Don't want to read? Watch the video review published on Mar 22 2022. Some info in the video could be outdated so refer to the rest of the blog post as well.
Cointree is a Melbourne-based cryptocurrency exchange founded in 2013. They have over 80,000 users, $250m in total crypto transactions and 20+ employees according to their LinkedIn profile.
Are They Legit?
Yes, Cointree is a legitimate Australian crypto exchange that has been operating since 2013. They are AUSTRAC regulated, have over 80,000 users and have never been hacked or lost users funds.
Opening an account on Cointree (and any Australian crypto exchange) requires you to verify your identity by uploading ID and personal info. If you have your documents ready the process is straightforward and takes under 10 minutes to complete. Once your info is submitted verification can take 24-48 hours but is usually quicker.
Can You Trust Cointree?
Yes, Cointree is considered a safe crypto exchange. There are no public reports of being hacked and they've been around since 2013. They also have various security measures in place such as offline crypto storage, employee background checks, 2FA for all withdrawals and more.
However, if you want the safest way to store your crypto you should get a hardware wallet. That's because Cointree and any crypto exchange has the small chance of being hacked, losing funds, running away and more.
Company Security Features
- AUSTRAC regulated company
- Some users funds are kept in offline storage but they don't say how much
- Employees must pass a criminal background check
- Their website says they do "ongoing training and security review"
- "Your account is protected with bank-grade encryption"
- Bug bounty program - Ethical hackers can get paid to find security issues and vulnerabilities
User Security Features
- 2FA (Google authenticator and apps)
- Hardware 2FA (Yubikey device)
- 2FA for fiat and crypto withdrawals
Other Security Notes
- Operating since 2013 (which is long in the crypto world)!
- No public incidents of being hacked or losing users funds
Cointree Fees & Spread
Updated: Feb 22, 2022
Trading Fee Volume Discounts
Cointree Price Test (Dec 17, 2021 at 1:17pm)
This data is subject to change as spreads and prices change daily. However, we tested Cointree and 10+ other platforms simultaneously to help you compare true fees on each platform.
The "$100 After All Fees" adds everything from when you deposit money to make your order plus the reference price difference.
The price test was conducted by logging into all platforms simultaneously and collecting buy/sell orders. We did this as quickly as possible (within minutes) in order to be as accurate as possible since prices can change rapidly. Find out more about our testing process.
From our test of 15 platforms, Cointree was nearly last place when it comes to fees. The total fee to buy Bitcoin was 2.36% (14th place) and the total fee to sell was 1.70% (11th place). Cointree is not the best platform if you want the lowest fees because of it's 0.90% trading fee and 2.28% spread when tested.
To compare, Binance's total purchase fee was only 0.15% and Kraken was 0.43%.
Compared to other crypto exchanges, Cointree doesn't have the best U/X or most features. Overall, it's a relatively minimal platform but still simple for beginners.
List of Features:
- Web app (no iOS or Android app)
- Beginner and advanced trading
- Buy best performing portfolios
- Set recurring orders
- Pay your bills with crypto
- 4 account types (Personal, SMSF, Advisors, Institutional)
- Referral program
1. Trading Interface
Cointree offers a beginner and advanced trading interface that's suitable for all kinds of investors.
2. Best Performing Portfolios
Cointree lets you see the 100 best portfolios over the last 7 days. You can use it to get ideas or invest in the highest earners that you like. eToro also offers a similar feature called Copy Trading.
3. Recurring Orders
If you want to automate your investments, Cointree lets you set up customizable automatic purchases. The feature sets up a scheduled deposit from your bank and auto-buys the cryptocurrency of your choice when the funds arrive in your account.
4. Pay Your Bills With Crypto
Cointree customers can use BPAY to pay their bills with any cryptocurrency of their choice. It's through a partnership with Gobbill and lets you pay anywhere, regardless if crypto is accepted there. Users must be ID verified to access this feature.
5. Account Types and Offers
Cointree offers accounts for beginners to high net worth individuals:
- Personal account
- Institutional accounts
6. Other Features
Other little things Cointree offers are watchlists, a refer a friend program (30%-70% commissions on each trade), and a Learning Hub with buyer's guides, news and market updates.
To contact a Cointree team member you can start a Live Chat on the website or call their phone number. Their support hours are Monday to Friday, 8am to 5pm Melbourne time (AEST/AEDT). Their website says, "typical response times are 1-2 business day, usually faster." There is also a help center with FAQs, articles and walkthroughs.