Track your wealth with Kubera

Up until recently and even to quite some extent today, the asset portfolio of many retail investors will prevalently consist of a standard range of assets. This would often include property, vehicles, company stocks and bonds, retirement accounts and insurance, term deposits and bank accounts. These portfolios are, more often than not, partly backed by loans from a local legacy bank.

Over the past decade or so, with the onset of P2P lending and domain flipping in synch with the rise of blockchain technology and the evolving space of crypto, the menu available to retail investors has been growing exponentially. Not only that – this new era has unwrapped a whole raft of opportunities for new investors who are just making their debut, regardless of their walk of life and net worth.

Apart from the traditional investments I mentioned above, as a retail investor, you will concurrently have your fingers in several cryptos on different exchanges, some of which are staked and others stored across a couple of e-wallets. Your interests could perhaps be also vested in a few P2P lending platforms.

And with this ever-expanding array of investment opportunities, it is inevitably becoming increasingly complex to systematically keep track of one’s scattered investments, not to mention their current market value. Keeping a manual track via a spreadsheet might cut it for some time, but the longer the list of investments, the harder this will become.

Moreover, in the absence of an up-to-date snapshot of your investments, you will not only find it hard to determine the extent of your profits (hopefully more than your losses), but also find yourself scratching your head when trying to budget your way forward.

Enter Kubera – The Modern-Day Holistic Portfolio Tracker

Kubera is the brainchild of 3 friends who had earlier founded Webyog (database tools) and Newton (a popular email app), after which they had moved on along separate paths, only to come back together to develop this new platform.

In developing Kubera, Rohit Nadhani, Manoj Marathayil and Umesh Gopinath took off from the basic spreadsheets which they used to track their own personal investment portfolios and by combining cutting-edge tech with sensible design, transformed them into a modern portfolio tracking platform, which they named Kubera – the lord of wealth, according to Indian mythology.

The team worked towards ensuring Kubera achieved the following utilities:

• Listing your assets, traditional and non-traditional, in simple spreadsheet form.
• Fetching your current asset values automatically whenever possible.
• Supporting multiple currencies (foreign investments) and crypto.
• Allowing you to store important docs in a document vault.
• Purpose-built sharing controls – ensuring the safe transfer of critical info to the person you designate, in case you become incapacitated.
• Being ad-free under a clean subscription model. In this regard, Kubera stresses that it does not spy on you or sell your data.
• Being a simple and lightweight platform.

As at the time of writing, the aggregate amount of assets tracked with Kubera amount to $13.5 billion dollars.

How Does Kubera Work?

1. Connect your bank and brokerage accounts – Connect your accounts to get real-time values of your bank accounts, credit cards, loans, retirement accounts and holdings automatically through Kubera’s multiple aggregators providing connectivity to over 20,000 banks and fintechs around the world. If your brokerage didn’t connect you can simply do a lookup for the stock ticker symbols and add them. Kubera supports all major stock exchanges in the US, Canada, UK, Europe, Asia, Australia and NZ.
2. Connect crypto wallets and exchanges to get your latest values and holdings. You can otherwise do it manually by looking up your crypto token symbols and adding them. Kubera supports DeFi assets on multiple chains like Ethereum, Polygon, Avalanche, Solana & Cosmos.
3. Enter any currency from around the world in the value field and it will convert to your portfolio currency using the latest exchange rates.
4. Enter the address of your real estate or the Zillow URL to get the latest estimated market price of your property (US Only). For non-US, just insert a new row and enter the value manually which you can obtain from the architect of your choice.
5. Enter the VIN number to get the latest estimated market price of your vehicles (US & Canada Only). For non-US/Canada just insert a new row and enter the estimated value manually.
6. Enter your internet domains to get their latest estimated market value.
   
7. Enter the metals you’ve invested in as Kubera tracks the gold, silver, platinum and palladium spot prices.
8. Enter all the assets that can’t be ‘connected’ as manual entries. If possible, enter the cost of your assets as well. If you only know the cost, enter it as the value.

Once you’ve populated all your investments in the given spreadsheet format, Kubera will let you rename or rearrange the sheets and create sections within them.

Kubera will also provide you charts with analytics showing you how your net worth and investments changed over time. Every update to your asset value is kept in history to go back in time to see how you fared. It also allows you to keep an eye on the asset allocation and statistics indicating which asset experienced the highest appreciation or depreciation.

Kubera also calculates accurate rate of returns (IRR) for all your investments based on the multiple contributions & withdrawals and the time invested. It also benchmarks the IRR with the returns from popular indices and tickers (S&P 500, Dow Jones, AAPL, BTC etc.).

Another handy feature of Kubera is the possibility to store important financial or asset documents on the platform.

Through Kubera you will also be able to share a read-only link of your portfolio with others, for example, your Investment Advisor, CPA, or Estate Planner (when applying for loans) or with your household.

In addition, with Kubera’s “Life Beat” feature you can allow portfolio and document access to your beneficiary of choice, however only after extended periods of inactivity. Before Kubera allows automatic access to your beneficiary, you’ll receive multiple prompts to which you can respond with just a click to reset the timer. This feature also comes with a fallback plan – in fact, in addition to your primary beneficiary, you can set a contingent beneficiary (or “Trusted Angel”) who will receive access only in the event that your main beneficiary isn’t able to access your account data.

How Safe is Kubera?

When you think of online security the first thing that comes to your mind is encryption. You may have also heard of ‘end-to-end encryption’ as the gold standard for security. End-to-end encryption makes the data encrypted or unreadable by the very service or the app you used to create it, because the app simply doesn’t hold the keys to decrypt it. It’s only readable by the user who holds the key to decrypt it and no one else.

Given the nature of Kubera’s service, your data in Kubera is not end-to-end encrypted, because it will otherwise not allow the platform to deliver several fundamental features of its service, e.g. background syncing, ensuring safe transfer of your data to your beneficiary as simple Excel and Zip files and many more. Nevertheless, your data in Kubera is indeed encrypted at-rest and in-transit.

At-rest encryption: All Kubera’s databases and files are stored in Amazon (AWS) servers and have their content encrypted while sitting idle and when they’re backed up. This protects against unauthorized copying, transfer or retrieval of user data from the servers. This means that even if someone was somehow able to get hold of a backup of the database, it would be useless, because they wouldn’t have the key to decrypt it.

In-transit encryption: Your data when in transit from Kubera’s servers to your browser requires HTTPS on all pages, and uses HSTS to ensure browsers only ever connect to Kubera over a secure connection.

From a read through Kubera’s website, it seems that sensitivity of its customers data is top of mind and in this respect, Kubera ensures it has Bank Grade security in place to protect this data. Kubera also stresses that it doesn’t sell your data to show ads, nor do they peek at it to offer you financial products.

A further layer of security is Google ID sign-ins which incorporates Two-factor authentication.

Subscription Fees

Kubera never sells your data and in fact is only funded by your subscription fee. The tariff scheme is pretty straightforward, with a $150 per annum fee for personal accounts and bespoke tariffs for customers who manage a pool of portfolios for other private clients. While this may seem a little expensive, I believe that given the valuable utility of Kubera’s service in terms of serving as a one-stop-shop for wealth management, the said fee is a reasonable one.

Customer Support

Kubera offers personalized customer support via email. Their website also contains a help center with an extensive FAQ section. The platform is available both in desktop and app mode (both Apple and Android).

What I found particularly good is the blog on Kubera’s website which is regularly updated with relevant articles relating to investments. To me this indicates that Kubera is not only keen on being there for its users but is also proactive at educating their investment decisions.

A quick scan through Reviews.io relays a wide consensus that Kubera’s service is going down exceptionally well with its clientbase. Common traits that I picked from the comments related to the platform’s user-friendliness and vast integration. On the other hand some users indicated that they found the annual fee a bit pricey.

Kubera’s Edge Over Traditional Wealth-Tracking Platforms

A modern portfolio tracker that’s able to keep up with all of your financial accounts is key to successful wealth management. It will go a step further by enabling you to integrate your various digital assets stored across different wallets and exchanges and automating conversions so you can view the value of such investments in real-time.

As such, Kubera will empower you to work with up-to-the-moment financial data from all of your accounts to generate effective reports, forecasts, and plans for moving your financial goals forward.

This is where Kubera has an edge. It’s not that all of the big portfolio trackers and dashboards on the market are inherently bad. The problem is that most of them have a fatal flaw — or a combination of several — that makes them ill-prepared for the digital asset reality toward which most modern investors are moving.

Some of the main flaws which traditional big portfolio trackers carry include:

a) Poor crypto integration capabilities – The problem with many of the popular portfolio trackers today is that they typically only partner with one or maybe two financial app aggregators. These aggregators are typically built to work in certain countries with specific currencies and financial institutions. That is why the more aggregators a portfolio tracker works with, the more diverse account and asset types the tracker will be able to help you monitor and manage.

b) Inability to view crypto and other digital assets as part of your net worth (or in your preferred currency) – It is pretty hard to keep track of the value of crypto at any given time if you’re using technology that was developed well before the idea of digital currency. And as a result, it’s also hard for these more traditional tools to display the real-time value of your crypto investment in your preferred currency.

c) Outdated security measures – crypto has been set up in a way to promote more democratic and failure-proof usage compared to traditional currency and other assets. However, it also means crypto transactions are almost impossible to stop once they are actioned. Hence, financial management apps need to make sure their security is up to par to protect users who are after integrating their crypto accounts. In addition to security measures such as encryption and two-factor authentication, the same aforementioned third-party aggregators that Kubera works with are helpful for preventing hacks by processing user credentials, rather than Kubera itself accessing and storing these credentials.

Concluding Thoughts

Kubera helps you to organize all your wealth in one place and keep regular track of your net worth in a very simple intuitive way. Security-wise it also ensures safe transfer of this information to your chosen beneficiary.

Through its user-friendly dashboard Kubera will empower you to work with real time financial data from all of your accounts to generate effective reports, forecasts, and plans for moving your financial goals forward.

In the meantime the team at Kubera remain up-to-date so as to keep their platform as comprehensive as possible in terms of swiftly incorporating any up and coming alternative assets.

From a number of customer reviews, Kubera seems to be a good bet, which albeit comes at a somewhat above-par subscription of $150 per year, lives up to the claim of being the modern-day holistic portfolio tracker.

Track your wealth with Kubera

 

Invest With Nexo

When faced with the volatile nature of cryptocurrencies, investors have an ongoing dilemma – exit the position or ‘HODL’. Those investors in it for the long run, will simply look to hold on to their cryptocurrencies with the hope that in the not-too-distant future they will appreciate and be worth significantly more.

Until then, the coins would typically remain idle in a private wallet – resulting in opportunity costs along the way. After all – and much like gold, Bitcoin and many other cryptos do not yield any income.

With this in mind, Nexo has created an online platform that allows you to earn interest by depositing your digital currencies. In turn, this will then be loaned out to those that wish to engage with crypto-loans.  Today, the company presents itself as a crypto-fiat finance service that offers a variety of distinct features to meet the needs of both investors and borrowers.

In my Nexo review, I explore the ins and outs of how the platform works. This will include a breakdown of the interest-yielding service and an analysis of a number of other key features found on the platform.

[Read more…]

Automize your crypto tax report with Cointelli

Over the past years, the cryptocurrency sphere has evolved into a vast and complex reality where enthusiasts and investors alike can access a multitude of financial products that come in all sorts. And if (like me) you are one of them, you will likely be actively using multiple digital wallets across different crypto platforms and exchanges.

As your crypto portfolio grows and your transaction volume begins to accumulate, sooner or later you will want to take stock of your holdings, firstly to determine your profit and/or losses but also to make sure your ducks are in a row when the inevitable tax reporting deadline looms.

Up until recently, I’ve done my best (not without a struggle) to achieve this by manually recording each crypto transaction using excel. In the process, the first crypto tax platforms started to surface. While their utility was valuable and potentially time-saving, the available platforms didn’t cater for all the exchanges and blockchains I traded on, which meant they weren’t good enough for me to shift my manual tracking thereon.

Manually keeping track of transactions became even more complex with the larger-than-life boom of NFTs in 2021.

Sure enough, this struggle became too much of a common experience in the crypto space for it to remain under the radar. As such, more comprehensive crypto tax platforms started to enter the scene.

Cointelli is one of them. Cointelli is a crypto tax reporting company founded by Mark Kang, a certified tax professional whose long experience serving his community as a CPA motivated him to develop user-friendly tax software. In one of Cointell’s recent blog posts, Mr Kang remarked that:

“Life is complex and stressful enough. Preparing and filing your cryptocurrency taxes shouldn’t be. That’s why I created Cointelli, to make it easy and hassle-free for anyone to produce accurate crypto tax documents to file themselves or share with their accountant or tax preparer.

I came up with the idea for Cointelli last year when a client named Julie came to my CPA firm with her cryptocurrency transactions and asked for help with her crypto filings. We didn’t offer that service at the time, but as a professional tax preparer I decided to tackle her crypto taxes myself. I quickly realized that the calculations were too complex, time consuming, and labor intensive for any individual taxpayer to do on their own.

Cointelli is your intelligent, all-in-one crypto tax solution to help you take care of the tax preparation process in one place, from start to finish.”

In this review, I explore what Cointelli is, its different benefits, and how you can utilize this platform to simplify your crypto tax submissions.

However, before I continue I would like to draw your attention to the fact that currently, Cointelli is only available to US-based crypto investors and only generates US-tax reports. If on the other hand you are a non-US investor, I invite you to check out my review of other alternative crypto tax platforms.

Crypto Tax in the US – A Brief Background

One of the main selling points of cryptocurrency has been the above-average market returns available to investors. However, as with every other tradable asset, higher earnings will almost inevitably lead to higher amounts of tax payable. Unless you decide to move to a crypto-friendly nation, that is.

Crypto tax filings can be quite a pandora’s box, even to someone with a sound financial background. This is particularly true in today’s context when the rules and regulations concerning cryptocurrencies are ever so dynamic.

These days, US investors are being called to be more cautious when it comes to reporting taxes on cryptocurrency. With approximately 16% of US adults investing in cryptos (a figure which is expected to continue rising sharply), the US government has been mounting its effort to get its share of the pie. Further to the IRS (Internal Revenue Service) first drafting its cryptocurrency tax rules back in 2014, Washington has recently beefed up the arsenal of its IRS with another $80 billion to track down tax evaders.

For taxation purposes, the IRS considers crypto as property, unlike stocks, which are considered securities. Crypto transactions can fall into the following three categories: capital gains, ordinary income, and nontaxable income.

The IRS applies different tax rates depending on which of the above categories a particular transaction falls under.

When you report cryptocurrency on taxes, it’s important to combine all your profit and loss data from all the platforms you use before analyzing it. It’s very unlikely that all your income comes from a single platform or exchange. And because the crypto scene only continues to grow, the IRS also continues to update its guidelines.

To minimize your taxes, you not only have to keep up with all those developments, but you also need to apply those updates to your tax returns. This can indeed prove to be quite a taxing (pun intended) piece of work!

This is where Cointelli comes in. Cointelli’s service is intended to ease this pressure by automatically compiling your transactions from across your wallets and exchanges, fixing errors therein, preparing a comprehensive report for tax purposes and having it sent out to your accountant or other relevant tax platforms. Apart from freeing up a great deal of precious time, Cointelli will also help you generate the required stats and reports with more accuracy, thus potentially even saving you money.

How does Cointelli Work?

Cointelli achieves this through the following 4 easy steps:

1. Import your data – synch your wallets and exchanges in just a few clicks or manually upload a CSV or your trade history.

The critical first step in filing your cryptocurrency taxes through tax reporting software is to collect and import your transaction data from across multiple exchanges and wallets. Cointelli counts every type of cryptocurrency transaction, such as buys, sells, staking, trade, and transfers as one transaction each. These are counted automatically based on data provided by the exchange.

Cointelli not only boasts support for many of the major wallets and exchanges (such as Binance) and several other niche ones, but also provides seamless methods of importing transaction data from across these platforms, including API or CSV. To add to this, Cointelli also features support for at least 15 blockchains, including major ones like Bitcoin, Ethereum and Polygon. I also noted that Cointelli supports a number of other crypto service platforms like YouHodler and Nexo. This makes Cointelli very easy to use for first-timers.

2. Review your data – see your entire transactions history and automatically or manually fix any errors therein.
Once your data has been imported you will get an overview of all the imported transactions, categorized according to the related exchange or wallet.

From here you will then be able to review the individual transactions in more detail.

As mentioned previously, not all transactions are taxed in the same way; some transactions may count as capital gains or ordinary income (taxed at different rates), and other transactions may be considered tax-exempt. If the imported data is not correctly categorized upon compilation, you risk being over-taxed. Cointelli helps to mitigate this risk by providing a review function that allows you to look through the transaction data and correct any miscategorized transactions, including internal transactions, to make sure you submit an accurate picture to the IRS and avoid paying unnecessary tax. The review feature is quite unique to Cointelli in that it is not common with other crypto tax software.

Cointelli allows you to review your data in either Manual or Auto Mode. While manually inputting specific transactions would typically be laborious, Cointelli makes it easy by means of a simple and user-friendly process. Cointelli’s Auto Mode is just as effective at getting the job done. Those who are still relatively new to the crypto trading experience may struggle with tweaking their data in Manual Mode, which is why Auto Mode is there to make the process more straightforward. At the click of a button, Auto Mode fixes any gaps or inconsistencies in your data.

3. Get your report – preview or download your comprehensive tax report

Once you have ensured that all the relevant transactions have been compiled and categorized correctly, you can preview and download your tax report. You can then also forward directly to your accountant.

4. Send your report out – share a copy of your report with your CPA or other tax platforms

Another advantage with choosing Cointelli is that the tax report generated by its software is compatible with popular accounting software applications such as TurboTax and TaxAct given that many accounting professionals participated in its design and development. With Cointelli, your accountant can therefore swiftly generate tax reports that work with their accounting software.

Cointelli Pricing

Cointelli’s pricing structure is lean with a one-size-fits-all price for consumers and customized packages for large transaction-volume enterprises.

For a single flat fee of $49 annually, clients benefit from all the Cointelli suites and services for up to 100,000 crypto transactions, be it DeFi, margin trades, or NFTs. If during a given year your trading volume increases after you have paid, you will not be charged with an additional fee. This compares well with other similar platforms which typically offer tiered pricing depending on the number of transactions in your portfolio. From a general comparison with other market players, Cointelli’s price is competitive particularly if your yearly transaction count exceeds 100.

Any enterprise handling large volumes of more than 100k transactions per year can negotiate a bespoke plan with Cointelli’s sales team.

Furthermore, Cointelli have just announced a limited-time offer of a 20% discount at checkout if you sign up to their service using the below link:

Do Your Crypto Taxes With Cointelli

Cointelli also offers a free preview of what your tax report would look like after having imported and reviewed your transactions in line with the above-described procedure. In this case, you would only be required to pay should you want to download the tax report.

Cointelli Safety

According to Cointelli, their team is trained to safeguard your data, protect your privacy (GDPR and CCPA compliant), and respond quickly to incident reports. This is driven by the Cointelli Information Security Committee which also ensures that security awareness and initiatives permeate throughout the organization.

To keep all your work secure, Cointelli encrypts data that is both in transit and at rest. While Contelli’s services are hosted in US-based AWS (Amazon Web Services) facilities, the servers live within Cointelli’s own virtual private clouds (VPCs) to prevent unauthorized network requests. Cointelli also runs daily comprehensive backups for additional protection. Its payment processing partner is Stripe, which has the most stringent level of certification available and is one of the most trusted names in the payments industry.

Furthermore, all Cointelli logins are protected by Amazon Cognito to keep your ID safe and secure. When Amazon Cognito detects unusual sign-in activity, such as sign-in attempts from new locations and devices, it blocks the sign-in request and notifies the user of the attempt.

Cointelli thus appears to be both a safe and sound platform. The firm has also not reported any data breaches until now.

Cointelli Customer Support

Customer service commitment and availability are some of Cointelli’s strengths. In fact, Cointelli not only offers customer support via email and chat widget, but also provides 24/7 live customer service with dedicated tax experts. This level of cover and support stacks up well to other platforms providing a similar service.

Notwithstanding that Cointelli has only been around since 2021, a TrustPilot scan indicates an overwhelmingly satisfied customer pool with an average rating of 4.7. Apart from its quality of customer support, Cointelli seems to be particularly voted for its accurate and swift tax report production (half an hour seems to be the average process time) and relatively cheap service.

Cointelli – Room for Improvement

An important feature that Cointelli does not cater to as yet is the facility to be able to track your holdings and growth. With Koinly for example, you will be able to see how much capital you have invested into digital coins and how much returns you are getting along other details, such as profit and loss and any unrealized capital gains.

That said, I anticipate that it won’t be long before Cointelli adds this facility to its service given its data capture mechanisms are already in place.

Concluding Thoughts

Overall, Cointelli’s software seems to be a viable option for US cryptocurrency users to simplify their crypto tax filing by making the entire process much easier to manage. The platform is intuitive and can be configured with minimal effort.

Apart from integrating with most cryptocurrency services (allowing you to extract all your transactions in one place) Cointelli allows you to manually or automatically review these transactions individually prior to finalizing your tax report.

Cointelli has essentially managed to cover the needs of US investors playing in the ever-dynamic crypto field. If you require help or want to save time and money in preparing your crypto tax report, Cointelli is one of the best tools you can currently use.

Get your crypto tax report with Cointelli