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 contributing to Cointree’s success, strengths, limitations, and benefits to aid your decision-making process.
Cointree was founded in Australia in 2013 with the intention of making blockchain technology and digital currencies more accessible to the general public. It is currently one of Australia’s top cryptocurrency exchanges and has captured a significant portion of the Australian cryptocurrency industry.
AUSTRAC, the Australian regulatory authority, has validated this exchange, and Cointree is a secure platform for both novice and expert digital currency dealers. Since its inception in 2013, over $250 million worth of digital cryptocurrencies has been traded using Cointree.
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, 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.
This platform offers numerous methods for users to deposit funds, with a minimum daily amount of $20, and a maximum daily amount of $10,000.
- Blueshyft deposits: With over 1,200 retail locations in Australia, Blueshyft enables Australians to acquire cryptocurrencies with cash and deposit them into their Cointree accounts.
- POLi: Australia Post’s POLi Payments service offers speedy payment confirmation, which is among the best methods for getting Bitcoin as quickly as possible.
- PayID: Most Australian banks and financial institutions support PayID. The Cointree wallet is instantly credited with deposits.
- Bank Transfer: The direct deposit of funds into an account takes a bit longer, but many are familiar with this method. You should save the reference number with your deposit to avoid unnecessary delays.
Cointree Fees Explained
Fees are the ultimate source of revenue for crypto exchanges and platforms, so it’s crucial for investors to understand how much they’re spending for each deal, as platforms frequently conceal hidden charges as unusual fees. Here are the most common fees that Cointree may charge:
Deposit & Withdrawal Fees
The platform does not charge a fee for Australian Dollar bank transfer deposits; however, if customers select POLI or PayID as their preferred payment, the deposit fees and network costs are $3.50 and $2.75 per deposit, respectively. The fee for deposit cash is $3.
There are no additional fees for users who withdraw currency to a bank account from the Cointree wallet. Withdrawals to these third-party wallets incur a transaction fee based on the blockchain network and currency.
Trading fees range between 0.5% and 0.9% based on the monthly trading volume of the account. Most of Cointree’s revenue comes from the difference between the bid and ask price. Therefore, those who prefer the shorting methods should not use this exchange platform. Hidden spread charges can add up to a significant amount, so customers should constantly compare the trading fee and spread.
Examining the trading fee AND spread is vital when you search for a suitable crypto exchange. Rather than Cointree, 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.
Cointree’s Notable Features
The Cointree platform was created with novices in mind. 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 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 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 Cointree, 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 makes 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.
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 up to 70% in commissions for each trade made by your invitees who register via your referral link. Commissions depend on your current tier, which rises as you bring in additional affiliates. With commissions often hovering around 30% in the Australian market, Cointree’s compensation starts at 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 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 other numerous 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 legally require 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. This is a huge disadvantage if you want to quickly access your portfolio and buy digital currencies on the go. 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 must choose another cryptocurrency exchange that offers this service. You can read our post on the best crypto exchanges in Australia to learn more.
Cointree Australia review indicates that it is a good starting point for experienced Australian investors thanks to its user-friendly interface, transparent fees, mobile apps, etc. That said, they definitely aren’t the best. If you are looking for a more comprehensive experience on a platform that offers Crypto Staking, NFT Marketplaces & Wallets and 350 assets to trade – we recommend CoinSpot.