Cointree Review: Features, Fees & Experience

Cointree has been around since 2013. While it still maintains its position as a straightforward and no-fuss place to trade the major cryptocurrencies, has the platform kept up with its competition?

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Quick Verdict

Cointree is a pleasure to use in terms of its ease of use and visual appeal. All of its functions incur a very small learning which is no surprise since the brokerage is marketed towards the general public. This is one of its key strengths, with other pros including its range of top-performing crypto bundles, and range of coins and tokens.

However, the platform falls over in the lack of features that could potentially complement its existing services. While the platform will satisfy the needs of some investors, others may look elsewhere for more functionality and quality of life features.

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Pros

• User-friendly with a diverse range of coins.
• Never experienced a security breach.
• TradingView charting.
• Purchase multiple high-yielding digital assets in a single transaction.

Cons

• 0.75% fees to buy cryptocurrencies.
• Lack of features for advanced investors and traders.
• Credit and debit cards are not supported.

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The Cointree Features We liked

Here is a brief insight into what features Cointrees offers and what we liked and didn't like about them.

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All the staple crypto…and more

While not as comprehensive as other Australian brokerage platforms we've examined, like Swyftx and eToro, Cointree still offers a moderate range of digital assets. At the time of writing, users can exchange AUD for any of its 240 crypto assets, which should satisfy most investors. 

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Straightforward to use 

With its modern and minimal interface, Cointree has marketed itself towards the general public. 

All of its features can be accessed via the navigation bar at the top of the interface, and there are no hidden buttons or drop-down menus. Account management functionality is at a maximum, especially when depositing and withdrawing cash in and out of the wallet.

Its ease of use is somewhere between Swyftx and CoinSpot. It doesn’t offer the trading features that Swyftx offers, but it’s more straightforward to use than the CoinSpot interface.

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Coin-to-coin trades

Many of the top crypto platforms in Australia don’t offer coin-to-coin trades, and this is where Cointree provides value. There are no associated fees; however, a standard blockchain fee will be applied. It’s a convenient way of balancing out your altcoin portfolio.

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Access to top-performing portfolios

Cointree offers a range of high-performing crypto bundles for purchase. This will be useful for users looking to diversify their portfolio with altcoins but unsure which ones to invest in. 

Customers can explore various combinations of cryptocurrencies that have experienced price increases in the past seven days. However, a con is that users are unable to adjust the proportion of assets. Users who like this feature but want to customise their bundles should consider Swyftx.

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Crypto tax reporting tools

Cointree has partnered with popular crypto tax reporting calculator Koinly, to provide customers with the ability to produce tax reports quickly. The ability to produce crypto tax reports is a fairly common service offered by Australian crypto platforms, so Cointree is staying in touch with the market.

The Koinly report feature can be found under ‘wallets’. 

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Funding the Wallet

Funding a Cointree wallet can be done using bank transfers, PayID, or Bueshyft cash deposits at over 1,300 participating retail locations across Australia. 

PayID is the only option that deposits money into the wallet near-instantly, and a waiting time will be needed for bank transfers. 

The minimum deposit amount is $25, which is a low barrier to entry for most. However, credit and debit cards are not accepted as payment methods, which might prove inconvenient to some.

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Cointree Fees

No deposit or withdrawal fees

Cointree, like other Australian cryptocurrency trading platforms, does not charge any fees for depositing or withdrawing AUD funds to a bank account. Additionally, transferring cryptocurrencies from an external wallet is also free, but there is a standard network fee for crypto withdrawals.

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Trading fees

Although it lowered its trading fee from 0.9% to 0.75%, Cointree is still higher than other platforms like Swyftx (0.6%) and Independent Reserve (0.5%). As somewhat of a saving grace, the 0.75% fee to buy and sell crypto can be reduced to 0.5% depending on the user's AUD trading volume or the number of referrals. However, most traders may not be able to achieve a $30,000 or $100,000 trading volume over 90 days. 

However, coin-to-coin transactions on Cointree offer more value for money, and fees start at 0.25%.

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The Cointree Experience

Cointree is outstanding with its capacity to offer users a platform that is visually simple and straightforward to use. 

All users need to do is choose the cryptocurrency they want to buy, input the amount of AUD they want to spend, and confirm the transaction. As a bonus, Cointree is transparent and will clearly display the trading fees associated with each buy and sell order. The assets you purchase will be swiftly transferred into your wallet. 

Withdrawing funds from your wallet and transferring them to your nominated Australian bank account is also streamlined, a step that is sometimes overlooked by other platforms.

The addition of TradingView charting is welcome. This allows users to aptly analyse the price action of cryptocurrency using the assortment of tools and indicators that come with it. Also provided are three different types of order types - market, auto buy and recurring buys. 

For people who have been trading for time, the lack of order books, advanced order types and other features will be unsatisfactory. 

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Final Verdict

Cointree markets itself towards the general Australian public with its clean interface, straightforward features and no-fuss navigation. For people who want to invest in their first digital cryptocurrencies, Cointree is a valid option.

However, the fees and lack of features are likely to discourage most prospective customers. Simply put, users can get better elsewhere.