Ledgible Review

Ledgible Ratings at a Glance

Generally speaking, cryptocurrency assets can be a confusing area even for the most promising accountants. Crypto transactions are complicated to process considering all the non-standard data found in different exchanges and wallets. Plus, the cryptocurrency space continues to evolve, with more chains emerging and adding complexity to the transaction process. Ledgible solved this problem by analyzing read-only on-chain data and bringing features that can simplify account transactions. In other words, it allows users to track, report and monitor crypto assets all from one platform.

For example, you can tag tokens or coins received as an airdrop or hard fork to classify and identify these items as ordinary income separate from your capital gains. This income will then be reported as “other income” on IRS Form 1040, separate from your IRS Form 8949. 

Ledgible is based in the U.S, and the majority of its clients are U.S. citizens. The Ledgible platform supports over 200 exchanges. Some of the most well-respected exchanges on Ledgible are Binance US, Gemini and Coinbase Global Inc. (NASDAQ: COIN). In addition to exchanges, Ledgible also supports a wide range of crypto wallets. Some of the leading hardware and custodial wallets supported are Trezor, Ledger and BitGo. Better yet, if Ledgible doesn’t have a direct API connection for certain more obscure exchanges, coins, and wallets, their manual entry and upload process allows users to work with even the most obscure crypto data. 

Ledgible Crypto Tax Pro is a great choice for CPAs and tax preparers. This unique tax product serves tax and accounting professionals seeking to manage and handle cryptocurrency in their workflows. Ledgibleis a phenomenal product used by institutions, banks, and enterprises to account and manage cryptocurrency. Ledgible is the choice of leading firms across the crypto accounting tax industries, such as Thomson Reuters, Celo, FIS, and Fiserv. 

Ledgible has a straightforward contact page. Users can reach out to the Ledgible team about Ledgible’s crypto tax or account products. Provide your contact information and your email address, and Ledgible will reach out to you promptly. One stand out feature is how they are one of the few solutions with live crypto tax and accounting professional support for all users rather than farmed out support or bots. However, it is important to note that at the time of writing, Ledgible does not provide an email address or phone number for users. To learn more about Ledgible, and crypto tax and accounting topics, Ledgible provides a News and Learning Hub. 

Ledgible is not an exchange, meaning that the platform doesn’t handle anything trade side and works with read-only keys. Instead, Ledgible is a bridge between traditional finance and crypto. Ledgible provides enterprise grade security for tax and accounting professionals and their clients. Ledgible is SOC 1 & 2 audited, which ensures the verification of internal controls and allows for industry-leading security. This feature makes Ledgible a stellar choice for professionals and institutions. In short, Ledgible makes crypto legible.

Ledgible provides a transparent pricing structure for each application. Prices are clearly defined into transaction tiers. However, it is important to note that the pricing model differs for enterprises, professional, and consumer tax. 

Professional and Consumer Tax

For consumers, the pricing model scales with the number of transactions. Transaction costs are cumulative, so you only pay for what you need, detailed below:

• $49 for tax-year reporting and up to 200 transactions

Beyond this threshold a usage-based incremental pricing model is used.

• $50 for 200 to 1,000 transactions
• $100 for each set of 2,500 transactions over 1,000

Ledigble Crypto Tax Pro, on the other hand, is available for tax professionals to use with both free and paid functionality. Clients are charged directly on a per-client basis or tax preparers can take on billing to upsell their crypto tax services. Customized billing structures and pricing are also available for your specific needs.

Enterprise Accounting

Crypto accounting varies depending on the size and operational objectives of enterprises and institutions. As a result, Ledgible offers unique, customized pricing for each enterprise or institution. Account costs will vary depending on:

• Account users
• Exchange connections
• Wallets
• Transaction volume
• General ledger integrations

Ledgible provides two sample enterprises for context – an example of when a higher price would be charged and an example of when a lower price would be charged.

Example 1 - Higher Price

• 4,200 transactions per month
• 10 wallets 
• 4 exchange connections 
• 5 users
• Connection to QuickBooks Online

Example 2 - Lower Price

• 250 transactions per month
• 2 wallets
• 5 exchange connections
• 3 users
• No external integration

Get in touch with Ledgible for a free 30-day trial or for more information. 

Ledgible offers a robust set of benefits for its users. Whether you trade on the newest platforms, trade non-fungible tokens (NFTs) or are heavily involved in decentralized finance (DeFi), Ledgible can support you. Some of the most notable benefits are outlined below.

• Transaction matching: Most crypto tax products don’t go far enough when aggregating disparate crypto transaction data. Ledgible’s unique on-chain techniques allow you to automatically trace when holdings move between wallets and exchanges with cost-basis visibility.

• Advanced reporting: Ledgible provides a vast range of reports to use with your tax prep software and offers general recordkeeping for crypto tracking purposes. Ledgible’s independently audited software and advanced on-chain data aggregation make this possible. Popular reports include IRS Form 8949 and TurboTax Import. 

• Flexible pricing: Ledgible offers users with fantastic price flexibility, allowing consumers and tax professionals to pay based on the number of transactions they complete. 

• Effective crypto portfolio dashboard: Ledgible’s dashboard allows users to easily monitor crypto activity during the year (for free) and provides a convenient place to track all your crypto holdings in one place.

Some other user benefits include:

• Staking, DeFi, and lending support
• Organizing categories for taxable income, gifts or capital gains
• Client collaboration in real time
• Available support for futures and margins

The secure and automated nature of Ledgible’s crypto tracking and tax reporting makes the user experience a breeze. Users can quickly connect their wallets and exchanges. Unlike other services, Ledgible’s holistic approach satisfies many different needs, whether it is calculating your tax burden, providing current year planning or preparing reports for your preferred tax software or tax preparer. 

Another key reason why users love Ledgible is because of how up-to-date Ledgible is with the latest advancements in the cryptocurrency sector. Even in technically complex scenarios like airdrops, hardforks or NFTs, Ledgible ensures that your tax burden is minimized. This feature completely eliminates the need for manually compiling crypto data come tax filing season. 

Ledigble vs. Competitors

Ledigble has a few competitors that are similar like Lukka, Taxbit and Cointracker. Like Ledgible, these platforms prepare all the necessary information in detailed tax reports. Despite the similarities, Ledgible differentiates itself from other crypto tax competitors by targeting professionals and institutions as opposed to everyday crypto investors. 

All things considered, Ledgible is a fantastic choice for professionals and institutions in the cryptocurrency sector. Ledgible’s enterprise security, advanced pricing flexibility and extensive range of connections to new exchanges and protocols make it an attractive choice for those looking for a high-quality crypto tax and accounting service. Ledgible is one of the first platforms that has solved some specific problems regarding tax reporting and streamlined the accounting process for crypto assets in bigger firms. 

Bottom line, Ledgible is a safe and trustworthy platform and it is one of the leading choices for accounting and tax professionals in the cryptocurrency industry.

Ledgible Video Tutorial

There are plenty of video tutorials on how to use the Ledigble Platform. Here is a video that will help you get started configuring your QuickBooks online integration.

Frequently Asked Questions