Ledgible Review – Pricing, Supported Exchanges, Assets & Wallets
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If you are new to cryptocurrencies and just starting to learn more about the various platforms in the crypto community, chances are you haven’t heard about Ledgible yet.
But don’t worry; even some of the professional traders who have been using cryptos for years now still aren’t well–informed on what Ledgible really is and how it exactly works.
As a rising star in the crypto community, Ledgible still has a lot to prove, but it seems to be on the right track so far. In simple words, Ledgible provides tax reporting and portfolio tracking for crypto assets. Most of the users of Ledgible are leading accounting firms and big crypto companies around the world. It is mainly purchased by firms that want to make tax reporting easier for their clients.
What is Ledgible?
Ledgible is a tax reporting and portfolio tracking crypto platform. It is currently trending as one of the leading choices for many crypto tax and accounting companies. The purpose behind Ledgible is to gather all of the user’s digital assets into a single view. By doing this, all of the data stays up to date, and it fuses with the systems that you are already using.
The Ledgible platform also works with some of the biggest names in the blockchain and exchange industries. This makes it easier for users to link their data to the financial platforms they have been using. The data that comes from Ledgible is directly from the source, and it is backed up by enterprise-grade security and various protocols to ensure data safety.
Also, it’s important to emphasize that Ledgible is currently the only blockchain accounting platform with certified integrations for accounting platforms such as Xero accounting and QuickBooks Online. Some of the most popular accounting and tax crypto companies worldwide use Ledgible because of these features. Supported exchanges and crypto wallets can be imported directly do Ledgible with substantial integrations, or you can fill in gaps by using the advanced upload and transaction entry feature the platform provides.
Ledgible Features
Crypto-assets can be a very confusing area even for the most prominent accountants. The transactions are complicated to process, considering all the data found in different wallets and exchanges. Ledgible found a solution to this by analyzing all of this data and bringing features that can simplify the account transactions. Some of the main Ledgible features are:
- Automatic matching for transfers from wallets to exchanges
- Client collaboration is done in real-time
- Calculating fees for numerous wallets and exchanges on cost basis so tax can be reduced
- Organizing categories for taxable income, capital gains, or gifts
- Professionals that use Ledgible can use tax advisory and planning views to make detailed future plans for their clients
- Export Transactions
- Overview of historical prices
- Income overview
- Available support for margin and futures
- Staking / Lending / DeFi Support
- Tax Form Generation
- Tax Loss Harvesting
- Wallet Integration
Supported Countries
Ledgible is based in the US, and the majority of its clients are US citizens. On their official website, there is still no information on which other countries are supported. However, Ledgible works similar to SaaS platforms, meaning that most of the countries around the world can purchase program and use it. Until official information on their website, we don’t know any details about the supported countries.
Supported Exchanges
Ledgible has a wide range of exchanges it supports, over 200. Some of the most popular supported exchanges on Ledgible are Gemini, Binance, Binance US, BitBay, Allcoin, Admiral Markets, Coinbase, Coinbase Pro, Einax, 3xBit, Alfacash, Bitcoin Trade, Bisq, Bittrex, Coincheck, CREX, DEW, Liquid, Koinex, OmniTrade, and many more.
You can see the full list of supported exchanges by clicking here.
Supported Wallets
When it comes to crypto wallets, there is also a wide array of those supported by Ledgible. XPubs and similar derivation-based protocols are included. Some of the leading hardware and custodial wallets supported are Ledger, Trezor, and Bitgo.
How does Ledgible work?
Ledgible makes working with blockchain transaction data much easier since it allows users to track, monitor, and report crypto-assets all from one platform. It’s great because it provides precise and standardized crypto-asset data. Ledgible works as a bridge between the traditional accounting and finance tools and the latest blockchain technology.
To better understand how Ledgible works, we have prepared a brief explanation of how the available dashboards and menu options work once you get the program.
Client Management
One of the first pages you can see once you log into Ledgible is the Client Management dashboard. The dashboard can be accessed from any other page by clicking the “Clients” tab on the left side of the menu.
You can use some of the following features on this dashboard:
- Add new clients
- Check the current status of existing client accounts
- Check the payment status of existing client accounts
- Managing client accounts
- Generating and downloading different files and reports
- Editing details about a client
- Removing old client’s accounts
Manage Team
In the top menu, you can access the Manage Team dashboard by clicking on the “Team” tab. Once you click on the tab, you can manage or add other preparers from your company to the platform. While you are in this dashboard, you can:
- Add new members of the team
- Resend or cancel an email invitation to a team member
- Copy a direct invite link that a team member can use to access the platform
- If you are the account owner, you can remove certain team members
Client Reports
Once you click on “Reports” in the top menu, you can see the Client Reports dashboard. This is the place where managing reports for clients can be done as well as the following actions:
- You can generate different reports and tax forms for your clients
- Create files that you want to import into the tax and accounting software
- Have a preview of the details of previously requested files
Ledgible Pricing
The pricing for Ledgible starts at $49 per month. There is a 30-day trial, however, for first-time users of the platform.
The bronze version is charged $49 per month. The silver version is charged $149 per month. The gold version is charged $299 per month, and it offers numerous benefits such as unlimited wallets, accounting integration, and unlimited historical reporting.
Ledgible Mobile App
Ledgible currently only has a desktop version. During the research, we did not find any information that there is a mobile app.
Is Ledgible Legit?
Ledgible was founded in 2016, and its primary goal is to help traders get a better overview of tax reporting and portfolio tracking. The platform has a growing community, and the vast majority of users have only had positive feedback so far.
Considering that numerous major accounting firms are using Ledgible, we can say with certainty that this platform isn’t a scam. Although the platform’s features may not be for everyone in the crypto community, there is no doubt that Ledgible is legit and trustworthy.
Conclusion
The Ledgible platform is still kind of an odd duck in the crypto community. It is one of the first crypto platforms that have solved some specific problems regarding tax reporting and made the accounting process for crypto-assets easier in bigger firms. It offers a lot of unique features, and it can definitely be useful for companies.
However, individual investors might feel like they are “overpaying” for the platform since they probably won’t use all of the platform’s features. Ledgible is a safe and trustworthy platform, and although it may not be for everyone, it can definitely do accounting jobs and calculate taxes for cryptos, a much easier process. It’s definitely worth giving it a shot if these are the things you are searching for.
FAQs
Can I avoid paying taxes on my crypto trades?
Avoiding paying taxes on crypto trades can be a felony, depending on the country you are living in. In most countries, you are required to pay taxes on cryptocurrencies. In the US, the IRS regards cryptocurrencies as property, and transactions with cryptos are taxable by law.
Taxes have to be paid in case of selling, trading, or disposing of cryptocurrencies in any way in which you have some sort of gain or even loss. Buying cryptos itself isn’t taxable. You are allowed to buy and hold cryptos without having to pay taxes, even if the asset’s value increases over time. Selling, however, is a taxable event.
US citizens have to pay taxes by first answering questions on form 1040. If you are exchanging cryptos, you have to file a 1099-K in case you had more than 200 transactions throughout the year.
Avoiding paying taxes on crypto trades isn’t advisable. The closest to avoiding that you can do is investing for the long term, taking advantage of tax-deferred retirement plans, using capital losses to offset the gains, and monitoring your holding periods.
Is It Safe to Connect Tax Calculators to Exchanges?
If you are using legit and trustworthy tax calculators and crypto exchanges, there shouldn’t be any problems when connecting the two. Make sure that you do thorough research on the exchanges and calculators before registering to the platforms.
Are airdrops, forks, staking, and mining taxed?
Once again, taxing airdrops, forks, staking, and mining can be a whole different process depending on which country you are from.
In the US, all of these processes are taxable. When it comes to forks and airdrops, the IRS has left a sort of a grey area on how exactly they should be taxed. Forked coins should generally be treated as income, while there isn’t a specific guideline on airdrops. The safest way to approach airdrops is to follow the “treasure trove” doctrine.
When it comes to staking and mining, there is also no specific guideline to follow. However, the IRS laid some rules that taxpayers who “mine” cryptocurrencies have to be taxed in the same way as they would be on ordinary income.
Does Ledgible have a free plan?
Ledgible offers a 30-day free trial for new users, and there is no credit card required. After the 30 days have passed, you can start using the platform at $49 per month if you want the basic (bronze) version. The silver version is $149 per month, while the gold version is the most expensive and offers the most features. It is charged $299 per month.
Read also:
- TaxBit Review
- Binance Tax Calculators
- ZenLedger Review
- Crypto.com Tax Tool Review
- Free Crypto Tax Calculators
- How to Avoid Paying Taxes on Crypto
- How to reduce US crypto taxes?
- Cryptotax.io Review
- Cryptotaxcalculator.io Review
- Koinly vs Cryptotrader.tax
- Koinly Review
- Cryptotrader.Tax Review
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