Cointree is an Australian crypto exchange that provides Australians with various crypto products and services, such as a hassle-free procedure for buying digital currencies via a user-friendly interface. Over 280 digital assets are supported, and you can execute coin-to-coin trades, a feature unique to a brokerage platform. However, not all crypto providers are the same. This post examines the factors that contributed to Cointree’s success, and its strengths, limitations, and benefits to aid your decision-making process.
Cointree is an established and AUSTRAC-regulated, Australia-based cryptocurrency exchange. Since its introduction to the market in 2013, Cointree has had over 80,000 registered customers and significantly expanded its product and service offerings beyond buying and selling cryptocurrency.
Consequently, over 160 digital currencies, including Bitcoin, Ethereum, and Dogecoin, are available for purchase and sale. This makes Cointree a good option for newcomers who wish to convert AUD to cryptocurrency swiftly and securely. Cointree is a popular cryptocurrency exchange for Australians due to its user-friendly design, fees ranging between 0.5% and 0.9%, and support for SMSF investors.
Here is a brief overview of the exchange.
Fiat currencies supported
Bank transfer, PayID, cash deposit
BTC, ETH, XRP and 280+ more
Spot: 0.5% – 0.9%;
Coin-to-coin: 0.05% – 0.25%
Crypto: Network fee that depends on cryptocurrency
Yes (iOS and Android)
Pros & Cons
Cointree is an excellent platform for Australians to purchase, trade, and sell cryptocurrency. Before trading on this exchange, it is necessary to consider several factors. Based on our evaluation of the platform, these are the pros and cons of Cointree.
Large number of available options
The tiered transaction fees are competitive
User-friendly interface for novice investors
AUSTRAC licenced exchange in Australia
Support for SMSF investors
Limited features, so hence unsuitable for seasoned traders
Not the cheapest in Australia for high volume investors
No mobile app for you to trade on the go
High entry-point trading fee, with a 0.9% fee for newcomers
Although not as exhaustive as other Australian brokerage platforms we’ve reviewed, such as Swyftx and CoinSpot, Cointree’s list of accepted digital assets is still among the most comprehensive. Currently, AUD currency may be used to acquire over 280 digital currencies, including Bitcoin and a multitude of altcoins. However, Shiba Inu (SHIB) and other popular currencies are not supported on Cointree.
Cointree offers a variety of widely accessible alternatives for depositing funds into the exchange, including PayID, POLi, Bank transfer, and cash deposit. The minimum purchase amount is $20, while the maximum daily buy amount depends on the bank.
- PayID (Instant): Most Australian banks and financial organisations support PayID. Instantaneously, deposits are credited to the Cointree wallet.
- POLi (Instant): POLi Payments is an Australia Post service that enables fast payment confirmation. It is one of the most suitable payment options available for acquiring Bitcoin.
- Bank transfer (1-2 business days): Transferring cash straight to the Cointree account takes a little longer. Users can include the reference number with their deposit to avoid any delays.
- Cash Deposit (Instant): Cointree has partnered with Blueshyft to enable Australians to buy cryptocurrencies with cash and deposit them into their Cointree accounts.
You cannot transfer fiat to Cointree using PayPal or a credit/debit card. Those who want the ease of purchasing cryptocurrency using a credit card must select an Australian exchange that accepts this deposit method. CoinSpot, Swyftx, Binance, and Crypto.com are among the most popular crypto exchanges that support credit card payments.
Cointree’s Notable Features
The Cointree platform was created with novices. Although the design is typical of other Australian brokerage platforms, it is visually appealing and easy to use, making it suitable for those with no prior crypto exchange expertise.
The features of Cointree, including those that allow you to manage your portfolio, are easily navigable. Using one of the approved methods to fund your account wallet and buying and selling Bitcoin for AUD is simple, with a minimal learning curve.
Basic Order Types
The process of funding your account with AUD and using it to purchase Bitcoin and Ethereum has been streamlined to eliminate confusion and complexity for new users. Select the cryptocurrency you wish to acquire, enter the amount of AUD you want to spend, and confirm the transaction.
Cointree displays the transaction costs associated with each purchase and sell order. The assets that you acquire will be transferred to your wallet very immediately. Withdrawing funds from your wallet and depositing them into your selected Australian bank account is streamlined, a feature that other platforms frequently overlook.
As with most other crypto trading platforms, Cointree supports the following order types:
- Market: The asset is bought at the current market price.
- Quoted Price: Once the market price reaches the quoted price, the transaction is performed.
- Recurring: You can automatically purchase cryptocurrency in increments over time to avoid the effects of price volatility.
Coin-to-Coin Swap & Crypto Payment
You can exchange one cryptocurrency for another. There are no related fees, but the regular blockchain transaction charge will apply. Other local Australian exchanges, like as Swyftx and Digital Surge, do not offer this option, and it is a convenient method to diversify your altcoin portfolio.
Cointree, like Digital Surge and Zipmex, allows you to pay any Australian bill with digital assets as long as there is a BPAY biller code for the digital assets you wish to use. The procedure is simple. Enter the Biller code, bill reference number, and amount in AUD, and then choose the cryptocurrency to pay with. Payments made using crypto may take up to two business days to process.
Cointree Crypto Bundles
You can acquire many high-performing crypto bundles from Cointrand ee, especially if you want to add altcoins to your portfolio but are unsure of which ones to purchase. You can access several combinations of cryptocurrencies, with about 100 portfolios available for browsing and purchase.
The enormous number of portfolio options made the Cointree browsing experience rather tedious, but Cointree provides several filtering tools to make it easier. For instance, if you do not wish to invest in a portfolio that contains a particular coin, you can exclude it so that only those without it are displayed.
Once you have identified an appropriate portfolio, input the amount of AUD you wish to spend and confirm the transaction. The digital assets will be immediately sent to your wallet, which is ideal for novices.
Support for SMSF Accounts
With Cointree, you can establish a Self-Managed Super Fund (SMSF) to invest in cryptocurrencies such as Bitcoin (BTC) and Ethereum (ETH). Cointree has worked with New Brighton Capital, an Australian super fund specialist, to deliver these services.
You can use an existing Super Fund if it is not used for personal trading or form a new one following the straightforward onboarding process. To create a new SMSF crypto account, you need government-issued documents (i.e. driver’s licence and passport), the certified Trust Deed copy, Trust ABN, Trust Account Name and Trust Beneficiary Details.
You can read our comprehensive guide on crypto SMSF Australia for further information.
Crypto Tax Reporting Tools
Cointree has teamed with Koinly, a renowned crypto tax reporting tool, to allow you to generate tax returns rapidly. Since Koinly is integrated with all major blockchains, it can generate information about your crypto trading activity. The ability to generate crypto tax reports is a standard function provided by Australian crypto platforms, demonstrating Cointree staying in touch with the market.
In less than twenty minutes, you can produce your crypto tax reports for End-of-Financial-Year (EOFY) reporting. To use this function, you must first register a Koinly account. If you already have a Koinly account, log into your Cointree account and import your Cointree trade details. A summary of transactions, “Tax Reports” will be downloadable in CSV format.
You can read our Australia crypto tax guide for further information.
Cointree provides among the most attractive referral reward schemes. You can earn between 30% and 70% in commissions on each trade for all new members who register using your unique referral link. Commissions depend on your current tier, which rises as you bring in more additional affiliates. With commissions often hovering around 30% in the Australian market, Cointree’s compensation starts on par and seems better.
Since its establishment in 2013, Cointree has not had any security breaches or attacks. This can be ascribed to its security mechanisms that adhere to industry standards.
These include the storage of assets in both hot and cold wallets, two-factor authentication for all withdrawals, encrypted SSLs, hashed and salted passwords, closed network environments, and code and database separation. Account-level activation of two-factor authentication provides an additional layer of protection against unauthorised access.
Although Cointree has not been hacked to date, it has conventional security procedures and lacks internationally recognised accreditations such as ISO 27001.
Cointree adopts a tiered fee system that ranges from 0.5% to 0.9% based on the volume of transactions. The trading fees are relatively competitive for investors with a high net worth. However, Cointree’s trading costs are not the cheapest alternative for newcomers wishing to make their first crypto buy in Australia.
In addition, the bid-ask spread on Cointree is wide compared to other cryptocurrency exchanges. At the time of writing, there is a $670 premium on Bitcoin. Even if the asset’s price remains unchanged, a trader who purchases 1 BTC and then immediately sells it back to the exchange may face a substantial loss. This is a significant disadvantage of Cointree, as the hidden fees will accrue over time.
Examining the trading fee AND spread is vital when you search for a suitable crypto exchange. CoinSpot is our preferred Australian platform since its trading costs and spreads are transparent, maximising the amount of Bitcoin acquired or converted back into AUD. You can read our CoinSpot review and CoinSpot vs Cointree to know more about their differences and special features.
Deposit & Withdrawal Fees
Bank transfer to deposit Australian Dollars to the exchange is free. Other payment options, including PayID, POLi, and Cash Deposit, may incur a cost of up to $3.50. Unlike other crypto providers in Australia, such as Swyftx and Digital Surge, zero deposit fees use PayID and POLi.
For cryptocurrency withdrawals to another exchange or a personal hardware wallet such as the Ledger Nano X, you need to pay a regular transaction fee based on the blockchain network load.
$25 min. $2,000 per 24 hours
$25 min. $10,000 per 24 hours
$20 min. $10,000 per 24 hours
$50 min. $8,000 per transaction
Cointree Customer Support
Cointree includes a thorough FAQ section that addresses the most basic and in-depth inquiries. There are guidelines for depositing and withdrawing cryptocurrency, using cryptocurrency to pay bills, placing trades, and numerous more features.
If the help centre does not solve your query, you can use the live chatbot to locate helpful articles or leave a message for the customer care team. You may also submit a request via the help centre. Phone assistance is not available at this time.
Is Cointree crypto insured?
Cryptocurrency insurance is in its infancy, so far as we can tell. However, Cointree enables both hot (internet-connected) and cold (not internet-connected) storage, and SMSFs are legally required to use cold storage.
Do I need a crypto wallet with Cointree?
No cryptocurrency wallet or prior knowledge is required to get started. All your purchased coins are deposited into your Cointree account. However, Cointree will assist you in creating a multi-coin wallet if you like.
How do I fund a Cointree account?
You can use PayID for instant funding, online and mobile banking transfers (completed in 1-2 business days), and instant cash deposits at 1200+ Australian retail locations via Cointree’s relationship with Blueshift.
Does Cointree have a mobile app?
Cointree does not offer an app for iOS or Android mobile devices at the time of writing. If you want to quickly access your portfolio and buy digital currencies on the go, which is a huge disadvantage. The newly built website is instead mobile-friendly.
Does Cointree require ID verification?
To comply with Know-Your-Customer (KYC) procedures, Cointree requires users who purchase or sell cryptocurrencies to provide identification. To validate your account, you need to upload the following documents:
- International passport
- National ID card
- Driving licence
Can I earn crypto interest on Cointree?
Cointree does not provide a wallet that passively generates interest payments for cryptocurrency holdings. Consequently, you will need to choose another cryptocurrency exchange that offers this service. You can read our post on the best crypto exchanges in Australia to learn more.
To conclude our Cointree review, the exchange offers Australians a straightforward, user-friendly platform for buying, selling, trading, and even paying bills with bitcoin. Cointree’s trading costs are competitive on the market, but the spread between the buy and sell price is greater than the leading Australian cryptocurrency exchanges. While increased trading volumes can reduce the trading fee, the spread charge does not benefit the investor in the long run. Thus, investors can seek better options with Live Chat support, mobile apps, lower fees and more established customer bases.
Disclaimer: This article is intended to be used and must be used for informational purposes only. It’s important to understand that digital assets are risky. You should always research and analyse before making financial decisions about the products or services described. This article is not intended as, and shall not be construed as, financial advice.