Blockpit Review 2025 – Pros & Cons

Tax and crypto — name a more frustrating annual event. Luckily, there are solutions, such as Blockpit, which offers automated tax reporting for cryptocurrencies, and with supported countries including the US, the UK, Spain, France, Germany, Belgium, and other European nations. This Blockpit review offers a deep dive into this popular crypto tax software.

Learn which exchanges and wallets are supported, whether Blockpit is suitable for beginners, and what prices to expect. We also explore key features, such as portfolio tracking and tax-loss harvesting.

Our Verdict on Blockpit

Blockpit is a great choice for active investors looking to streamline their crypto tax reporting. It integrates with the leading exchanges and wallets, allowing users to automatically import transaction data. Blockpit details the cost and sale prices, transaction dates, and how much is owned in capital gains and income taxes. It also takes generic tax reports and turns them into completed tax forms within supported countries, meaning an all-in-one solution for many users.

Ultimately, Blockpit is an affordable way to file crypto taxes, track real-time positions, and potentially reduce tax obligations via tax-loss harvesting. However the price – functionality starts from $49 for up to 50 transactions – may put off smaller traders.

Blockpit Pros & Cons

Here is a quick summary of Blockpit’s pros and cons:

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What is Blockpit?

Founded in 2017, Blockpit offers online software for crypto taxes. It boasts over 350,000 customers, translating to over 1 million generated tax reports. Blockpit offers a near-automated service, with users needing to integrate their exchange and wallet accounts. This requires API keys and wallet addresses, respectively.

From that starting point, Blockpit automatically imports transaction data. Users can see all their trades within minutes, including dates, cost basis, sale prices, and total capital gains. Those based in a supported location, such as the US, the UK, Germany, and France, get fully-fledged and pre filled tax forms. This means no further input is needed.

Users can simply submit the report to their local tax authority. However, non-supported countries must manually submit forms in the correct format. Blockpit also supports income-related crypto products, so if you find yourself whizzing around the best crypto staking platforms or chasing crypto airdrops, it won’t be so stressful at tax time.

Blockpit also offers tax-loss harvesting and will find tax-reduction opportunities based on the analyzed transactions, such as selling existing positions at a loss. Those losses can then be offset against any capital gains for the tax period. Blockpit also offers a tax calculator and portfolio tracking, with the latter providing real-time insights and tax liabilities.

How Does Blockpit Work?

This reviewer found Blockpit’s free crypto tax software easy to use. Below is the general process:

Wallet and Exchange Integrations

While Blockpit is an automated tax software, users must initially provide it with the required data. So, if you’ve traded on an exchange like Binance, Coinbase, or KuCoin, an API key is needed for each platform. APIs can be obtained within the exchange account, with Blockpit providing step-by-step guidance.

APIs allow Blockpit to view all transactions from the respective exchange account, including buy and sell orders, the pair (e.g., BTC/USDT), and the entry and exit prices. However, Blockpit can’t access the account directly, meaning your funds aren’t at risk from a third party. In addition, Blockpit integrates with the best decentralized crypto wallets. This includes Exodus, MetaMask, Trust Wallet, Trezor, Ledger, Phantom, and hundreds of others.

Users only need to provide their wallet address for each blockchain and Blockpit does the rest. Ultimately, the amount of time it takes to provide exchange APIs and wallet addresses depends on how active you’ve been.

Crypto Transaction Analysis

Most tax authorities require similar data points when submitting annual returns, such as:

• Crypto Asset: The crypto asset that was traded, such as Bitcoin or Ethereum.
• Cost basis: How much you paid for the respective crypto.
• Entry date: The date the crypto was purchased.
• Sale price: How much you sold the respective crypto for.
• Exit date: The date the crypto was sold.

Obtaining these data points manually for hundreds of positions takes a significant amount of time. Fortunately, Blockpit automates the process. I found that it takes minutes to generate the required information, including capital gains and income.

Key Features of Blockpit

My Blockpit review discovered several features that can streamline the crypto tax process:

Tax-Loss Harvesting Crypto

Tax-loss harvesting is one of Blockpit’s best features. It can help users reduce their tax obligations through strategic losses. While rules vary depending on the country, those losses can be offset against capital gains.

A simple example:

• You made $3,000 in realized capital gains from crypto trading.
• You currently hold 10 BNB. The cost basis for each BNB was $650, so the initial investment was $6,500.
• Suppose that today, BNB trades at $300. This means the BNB holdings are valued at $3,000.
• This amounts to you having an unrealized loss of $3,500 ($6,500 – $3,000).
• You sell that 10 BNB to offset the capital gains.
• Your capital gains for the year have been reduced from $3,000 to $0.
• The additional $500 loss can be offset the following tax year.

While tax-loss harvesting can be performed manually, Blockpit ensures maximum efficiency based on your tax residency. For example, US clients must contend with short and long-term capital gains rules. Blockpit suggests which holdings to sell based on when the cryptocurrencies were purchased. It also ensures that additional losses are carried forward in future years.

Now, as per Lexology, US clients don’t currently need to worry about the wash sale rule for cryptocurrencies (although legislative changes have been discussed). This means the “sold” cryptocurrencies can be re-purchased immediately, with the loss eligible for capital gains offsetting. However, this isn’t the case for tax laws in other countries, such as the UK and Germany.

Importantly, Blockpit users should assess the rules on capital losses and wash sales for their country of tax residence before submitting a tax summary.

Crypto-Related Income

Most crypto tax software providers focus on capital gains. This only considers traditional investments, such as buying and selling Ethereum for a profit. However, the crypto ecosystem offers many other earning products, most of which sit within the “income” category. Blockpit covers most bases in this regard.

For example, it can analyze crypto mining tax obligations derived from the cost basis when the coins were mined. It also obtains transactional data from DeFi platforms, such as staking and liquidity provision. These products are challenging to calculate manually, so it’s notable that Blockpit offers automated solutions.

Blockpit Tax Calculator

The Blockpit crypto tax calculator is a free tax optimization tool available to all users. It offers a quick way to assess current tax liabilities, either based on individual trades or the entire portfolio.

For example, you can state how much you paid for Bitcoin when you purchased it in January, March, and June. Based on the real-time Bitcoin price, Blockpit will reveal the capital gains if sold today. It also shows the crypto tax rate.

Portfolio Tracker

Blockpit offers a crypto portfolio tracker that imports data from exchanges and wallets. This is the most accurate and reliable way to monitor portfolios. Blockpit knows, based on historical transactions, the cost basis and running profit or loss. It also shows the tax liability and potential tax optimization strategies.

Users must provide the API key or CVS file for all exchange accounts. And public keys (wallet addresses) for any wallet movements. Therefore, all portfolio data will be updated in real-time.  This is a major plus point over traditional trackers, which require users to manually input data.

Is Blockpit Crypto Tax Software Easy to Use?

Blockpit is a user-friendly crypto tax software aimed at all experience levels. Those based in a supported country won’t need any understanding of local tax rules. Let alone how to fill out reporting forms. Instead, Blockpit automates the entire reporting process, meaning forms like IRS Form 8949 and Schedule D are fully completed.

However, similar to other platforms, Blockpit users must provide API keys for their exchange accounts. This fast yet manual task is typically obtained from the account’s settings section. While researching for this Blockpit review, I found that beginner-friendly instructions are provided for all exchanges, explaining where the API can be located.

And, if the exchange doesn’t offer APIs, Blockput explains how to get a CSV file. Do note that wallet and DeFi transactions require the wallet address for each blockchain (e.g. Solana and Bitcoin). Only then can Blockpit obtain the transactional data. Just like APIs and CSV files, Blockpit provides easy-to-understand guidance.

Blockpit’s solid user experience also extends to its mobile app. Supported for iOS and Android devices, the Blockpit app comes with full functionality. This includes portfolio tracking and fully-fledged tax reports.

How to Use Blockpit

This section explains how to use Blockpit, including registration, exchange/wallet integration, and tax report generation. Read on to get started in under 10 minutes:

Step 1: Open a Blockpit Account

Visit Blockpit and click the “Start for Free” button. Enter an email address and password to open an account.

You can also sign up with a Google account for added convenience.

Step 2: Obtain APIs From Exchange Accounts

The next step is to collect API keys from each exchange you’ve used, such as Coinbase or Kraken.

Just click the exchange’s name and Blockpit explains where the API keys are located. Copy them once located and paste them into the Blockpit account.

Step 3: Obtain Wallet Addresses

Now provide Blockpit with your crypto wallet addresses. This public address can be shared, meaning the wallet balance can’t be accessed.

The address will reveal all transactions posted to the blockchain, including wallet transfers, staking rewards, and airdrops. Do note that a wallet address is needed for each blockchain you’ve interacted with.

For example, suppose you bought and sold meme coins on the BNB Chain. You need the wallet addresses used to trade those BEP-20 tokens. Similarly, an ERC20 address is needed if you use Ethereum-based dApps, like Uniswap or Lido.

Step 4: Generate Transactions

Now Blockpit will get to work analyzing all transactions from the integrated exchanges and wallets. It typically only takes a few minutes, even if thousands of transactions are required.

Blockpit then presents the findings. You must pay a fee to download a tax report, with prices depending on the transaction size. Read on for more information about Blockpit plans.

Blockpit Pricing & Fees

Below, I outline the Blockpit cost for each transaction category:

Blockpit also offers free crypto tax software, which only includes portfolio tracking and exchange/wallet integration. Full tax reports must be paid for.

Who is Blockpit Best for?

I found that Blockpit is suitable for a wide range of crypto stakeholders, including:

• Long-Term Investors: Even if you don’t trade actively, Blockpit is ideal for real-time portfolio insights. With data imported from wallets and exchanges, you can view accurate values for individual investments and the broader portfolio. The portfolio tracker is completely free to use.
• Active Traders: Blockpit is even more useful if you’re an active crypto trader. Each transaction must be reported whether you trade on centralized or decentralized exchanges. Blockpit ensures you’re tax-compliant, providing the required reporting information and capital gains generated.
• Inexperienced With Tax Forms: Blockpit is also a great option if you’re inexperienced with filling out and submitting – no more generic tax reports. It automates the entire process, including ready-to-submit forms like the IRS Form 8949. This ensures you submit tax returns without errors.
• Crypto Income Activities: Those engaged in income activities will definitely find Blockpit useful. It suits complex products like liquidity farming, lending, and staking. It also streamlines crypto mining tax and airdrop tokens.

While full functionality requires an upfront fee, this is likely a small fraction compared to a conventional tax specialist. What’s more, the fee could pay for itself when using the tax-loss harvesting tool, which helps users offset losses against capital gains.

Is Blockpit the Best Crypto Tax Software?

My Blockpit review found it’s a great option for most crypto investing profiles. Whether you’re a passive investor or active trader or like earning income via DeFi ecosystems, Blockpit is a good fit. Its free portfolio tracker is particularly useful, allowing users to track real-time crypto valuations.

Users from select countries, including the US and the UK, get completed tax reports that are ready to submit. Prices, while based on transaction sizes, are competitive. Especially when using the tax-loss harvesting feature, which could cover the fee multiple times.

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Blockpit

8.1

Ease of use

8.5/10

Exchange accessibility

8.5/10

Tax reports

8.6/10

DeFi options

8.0/10

Value

7.0/10

Pros

• Easy to connect to exchanges
• Tax calculations within minutes
• Tips to minimize tax obligations
• Quick reports in supported countries

Cons

• Cost may put off small investors
• Only 10 countries supported
• Could integrate with more tax software

FAQs

References

• Crypto Isn’t Subject to Wash Sale Rules—and That’s a Good Thing (Lexology)
• Tax-Loss Harvesting Strategies (Goldman Sachs Asset Management)
• What is the Wash Sale Rule? (JP Morgan Wealth Management)