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Cointree Review – Why You Probably Shouldn’t Use It

Last Update:

Click here to sign up to CoinTree (link current for 2021) – not really recommended, as I’ll explain below.


CoinTree is a lesser-known website for buying and selling cryptocurrency for Australians. In this short CoinTree review I’ll explain why you probably should not sign up to it, and why other crypto exchanges like Independent Reserve (my personal favorite) are better options. I first signed up to CoinTree on January 11 2018. Here’s the welcome email (click to enlarge):

Since then, however, I have not traded once with CoinTree.

The problem with CoinTree

CoinTree is not an actual exchange where you trade cryptocurrencies with other people — rather, when you buy cryptocurrency on CoinTree, it’s CoinTree themselves directly selling you cryptocurrency, and when you sell cryptocurrency on CoinTree, you’re selling it directly to CoinTree. And when you buy or sell cryptocurrency on CoinTree, the prices they’ll offer you are probably going to be far worse than other places, and the difference between the buying price and selling price can be huge. You can see this for yourself at Cointree’s trading overview page here. Here’s an example for Bitcoin (updated for 2021):

That is a ridiculously large spread ($44,702 vs $43,453) depending on whether you’re buying or selling, so if you buy 1 Bitcoin on CoinTree and then sell it straight after, here you’ve just lost over $1,000 for nothing. That’s where CoinTree makes their money: selling you cryptocurrency for more than it’s worth, and buying cryptocurrency for less than it’s worth.

Now compare CoinTree to a real exchange like Independent Reserve. At the time of writing, here’s the market for Bitcoin on Independent Reserve:

As Independent Reserve is a real exchange with good volume, you can see that there isn’t a huge spread between what you’ll pay to buy Bitcoin and what you’ll get when you sell Bitcoin (in the example above, you can buy it for $43,895, and sell it for around $43,812 — a vastly smaller difference than the Cointree example above). So on real exchanges like this, you’ll get to buy Bitcoin much cheaper than you would on Cointree, and sell it for much more than what you would on Cointree.

Given how much Cointree can rip you off when you’re buying and selling cryptocurrency on there, you should absolutely avoid it. Their “compare” page here where they somehow claim to be the only place with “Low fees”, “Mistake free trading”, “Transparent quotes”, “Great support” and more is absolutely laughable and basically a load of BS.

Other cryptocurrency exchanges for Australians

I have used most of the Australian cryptocurrency exchanges and wrote reviews of them detailing my experiences and what you have to watch out for. Strongly recommended reading before you sign up to any exchange! Independent Reserve, CoinJar, CoinSpot, Bitaroo, Digital Surge and Swyftx are good and reputable exchanges that you should use instead of Cointree (though there are some pitfalls you should know about, which I explain in my reviews). Here are the reviews I’ve published for the main cryptocurrency exchange in Australia:

CoinSpot Review For Australians [2021] + A Warning

CoinJar Review for Australians in 2021

Independent Reserve Review For 2021

Bitaroo Review – A New Crypto Exchange

Digital Surge Review – Read Before Using!

Swyftx Review – Good For Altcoins, Not The Best For Bitcoin

Summary
Review Date
Reviewed Item
Cointree
Author Rating
11stargraygraygraygray
Software Name
Cointree
Software Name
NA
Software Category
NA

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