Cointree Review (Sep 2022): Why We Don’t Like It

June 4, 2022
Reviews

Cointree is an Australia-based cryptocurrency exchange where users can pay for everyday purchases, copy portfolios, and trade over 280 cryptocurrencies. However, Cointree doesn’t have a mobile app, fees are high compared to other exchanges, and benefits are locked behind a staking system.

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What Is Cointree?

Cointree is a cryptocurrency exchange based in Melbourne, Australia. It was founded in 2013 by Shane Stevenson, and it supports over 280 of the largest cryptocurrencies, including Ethereum (ETH), Bitcoin (BTC), Tether (USDT), and Solana (SOL). Since its inception in 2013, it has attracted over 70,000 active monthly users, thanks in part to the many features they offer. 

Cointree offers its users access to a Multi-Coin Wallet, where users can store more than one crypto asset. The Cointree Dashboard is ideal for beginners looking for an easy-to-use and compact way to keep track of your investments. For more advanced investors, there’s a Copy Trading feature, which allows users to compare over 100 of the most successful portfolios, based on various metrics, and copy their crypto allocations. Cointree users can also pay bills directly with crypto, through its partnership with Gobbill, and invest in gold assets through its partnership with Rush Gold.

To start off this Cointree review, let’s take a deeper look at Cointree’s pros, cons and features.

Cointree Pros & Cons

Cointree Pros

  • Supports 280+ cryptocurrencies
  • Set-up Auto-Trades
  • Multi-coin wallet
  • Copy Trading
  • Partnered with Rush Gold
  • Accepts PayID & Osko deposits
  • Pay Bills With Crypto – using Gobbill
  • Customer support available 24/7 via phone, live chat and email

Cointree Cons

  • No mobile app
  • Trading fees are higher than average
  • Fee rebates are locked behind a tiered system
  • Hard to withdraw altcoins (requires Gold tier or above)

Cointree Features

1. Cointree Dashboard

Cointree’s is the go-to answer for investors looking to keep track of all their assets – all in one place. Through the dashboard, traders can set up portfolio and portfolio total value trackers, access real-time daily changes of their favorite crypto, compare their best-performing coins, access transactions history, and even choose new investments from the Starred Coins section, which is chosen by professional investors and is based on best-performing cryptocurrencies in the last 7 days. Keep in mind the dashboard is only accessible after you’ve verified your account.

Through the Dashboard, users can also access Cointree’s copy trading feature, where users can track and compare the top 100 most successful traders and copy their crypto investments.

2. Security Features

Cointree is registered with the Australian Securities and Investments Commission (ASIC), and the Australian Transaction Reports & Analysis Centre (AUSTRAC). Cointree uses a combination of cold storage and hot storage to keep assets secure while maintaining high liquidity. The use of Two-Factor Authentication (2FA) is mandatory for all Cointree users, and all personal information is encrypted using a Secure Sockets Layer (SSL) protocol.

3. Rush Gold

Gold is one of the most stable assets and a great way to diversify your crypto holdings against inflation. In 2022 Cointree partnered with Rush Gold, one of the largest gold custodians in Australia. Users can now purchase investment-grade gold bullions accredited by LBMA through Cointree, and insured by Lloyd’s of London. 

Gold bullions are held in Brink’s Global Services facilities and are audited annually by the Bureau Veritas. 

4. Excellent Customer Support

Cointree offers customer support via phone and live chat, and their customer service reps are actually helpful rather than just following a script. It takes just a couple of minutes for the customer service reps to answer, and they’re actually helpful rather than just following a script. You can reach out to them through:

  • Phone Number: 1300-389-414
  • Support page: Via the Help Center on their webpage
  • Live chat: Available from 8 am to 5 pm Melbourne time

5. Pay Bills With Crypto

With Cointree you can now make everyday purchases and pay with crypto, right from your crypto wallet. This is how it works: when you make a purchase in any of the 20,000+ businesses in Australia that support BPay, and want to pay using crypto, Cointree will automatically exchange your selected crypto for fiat currency – at the best rates – and pay the merchant in fiat. That means the merchant doesn’t need any additional hardware; if it supports BPay, they will receive AUD as payment.

Fees for using Pay Bills With Crypto are 1% of the total amount, plus regular buyers/sellers trading fees based on your tier. Refer to the Fees section.

6. Instant Account Verification

To sign up with Cointree, you just need to provide your name, date of birth, address, phone number and email address. Most users won’t have to upload a photo or a video and can get verified in minutes. A small number of users may have to upload an additional identification document like:

  • Driver’s Licence
  • Passport
  • National Identity Card

Cryptocurrencies On Cointree

Cointree supports over 280 different cryptocurrencies. Here are some of the most popular:

Bitcoin (BTC)Ethereum (ETH)Tether USD (USDT)
Binance Coin (BNB)USD Coin (USDC)Terra (Luna)
Solana (SOL)Ripple (XRT)Cardano (ADA)
Dogecoin (DOGE)Polkadot (DOT)Avalanche (AVAX)
Wrapped Bitcoin (WBTC)Matic Network (MATIC)Near Protocol (NEAR)
Litecoin (LTC)Bitcoin Cash (BCH)ChainLink (LINK)
FTX (FTT)Uniswap (UNI)Stellar (XLM)

Cointree Fees

Cointree has a very unique tiered system. Fees are completely determined by the tier, and the tier is determined by the trade volume, in AUD, of the last 30 days or by the number of successful referrals. Here’s how to reach each tier:

Tier30-day VolumeReferrals
Bronze<$10,000 0
Silver$10,000-$49,9992
Gold$50,000-$199,99910
Platinum$200,000-$999,99925
DiamondOver $1,000,00050

Fees depend on the tier, the higher the tier the lower the fees:

  • Seller's Fees: From 0.9% to 0.5% (based on tier)
  • Buyer’s Fees: From 0.9% to 0.5% (based on tier)
  • Pay Bills With Crypto: 1% 
  • Crypto-to-crypto Trades: From 0.25% to 0.05% (based on tier)
  • Deposit Fees (Crypto): Free
  • Withdrawal Fees (Crypto): Depends on the coin
  • Deposit Fees (AUD): Free
  • Withdrawal Fees (AUD): Free

3 Exchanges I Recommend Over Cointree

Cointree isn’t a bad exchange, but it’s also not the best in Australia. Due to its high fees compared to other exchanges, lack of mobile app, and the fact most discounts are locked behind a staking system, I recommend any of these three exchanges instead, over Cointree:

How To Withdraw From Cointree

To withdraw fiat (cash) from Cointree, follow these steps:

  1. Visit Cointree’s web page and log in
  2. On the Dashboard, click on the Account button on the top
  3. Click Withdraw Cash
  4. Select the amount
  5. Enter the Bank information that will receive the funds
  6. Click Send
  7. Finally, you will receive a confirmation email
  8. Accept the transaction

To withdraw crypto from Cointree, follow these steps:

  1. Visit Cointree’s web page and log in
  2. On the Dashboard, click on the Account button on the top
  3. Click Send Coin
  4. Select the Coin and the amount
  5. Enter the Wallet Address that will receive the funds
  6. Click Send
  7. Finally, you will receive a confirmation email
  8. Accept the transaction

In Summary

Cointree is a cryptocurrency exchange where users can pay for everyday purchases, copy portfolios, and trade over 280 cryptocurrencies. However, Cointree doesn’t have a mobile app, fees are high compared to other exchanges, and benefits are locked behind a staking system.

Cointree FAQs

Is Cointree Safe & Secure?

Yes, trading with Cointree is completely safe and secure. Cointree is registered under the Australian Government (AUSTRAC) Digital Currency Exchange Register and complies with mandatory AML/KYC tests.

Is Cointree Legit?

Yes, Cointree is legit for several reasons: it is a member of the regulatory association Blockchain Australia, it uses an encryption protocol to protect customers’ information, and it uses Two-Factor Authentication (2FA) for all transactions. Cointree is trusted by more than 70,000 Aussies

Is Cointree Legal In Australia?

Yes, Cointree operates legally in Australia. It is registered with the Australian Transaction Reports and Analysis Centre (AUSTRAC), follows all Australian Financial Regulations, and is compliant with the Anti-Money Laundering and Counter-Terrorism Financing Act (AML/CTF).

Does Cointree Verify Accounts Instantly?

Yes, Cointree does verify some accounts instantly, though if your account needs to go through the manual verification process for some reason, these are the documents you’ll need to provide:

  • Driver’s Licence
  • Passport
  • National Identity Card

Is Cointree Good For Australians?

Cointree is a decent exchange for Australians, though if you’re looking for the best overall trading experience, I recommend using Swyftx, Digital Surge or CoinJar instead. Each of them offer quite a bit more than Cointree, and I’m confident you’ll have a better experience with them. 

How Well Is Cointree Reviewed On Reddit?

Reddit’s review of Cointree is uncertain: some Redditors have good things to say, while others don’t. Of course, Redditors are known for their brutally honest opinions, so take what they say with a grain of salt. 

Can I Buy Dogecoin With Cointree?

Yes, you can buy Dogecoin with Cointree. If you want to buy Dogecoin with lower fees, though, I suggest using Swyftx, Digital Surge or CoinJar instead.

Is Cointree Insured?

No, Cointree’s crypto holdings are not insured.

Cointree Referral Code

Cointree does not currently have any referral or promo codes because they aren’t offering a signup bonus. If you want a signup bonus, you can get a $30 bonus from Swyftx, a $40 bonus from Digital Surge, and a $25 bonus from CoinJar.

Does Cointree Report To The ATO?

Yes—as a digital currency exchange provider registered with AUSTRAC, Cointree is required to report to the Australian Taxation Office (ATO). Users must also report their crypto trading activity to the ATO when filing their taxes at the end of the year.

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