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:
Australian Crypto Exchanges
The Best Places To Buy Bitcoin In Australia
Here are the best places to buy Bitcoin and other cryptocurrencies in Australia. I’ve personally tried every major Bitcoin exchange...
BTC Markets Review – Not For Beginners, But Good For Big Traders
BTC Markets, founded in 2013, is one of the oldest and biggest (or the biggest) cryptocurrency exchanges in Australia that...
Swyftx Review – Good For Altcoins, Not The Best For Bitcoin
Get $10 worth of Bitcoin when you sign up to Swyftx here (our referral link) Swyftx is another Australian cryptocurrency...
Digital Surge Review – Read Before Using!
Digital Surge is an Australian owned and operated cryptocurrency exchange that first launched 2 years ago, but only recently (around...
Bitaroo Review – A New Bitcoin Exchange
Bitaroo is a relatively new Australian cryptocurrency exchange, founded by Ran Oren and Ethan Timor in May 2020. In this...
Cointree Review – Why You Probably Shouldn’t Use It
Click here to sign up to CoinTree (link current for 2021) – not really recommended, as I’ll explain below. CoinTree...
CoinSpot Review For Australians  + A Warning
Sign up to CoinSpot here and get $10 of free Bitcoin (my referral link) CoinSpot is a cryptocurrency exchange based...
CoinJar Review for Australians in 2021
As an active crypto trader based in Australia, I’ve tried a lot of the different crypto exchanges and am on...
Independent Reserve Review For 2021
I’m an Australian citizen who has been a regular user of Independent Reserve since 2017, and in that time, I’ve...