Trying to figure out just where to begin when it comes to crypto investing can be as daunting as learning to slackline over a crocodile pit. New investors can easily become overwhelmed by the river of new and over-complicated information that often leaves them feeling more confused than before they started out.
That’s why we’re going to start at the very beginning: choosing a trustworthy exchange to buy, sell and hold your crypto assets. Today, we’re going to take a very honest look at everything that you need to know about the Australian-owned crypto exchange: Cointree.
Check out our full round-up of the best crypto wallets here
In This Cointree Review
What is Cointree?
Cointree was one of Australia’s first crypto exchanges, founded in 2013 with the goal of making cryptocurrency accessible for a wide market. While Cointree may not be as popular as other exchanges like CoinSpot of Swyftx, it is still extremely user-friendly and offers a more comprehensive range of investment options than other exchanges, including SMSF as well as tailored services for advisors and institutions.
As of today, Cointree offers a comprehensive selection of digital assets: allowing its users to buy and sell over 150+ cryptocurrencies on its platform. This means that you can purchase everything from large-cap cryptocurrencies such as Bitcoin (BTC) and Ethereum (ETH) or dive headfirst into the unpredictable world of altcoins.
To get a better understanding of Cointree, let’s use a classic Pros & Cons list to weigh up the verdict.
Pros & Cons of Cointree
Pros
- Great Platform for Australian Users: One of the biggest setbacks for Australian users when navigating other exchanges like Binance or Crypto.com is that prices are natively denominated in US Dollars. While this might be fine for more advanced users, most everyday Aussie crypto investors just want to be able to transact easily in AUD. Cointree makes this possible with AUD only transactions and viewing.
- Huge Range of Investment Styles: While Cointree is quite beginner-friendly and simple to use, it is more targeted towards those looking to undertake advanced investing options. This includes the option of managing a SMSF, tailored services for accountants and even platforms for institutional investors. If you are just looking to accumulate crypto assets and aren’t looking to buy and sell regularly, then Cointree is still a solid choice.
- Massive Selection of Major Tokens & AltCoins: Perhaps one of the most frustrating experiences is getting completely set up on a new app or platform and then realising that the random, super niche altcoin your mate mentioned to you isn’t actually available on this random app you’ve just installed.
With a selection of over 150+ digital assets, Cointree offers a comprehensive coverage of all the major tokens as well as a relatively wide selection of altcoins. If you really want exposure to random altcoins, CoinSpot and Digital Surge offer over 300+ crypto assets on their platforms. - Pay Bills In Bitcoin: Cointree offers its users the ability to pay their bills in Bitcoin. As long as the bill is from an Australian vendor and comes with a BPAY code, users can pay any bill in Bitcoin.
Cons
- No Mobile App: Accessing Cointree is only possible through their website. Users can technically access the website via their mobile device but usability can get clunky depending on your device, which is not ideal considering that you’re most likely moving some volume of money around. However, if you’re happy with using your computer for most of your crypto purchases then Cointree is absolutely fine.
- Not The Lowest Fees: Cointree offers a 0.9% fee on all trade which isn’t incredibly high, but competitors such as Coinspot, Swyftx and Digital Surge offer lower fees.
- AUD Only Transactions: While pure Australian Dollar deposits and transactions may be great for the fresh new Aussie investor, this feature can end up becoming a little limiting once investors develop more proficiency and become interested in trading. If you’re just looking to buy and sell crypto quickly and easily without any super fancy bells and whistles then this won’t be a problem for you.
Cointree Fees Explained
Fees are ultimately how crypto exchanges and platforms make their money, so it’s really important for investors to understand how much they’re paying every time they make a trade. Fee structuring can be pretty tricky, as platforms often like to disguise hidden costs in the form of strange fees.
Here are the main types of fees that users of Cointree will come across:
Cointree Deposit Fees
The first fee that crypto investors will encounter is the deposit fee. This is because investors need to deposit funds before they can start trading. Cointree offers a healthy range of deposit methods, with the most popular options incurring zero fee.
- Bank transfer: free (minimum deposit $20)
- PayID: $1.30 (minimum deposit $25)
- Cash: 3% (minimum $50)
Cointree Transaction Fees
Cointree has a tiered fee structure where investors are incentivised to trade higher volumes of crypto in order to access lower fees. However its fees are relatively high when compared to other Australian crypto exchanges.
If you are a new user to Cointree these are the fees that you will be hit with:
- Buying crypto with AUD: 0.9% per trade.
- Selling crypto with AUD: 0.9% per trade.
- Swapping (buying crypto with crypto): 0.25% per swap.
These fees will be incrementally decreased as you trade larger volumes of crypto assets or make referrals.
Is Cointree Safe to Use?
No matter your experience level, the security and safety of the platform used to buy and sell digital assets is usually a top concern for crypto investors. Cointree ticks all necessary boxes here.
Cointree is registered with AUSTRAC, meets all strict anti-money laundering obligations and is a member of Blockchain Australia. Cointree was also a ‘Blockies’ finalist in 2019, where the Australian Blockchain Industry presents awards to the best digital currency exchanges. Cointree also stores all digital assets in a hybrid hot & cold crypto wallet system, where essential cryptocurrency assets are stored in offline storage.
All Cointree activity is further protected by 2FA (two-factor authentication) that requires investors to enter a code generated on their registered mobile device to sign in to the Cointree platform.
Cointree Alternatives
If Cointree isn’t exactly what you’re looking for, there are plenty of alternatives. The alternatives listed here are ranked in order of similarity and preference for using Australian Dollars.
- CoinSpot: Australia’s largest cryptocurrency platform with more than 350 digital assets available.
- Digital Surge: Another Australian exchange with more than 200 cryptocurrencies that operates natively in AUD. Has a quick verification process but higher fees than Cointree.
- Swyftx: Also an Australian platform with more than 260 digital assets available. Swyftx offers slightly lower trading fees and also allows users to ‘stake’ their crypto assets to generate passive income.
- Binance: The largest crypto exchange in the world based on daily trading volume. Binance is oriented more strongly towards non-Australian users and is more suitable for advanced traders looking for niche pairs.
- Coinbase: Possibly the most well-known exchange in the world. Investors can trade a variety of different cryptocurrencies but fees are high and all values are denominated in USD.
- eToro: Offers commission-free crypto trades with the added bonus of social and copy trading.
Overall Cointree Conclusion:
Cointree is a good choice for Australian investors looking for an easy way to buy Bitcoin and other crypto assets. However, it is definitely targeted towards users and investing professionals looking for more bespoke investing options such as managing an SMSF or providing wealth management services. It has relatively high fees (blanket 0.9% per trade) when compared to competitors and it does not come with a mobile app or live chat support.
Despite this Cointree’s website is extremely user-friendly, meaning that a complete crypto beginner could navigate the platform with ease. More casual Aussie crypto investors would be better off opting for a competitor such as CoinSpot, Swyftx or Digital Surge.
Security-wise Cointree ticks all the boxes, using offline cold storage to secure client’s funds as well as being registered with AUSTRAC, which actively prevent financial crimes and other unsavoury business from occurring on the platform.
Finally, Cointree’s selection of over 150+ different cryptocurrencies is not the largest but still quite comprehensive for the average user. Investors will be able to purchase all of the major crypto assets, such as BTC, ETH, BNB, XRP, ADA, as well as most major altcoins.
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