Koinly is widely used and genuinely supports UK HMRC reporting. But “supports UK” and “built for UK” are different things — and the subscription pricing model means you pay every year whether you need a report or not. If you are looking for a Koinly alternative, here is an honest assessment of the options.
Why UK investors look for Koinly alternatives
The most common reasons: Koinly's subscription model charges you annually even if your gain is below the £3,000 allowance and you owe nothing. The free tier is limited — you can see a summary but need a paid plan to download the report needed to file. And because Koinly is a global product, UK HMRC matching rules are implemented as one country mode among many, rather than the central design assumption. For a UK investor who only needs HMRC-correct output, paying for a globally-designed tool can feel like paying for features you will never use.
The top alternatives
Polyconomic
Try freeBuilt exclusively for UK HMRC reporting — there is no other country mode because there is no other country. The most significant practical difference from Koinly is the pricing model: you can see your full taxable gain for every tax year for free, without entering payment details. Standard at £49/year gives you the SA108-compatible PDF reports. In a year where your gain is below £3,000 and no report is needed, you pay nothing at all. Pro at £99/year adds unlimited transactions, accountant sharing, and CSV export.
Best for UK investors who want HMRC-correct figures without paying to see their own number.
CryptoTaxCalculator
Australian-origin tool with solid UK HMRC support and particularly strong DeFi transaction detection. If your portfolio includes significant on-chain activity across multiple protocols and chains, CTC's categorisation engine is among the best available. It is subscription-based and was not built with UK as its primary market, but its UK implementation is well-regarded. Reports require a paid plan. Better suited than Koinly for users with heavy DeFi history who are willing to pay a subscription.
Blockpit
Austrian tool that acquired Accointing and now serves multiple European markets including the UK. The UK HMRC implementation is present but not the primary focus — Blockpit's strength is handling multiple European tax jurisdictions simultaneously. If you have Austrian, German, or Swiss obligations alongside UK, Blockpit handles this better than UK-only tools. Subscription-based, with a slightly higher price point than Koinly.
CoinTracker
One of the longest-established crypto tax tools with a large user base. Built primarily for the US market but with reasonable UK support. The free tier is very limited (25 transactions), which makes it difficult to evaluate before committing. Pricing is competitive. Worth considering if you are heavily invested in the Coinbase ecosystem, where the integration is particularly strong.
A specialist crypto tax accountant
For portfolios with significant complexity — active DeFi use, professional trading, multiple jurisdictions, or years of incomplete records — a qualified crypto tax accountant using specialist professional tools may be more appropriate than any consumer software. The cost of professional advice is often lower than investors expect and the result is a defensible return rather than one generated by software the accountant has not reviewed.
Quick comparison: top 3 options
| Feature | Koinly | Polyconomic |
|---|---|---|
| UK HMRC focus | One of many countries | UK-only |
| Free to see full gain | Limited | Yes — all years |
| Report pricing | ~£49/yr subscription | £49/yr Standard · £99/yr Pro |
| DeFi support | Strong | Standard |
| Exchange integrations | Very broad | Binance, Coinbase, Kraken, Bybit + CSV |
| Accountant access | Paid add-on | Included |
Frequently asked questions
Is Koinly actually wrong for UK users, or just less optimal?
Koinly implements UK HMRC matching rules correctly. It is not wrong — it is just designed for a global market rather than specifically for UK users. The practical implications are a subscription model that charges even in nil-liability years, and a UI designed for international use rather than UK-specific workflows.
Can I switch from Koinly to another tool mid-year?
Yes. Most tools allow you to export your transaction history as a CSV and re-import it elsewhere. The main challenge is ensuring the full historical data (including pre-Koinly imports) transfers correctly, as your Section 104 pool depends on the complete history. Test by comparing the pool balance on both tools before relying on the new one.
Does Polyconomic have as many exchange integrations as Koinly?
No — Koinly has a significantly broader API integration library, covering hundreds of exchanges and wallets. Polyconomic covers the four exchanges used by the majority of UK investors (Binance, Coinbase, Kraken, Bybit) via API, with CSV import for everything else. If your primary exchange is not one of these four and does not offer CSV export, Koinly may be the better practical choice.
Which tool is better for a portfolio that is mostly DeFi?
CryptoTaxCalculator has the strongest DeFi transaction detection and is typically the best choice for heavily on-chain portfolios. Koinly is also strong on DeFi. Polyconomic handles standard DeFi (staking, straightforward protocol interactions) but is less suited to complex multi-protocol, multi-chain DeFi activity.
What happens to my Koinly data if I cancel my subscription?
Koinly typically retains your data even if your subscription lapses, but you lose access to report generation. Your transaction imports and historical data should remain accessible. Always export your full transaction history as a CSV before cancelling any subscription-based tool.
Is there a free Koinly alternative that shows the full gain?
Polyconomic shows your complete taxable gain for all tax years without any payment or transaction cap. This is the most meaningful free tier in the UK market — you see the full calculation, not a preview or a capped version of it.
Tool information accurate at time of writing.