Users Slam Cointracker for Random Cost Basis Assignments | $199 Subscription Backlash
Edited By
Michael Okafor
A wave of discontent is brewing among crypto enthusiasts as users of Cointracker voice frustration over seemingly random cost basis calculations for Jupiter transactions. Users report instances where USDC swaps are assigned inflated values, causing unnecessary manual corrections to thousands of entries.
Context: What’s Happening?
Recent critiques reveal that despite subscribing to Cointracker’s $199 plan for streamlined tracking, many users are facing headaches due to inaccurate cost assignments. Such discrepancies could complicate tax filings and undermine user trust.
The Key Issues Raised
Inflated USDC Values: It appears Cointracker is arbitrarily assigning high values to USDC used in swaps, leading users to question the platform’s accuracy.
Manual Corrections: Users expressed frustration over the need to manually adjust potentially thousands of transactions, nullifying the service's purpose.
Comparison to Competitors: Some users are shifting to alternative services, citing competitive pricing and better accuracy.
"The problem seems to be that it assigns some random number for Jupiter's intermediary USDC," one user commented, expressing confusion over the platform's workings.
Several commenters are debating refunds, feeling their investments in Cointracker haven’t yielded expected benefits. As one user noted, "I went with Koinly this year. Cheaper and more accurate."
User Sentiment
Overall, the feedback is largely negative, with many expressing disappointment over Cointracker’s performance. The recurring sentiment is one of frustration and disappointment:
Users expect accuracy: Many anticipated that paying a premium would translate to reliable data.
Push for refunds: Several are considering requesting their money back.
High comparison standards: Users are turning to other services which they feel better meet their needs.
Key Insights
🔺 Cost vs. Value: Paying for Cointracker hasn’t translated into the expected data quality.
🔽 Alternative Solutions: Users shifting to options like Koinly are finding relief in better tracking.
💬 “Coinbase was more or equally as accurate,” stated another user.
As the 2025 tax season approaches, how will Cointracker address its critics? The outcome could determine whether they regain user trust or continue to lose traction in a competitive market.