TokenTaxReviews of tokentax.co

Been using Token Tax for 4 years. Wrong almost every year, but usually not off more than $2K. 2023 was way worse than usual. There were so many transactions with errors that I had to pay for a different software to finish the job. It was literally counting hundreds of buys as sells even though there was no cost basis. Not worth $200.

The software does not always match purchases to sells. Probably can be fixed if I could get hold of customer service chat - I have waited hours and at times over 24 hours to get no help! Got a flip answer that I had already done - when I responded - I got no further response. Had to start again on the long wait... hope that the next customer service person will actually look at my account. Update: it took 4 days of slooow chat but did eventually get the problem fixed. There has got to be a better way to work with the customer.

Unlike most of its competitors, TokenTax does not offer any preview or trial period. In conjunction with the "no refunds" policy, this makes the service pretty high-risk. You have to pay up before seeing if the service really works for you, and I did not find it easy to use (I signed up on the strength of their reputation). The interface is extremely rudimentary, with very few graphic aids or hints that other tax/portfolio tracker services offer. Combined with some import glitches, this made reconciling my transactions very confusing and labor intensive. It might work well for some folks, but for me it was frustrating and I gave up and used a different service. I don't feel like I got the value from TokenTax for what I paid.

Communication has been slow. On their site they claim the average response time is 5 minutes but this is rarely the case. Sometimes they will read messages but not reply. For international clients outside of the USA they state they use the average cost method even though in my jurisdiction the FIFO method needs to be used. When I attempted to bring this to their attention they just said it is "standard accounting practice". Be careful before purchasing and ensure that their calculation method is compatible with your jurisdiction's tax code else you'll end up spending a lot of money on data that you can't use to file your tax returns.