- Safe & Secure Exchange with a Great Reputation
- Competitive Fees with Exchanges of this kind
- Platform Demo available for new users to try
- No Instant transactions
- Very simple platform with not many features
- Execution can not be guaranteed as transactions take time
Cointree is a leading cryptocurrency exchange that provides a fast and easy method for the buying and selling Bitcoin in Australia. The exchange is registered in Melbourne, Australia and hopes to become regulated there in the near future. CoinTree differs from most other exchanges because users send money to CoinTree and the administration does the actual buying of Bitcoin for you, then transfers the Bitcoin to your personal wallet address that you provide them. The company’s primary focus is to provide a simple, secure, and competitively priced cryptocurrency exchange for beginners. CoinTree is not focused on providing instant purchases or constant back and forth trading of Bitcoin like the larger more traditional exchanges. In fact, users do not have an account balance with CoinTree, so transactions do take a little more time.
Getting started with CoinTree is very simple and straightforward so that users can start buying and selling Bitcoin right away. The first step is identity confirmation in which users are required to submit a photo of government issued ID (passport, drivers licence, etc.) and selfie of yourself holding your government issued ID next to your face. The identity confirmation is very fast, only taking around 10 minutes to be confirmed. The next step is to make a cash deposit before online payment methods are accepted. The user must go to a Commonwealth bank and make the cash deposit which should show in your CoinTree account in about an hour. Once the cash deposit is in your account, you can proceed to buying Bitcoin by following the simple steps on their platform.
The CoinTree platform is a web-based trading platform that operates just like any other well performing website. The whole interface is beautifully designed and straightforward for the ease of use and understanding of buying Bitcoin. The main dashboard is very simplistic and new users can test out the platform through a demo account that is open to everybody to try. The demo account is a very nice feature in which most cryptocurrency exchanges do not utilize. CoinTree markets themselves well to beginner traders and people interested in getting into Bitcoin for the first time with their user-friendly platform.
The platform’s dashboard comes complete with a small and simple 3 day history chart of Bitcoins price, the live price in AUD, your account balance, and your purchase history. On the left side of the platform the user can select which actions to take with their account, such as buy or sell Bitcoin, send or receive Bitcoin, settings, security and more. For a beginner looking to buy or sell Bitcoin, CoinTree’s platform provides a seamless user experience. As for more experienced traders, the CoinTree platform doesn’t even come close to providing the tools and features one would expect.
CoinTree’s markets are quite limited as they only provide the services of buying and selling Bitcoin. They may add more cryptocurrencies in the future, but for now they are keeping things very simple for beginner users as first time and beginner Bitcoin enthusiasts are their target market.
The customer support offered by CoinTree is excellent. Members can reach support through a support ticket system. The support tickets help users to identify their problem so that CoinTree’s representatives can better help them. It has been reported that the tickets are responded to in a timely fashion, usually within 24 – 72 hours. Additional support options include email and through CoinTree’s social media channels. They keep a very active presence on both Facebook and Twitter where they interact with new and current users of CoinTree. Users can also find information on the extensive FAQ page where numerous questions are answered in great detail.
Security and Fairness
Although CoinTree is a relatively simple cryptocurrency exchange, security is of the utmost importance to them. CoinTree employs the latest security measures and protocols for their website and platform, as well as to inform their users on best practices to ensure the safety of their accounts. All users are strongly advised to implement two factor authentication for signing in and withdrawing Bitcoin. Another security measure offered to users is to log in via BitID, which allows users to log in to their account by scanning a QR code rather than type in a password. Users can even check their Bitcoin balance without logging in to their CoinTree account by following a certain link that’s assigned to each user’s account. Apart from security, each user is treated fairly as there is only one type of account and all standard procedures apply to all CoinTree members. Unfortunately, CoinTree is not regulated by any reputable authorities, but hopes to become regulated by the Australian Securities and Exchange Commission (ASIC) in the future.