Accointing by Glassnode is a comprehensive platform designed for cryptocurrency investors. It provides users with a centralized hub for tracking portfolios, analyzing market data, and managing tax obligations. This app is a vital tool for anyone serious about navigating the dynamic crypto markets.
What is Accointing by Glassnode?
Accointing by Glassnode is a cryptocurrency portfolio tracker and tax reporting tool. Its primary purpose is to aggregate data from a user's various exchange accounts and wallets to present a unified view of their holdings and performance. The platform is targeted at both novice and experienced crypto traders who need clarity on their investments and require assistance with tax calculations. Its general functionality revolves around data synchronization, performance analytics, and automated tax form generation.
Why Should You Use Accointing by Glassnode?
Users choose Accointing by Glassnode for its ability to simplify complex crypto tracking. Manually calculating profits, losses, and tax events across multiple platforms is incredibly time-consuming and prone to error. This tool automates that entire process.
Key advantages include:
Centralized portfolio overview.
Automated tax reporting for multiple jurisdictions.
Support for a vast array of cryptocurrencies and NFTs.
Advanced analytics and market insights.
Key Features of Accointing by Glassnode
The core functionalities of Accointing by Glassnode are robust and user-focused.
Portfolio Tracker: Automatically syncs with hundreds of exchanges and wallets to provide a real-time overview of all holdings, performance, and profit/loss metrics.
Tax Reporting: Generates necessary tax documents, including IRS Form 8949 and others, for various countries, calculating capital gains and losses from trading activity.
Market Analysis: Offers access to Glassnode's on-chain analytics and market data for over 19,000 tokens, helping users make informed decisions.
Transaction History: Imports and categorizes every transaction (trades, transfers, rewards) to create a clean, auditable history.
NFT Tracking: Supports tracking of non-fungible token (NFT) holdings and their valuation within the overall portfolio.
Additional Features
Cross-Platform Compatibility
The service is accessible via a web dashboard and a dedicated mobile app, ensuring users can manage their portfolios from any device.
Customizable Alerts
Users can set price alerts for specific tokens and receive notifications for significant portfolio value changes.
Historical Snapshot
The platform allows users to view their portfolio's value at any specific date in the past, which is crucial for historical performance review and tax purposes.
How to Download and Install Accointing by Glassnode
1. Open the Google Play Store (Android) or App Store (iOS).
2. In the search bar, type "Accointing by Glassnode."
3. Select the correct app from the search results.
4. Tap "Install" or "Get" to download and automatically install the app on your device.
How to Use Accointing by Glassnode
1. Open the app and create a new account or log in.
2. Navigate to the 'Portfolio' section and connect your cryptocurrency exchanges and wallets via API keys or CSV file upload.
3. Once synchronized, your dashboard will display your aggregated portfolio.
4. Use the 'Tax' section to select your country and generate the necessary reports.
Advantages and Disadvantages
Pros
Exceptional time-saver for portfolio aggregation and tax calculation.
The interface is intuitive and makes complex data easy to understand.
The integration with Glassnode's analytics provides significant added value.
The free tier offers substantial functionality for basic users.
Cons
Advanced tax features and reports require a paid subscription.
The initial sync process for a large transaction history can take some time.
Is Accointing by Glassnode Safe to Use?
Accointing by Glassnode uses read-only API keys to connect to exchanges, meaning it cannot withdraw funds or execute trades. User data is encrypted, and the company states that it adheres to strict data protection regulations. Always ensure you download the official app from legitimate stores.
Compatible Apps or Tools
Accointing by Glassnode integrates directly with hundreds of platforms, including major exchanges like Coinbase, Binance, and Kraken, and hardware wallets like Ledger and Trezor. It also works alongside tax software like TurboTax via exported reports.
FAQs
Is there a free version of Accointing by Glassnode?
Yes, the app offers a free plan that includes basic portfolio tracking and a limited number of transactions for tax reporting.
How does it calculate my cost basis?
The platform uses accounting methods like FIFO (First-In, First-Out) and LIFO (Last-In, First-Out), allowing you to choose the one that best fits your tax jurisdiction's requirements.
Does it support DeFi transactions?
Yes, Accointing by Glassnode supports tracking for many decentralized finance (DeFi) protocols and can categorize complex transactions like staking rewards and liquidity pool entries/exits.
Can I use it for professional tax filing?
The generated tax reports are designed to be accurate and compliant, but it is always recommended to have them reviewed by a qualified tax professional before filing.
Conclusion
Accointing by Glassnode is a powerful, all-in-one solution for cryptocurrency portfolio management and tax preparation. Its deep integration with exchanges and robust reporting features make it an indispensable tool for investors. For anyone looking to streamline their crypto accounting, trying Accointing by Glassnode is a logical step.
