Summ Review: A Powerful Crypto Tax Tool for Serious Traders

Exchange and protocols integrations on Summ

Summ supports over 150 blockchain networks, including major networks (Like Bitcoin, Ethereum and Solana) and new EVM and standalone chains. At the time of the Summ reports, there were over 3500 integrations, including decentralized protocols, exchanges, and wallets. Users can directly connect any of the integrated platforms to their Summ account to compute their transactions and applicable taxes.

Who is Summ best suited for?

Summ is best for the following class of crypto investors:

Exchange and on-chain users: Users who are active on both centralized exchanges and DeFi – undergoing staking, earning yield, trading NFTs, etc…

High-frequency traders: Summ is suited for investors who execute more than 10 transactions daily. As a memecoin, day, and derivatives trader, you can connect your wallets and trading platforms to your Summ profile to actively track and report your taxes.

Businesses: Crypto firms and mainstream businesses that transact in crypto can also use Summ to track their activities, connect their ERP software (Xero, QuickBooks, or Softledger), and calculate due taxes, deductions, and write-offs.

Crypto tax accountants: Summ enables crypto accountants to easily manage their clients’ taxes. By providing accurate and organized reports of the client’s activities, Summ makes it easier for accountants and CPAs by automating the majority of the workload. 

Summ pricing and tiered features

While Summ offers a free plan with basic features, the premium user plans range from $49 to $499. Each premium tier offers additional features tailored to a specific user group.

Available plans include:

Rookie: Can review and report a maximum of 100 transactions. Offers access to portfolio tracking and tax reports for prior years only.

Hobbyist: Can review and report a maximum of 1000 transactions. Offers access to most platform features.

Investor: Can review and report a maximum of 10,000 transactions. Offers access to full platform features.

Trader: Offers access to full platform features, review, and reports a maximum of 100,000 transactions. Higher transaction tiers within the Trader Plan attract additional fees.

For those with more than 500,000 transactions, reach out to [email protected] for custom pricing (up to 10,000,000 transactions).

NOTE: CoinGape readers get a 20% discount for their first year, making Summ even more affordable. Simply sign up here or use code COINGAPE at checkout!

Is Summ Safe and legitimate?

Summ is officially registered in Australia as CTC Ledger Pty Ltd (ABN: 53 655 951 812), under the Summ Tax legal name. It is also partnered with reputable crypto firms like MetaMask and Coinbase. Summ has also received coverage from top industry media and KOLs. There is also no record of scams and hacks related to the project at the time of writing.

While this is not a guarantee for safety, we acknowledge Summ as a recognized crypto service provider. Ensure to disconnect your wallet and other accounts from the platform after each usage session.

Summ security and regulation

The Summ platform uses SSL encryption for security. The platform is also under 24/7 surveillance for potential cyber threats. Since Summ does not hold or interact with users’ assets, there are no custody risks; however, it is vulnerable to smart contract attacks, especially if your wallet is connected to the platform.  

Should you use Summ?

Summ is rated 4.5 stars on Trustpilot by over 750 reviewers. Users cite the platform’s intuitive tools and efficiency as the biggest appeal. Users also acknowledge the responsiveness of the customer support team and the overall good delivery.

These reviews may substantiate the platform’s effectiveness. However, note that personal experience may differ, depending on what you intend to use the platform for.

Overall, Summ offers an important service to crypto investors in regions with strict crypto tax laws. Therefore, it is one to explore. However, if you already have an effective system for your crypto tax report, you may consider the cost-efficiency before switching to Summ. Also note that Summ is best suited for on-chain users and high-frequency investors.

How to create an account and use Summ

You can register for an account on Summ using your email or crypto wallet. Don’t forget to sign up via this link to get 20% off your first year. To start using the platform;

1. Visit the website and click Get Started for free to create an account

2. Select your preferred registration method and follow the prompts to complete

3. After creating your account, select your tax jurisdiction (your country and state/region)

4. Add your accounts by entering your wallet or connecting to any of the integrated platforms

5.Wait for the tax preview calculation to be completed, and click Continue to navigate to your profile dashboard

6. From your user dashboard, you can add more records by clicking Add Account.

7. Click the respective side menus to navigate to your Transactions, Reports, and Settings sections.

8. Click Review to validate your report data.

Conclusion

The average active crypto investor performs over 30 transactions per month. Depending on the tax laws in their region, a majority of these transactions are tax-relevant. This includes lending, swaps, trades, and staking. The volatility of crypto prices further complicates record-keeping for crypto investors. As a result, tracing transactions and computing crypto taxes is more difficult than in traditional markets.

Summ simplifies this by handling the bulk of the transaction tracing and calculation on behalf of the users. It trims down the tax reporting process to verification and entry. That is, users only need to validate the calculations and complete their report using the provided data. In this article, we reviewed the project and provided a guide on how you can start using the platform for your tax reports. Follow the procedure and ensure to accurately select your region and other unique variables.