Is CoinTracker a scam?

I’ve been having issues with transactions not showing up or completely incorrect so I’m deciding to migrate over to Koinly this tax year. I simply don’t trust the calculations CoinTracker does.

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They are not a scam. I used them last year. There is no customer service. I am going to give Taxbit.com a try. They have live chat.

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yes. scam. its very clear now after a year of trying to get responses that these guys dont care at all. My USDC are not even correct

Yes my USDC is incorrect, too. What a complete let down. They continue to charge me money and offer ZERO customer support, and a buggy platform.

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I’m done with cointracker.io, my taxes are due in January and I been trying for over 25 days to get support with no luck, already moved everything to Koinly.

I really want a refund for the money I pre-paid for my 2021 taxes but it’s been over 120 days as per their original terms, considering that the program is now completely unusable and you can not trust the numbers (even my 2020 already done taxes have changed), I wonder what my chances of getting refunded are, that right there sounds like a scam to me.

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I understand that the lack of response to support tickets is going to be very frustrating. I don’t believe our product is a scam though (I appreciate that’s easy for me to say as a member of the team). Often times issues arise in some of the newer or more complex areas of crypto which is when people will get in touch with us.

Using USDC as an example - we get a lot of contact asking why USDC is not treated as equal to $1. At the moment, USDC is treated like any other cryptocurrency where it will take on a cost basis based on the assets that are traded for it. This is very different to selling an asset into USD where no cost basis is associated with USD - because it’s a currency and 1USD = 1USD.

With this point in mind, there are sometimes fluctuations around the USDC peg to the dollar which will cause slight differences in its USD value which can be magnified on larger transactions. This is something people sometimes don’t realise but you can see it in the price history for the token.

Going back to the of lack of support - we’re working hard to rapidly scale our support team and respond to users much faster than we currently are. We have high ambitions for the level of service we want to provide you all and hope to make strong progress on this over the coming months.

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You and many others are expressing the same concern. Early on, Cointracker and Chandan the founder, had a great team that worked closely with the members, but not so anymore. After this tax year, I will also reluctantly be seeking a new portfolio/tax tracker unless they step up the support here. I’m hopeful that they do because when this works, it works well.

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Same here, joined this year but the support is horrible. For weeks can’t get answers. For example I can’t understand in the tax report:

Total Capital Gains are included in the Total Income or not? Or it’s a separate category that you need to pay taxes from. Or Total Income includes this number …

Maybe you can explain why my UMA (which I own) got renamed to LUMA (which I don’t own nor is it available at GEMINI EXCANGE). I now own no UMA per cointracker but I do own LUMA. Ya think this might explain why LUMA can’t be synced? Year end in a couple of weeks and my crypto tax service can’t get it right this year.

Please do not include email support as one of the benefits of the premium plan if you are not going to reply to emails. I have been waiting well over a month for a reply to my emails. This is false advertising.

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What do you mean when you say “you don’t believe our product is a scam” or are you saying it is not a scam? Are you not sure? Please elaborate. There are many reading this thread.

Hi @doctorfatcat

I believe what Henry is trying to say is that our product carries significant value for many users despite the barriers hyper scaling have presented when it comes to staffing the support team, and that he understands how users could come to the conclusion folks on this thread have, seeing as you have outstanding requests the support team which have not been addressed in timely manner.

We also certainly have bugs and outstanding features requests, as all software products do. This in no way means we are trying to scam or trick users. I will be following up with everyone in this thread via direct message to obtain email addresses (they are hidden on the forum for privacy) and issue any refund(s) and/or address any outstanding support case, if applicable.

I know you are reaching out to me. I kept my real account separate. This gives me an independent view. I don’t believe you are a scam. I believe you organization is going through growing pains. I also believe this community can help you tremendously and alleviate many of the frustrations if the communication is better.

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I am a newbie to coin tracker. I contacted the support line via email to get support on my 2FA issues but it has been 6 days with no response and timeline. I also sent multiple emails since then but no response so far. I am beginning to realize this is pretty normal reading these message threads. I had a similar issue with Zenledger and they responded in 3 days (including the weekend) and were very responsive. If the support response is this slow going forward, I may have to rethink whether I should purchase or not before the tax report next year.

Cointracker cannot scale fast enough and is bending/breaking under the load of user tickets. The responsible thing would be for an org. in this position to
PAUSE new user onboarding. Bbut they won’t because they have investors to appease and numbers to reach. So we are basically on our own to beg and beg and try and help each other.

Like many of you i have subscribed to the PRO portofolio plan to leverage tax loss harvesting. Their payment provider Stripe shows i have paid for the PRO membership but it is still not reflected in the cointracker.com UI. Support said basically told me via email “i see you do have pro sub, please try again…” when i click on tax harvesting it just redirects me to upgrade my account to PRO…again and again.

I have two options–leave a candid review of Cointrack support in various websites that review crypto tax platforms. You know what the review sites are–you found cointracker from somewhere. or google them. ignore any and all reviews that say they are “incentivized.”

More impactful; register a dispute with your credit card company for the service charges. then, commit the time to actually follow through!! Vendors really, really, dislike when you do this. If enough customer disputes are issued, it causes friction with their payments provider.

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I don’t believe they are a scaam but I am quite frustrated with them, I’ve used CT every year since 2019. And they raised the damn price significantly this year. Support folks if you are reading this, please reach out to hook me up with a discount or something. I’m still loyal to y’all, I’m hanging in there and have been hanging in there for a long time waiting for you all to get it right. I still have faith CT will be great one day.

I don’t believe they are a scaam but I am quite frustrated with them, I’ve used CT every year since 2019. And they raised the darn price significantly this year. Support folks if you are reading this, please reach out to hook me up with a discount or something. I’m still loyal to y’all, I’m hanging in there and have been hanging in there for a long time waiting for you all to get it right. I still have faith CT will be great one day.

Also, no luck getting help with an issue. I actually closed my account, created a new one, and the same bug showed up. I’m an idiot for being a software tester for coin tracker. The bug seems pretty simple but it makes the charts unreadable. The y-axis goes up to $2.5 T. Yes, T for trillion. I wish.

Edit: Thanks for the recommendations. Checking out Koinly and TaxBit.

Having all sorts of issues, first they don’t support many of the most popular coins. Maybe only 40% of the top 10 coins. Then since they don’t support coins like DOT or Cosmos, I have to make manual entries… Fine… but that then lumps them into a Other translations wallet which has different bugs. For example I have 3 transactions from coinbase to my cosmos wallet, my other transactions wallet show the correct number but then the dashboard show a completely different number.

I think I have my 2021 taxes accurate enough to not get in trouble with the feds… but that said… Im moving platforms. CoinTracker seems to have serious issues as a company, what they are doing does not seem to be working, there platform is NOT stable, major features that the competitors have, have been in development for 1+ years and some haven’t even been started yet.

This product might work OK if you are someone who only trades and stores their crypto on Coinbase. If you are someone with interest in top 10 coins besides BTC and ETH then you will be screwed trying to use this.

I’m cancelling my plan as I believe this platform is a scam. No product support, no technical support, can’t get any support. There are bugs which the community has submitted on a constant basis, yet, CoinTracker has done nothing to support. I wish everyone the best of luck and I’m in communication with my State Attorney General to see if they can assist with a refund for this disservice.

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