With an increase in the number of cryptocurrencies that you can buy and sell, it is becoming increasingly difficult for full-time crypto traders to calculate their taxes. However, services like ZenLedger are making crypto accounting easy.
ZenLedger Review helps with understanding how a cutting-edge software application is designed to help crypto traders and investors manage their cryptocurrency taxes with ease. Whether you are a seasoned trader or just getting started in the world of crypto, ZenLedger offers a comprehensive suite of tools to simplify the tax reporting process and help you stay compliant with regulatory requirements.
But is ZenLedger right for you? And is it even legitimate? In this post, we will answer these questions.
ZenLedger: Is This Crypto Tracker Legitimate?
Yes, ZenLedger is a fully legitimate crypto tracker. With ZenLedger, you can connect all of your crypto wallets and exchange accounts to automatically track and organize your transaction history. The software integrates with over 400 exchanges and supports more than 6,000 cryptocurrencies, so you can be sure that all of your trades and investments are accounted for.
Once your transaction data has been imported, ZenLedger’s sophisticated algorithms automatically calculate your tax liability and generate a range of useful reports to help you file your taxes accurately and on time. Whether you need to generate a Schedule D form for capital gains and losses, a Form 8949 for crypto-to-crypto trades or a Foreign Bank and Financial Accounts (FBAR) report, ZenLedger has you covered.
Our ZenLedger Review: Everything You Need to Know in 2023
ZenLedger Features
ZenLedger offers a comprehensive suite of features to simplify the process of managing your crypto investments. Some of its most notable features include:
- Great Customer Support: ZenLedger provides a high level of customer support to its users. On top of that, it also provides licensed tax professionals for extra charges.
- Automatic transaction import: ZenLedger allows you to automatically import your transaction data from over 400 exchanges and wallets, making it easy to track all of your cryptocurrency investments in one place.
- Accurate tax reporting: ZenLedger’s advanced algorithms calculate your tax liability and generate a range of useful reports to help you file your taxes accurately and on time. The software supports a variety of tax forms, including Schedule D, Form 8949, and FBAR reports.
- Customizable reports: ZenLedger allows you to generate customizable reports to help you understand your investment performance and make informed decisions. You can view your portfolio performance by asset or exchange, and analyze your gains and losses by date, cost basis, or other criteria.
- Real-time market data: ZenLedger provides real-time market data and price alerts to help you stay informed about the latest developments in the cryptocurrency market. You can also create custom watchlists to track specific assets or exchanges.
- Comprehensive security: ZenLedger employs robust security measures to protect your transaction data and personal information. The software uses bank-level encryption and two-factor authentication to ensure that your data is secure at all times.
ZenLedger Pricing
ZenLedger allows you to choose from 5 different pricing plans. To start with, you can register for a free account and track up to 25 transactions. However, to take benefit of ZenLedger’s full suite of services including support for DeFi and NFT transactions, you need the Premium plan.
On top of that, the Platinum plan offers a high level of value for seasoned and full-time traders as it allows unlimited transactions and 2-hours of premium support. This is included on top of all the other features of smaller plans.
However, generally, the Premium plan is considered to be the best-value and most-popular plan for hobby traders.
If you are looking for the help of a licensed tax professional, you can also pay for a one-time 30-minute consultation, or pay $3500 for the preparation of a single-year tax report by a seasoned professional. Lastly, you can pay $6500 to get a complete multi-year tax report.
While these services are not a part of the base pricing plans, they are a nice option to have if your case is more complex.
ZenLedger Security
Security is a top priority for ZenLedger. The company employs robust security measures to protect its users’ transaction data and personal information.
ZenLedger uses bank-level encryption to secure all data in transit and at rest, ensuring that your transaction data and personal information remain confidential. The software also employs two-factor authentication to provide an additional layer of security, preventing unauthorized access to your account.
In addition to these measures, ZenLedger maintains strict security protocols to safeguard its users’ data. The company undergoes regular security audits to ensure that its systems are updated.
Furthermore, ZenLedger does not store users’ private keys or any other sensitive information related to their cryptocurrency holdings. Instead, the software uses read-only API keys to import transaction data, ensuring that your funds remain secure.
Overall, ZenLedger is committed to providing its users with the highest levels of security and privacy. By employing advanced security measures and best practices, the company ensures that its users can manage their cryptocurrency investments with confidence and peace of mind.
ZenLedger Usability
ZenLedger has a very user-friendly interface. This makes it suitable for beginners and those who have recently entered the cryptocurrency ecosystem. However, its utility goes beyond a simple application.
For instance, ZenLedger’s customer support is top-notch. This automatically vamps up its usability. At the same time, it allows users to download tax reports even on a free account, which is a rare offering for applications like these.
However, the only downside is that ZenLedger only offers localized tax reports for the citizens of the United States. So, if you are situated outside the US, you may find it difficult to generate localized reports.
ZenLedger Wallets & Exchanges
The best thing about ZenLedger is that it has a wide range of support for exchanges and wallets. Overall, it allows more than 400 integrations that include all the popular exchanges, wallets, and blockchains.
To talk about a few, it supports exchanges like BlockFi, Gemini, EToro, HitBTC, Binance US, Binance, Blockchain.com, Bitfinex, Bitstamp, Kraken, KuCoin, Coinbase, and a lot more. Basically, it supports integration with almost all popular cryptocurrency exchanges out there.
When it comes to wallets, it supports Ledger, Trust Wallet, Ledger, Coinbase wallet, Exodus, Metamask, Edge, Jaxx, Bitpay, and several more.
Furthermore, Zenledger also supports all the major blockchains like Cardano, Avalanche, Binance Coin, Binance Smart Chain, Ethereum, Dogecoin, Bitcoin, BitcoinCash, EOS, Litecoin, and a lot more.
ZenLedger Accessibility
This company understands that crypto traders and investors come from diverse backgrounds and have varying levels of technical expertise. As such, ZenLedger is designed to be accessible to users of all skill levels, making it easy for anyone to manage their cryptocurrency investments.
Firstly, ZenLedger features an intuitive dashboard that allows users to view their portfolio performance, tax liability, and other key metrics at a glance. The interface is designed to be easy to navigate, with clear labels and straightforward instructions.
Other than that, it offers a range of resources to help users get the most out of its software, including resources like crypto tax guides, webinars, blogs, and a dedicated support team that is available to answer questions and troubleshoot issues.
ZenLedger also understands that accessibility extends beyond just usability. The company offers a range of pricing plans to suit different budgets and investment portfolios, with options for individuals, professional traders, and tax professionals.
Finally, ZenLedger’s accessibility is enhanced by its compatibility with a wide range of exchanges and wallets. The software supports over 400 exchanges and wallets, making it easy for users to import their transaction data from multiple sources and manage their investments in one place.
ZenLedger Pros and Cons
Pros
- Comprehensive tax reporting: ZenLedger offers advanced tax reporting features that make it easy to calculate your tax liability and generate accurate reports for tax purposes. This can save you time and money on tax preparation fees.
- Wide range of integrations: ZenLedger supports over 400 exchanges/wallets and most blockchains.
- User-friendly interface: ZenLedger features an intuitive interface that is easy to navigate, even for users with little to no experience with cryptocurrency investments.
- Localized reports: ZenLedger allows you to generate localized reports in the US to help you understand your investment performance and make informed decisions.
- Strong security measures: ZenLedger employs robust security measures to protect your transaction data and personal information, including bank-level encryption and two-factor authentication.
Cons
- No DeFi support in starter plan: DeFi and NFT support are only available for plans starting from Premium, costing $149 per year. The starter plan itself is quite limited in its options.
- Pricey professional assistance: Entry-level assistance from a professional can be quite expensive at ZenLedger, as a single-year tax report preparation can cost $3500. At the same time, a 30-minute consultation will cost $275.
- Limited functionality for non-US users: ZenLedger’s tax reporting features are primarily designed for US taxpayers, and may not be as useful for non-US taxpayers.
- No mobile app: ZenLedger does not currently offer a mobile app, which can be inconvenient for users who want to manage their investments on the go.
ZenLedger: Is It Right for You?
ZenLedger is the most suitable for the citizens and residents of the US because it offers localized tax reports in the US formats only. However, anybody can take advantage of its powerful portfolio tracking features.
As a beginner, you can create an account on ZenLedger for free and track up to 25 transactions. It also allows you to download the tax report on this basic level for no cost. So, it would be wise to give this software a go and then decide if you would like to purchase a plan.
So, who should purchase ZenLedger? US crypto taxpayers and people who take multiple trades in a year over diverse platforms/wallets will find ZenLedger to be the most valuable. At the same time, it will also be suitable for those who want a powerful portfolio tracker with tax-calculating capabilities.
Our Final Thoughts: Is ZenLedger Worth It?
ZenLedger is more than just a tax reporting tool – it’s also a powerful portfolio tracker that allows you to monitor the performance of your crypto investments over time. With features like price alerts, custom watchlists, and real-time market data, you can stay informed about the latest developments in the crypto market and make informed investment decisions.
So if you’re looking for a reliable, user-friendly tool to manage your crypto taxes and investments, ZenLedger is completely worth it. With its powerful features, intuitive interface, and robust security measures, it’s the ultimate solution for anyone looking to stay on top of their crypto finances.
However, it is much better to purchase a Premium plan instead of the Starter plan because the Starter plan is quite limited and has no support for DeFi/NFT transactions. So, we suggest going for the higher-value Premium plan.
