more than) a cryptocurrency portfolio tracker focusing on giving convenience for users to analyze their portfolio and performance with the goal to perform better. It is a complete tool for tracking your portfolio, analyzing your performance and stay up to date with what happens on the crypto market.

Comparison between Tradeswatch and Koinly

When comparing Tradeswatch and Koinly, several key features stand out that differentiate these platforms. Each feature addresses specific needs of crypto investors and traders with varying levels of sophistication.

Portfolio Tracking

Koinly overall offers a good portfolio tracking but limits the number of transactions tracked which can be a problem for some traders or investors. Tradeswatch does not set any limits on the number of transactions tracked. This unrestricted approach allows users to import and track their entire trading history across all platforms without limitations, giving them a comprehensive view of their entire crypto portfolio regardless of size or complexity. Koinly  however supports more integrations of centralized exchanges (CEX), but Tradeswatch reguularly adds new integrations.

DeFi Tracking

Koinly has an edge in DeFi tracking capabilities and allows users to monitor their decentralized finance investments across many DeFi protocols. Tradeswatch acknowledges the importance of DeFi tracking and has this feature on its development roadmap and is planning to introduce DeFi tracking capabilities in the near future to provide users with a complete view of both their centralized and decentralized investments.

Performance/Portfolio Analytics

When it comes to performance analysis, Tradeswatch significantly outperforms Koinly by offering detailed portfolio analysis and comprehensive profit and loss tracking. Unlike Koinly's basic portfolio metrics, Tradeswatch delivers advanced analytical tools that help traders understand their performance, identify their strengths and weaknesses, and make data-driven decisions to improve their trading strategies over time. Users can deeply filter by exchange and asset their performance and get a detailed view of their performance per symbol traded.

Smart Alerts

Tradeswatch provides smart alerts that allows users to receive notifications on multiple channels including Telegram, Discord, emails or webhooks. Users can set alerts to receive Top 100 Crypto Market Cap updates, BTC dominance updates, portfolio value updates and more. Koinly does not seem to provide any alert/notifications solution.

Data Export

Tradeswatch and Koinly both offer great data export capabilities. With Tradeswatch, users can generate advanced CSV and XLSX exports with custom filters, allowing for highly specific data extraction based on time range, assets, exchanges, or transaction types. This enhanced flexibility makes it easier for users to conduct external analysis or share selective portfolio data with financial advisors or tax professionals. to conduct external analysis or share selective portfolio data with financial advisors or tax professionals. Koinly also able users to generate tax reports but only if they purchase a plan for the relevant tax year.

Manual Transaction Entry

Koinly allows manual transaction entry. Tradeswatch however does not yet support manual entry or CSV upload as the goal was to be a fully automated tracking. Giving the importance of such features for many users, Tradeswatch added this feature on its development roadmap and is expected to release it in 2025.

Trade Notes

Trading journals are essential for improvement. Both Tradeswatch and Koinly offer basic functionality to add notes/descriptions on transactions.

Alerts & Notifications

Tradeswatch provides a sophisticated alert system with multi-channel customizable notifications when a trade is executed. Users can also set alerts based on price movements, portfolio value changes, or specific market conditions, and receive these alerts through multiple channels including email, telegram, discord or webhooks, ensuring they never miss important market developments.

Tax Reporting

Koinly is more advanced regarding tax reports as it allows to generate tax reports directly. While Tradeswatch does not allow to generate tax reports, it allows users to generate detailed transactions history in XLSX format, ready for tax accountants.

Pricing & Plans comparison

Tradeswatch provides monthly and annually paid plans, the first one starting at just $9.99 per month. Koinly offers a free plan and four paid plans at $49, $99, $199 and $299 per tax year depending on your number of transactions. Koinly does not provide any monthly plan. On the other hand, Tradeswatch does not offer a free tier but instead a limited in time free trial.

What makes Tradeswatch better than Koinly?

While Koinly excels at tax reporting and provides solid portfolio tracking capabilities, Tradeswatch distinguishes itself through superior analytics functionality, comprehensive performance metrics, and advanced features including sophisticated multi-channel alerts and notifications. Tradeswatch's focus on delivering actionable insights and automated monitoring tools makes it particularly valuable for active traders and investors seeking deeper portfolio analysis.

Conclusion

While both platforms have their strengths, Tradeswatch emerges as a compelling alternative to Koinly, especially for users seeking advanced portfolio analytics. With its unlimited portfolios and transactions combined with sophisticated alerts and a user-friendly interface, Tradeswatch provides excellent value for cryptocurrency investors. Though Koinly currently offers more extensive tracking capabilities, Tradeswatch's rapid development and focus on core portfolio management features make it an increasingly attractive choice for both new and experienced crypto traders.