Cointree Review: Is It Safe To Use This Exchange?

Cointree is an Australian crypto exchange that allows individuals to obtain Bitcoin and other coins using local currency. The exchange is well known and is widely regarded as a top crypto exchange in Australia.

In this Cointree review, we will provide an overview of the exchange, its features, user-interface and trading fees. While we aim to always provide you with accurate information, we suggest that you visit their site from time to time in case some updates occur afterward.  

Key  Features:

  • Simple and beginner-friendly exchange in Australia
  • Supports the major cryptocurrency assets
  • Competitive trading fees
  • Allows dollar cost averaging to build positions over time
  • SMSF investors can use the platform
  • 3.6 star rating based on 273 reviews

overall 

4.2/5

Special Promotion: Free $10 bonus after first trade

Ease of use

User interface

Fees

Security

Before getting started, we recommend using a Bitcoin wallet such as the Ledger Nano X when trading cryptocurrency. If you don't have a wallet, read our guide on the best Bitcoin hardware wallets.

Cointree website

What Is Cointree?

Cointree.com is a well-established cryptocurrency exchange that is based in Australia and provides an easy, fast and safe service to purchase over 160 digital currenciesThe platform allows users to deposit AUD and convert into digital assets such as Bitcoin, Ethereum and other altcoins in Australia. Cointree has over 80,000 registered users and is AUSTRAC regulated.

Quick Summary

Exchange Name

Cointree

Fiat Currency

AUD

Cryptocurrency

160

Payment Type

POLI, PayID, Bank transfer, Cash Deposit

Trading Fee

0.5% & 0.9%

Deposit Fee

POLI: $3.50

PayID: $2.75

Bank transfer: None

Cash Deposit: $3.00

Withdrawal Fee

Bank account: None

Crypto: Standard network fee

Mobile App

No

Cointree Compared

Bank transfer is one of the most popular methods to deposit AUD on Cointree. This comparison table lists other popular Australian cryptocurrency exchanges like Cointree that allow its users to buy Bitcoin with a bank transfer.

Exchange

Trading Fees

Rating

Review

Promotion

Website

swyftx

Swyftx

0.6%

5/5

$10 Free Bitcoin
coinspot

Coinspot

0.1% / 1%

4.6/5

None available at this time

digital surge

Digital Surge

0.5%

4.6/5

$10 Free Bitcoin

Is Cointree Safe?

Cointree appears to be a safe crypto exchange with several security measures to protect its user's personal information and keep their funds secure. These measures include SSL certification, two-factor authentication, wallet and personal information encryption. There has also been no reported hacks of theft of funds on Cointree since the cryptocurrency exchange was established.

Is Cointree Legit?

Cointree appears to be a legitimate cryptocurrency exchange that is AUSTRAC regulated. The exchange is bound to strict compliance with Australian laws and regulations such as AML/KYC to limit the risk of fraudulent activity. Since its launch in 2013, Cointree has helped thousands of beginners, intermediate traders and high net-worth investors to get started with digital assets such as Bitcoin, Ethereum and many others.

cointree trading

Features & Services

Cointree is focused on allowing residents in Australia to buy and sell crypto. The platform offers attractive features such as:

  • Intuitive and easy to use trading platform suited to beginners and intermediate traders
  • Instant and easy trading of over 160+ cryptocurrencies
  • Real-time market data and charting to trade popular altcoins
  • OTC desk for high net worth individuals
  • Support for SMSF investors to invest in digital currency
  • A secure wallet that stores a portion of funds in offline cold wallets to protect users funds
  • Learning Hub with educational guides to help people get started

Registration & Login

To create an account with Cointree.com, users will need to go through a registration process to create a trading account. Cointree exchange will prompt for an email address. Verification of the email address completes the basic account creation process to login to the Cointree dashboard and explore the exchange features. 

Cointree Verification

Cointree users are required to verify their accounts to minimize fraud in accordance with regulations. Creating a basic account with the cryptocurrency exchange allows the individual to explore the platform's features, however, will not be able to perform any actions such as depositing funds or use the buy/sell platform. The verification tiers for Cointree are as follows: 

Level

Verification Info

Features

0

Email address only

Explore platform only with restricted functionality.

1

Proof of Identity

Can buy, transfer and pay with crypto

2

Bank Account Verification

Can sell Bitcoin back into AUD directly to a local bank account

The time to complete the full identity verification process can take up to 1-2 business days. We suggest the user's ensure the information provided is up to date as this can result in delays processing the application, as was our experience. By comparison, the verification process does take time and brokerage platforms such as Swyftx are quicker to create an account and start trading with email verification only. 

Depositing Funds

Cointree offers several options to deposit funds into the exchange which are widely available to customers within Australia such as PayID, POLi, Bank transfer and cash deposit. The minimum purchase amount is $20 and up to $10,000 per day depending on the bank. 

  • PayID (Instant). Most banks and financial institutions in Australia support PayID. Deposits are credited into the Cointree wallet instantly  
  • POLi (Instant). POLi Payments is a service provided by Australia Post that provides instant confirmation of payments. It is one of the best payment methods available for purchasing Bitcoin as quickly as possible. 
  • Bank transfer (1-2 business days). Transferring funds directly to the Cointree account does take a bit longer, however most Australian's will be familiar with this process. Record the reference number with your deposit to be processed to avoid any delays.
  • Cash Deposits (Instant). Cointree has partnered with Blueshyft that features a network of 1,200+ retail locations around Australia. This payment method allows Australians to buy crypto with cash to deposit into your Cointree account.

There is currently no option to use PayPal or a credit/debit card to transfer fiat currency to Cointree. Individuals that prefer the convenience of using a credit card will need to use a global fiat-to-crypto exchange that allows this deposit method. Two of the most popular cryptocurrency exchanges which accept bank card payments are Coinbase, Binance and CEX.IO.

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Buying Cryptocurrency

Cointree users in Australia can quickly and easily purchase crypto with a fiat currency using several deposit methods as described above once your account is verified. The process takes only a few minutes. To buy Bitcoin using AUD with Cointree, follow these simple steps:

  1. Visit the Cointree website and login to your account 
  2. Navigate to the top and hover click on 'Buy / Sell / Trade'
  3. Select the cryptocurrency asset you wish to purchase
  4. Enter the amount of cryptocurrency you want to purchase  
  5. Cointree will calculate the amount of crypto you will receive (incl. fees)
  6. Choose your preferred payment method (e.g. PayID, POLi, bank transfer or cash deposit)
  7. Fill in your banking details and review the order
  8. Complete the transaction and receive the crypto in your Cointree wallet

For a complete overview and demonstration of Cointree, watch the video below.

Trading Fees

Cointree uses a tiered-fee structure that varies between 0.5% and 0.9% depending on the volume traded. The trading fees are quite reasonable for high net worth investors. However, for beginners that are looking to make their first crypto purchase, Cointree's trading fees are not the cheapest option available in Australia. 

Tier

Fee

Trade Volume

Bronze

0.9%

0

Silver

0.8%

$10,000

Gold

0.7%

$50,000

Platinum

0.6%

$200,000

Diamond

0.5%

$1,000,000

We also note the spread between the bid and ask is high compared to other cryptocurrency exchanges. Spread costs are a hidden charge that new traders will not be aware of. At the time of writing, there is a $670 premium on the price of Bitcoin. A trader that purchases 1 BTC and immediately sells it back to the exchange will incur a considerable loss even if the price of the asset remains the same.

This is a major drawback with using Cointree as these hidden costs will accumulate over time. It is important to check the trading fee AND spread when looking for a cryptocurrency exchange. This is why we have rated Swyftx as our top Australian platform as they are transparent with their trading fees and spreads to maximise the amount of Bitcoin purchased or converted back into AUD.

cointree spread

Deposit & Withdrawal Fees

Cointree does not charge a fee to deposit Australian Dollars to the exchange using a bank transfer. Other payment methods such as PayID, POLi and Cash Deposit will incur a small fee up to $3.50.

Payment Type

Fee

Limit

PayID

$2.75

$25 min. $2,000 per 24 hours max.

POLi

$3.50

$25 min. $10,000 per 24 hours max.

Bank Transfer

None

$20 min. $10,000 per 24 hours max.

Cash

$3.00

$50 min. $8,000 per transaction max.

Existing users that want to sell Bitcoin and withdraw AUD from the Cointree wallet into a bank account will not be charged a fee. For cryptocurrency withdrawals to another exchange or a personnel hardware wallet such as the Ledger X, a standard transaction (mining) fee will be charged that is based on the blockchain network load for the specific coin. 

Customer Support & Reviews

Cointree's website provides a comprehensive Help and Support section to assist beginners that want to buy Bitcoin or other coins for the first time. The guide covers a wide range of topics such as:

  • Account & ID Verification
  • Account Security
  • Depositing AUD and Withdrawing Funds
  • Trading Bitcoin and Altcoins
  • Self Managed Super Funds
  • Affiliate Program 

There is also the option to contact the customer service team directly by 'Submitting a Request'. There is no live chat bot to answer any queries after-hours. On search of Cointree reviews, recent feedback and comments on platforms such as TrustPilot and ProductReview are quite negative. 

Cointree Alternatives

The following alternatives to Cointree are reputable, safe and trustworthy cryptocurrency exchanges to purchase Bitcoin in Australia and altcoins such as Ethereum, XRP and Litecoin.

swyftx

Swyftx

Swyftx is a state-of-the-art platform that allows you to purchase cryptocurrencies in a quick and easy manner. The registration process is incredibly simple with rapid sign-up and verification that takes less than two minutes.

independent reserve

Independent Reserve

Independent Reserve is a popular exchange among cryptocurrency traders around the world that offers trading competitive fees and support for traditional fiat currencies such as the Australian Dollar, New Zealand Dollar and US Dollar. 

coinspot

Coinspot

CoinSpot exchange is well respected in the local Bitcoin community and is focused on helping newcomers to buy Bitcoin and cryptocurrency in Australia with Australian Dollars.

Frequently Asked Questions

Who Owns Cointree?

Cointree does not provide details on the founder however the website states partnership with strategic companies such as the Blockchain CentreBlockchain Australia and Everything Crypto Australia

Does Cointree Require ID Verification?

Cointree requires users that buy or sell cryptocurrency to prove their identity in accordance with Know-Your-Customer (KYC) protocols. To verify your account, the following documents can be uploaded: 

  • International passport
  • National ID card
  • Driving license

Is There An Affiliate Or Referral Program?

Cointree has an affiliate program that rewards between 30-70% of the commissions on each trade for all new members that sign up using a unique referral link. The commission rate is based on a tiered structure so the more users referred will generate greater profits.

Can You Buy Crypto Using SMSF?

Cointree supports Australian investors that decide to use their Super Fund (SMSF) to purchase digital currency like Bitcoin (BTC), Ethereum (ETH) and other cryptocurrencies. Users will need to complete a letter of authority which will allow Cointree to set up a SMSF account.

Does Cointree Have Recurring Buy Orders?

Cointree allows its users to setup recurring deposits to automatically purchase crypto. Once a recurring deposit has been setup to a Cointree account, the exchange will convert the available funds to Bitcoin at the current market rate automatically.

Conclusion

To conclude our Cointree review, the exchange provides a simple, easy-to-use platform for Australians to buy, trade, sell and even pay bills with cryptocurrency. We found the process of creating a new account, identity verification, payment options and purchase crypto to be fairly straight forward. 

The verification process did take a while and could be further streamlined. We did note there are several references to the cause of delays with verification, so assume this has been a frustration with previous Cointree users based on user reviews. 

The trading fees offered by Cointree are competitive in the market, however the difference in spread between the buy and sell price is high compared to the best Australian crypto exchanges. While the trading fee can be reduced with higher trading volumes, the spread charge does not favour the investor in the long run.

Cointree

4.1

Ease of use

4.5/5

Reputation

3.5/5

Fees

4.0/5

Deposit methods

4.5/5

Customer support

4.0/5

Pros

  • Simple and beginner friendly
  • Recurring crypto purchases
  • Support for SMSF investors
  • Pay bills with crypto
  • Rapid verification process

Cons

  • Does not have a mobile app
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Kevin Groves
Kevin is the founder of hedgewithcrypto and is passionate about blockchain technology. He has been involved with Bitcoin since 2016 and is a swing trader with over 10 years of experience. He loves trading crypto using various platforms and helping others learn about cryptocurrencies via hedgewithcrypto.