Luis Clark
Luis Clark
Luis is a personal finance expert who has been passionate and writing about crypto for more than five years.
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    Cointree Review 2022: Fees, Security and more

    cointree review australia

    Cointree Review Australia: Our Opinion

    Our candid observation in our Cointree review is that the platform has a long way to go if it intends to cater to the next generation of investors. 

    Although it offers access to 280+ popular cryptos, Cointree does not directly offer a high-end crypto trading service.

    For fee-conscious Australian investors, it ranks as one of the highest Australian cryptocurrency exchanges because it levies trading fees of 0.9%.

    An Overview of Cointree

    cointree review

    Cointree is an Australian crypto exchange focused on offering a simple way for investors to buy, sell, and exchange digital assets. Launched in 2013, Cointree is one of the best Australian crypto exchanges with a highly intuitive trading interface and a sizable digital asset library. 

    Users can trade more than 280 crypto assets on the cryptocurrency exchange, including popular names like Bitcoin, Ethereum, XRP, Cardano, and hundreds of others. Focused on the Australian landscape, Cointree provides a seamless means for investors in the region to buy and sell cryptocurrency with Australian Dollars (AUD).

    Its user-agnosticism sets it apart from some of the best crypto exchanges. 

    Cointree provides a platform where beginners with no prior trading experience can flourish and advanced tools for seasoned traders. In addition, Cointree provides an educational resource through its Learn platform. 

    This exposes beginners to all industry-specific concepts.

    For sophisticated investors, Cointree provides the Self Managed Super Fund (SMSF) investment strategy for broader portfolio diversification. 

    Also, the Portfolio functionality enables its customers to invest in the best-performing cryptocurrencies within a period. This provides a litter of between three to ten digital assets investors can profit from.

    Cointree is retail-friendly, as novices can start with as little as AUD 20. In terms of fees, the crypto exchange operates a tiered fee system. 

    The tier a user falls under determines the fee they pay. 

    Novices generally come under the Bronze description and are charged a fee of 0.9% to buy and sell digital assets and 0.25% for coin-to-coin trades. This fee is reduced based on how many trades the user completes to a minimum of 0.5%.

    The crypto exchange supports multiple deposit methods, including PayID for fiat currency deposit, which comes with instant confirmation, mobile or online banking, and cash deposits through the 1,200+ network of Blueshyft retail locations in Australia. As a result, it is more comprehensive than what is applicable on other cryptocurrency exchanges.

    The platform supports both fiat and crypto withdrawals. While fiat currency withdrawals are feeless, and users can send funds directly to their Australian bank account, crypto withdrawals are charged based on the underlying asset.

    Cointree offers high-end security features, including two-factor authentication (2FA) and a physical security device called YubiKey. The Australian exchange also incorporates a multi-factor authentication (MFA) measure. The Australian Transaction Reports and Analysis Center (AUSTRAC) regulates the exchange as a digital currency exchange.

    Pros

    Cons

    Key Features of Cointree

    While focused on creating a seamless crypto trading experience, Cointree offers so much more. In our Cointree review, we identified several unique features users can tap into:

    Portfolios

    portfolio cointree

    First on the list is the Portfolios functionality which helps to diversify users’ funds. The Portfolio capability, which is available in several bundles, allows users to invest in the best-performing cryptocurrencies within seven days. 

    Portfolio bundles feature between two top coins to as many as six cryptocurrencies. Each portfolio allocation is ranked based on their overall performance in the past week. Interested users can easily tap into them on the ‘Buy this portfolio’ icon.

    Additionally, Cointree allows users to directly compare their portfolio’s performance with its top 100 highest-earning investors to make informed investing decisions.

    Self-Managed Super Fund (SMSF)

    smsf crypto
    The Bitcoin trading hub also offers a top-notch investment service through its SMSF platform. This allows Australian investors to invest in crypto to diversify their funds into more innovative financial instruments. This way, they can better hit their retirement goals faster during a crypto bull run. The SMSF can be customised to meet each investor’s risk appetite, and users can easily tap into the rich library of Cointree to use the crypto-focused fund. In terms of compliance, the Australian Tax Office (ATO) regulates the Cointree exchange.

    Cointree Gold

    trade gold cointree

    The Cointree Gold feature allows investors to invest in gold directly. The gold reserve is covered by the popular gold enterprise Lloyd’s of London, and users can access this investment-grade gold for as little as AUD 20.

    Cointree has also partnered with Rush Gold, allowing investors to directly open a gold position from their Bitcoin wallet.

    Cryptocurrencies Available on Cointree

    This Cointree review revealed that the Bitcoin exchange offers access to 280+ coins. Here is a list of ten of the top cryptocurrencies offered on the platform:

    • Bitcoin
    • Ethereum
    • Cardano
    • Solana
    • Binance Coin
    • Ripple
    • Dogecoin
    • Polygon
    • Polkadot
    • Avalanche

    Besides offering crypto and fiat-based trading pairs, the crypto exchange offers coin-to-coin trades for all applicable assets. In addition, customers can also pay bills using their crypto assets.

    Fees

    Fees are a crucial aspect of an investor’s trading journey, which is why we have dedicated an entire talking point to it in this Cointree review. For a start, we would be splitting the Cointree fees into trading, deposit, and withdrawals.

    Trading Fees

    As we pointed out earlier, Cointree fees are based on a tiered system, where investors pay less when they trade more. The exchange has one of the lowest trading fees in the Australian market. Meanwhile, users are split into categories: Bronze, Silver, Gold and Diamond (the lowest tier).

    Bronze users are charged 0.9% for trades and 0.25% for coin-to-coin trades. The next batch is Silver, with a 0.8% and 0.2% fee system. The Gold tier takes this down to 0.7% and 0.15%, which runs down to its lowest trading fee in Diamond, with a 0.5% trading fee and 0.05% for coin-to-coin trades.

    Tier By/Sell Coin-to-coin
    Bronze 0.9% 0.25%
    Silver 0.8% 0.2%
    Gold 0.7% 0.15%
    Platinum 0.6% 0.1%
    Diamond 0.5% 0.05%

    Deposit Fees

    Cointree does not charge deposit fees for funding an account. However, for fiat or cash deposits, payment processing companies may charge a processing fee for fiat currency deposits. Additionally, there are no crypto deposit fees.

    Withdrawal Fee

    Our Cointree review shows that the exchange does not charge for fiat withdrawals to Australian bank accounts. This is quite impressive and makes Cointree one of the cheapest crypto exchanges in the Australian region. A standard mining fee may be incurred for crypto withdrawals, but this is often credited to the underlying blockchain network, not the Cointree platform.

    Payment Methods

    Cointree offers several deposit methods and allows users to deposit fiat currency through PayID, cash deposits, and bank transfer options. The PayID option comes with an instant confirmation feature, meaning users can immediately start trading once they complete the Cointree verification process.

    Also, the online banking option is a standard bank transfer and often takes between 1-2 business days before funds are accessible.

    Lastly, Cointree offers a cash deposit feature through its partnership with Blueshyft. The payment processing company allows users to walk into its 1,200+ retail locations and pay bills with fiat for digital goods and services. This adds convenience for users who may need funds in their bank account.

    Security

    Security is a major concern among investors, given the attacks the emerging crypto market has experienced in the last decade. So is Cointree safe? To secure its customers’ funds, Cointree offers two-factor authentication (2FA) and a hardware wallet device in partnership with YubiKey. This increases the security standard and comes with biometric and regular 2FA features. This is called the multi-factor authentication (MFA) option. Meanwhile, the Cointree website uses highly secure SSL certificates to protect users’ login details. The platform also has a stellar record of not being hacked since its inception in 2013.

    Staking Rewards

    Staking is similar to an interest-yielding savings account and offers investors means to generate passive income from their idle crypto. The process involves locking up digital currencies for a period to secure a blockchain network. This is largely peculiar to the proof-of-stake (PoS) consensus-based networks and is targeted at protecting the protocol from an external attack.

    In return for pledging coins, stakers are rewarded with newly minted coins created from verifying transactions from the network. Cointree is currently fleshing out its staking service and seeks to create more ways for Australian investors to earn and hit their financial targets.

    Once the option goes live, the feature will be enabled on the Cointree website and mobile app, allowing investors to earn from their digital currencies.

    Opening a Cointree Account

    Getting started on the Cointree platform is quick and easy. A trader can become a Cointree customer by following the simple steps below:

    Sign Up

    cointree sign up

    First step is to visit the Cointree homepage. Tap on the ‘Start Now’ button on the far right-hand corner of the screen. Insert a valid email address, and choose a strong, unique password. Once this is done, tap on the ‘Create Account icon to register.

    Verify ID

    Cointree requires ID verification to unlock the platform’s full features. This is part of the accepted global financial laws seeking to cut money laundering and terrorism financing. To do this, tap on the profile icon and select the ‘Verify’ icon. Submit a recent driver’s license, official passport, or government-issued ID card.

    The verification process on Cointree is rapidly done, and users can get access to the full platform features within 24 hours.

    Deposit

    deposit cointree

    Next step is to deposit funds. To do this, tap the ‘Make A Deposit’ icon and select a preferred payment style on the next page. Users should note that all deposit methods on Cointree have a purchasing limit per day. For instance, online banking and PayID have a $10,000 maximum cap, while cash deposits come with a $9,000 daily maximum.

    Select the desired one and follow the on-screen prompts to complete the process. The transferred funds would automatically be deposited into your Cointree account.

    Buy Crypto

    Final step is to buy crypto. Click on ‘Buy Coins’ and type the ticker symbol of the digital asset. Then select the digital currency and tap the ‘Market Price’ to buy at the current trading price. Insert how much to deposit and click on ‘Confirm’ to complete the trade.

    The digital asset would be directly deposited into the user’s wallet.

    Trading Experience

    Trading on Cointree is quite easy, and users with basic computer skills can buy and sell digital currencies with minimal effort due to its user-friendly layout. Users can easily trade by inserting the ticker symbol into the search bar and selecting their preferred asset. Set their purchasing price and confirm the trade. The Cointree dashboard is also clean-cut and intuitive, making the entire trading experience smooth and easy.

    Customer Service

    The Cointree customer support team is always available to help investors unfamiliar with the platform. Investors can easily use the Help Center service to get detailed walkthroughs and guidance on how to trade on the platform.

    For more personalised service, Cointree support staff can be contacted via phone call. However, this is only available from Monday to Friday between 8 AM to 5 PM Melbourne business hours.

    Finally, a live chat button lets users directly message the support team to get near-instant responses to their inquiries. This is also accessible between the hours of 8 AM to 5 PM.

    Customer Satisfaction

    Customer satisfaction is a major metric for determining a customer’s lifetime value. In this regard, the Cointree exchange scores an average mark, according to Trustpilot reviews. Out of a possible 344 Cointree reviews, 51% of 344 customers give it a five-star rating, while 25% gave the platform a one-star rating.  According to Trustpilot, the platform scores 3.7 out of a possible 5.

    Does the Exchange offer Education

    Cointree offers a learning platform called Cointree Learn for educating new investors. The educational service provides long and short-form content on non-fungible tokens (NFTs), cryptocurrencies, and blockchain technology.

    The articles are written in an easy-to-understand format for the average investor. This is largely in line with other crypto exchanges, given the relative novelty surrounding crypto assets.

    Is Cointree Right for You

    Cointree is suitable for crypto newbies looking for a reasonably packed crypto exchange to diversify their portfolios.

    However, advanced investors may seek more features for their trading needs. The platform lacks access to advanced trading features like margin and futures trading. Also, its trading fee is among the highest compared to other Australian crypto exchanges that offer experienced traders more discounts.

    Conclusion

    Cointree has an intuitive and user-friendly platform where investors can trade with up to 280+ cryptocurrencies.

    However, the platform is more beginner-focused and offers minimal products for more experienced investors. For example, staking, NFTs, yield farming, etc. are currently not available on the platform.

    Our extensive analysis of the Australia Crypto Exchanges doesn’t stop here. You can also read about our Independent Reserve Review as an alternative to Cointree or you can check out our Guide on the best crypto exchanges available to Australians to choose the right crypto exchange for you among our picks.

    FAQ

    Most frequent questions and answers

    Although there is a Cointree wallet, the platform is naturally a crypto trading service. Cointree allows users to buy, sell, and trade over 280 digital currencies in a simple-to-use trading interface that also allows them to hold assets in wallets on the crypto platform.

    Cointree is located in Melbourne, Australia and has been operating since 2013.

    Yes, there is a mobile app for the popular Australian crypto exchange. However, this is limited to only iOS devices as the platform does not work on Android OS. Meanwhile, there are no separate mobile app trading fees as the Australian cryptocurrency exchange charges the same across the board.

    Cointree require ID verification for new traders. New users can verify their account by submitting a copy of their driver’s license or government-issued identity card. ID verification process on Cointree usually takes about 24 hours to be completed but can extend much longer if the information doesn’t match or the details are blurry.

    We always try to provide the most accurate information available, and make sure our team follow through.
    If you want to know more about our Crypto Exchanges Review Methodology follow the link below

    Skrumble.com provides all its content for informational purposes only, and this should not be taken as financial advice to buy, trade or sell cryptocurrency or use any specific exchange. Please do not use this website as investment advice, financial advice or legal advice, and each individual’s needs may vary from that of the author. This post includes affiliate links with our partners who may compensate us. 

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