At first glance, cryptocurrency exchanges may appear to be the same, but they are indeed very different. Since they are not as strictly regulated as traditional exchanges, doing your homework is extremely critical.
Cointree is one of Australia’s first cryptocurrency exchanges, established in 2013 with the goal of making cryptocurrency available to a wide market. It has a network of over 80,000 traders with an offering of more than 250+ coins. On the other hand, CoinSpot is Australia’s premier trading platform with more than 2 million users and over 360+ coins.
Our analysis below will help you find out which exchange you should choose as an Australian investor. Don’t have time to read everything? After carefully assessing every aspect of both exchanges, CoinSpot remains our number 1 choice for both new investors and veterans.
CoinSpot vs Swyftx Comparison Table
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| Coins | 350+ cryptocurrencies | 250+ cryptocurrencies |
| Deposit Fee | Bank transfer, PayId, OSKO, POLi: FreeBPAY: 0.9%, Cash: 2.5% | Fiat deposits via bank wire: 0.1%, minimum fee $60Cryptocurrency: Free |
| Trading Fee | Market: 0.1%, Instant Buy: 1% | Varies |
| Withdraw Fee | Free | Fiat withdrawals: 0.1%, minimum $60Express bank wire withdrawals: 1%, minimum $100Crypto withdrawals: Varies |
| Payment Methods | Bank transfer, BPAY, Cash Deposit, PayID, OSKO, POLi | Visa, MasterCard, UnionPay, Crypto, Bank or wire transfer |
| Notable Features | CoinSpot's Bundles to diversify portfolioRobust security systemNFT MarketplaceCoin staking services OTC Trading Desk | Margin trading/Margin fundingCorporate accountsAdvanced chart features |
| Supported Devices | Web, IOS and Android | Web, IOS and Android |
| Verification Speed | Fast | Slow |
| Customer Support | 24/7 quick Live Chat customer supportHelp DeskRequest-a-callback feature | Slow response timeNo live chat support |
| Year Founded | 2013 | 2012 |
| Beginner Friendly | Yes | No |
| Built in Crypto Wallet | Yes | Yes |
CoinSpot vs Cointree: Overview
CoinSpot Overview
CoinSpot, founded in 2013 by cyber-security expert Russell Wilson, is one of Australia’s best cryptocurrency exchanges. CoinSpot is the most secure platform (based on external audits and security certification), and its user base nearly doubled in six months in 2021, with over two million users at the end of the year.
CoinSpot’s main goal is to provide a safe, secure, and simple way for Australians to trade cryptocurrency while being protected by Australia’s regulatory framework.
CoinSpot has established itself as a premier and trustworthy crypto trading platform over the years. It is ISO 27001 certified, meaning that it meets international standards for information security management, confidentiality, and integrity.
In other words, CoinSpot has gone above and beyond to safeguard its customers against fraud, data theft, and other security threats.
Moreover, CoinSpot is also registered with the Australian Transaction Reports and Analysis Centre (AUSTRAC), a financial intelligence organisation that combats money laundering, organised crime, and terrorism financing.
Most importantly, CoinSpot is a certified exchange with Blockchain Australia (not just a basic member), which shows that they are adhering to the best prace standards. CoinSpot, undoubtedly, is a reputable leader in the blockchain and cryptocurrency industry in Australia.
Cointree Overview
Cointree is a Melbourne-based exchange that was founded in 2013. The platform now has over 80,000 users.
Though both CoinSpot and Cointree were launched in the same year, Cointree has seen a much slower growth in terms of coin offerings, range of services as well as number of users. And though it is licensed by AUSTRAC (meaning its operations are governed as per Australian laws), customers have raised concerns about its shady practices, such as not allowing investors to access their own private keys or charging expensive, hidden fees.
While CoinSpot has over 360 listed cryptocurrencies, Cointree currently only has around 260 coin offerings.
Pros and Cons: CoinSpot
Pros
AUSTRAC-regulated and ISO certified
Over 360 cryptocurrencies offered, including BTC, ETH, LTC, ADA
OTC services for high volume traders
Live Chat support 24/7
NFT marketplace to streamline transaction process
Cryptocurrency staking for Proof-of-Stake coins like Solana, Cardano, Fantom. No lock-in periods required.
Cons
Only supporting fiat currency deposits and withdrawals for AUD
Credit and debit card payments are not supported
Pros and Cons: Cointree
Pros
Simple interface for new investors
Large selection of coins
Cons
Slow verification process (24-48 hours)
High trading fees
Dedicated account managers only for VIPs, SMSFs, and Institutions.
Limited trading features
No mobile app
CoinSpot vs Cointree: A detailed comparison
CoinSpot vs Cointree Fees
CoinSpot Fees
CoinSpot’s fee scheme is very transparent and competitive compared to most exchanges in Australia. If investors deposit via BPAY, they will be charged a 0.9% deposit fee; if they deposit cash, they will be charged a 2.5% deposit fee. CoinSpot allows investors to withdraw their AUD for free. A 1% fee will be applied to instant buy and sell transactions.
CoinSpot also offers a user-to-user trading option for as little as 0.1% of each transaction, with up to 14 different coins available for trading.
Moreover, investors who make high-volume transactions may take advantage of CoinSpot’s OTC (Over-The-Counter) Trading Desk with an incredibly competitive charge of 0.1%.
Cointree Fees
On the contrary, the fees on CoinTree are significantly higher than CoinSpot. If you use PayID to deposit money into your CoinTree account, you will be charged a fee of $1.30. For cash deposits, it’s 3% and for bank transfers as well as cryptocurrency, it’s free. In terms of trading fees, if you start trading on CoinTree and decide to buy or sell crypto with fiat, a 0.9% fee will be applied. For coin-to-coin trades, this number is 0.25%.
For AUD withdrawals from Cointree wallet to a bank account, Cointree does not charge any fees. However, withdrawals of cryptocurrency may be subject to a standard mining fee, depending on the network conditions of the respective blockchain.
Winner: CoinSpot
CoinTree have much higher trading fees compared to CoinSpot.
CoinSpot vs Cointree: Deposit and Withdrawal Methods
Deposit methods available on CoinSpot
Both CoinSpot and Cointree offer multiple payment options for their investors.
CoinSpot users can choose to place deposits via POli, PayID, or direct deposit through OSKO. POli deposit is instant, while PayID and Direct Deposits are only instant after the first deposit. Other options include BPAY deposits, which will come with a 0.9% fee and cash payments with a 2.5% fee. Withdrawing AUD into an Australian bank account is free.
Similarly, investors on Cointree can deposit money into their account using cash, cryptocurrency, POli, PayID, or online banking at no charge. However, it’s worth noting that withdrawal in cryptocurrency may incur a fee, depending on what coin you have selected. Cointree does not support credit cards.
Winner: CoinSpot
CoinSpot and Cointree both have fee-free deposit methods, but CoinSpot gives their customers more flexibility by also offering BPAY deposits at merely 0.9% fee.
CoinSpot vs Cointree: Notable Features
Cointree Features
A nice feature on Cointree is Crypto Billpay, which allows users to pay bills in fiat currency from their crypto holdings via the BPAY bill functionality. Credit cards are also supported. Generally, you can pay your bill with any asset on Cointree.
When you pay a bill, Cointree will convert the cryptocurrency of your choice from your crypto wallet and then sell the appropriate amount of cryptocurrency to cover the bill’s value in Australian dollars. However, it’s worth noting that the fees are incredibly high since this is still a new feature. They charge a 1% fee to use this feature plus a 0.9% sell fee.
Source: Cointree
Recurring purchases is also a notable feature on Cointree, allowing you to set up a regular bank deposit and automatically purchase Bitcoin at the market rate as soon as the funds enter your Cointree account without having to log in.
CoinSpot Features
For CoinSpot, one feature that we highly recommend to newbies is CoinSpot’s Bundles. They currently have 12 bundles, like DeFi bundle, NFT bundle, Green bundle, Social Bundle, AI Bundle and the Top Ten Market Cap Bundle. This feature is great for investors who want to lower the transaction costs and diversify their portfolio.
CoinSpot OTC counter, on the other hand, caters to large scale and institutional investors who perform high-volume transactions. This service provides immediate liquidity and settlement into your account and is extremely popular for for transactions of $50,000 AUD or more. This feature also includes the option to have a CoinSpot Account Manager call you and execute the trade on your behalf 7 days a week. This premium feature is highly rated and recommended if you make larger trades.
CoinSpot is also one of the few exchanges in Australia to offer self-managed super funds (SMSF). If you are looking for a way to save for retirement, CoinSpot is here to help. They have a specialised SMSF team to assist you with the registration and trading process.
This March, CoinSpot has officially become the first cryptocurrency exchange in Australia to offer a native NFT Marketplace and NFT Wallet on their platform. Users can use the CoinSpot NFT Exchange to purchase a variety of NFTs listed on OpenSea, such as Bored Ape Yacht Club, Cool Cats, DeadFellaz, World of Women, 3Landers, VeeFriends, and many more straight from your CoinSpot wallet.
Another great feature that sets CoinSpot apart from its competitors is the Staking services. CoinSpot provides Staking wallet for investors to hold their PoS coins. Your rewards will depend on the number of coins in your staking wallet and the length of time they have been there. They currently have 22 coins ready for staking.
CoinSpot’s NFT Marketplace. Source: CoinSpot
Winner: CoinSpot
CoinSpot wins this round easily. We are deeply impressed by the wide array of services that CoinSpot offers their users. Their NFT Marketplace and Staking wallet are proof that CoinSpot will always be a pioneer in the crypto industry.
CoinSpot vs Cointree: Supported Cryptocurrencies
When it comes to coin offerings, no other Australian exchange can beat CoinSpot. CoinSpot users are free to buy, trade, swap more than 360+ coins on this platform. This extensive list is still updated regularly as CoinSpot wants to make sure their investors can always find the cryptocurrency of their interest. For fiat currencies, CoinSpot currently supports only AUD.
Cointree now has more than 260 coins, including major coins like Bitcoin, Solana or Dogecoin. However, you should be aware that customers have filed complaints about not being able to make transaction with altcoins and have to submit support request because of this system error.
CoinSpot supports more than 360 different cryptocurrencies (Source: CoinCulture)
Winner: CoinSpot
With a massive selection of both major tokens and altcoins, CoinSpot is the best exchange in Australia for investors who want to diversify their portfolios.
CoinSpot vs Cointree: Security
Source: CoinSpot
CoinSpot Security
CoinSpot is undoubtedly the most secure trading platform for crypto investors. Aside from the standard 2FA, anti-phishing codes, offline crypto storage in cold wallets, geo-lock logins, and session timeouts, they are also ISO 27001 certified. To this day, they are the only Australian cryptocurrency exchange to meet this stringent external auditing standard, hence becoming the most trusted and secure platform. CoinSpot has also received the Blockchain Australia Certified Digital Currency Exchange provider certification, demonstrating their adherence to the Australian Digital Currency Industry Code of Conduct.
As for Cointree, some security measures that they employ are hot/cold wallet system, 2FA authentication, website traffic runs over encrypted SSL (HTTPS), secure server and closed network environments.
Source: Cointree
However, there’s one particular thing we don’t like about Cointree. Investors don’t have access to their private keys, which means you won’t have total ownership of your accounts. This is different from CoinSpot, where you are in complete control of your money.
Winner: CoinSpot
CoinSpot is the winner of this round. It is currently the safest exchange for Aussie investors, and you can always be sure your account is protected with the highest levels of security.
CoinSpot vs Cointree: Verification Speed
The verification process on Cointree has 2 steps: a photo and an ID verification. There have been complaints about the slow verification process, however. It can take up to 1 week before users can begin trading on Cointree. Conversely, CoinSpot is well known for its simple and speedy verification process. This includes a 3-step verification process, and users can access their accounts within minutes. They may deposit up to $2000 after registration. For higher trading volumes, additional information will be required.
Winner: CoinSpot
CoinSpot offers their users a smoother, faster verification process.
CoinSpot vs Cointree: Customer Support
CoinSpot Customer Support
Aside from a superb security system, CoinSpot also takes pride in its excellent customer service.
ZenDesk is CoinSpot’s primary support provider. This fantastic customer service platform has been used by over 200,000 businesses worldwide and it has received stellar reviews from customers for its ease of use.
Request-a-call back is a new feature that CoinSpot recently introduced to its customers. This feature allows users to set up a call with a team member at CoinSpot to discuss any issues they are encountering.
Additionally, CoinSpot also offers 24/7 live chat feature to connect customers with a real human agent any time they want. Imagine you run into a problem when trading on their platform and need their assistance, you can send message to their team and receive response within 1 minute! CoinSpot’s support team are competent and passionate about helping their clients, so don’t hesitate to reach out to them if you have any queries. In fact, if you go on Trustpilot, you could easily find thousands of reviews praising how professional and responsive the customer support team at CoinSpot is.
Cointree Customer Support
With Cointree, if you have VIP or SMSF accounts, you will have account managers to help deal with high-value transactions and large trade volumes. For personal accounts, however, there are many bad reviews about the unhelpful customer service. Slow response time, no phone contact, are just some of the problems that customers have complained about Cointree.
CoinSpot has 24/7 support that can get back to customers within a minute. Source: CoinCulture
Winner: CoinSpot
It’s hard to find another exchange that’s so dedicated to customer service like CoinSpot. Investors using CoinSpot always have access to the best support team.
Overall winner – CoinSpot
CoinSpot has constantly proved that it is the best trading platform in Australia, for Australian investors. If there’s one exchange where you can feel confident trading, it’s CoinSpot. It has one of the most extensive selections of crypto coins for customers to trade. The exchange offers over 300 different currencies for trading, making it one of the largest in the world. It also enables you to exchange fiat currency for cryptocurrency, which is not always possible with other exchanges. The majority of the assets are kept in high-security cold storage, and users can enable security features such as two-factor authentication, phone verification, and anti-phishing phrases. In conclusion, CoinSpot is an excellent exchange for traders of all levels who want flexibility and peace of mind.
FAQS:
Is CoinSpot or Cointree better?
CoinSpot outperforms CoinJar in every aspect. It has an enhanced security system, massive coin collection, a great support team and innovative features. Cointree still lacks a lot of trading options and its exorbitant fees can discourage a lot of traders.
Why is there a price difference between CoinSpot and Cointree?
Transaction fees on CoinSpot are much lower than Cointree. Besides, you have access to the best crypto platform in Australia. A network of 2 million users, a selection of more than 360 coins, not to mention an impressive security system that has never been hacked. You really can’t go wrong with CoinSpot.
Is CoinSpot the same as Cointree?
No. Both are Australian-based exchanges and were founded in 2013, but there are plenty of differences between these two exchanges. CoinSpot is the most popular platform in Australia and has been internationally recognised by reputable organisations for its security system. Cointree currently has more than 100,000 users, a modest number compared to CoinSpot. It also has fewer features and its customer service is not as great as that of CoinSpot.
The following review is for informational purposes only and should not be construed as financial or investment advice. It is important to note that cryptocurrency is a highly volatile and speculative market, and there is no guarantee of profit or loss. This review is based on the author’s personal experience and research, and individual results may vary. The author is not affiliated with any of the exchanges mentioned in this review and does not receive compensation for their mention. It is recommended that readers conduct their own due diligence and consult with a financial advisor before making any investment decisions.
The information regarding performance may be different from the time of publication. Past performance does not guarantee future results. While we believe that all content was accurate at the time of posting, it is possible that some offers included in the content may no longer be valid.
