Awaken
Awaken is a specialized tax automation platform designed to help web3 companies and digital asset holders accurately calculate, track, and report their cryptocurrency taxes with high-precision cost basis tracking.
TokenTax
TokenTax is a comprehensive crypto tax software and accounting platform that connects to every exchange to help you calculate your capital gains and file your taxes accurately.
Quick Comparison
| Feature | Awaken | TokenTax |
|---|---|---|
| Website | awaken.tax | tokentax.co |
| Pricing Model | Freemium | Subscription |
| Starting Price | Free | $65/month |
| FREE Trial | ✘ No free trial | ✘ No free trial |
| Free Plan | ✓ Has free plan | ✘ No free plan |
| Product Demo | ✘ No product demo | ✘ No product demo |
| Deployment | ||
| Integrations | ||
| Target Users | ||
| Target Industries | ||
| Customer Count | 0 | 0 |
| Founded Year | 2021 | 2017 |
| Headquarters | San Francisco, USA | New York, USA |
Overview
Awaken
Awaken is a dedicated crypto tax platform built to handle the complexities of web3 transactions, including DeFi, NFTs, and liquidity provisioning. You can connect your wallets and exchanges to automatically pull in transaction history, which the software then categorizes to identify taxable events. It focuses on high-accuracy data, ensuring your cost basis is calculated correctly across thousands of different tokens and protocols.
You can generate IRS-ready tax forms, such as Form 8949, or export your data directly into popular accounting tools. The platform is designed for both individual investors and professional accountants who need to manage multiple client portfolios. By automating the heavy lifting of data normalization, you save hours of manual spreadsheet work while reducing the risk of overpaying on your capital gains taxes.
TokenTax
TokenTax is a specialized tax platform designed to simplify the complex process of reporting cryptocurrency capital gains and losses. You can sync your entire investment history by connecting directly to exchanges, wallets, and protocols via API or CSV uploads. The software automatically calculates your tax liability using various accounting methods like FIFO, LIFO, or HIFO, ensuring you stay compliant with IRS and international tax regulations.
Beyond simple calculations, you can use the platform to identify tax-loss harvesting opportunities to lower your overall bill. It supports advanced crypto activities including DeFi, staking, mining, and NFTs, making it a versatile tool for both casual investors and high-frequency traders. You can generate completed tax forms ready for upload to services like TurboTax or for your personal accountant to review.
Overview
Awaken Features
- Automated Wallet Sync Connect your hardware wallets and exchange accounts to automatically import every transaction without manual data entry.
- DeFi & NFT Support Track complex on-chain activities like staking, minting, and liquidity pools across multiple blockchains and protocols.
- Tax Form Generation Generate ready-to-file IRS Form 8949 and Schedule D reports that you can hand straight to your accountant.
- Cost Basis Tracking Apply advanced accounting methods like FIFO or HIFO to optimize your tax liability and track your performance.
- Error Detection Identify missing prices or duplicate transactions automatically so your final tax reports remain accurate and audit-ready.
- Portfolio Analytics Monitor your real-time holdings and unrealized gains across all your connected platforms in a single unified dashboard.
TokenTax Features
- Universal Exchange Sync. Connect to every major crypto exchange and wallet automatically via API to import your entire transaction history instantly.
- Tax Loss Harvesting. Identify specific underwater assets in your portfolio that you can sell to offset gains and reduce your total tax liability.
- DeFi and NFT Support. Track complex transactions across decentralized finance protocols and NFT marketplaces to ensure every trade is accounted for accurately.
- Margin and Futures Tracking. Handle advanced trading activities like margin trading and futures with specialized tools that calculate gains from complex positions.
- IRS Form Generation. Download completed IRS Form 8949 and other necessary documents that you can import directly into TurboTax or TaxAct.
- International Tax Support. File your taxes correctly regardless of where you live with support for tax rules in the UK, Canada, and beyond.
Pricing Comparison
Awaken Pricing
- Up to 25 transactions
- Unlimited wallet sync
- Portfolio tracking
- Tax preview
- DeFi & NFT support
- Everything in Free, plus:
- Up to 150 transactions
- Downloadable tax reports
- IRS Form 8949
- TurboTax export
- Priority email support
TokenTax Pricing
- Up to 500 transactions
- 8949 and TurboTax export
- Exchange API imports
- Tax loss harvesting tool
- Email support
- Everything in Basic, plus:
- Up to 5,000 transactions
- Support for all exchanges
- DeFi and NFT support
- Priority email support
Pros & Cons
Awaken
Pros
- Excellent support for complex DeFi and NFT transactions
- Clean and modern interface is easy to navigate
- High accuracy in cost basis and price data
- Free tier allows for full portfolio tracking
Cons
- Pricing can scale quickly for high-frequency traders
- Fewer exchange integrations than some older competitors
- Limited mobile app functionality compared to desktop
TokenTax
Pros
- Handles complex DeFi and NFT transactions accurately
- Direct integration with TurboTax saves significant time
- Excellent customer support from crypto tax experts
- Tax loss harvesting tool helps save money
Cons
- No free plan available for small portfolios
- Pricing is higher than some basic competitors
- Interface can feel overwhelming for absolute beginners