Bitwave vs. NODE40 vs. XCMworkflow, from Wolters Kluwer

If you are mainly using Bitcoin, ERC-20 tokens, or any supported chains where they have automatic data retrieval the system is great. The biggest issue, which Bitwave is constantly working on, is not supporting automatic transaction retrieval of specific crypto blockchains. They currently have a workaround by allowing manual uploads of unsupported chains (i.e., layer two chains like Arbitrum or Cosmos-based chains). The Bitwave platform still works excellently with unsupported chains; however, it is just a little more time-consuming b/c transactions are inputted using a CSV file that needs to be correct. But I imagine they will continue to add new supported chains, and since I have been a customer, I have seen the number of blockchains they support at least double.

Incentivized

NODE40 is a favorable crypto tax calculating assist. It is great in tracks for portfolios and creates very informative views of previous transactions and assets. It has a lot of great features. NODE40 is a fascinating solution for crypto block chaining. We are lucky with gain and loss reports, and IRS Form 8949s.

Incentivized

• Ability to categorize taxable and non-taxable transactions.
• Able to handle DeFi transactions.
• Documentation support to track digital asset balances & locations.
• Can read token transaction activity better than most wallet explorers.

• NODE40 performs as the most improved crypto volatiles reporting solution.
• NODE40 delivers independently verifiable, data-centric audit trails as the basis for our crypto transactions.
• NODE40 does tax, and cybersecurity, as well as blockchains.

Incentivized

• Bitwave can seemingly miss picking up some transactions due to glitches, but if you discover them, they can resolve them.
• Ability to re-sync transactions to ERP if there are changes, without having to delete said transaction in ERP first

• The basic plan is not generating reports.
• The integration into other tool especially for tax is not existing or competitive.
• There is not much support of so many popular accounting methodologies.

Incentivized

Legible was similar service but too high in pricing. Coinpanda was able to support some chains that Bitwave wasn't able to automatically support; however, Coinpanda was a less professionalized operation with less customer support.

Incentivized

NODE40 let us deal perfectly with all taxable events dedicated to crypto traders in the USA. They allow flexibility for traders. Our work in crypto taxing is very much reduced and error-free. Our efforts with API keys are streamlined. We are concerned about reports despite we prefer the NODE40 perspective on that topics.

Incentivized

• Our gains increased, and our loses decreased a lot.
• We are now better at IRS Form 8949s.
• Our safety and security is much enhanced by NODE40.

Incentivized