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CoinTree Review - is it scam or safe?

CoinTree Review - Is cointree.com scam or good cryptocurrency exchange?

RATING: 3 / 7 REVIEWS CoinTree

RECOMMENDED BITCOIN BROKERS


Trading Accounts

Account type Minimum order value Leverage Fee
Standard $200 None 3%*

*This exchange does not guarantee instant execution, so the price you receive may vary drastically, due to market volatility. This move can drastically outweigh the fee.

 

CoinTree is an Australian company, providing an entry to the world of cryptocurrencies. While other competitors, like Bitpanda or Bitstamp have a global focus, the majority of services offered by CoinTree are specific for their domestic market. 

 

The company, security of funds

 

Company Country Regulation
CoinTree Pty. Ltd. Australia N/A

 

CoinTree is registered in Australia. While local regulators are planning to create a framework for the operation of companies in the crypto-space, it mostly focuses on preventing money laundering and preventing the funding of terrorist organisations. 

 

The most interesting feature of CoinTree is that it isn’t what you would call a typical exchange. The company offers to purchase Bitcoin for customers, after they send a payment. This means trading is not done instantly (although an e-wallet option is available, which will make it as fast as possible).

 

 A client will receive the appropriate balance in his wallet at the company, after the transfers has been received. This puts a lot of price uncertainty into the equation (when not using the supported instant payment method), especially with the recent volatility in the cryptocurrency space.

 

While you could technically send any currency to CoinTree, the Australian Dollar is the one in which they operate primarily.  That being said, one does not have an AUD balance at the company, which he can use to trade on the spot (the same way you do at most most exchanges or even at forex brokers). When you want to sell your digital assets, you will have to wait for the execution, done by CoinTree and wait for a bank transfer within the next few business days.

 

Instant trading may not be provided by this company, but they can pay your common utility bills, directly from your Bitcoin wallet (presuming you live in Australia). This is a rare feature, but definitely nothing life-changing.

 

CoinTree has not been the victim of a major hack yet. This is always a good sign, but not a guarantee for the future. While the crypto-currency space is moving fast, so are the fringe elements, attempting to scam people.

 

When it comes to the user reviews on this exchange, we saw a lot of extremes. Some people absolutely love the ease of service, while others were furious with the speed of service. We believe the latter group may not be exactly aware of what they have signed-up for, as the company discloses the fact it doesn’t offer instant transfers on multiple sections of its website. 


Trading conditions

 

Trading instruments (cryptocurrencies)

The main functionality of CoinTree is buying Bitcoin with Australian dollars. That being said, there is the option for a later transfer to a less popular altcoin. In order to do this one must provide the address to which she wishes the coins to be transferred. As with the other services offered by CoinTree, the transfer will not be instant. The coins supported are currently over 30, including, but not limited to Ethereum, Litecoin, Dash, Ripple, Monero, Zcash and so on.

 

Minimum order value

CoinTree has set a minimum transaction size of $200. We are not certain if they truly mean US dollars, or AUD, given the company’s domestic focus. That being said, this make seem like a big investment for some of you. Most other beginner-friendly exchanges do not have such a limitation, while Bitcoin.de has a minimum transfer size of €60.

 

Leverage

Obviously margin trading is not supported by CoinTree. This isn’t what one would exactly call an exchange, but more of a service provider. If  you wish to speculate on the price of Bitcoin, you can try a different exchange, like Bitfinex

 

Additionally, some forex brokers, like XM offer CFDs on cryptocurrencies. There you can trade a financial derivative which follows the price movement of Bitcoin. That being said, you will not own the actual coin. Be sure to check out our detailed explanation for more information. 

 

Fees

The services offered by CoinTree come with clearly specified fees. They are as follows:

 

Buy bitcoin fee - 3 %

Buy altcoin fee - 0 %

Sell bitcoin fee - 0 %

Pay bill fee - 0 %

 

It’s nice that the company does not charge anything for most options. That being said, we must remind you these the activities do not happen instantly. As an example, if you send an order to sell Bitcoin, you will have to wait for confirmation and then wait several business days for a direct transfer of the sum to your account. We can imagine how this can cause an issue with paying utility bills, if a deadline is approaching.

 

The main 3% commission is in line with the current state of the industry, although the fact instant execution is not guaranteed is a major downside. As a comparison, buying Bitcoin at Coinbase, with a credit card comes at fees as high as 4%. That being said, you will receive your coins on the spot at a reasonably close price to the current market.

 

 

Trading platform

 

There isn’t much of a trading platform at CoinTree, but this is understandable given what the company’s service. That being the case they do provide a handy demo account, which isn’t that common in the crypto-verse. 

 

The main dashboard, features the recent Bitcoin trading activity. Here is a preview:

 

As you can see the pricing is against the AUD, which makes sense, given the company’s target consumers. 

 

Additionally you can see that they display “micro Bitcoin” amounts by default. This is another way of quoting the most popular cryptocurrency, which may be helpful for newcomers who would otherwise be shocked at the amount of symbols after the decimal point. Here is the example of how this quoting works, straight from CoinTree’s website:

 

BTC 1 = mBTC 1,000 

BTC 0.2547832 = mBTC 254.7832.

 

Methods of payment

 

The payment options at CoinTree include Bank Transfer, paying cash in an Australian bank branch and POLi Payments. As mentioned above, the speed of transfers and their processing is not guaranteed (except for the e-wallet option), which in terms does not guarantee an execution price. 

 

These options only reiterate the company’s domestic focus (which is by no means a negative). Foreigners would much rather have credit cards or Neteller available.  

 

Conclusion

 

CoinTree is an Australian company, which allows clients to buy Bitcoin. They are very heavily oriented towards the domestic market, which isn’t necessarily a flaw, but a limiting factor for foreign residents. Trading through this company is not done instantly, which quite frankly feels outdated. Of course, this means you are not guaranteed any execution price. While CoinTree may be a good entry-level company for some users, others will surely find better alternatives. Here are the pros and cons of this company: 

 

Pros Cons
No major hacks yet No instant transactions/trading
Relatively competitive fees No guarantee of the execution price
Can pay AU utility bills from BTC balance Simple charting 
Offers a platform demo AU-focus (only a con, if you are not Australian)

 

 

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Traders` reviews for CoinTree

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account details and password not given

Dear cointree, - please help - I need assistance urgently
I befriended a person online His name is Jimmy Primm this is the name he gave me it could be a false name
Whom talked me into thinking He would invest money so that I would be able to increase my little wealth

I realized this was a fraud However, over time it seems that this has been a scam as I have not received any details of the cointree account he created or any paperwork

I have never received any money or details from him regarding cointree or a cointree account to indicate what investments have been made or whether or not they have increased or not

He has not advised the amount currently invested but I do know that the account has been linked to my bank account which I would like removed as I am losing my money, it seems that every time I deposit money into my account money is deposited into cointree which is not what I want and did not and have not authorized

I am not sure what to do at this stage I want any money I can recover returned to me in the account to be transferred back to my bank account linked to the cointree account so that I can recover some funds if money is still in the account


Currently there should be no funds deposited to cointree as my bank account has been frozen because of this fraudulent behavior

My bank is currently investigating this matter too

My name is Mihoko Une

My bank details are as follows Commonwealth Bank of Australia
BSB NO. 063020
Account NO. 10227237



My so called friend is Jimmy Primm who created this cointree account

This is my bank account I did not authorize this account to be used or linked I was made to think this was a legitimate investment opportunity.

I need your urgent assistance to resolve this issue to recover all of the money that was taken from my bank account
My request is to know the details of the account created in my name

I want to know if I can cancel the account and withdraw all funds currently deposited
According to my bank statements there should be approximately $3000 in the account or
On 29th May 2019 100014021205831 $1,000
100014021205831 $1,000
100014021205831 $1,000
100014021205831 $160.These are all he transfers to cointree from my bank statements $3160.00
Please check and advise if there is anything I can
I would like a summary of the account if there is an account send me the log in details and password
I have begged him to send me cointree account details including password however, this has not happened he asked me to wait until Monday but the time has passed and he still hasn't sent information

I look forward to your email.
Thank you in advance for your assistance.

Mihoko Une ([email protected])

mihoko Une 06/19/2019

Not good

You guys should be very ashamed of being one of the leading crypto trading company, because I can assure you that you guys are NOT and nowhere close!

As a large volume, repeat customer I requested to have my tier upgraded so I can trade with large sum and you down-graded me instead


You are terrible and it is fact because :

1. Your Fees is 3% + handling fee, Total fees for BTCmarket is 0.85%
2. Withdrawal or Deposits take ages (3 - 6 hours), Others took 20 minutes
3. Do you really need to hold my Aud for so long as I just withdrawn $20,000 and still pending after 2 days? BTCmarket literally took 20 minutes to deposit $72,000 into my bank
4. Customer service took days and only comes back with zero progress


This exchange is a ripoff for any newbie just started trading in crypto, but I would not call it a scam as it working slowly with high fees

Feel free to email me on [email protected] as I can vouch for this negative review

Experienced volume trader

Jerry T 05/29/2019

Where is their support

I used them once and they where very good

I used them again yesterday - and no body is there to answer why my bitcoin has not gone into my wallet yet - it is now 13 hours and no body is answering support emails

bradley jones 05/29/2018

Scam warning

SCAM WARNING ********

Do not give these Scam Artists any money at all. I have lost over $5,000.00 with them and they simply reply, apologise and sight some delay but never EVER actually get ANY MONEY. I'm sure they will reply and apologise and say they pride themselves on customer service so instead of regurgitating the same garbage, provide me with the following.

1. Transaction Log
2. The bank which you transferred the funds
3. The Date the transaction was processed.
4. The way in which it was processed
5. The confirmation number the bank provided you when you made the transfer

If you do not provide the following details within 24 hours I am calling the Police to report this fraudulent service and I will not stop until I find out who owns this Scam enterprise and get my money back!

Julian 02/19/2018

Scam Avoid Cointree

It has been over two weeks still waiting for my money to come threw Cointree went silent as I have no hopes of getting my money back. True Conartists If you don’t mind losing your money than invest here..

Santu 02/15/2018

Cointree

They say 24 to 48 hrs for email reply I emailed 10 days ago no reply
As with a lot of other customers ;could be the christmass break
Also people selling bitcoin as it has dropped dramatically :
No phone number and there adress just ses Melbourne cbd area
They need asics or government body to find out what is going on

Stephen Thompson 01/02/2018

Bad customer service

They dont even acknowledge the fact you made a deposit, even after supplying a bank receipt. They dont reply to Support requests I know as I have made 5 in the last 24hrs.
Beware they should not be used. Read their trust reviews.
Next I will be demanding a refund.

Darrin Kitchener 12/08/2017
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