Cointree Review 2021 - Is It Safe?
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Crypto exchanges have been around for quite a long time, almost as long as cryptocurrencies themselves. Having the option to purchase or trade cryptos easily is the main reason these kinds of services exist.
In the early days, the process of purchasing or trading wasn’t as simple as today. Luckily, as the popularity of cryptocurrencies grew, the services associated with them followed the trend.
Today the market has tons of exchanges, meaning that you have plenty of options to choose from. They can vary depending on where they are located, the available tokens, features, and so on. One of the many exchanges available is Cointree.
In this article, I’ll cover the Cointree review, an option accessible to Australians. I’ll also answer the question “is Cointree safe” and talk about what the service can offer and if it’s worth it.
What is Cointree?
As I mentioned in the introduction, Cointree is a crypto exchange designed for the Australian market. The service was launched in 2013, making it the oldest and most popular crypto exchange on the continent, with Shane Stevenson at the helm.
The developers strived to make a platform that would benefit a broader range of people, meaning that novice and expert traders could use it. Australia’s regulatory authority, AUSTRAC, is behind the validation of Cointree, making it a safe way to get into crypto or start trading.
Currently, the service claims that it has exchanged currencies in a value of over $250 million.
Cointree features overview
The main feature of Cointree is the trading and purchasing part. If you are a first-time crypto buyer, you can choose between buying crypto for the first time or trade it if you already have some. One of the main features that make this a good option is the UI. It’s designed to be easy to navigate and simple to use, meaning that even beginners will be able to figure out how the system works and start trading in a few minutes.
By going for Cointree, you get access to over 160 supported tokens that you can purchase. The number isn’t as great as some globally available exchanges, but it covers the most popular options, and the service occasionally adds new tokens. In addition to that, the trading option is available where you can trade one coin for another, meaning that you have over 15,000 combinations to play with.
The service prides itself on transparency as any other service should. By transparency, I mean knowing how much you pay and for what. All the fees are clearly explained and laid out, so there are no hidden charges that will surprise you after the fact.
Cointree uses tiers to provide some advantages for bigger traders. Essentially you can look at this as an incentive to trade more on the platform. There are 5 tiers, and there are a few ways to unlock them. The first and most important one is the trading volume, which unlocks a different tier over a certain amount. On top of that, there is also a referral program, which can give you an additional bonus. Depending on the tier, you can get a different percent of commission over a certain number of referrals. It means that for every purchase that your referral makes, you make some money.
On the purchasing side of things, Cointree offers several options. You can get your crypto tokens by paying with POLI, PayID, cash deposit, or bank transfer. As for the accepted fiat currently, you can probably guess it’s AUD only. There are limits in terms of how much you can purchase. The minimum is $20, and the maximum is $10,000 on a daily basis or $20,000 per week. There is an option to get an increase for that limit and to get that, you’ll need to reach out to the support staff.
With some exchanges, you may need to link your wallet for the coins you purchase, a feature that is built-in Cointree. By signing up, you get access to the free crypto wallet, which can store any of the 160+ tokens available on the exchange.
If you’ve ever traded or purchased any crypto, you may know that the prices can vary from one service to another. Cointree offers global rates and aims to give you the best rates available on the market. It can achieve that thanks to the huge liquidity pool ensuring that you maximize your gains.
Cointree doesn’t offer standalone applications, which can be a positive thing for some people or negative for others. Having the exchange available via browser means that you won’t have to download any applications, and you can use it on any device that has a browser.
Cointree fees
Like most services, you won’t be able to use them without paying some fees.
Cointree relies on tiers that determine the fee you will be paying. They range from Bronze to Diamond, with the first one having the highest fees, while the second one has the lowest. The fees for buying or selling range from 0.5% to 0.9%, and for trading, the range is from 0.05% to 0.25%.
When it comes to deposits, there are fees there, and they depend on the type you’re going with. While a bank transfer has no fees, when you make a cash deposit, you’ll have a fee of $3, POLI comes with a $3.5 fee, and PayID has $2.75.
Withdrawals also aren’t free, at least depending on how you want to withdraw the funds. For a bank transfer, there isn’t a fee, while for crypto, Cointree charges the standard network fee, depending on the coin you’re using at the moment.
Cointree security features overview
Cointree doesn’t have some of the fanciest features in terms of security, but it has the necessary ones to ensure secure operation.
Cointree features a two-factor authentication that will prevent unauthorized access to your account. On top of that, the password and private keys to the wallet are encrypted, meaning that even if your password isn’t the strongest, it can reject attacks such as brute force.
As for the users, to get access to the service and start purchasing or trading, you’ll need to verify your identity.
Cointree verification process
The verification process is pretty straightforward and won’t take too much time. Once you create your account, you will need to navigate to the verification section by clicking on “Get verified”. There is a separate verification tab where you’ll need to click on “Verify now”.
First, you will need to enter your personal information such as first and last name, date of birth, address, etc. Next up, you will need to take a selfie with your ID and a note. To ensure things go as smooth as possible, you’ll need to look like you do in your ID photo, regarding glasses, hair, etc., and make sure to have the note written precisely as the sample says.
Once the upload is completed, you will need to select the ID sources, and the verification process will commence. It may take a few days to complete the process because every user is verified manually by a real person.
Is Cointree safe and legit?
Yes, Cointree is safe and legit. Considering that the service is under the AUSTRAC regulation, you can be sure that you are getting access to a legitimate service. In addition to that, since its release, there haven’t been any security-related incidents so far.
Is Cointree a scam?
No, Cointree isn’t a scam. Thousands of Australians use the service daily, and no one has made any complaints about getting scammed.
Cointree pros and cons
Like any service or product, Cointree isn’t perfect, and there are some advantages and disadvantages.
Pros
- Decent fees
- Over 160 crypto tokens are available
- Trade between over 15 thousand pairs
- Option to pay bills through BPAY
- Simple and easy to use
Cons
- The verification process may take a few days
- It lacks some features that other crypto exchanges have
Conclusion
Overall, Cointree is an excellent crypto exchange for anyone living in Australia. Yes, despite not being fully loaded with features like some of the other exchanges, it offers the bare basics with an interface that is easy to use.
Combine that with the decent fees and flexible deposit and withdrawal options, and you have a service that is excellent for Australians.
Easy to use
