While CoinTree.com.au asserts their operation as an authentic Bitcoin exchange for Australian residents, recently discovered investor feedback begins to hinder and tarnish this once long-standing cryptocurrency service provider. First launched in late 2013, it appears that CoinTree once served as a reliable outlet for Australian residents looking to get involved with the Bitcoin industry over the past few years. Whether or not the negative community feedback is due to crippling operational protocols is among just one of the many facets we will cover throughout our in-depth review.
What is CoinTree?
CoinTree functions most similar to a crypto service provider when you break down their operational model. While most authenticated cryptocurrency exchanges enable investors the ability to purchase multiple cryptocurrencies, Australian residents are solely able to purchase Bitcoin through the CoinTree platform. It should be noted though that if Aussie investors wish to convert their BTC into less valuable cryptos such as Ethereum, Litecoin, Ripple, Zcash, Monero, Dash and other supported cryptocurrencies, they are able to do so for free.
Who is behind CoinTree?
CoinTree.com.au is an established Australian company referred to as CoinTree Pty. Ltd. Filed under ABN# 36 167 203 303, CoinTree Pty. Ltd has been an active corporation since December 12th, 2013. No disclosure of ownership can be found regarding the operators or current owners on the site but a WHOIS search will reveal that the registrant behind this site is Shane Stevenson, from CoinTree Pty. Ltd. To lean more behind the corporate entity of CoinTree, you can visit the Australian Business Register.
How does CoinTree Work?
CoinTree is available solely for the residents of Australia and is geared towards providing newbie investors with an opportunity to get initiated with the Bitcoin mania. Australians can purchase Bitcoin through CoinTree with POLi payments, Electronic Funds Transfer (ETF) or cash deposits through selected Australian bank branches. The only disclosed fee or charge found in relation to the CoinTree operation would be a 3% processing fee for all bitcoins purchased. There are no fees for selling bitcoins or converting your bitcoins to supported cryptocurrencies for withdrawal.
While some other exchange sites have been noted for implementing a 4% to 5% processing fee, investors should be made aware of the fact that CoinTree is able to offer smaller fees by adding hidden upfront expenditures regarding their conversion prices featured on their platform. When compared to real-time Bitcoin prices, CoinTree integrates quite a wide margin between their prices with that of real-time Bitcoin prices.
CoinTree Platform Features
CoinTree employs a Proof of Solvency measure through their platform, which provides reassurance for active investors currently partnered with CoinTree. The purpose of the Proof of Solvency measure is to ensure investors that the bitcoins in their account are real and not fake. The minimum conversion fee to get started with CoinTree equates to a value of $200 while the maximum daily deposit allotted is $10,000. Australians who qualify for a premium account are able to purchase Altcoins in addition to Bitcoin.
Red Flag and Complaints
While we are unable to find any incriminating evidence regarding CoinTree through their site, a search of “CoinTree.com.au review” into the Google search engine will churn up some disturbing reports. While most of the positive feedback we found regarding CoinTrue dates back to 2014 and 2015, recent consumer feedback will reflect a much different story. To learn more about the corrupt operations occurring at CoinTree, make sure you visit TrustPilot and Reddit.
I have had many transactions with coin tree and initially it was fine…Their invoices were very reasonable but things didn’t add up. There is no transparency…I now know that they are a rip off and very dishonest. They have scammed me of $100, This is pure criminal activity. Don’t do business with coin tree.
I LOST 5000. I transferred money to their account and they cancelled my purchase order after 2 days automatically ,and i went back to westpack and they told me that the money went to the right account.i have been trying to contact them for last 3 weeks and no response from them .so many support request have been made already but no response . now i have to contact consumer protection in WA…Never use this site….It’s a scam
I find serious problems with this exchange. First of all, don’t believe the prices they advertise. It’s only to suck you in then.. WHOLAAA! if you use Poli payment you will be hit by 8% commission (which is very high). Then if you want to transfer your coins to another wallet they will find the cheapest prices to match you with and on top of that you get nifty network fees which is like 5x the regular fees.
CoinTree.com.au possessed a SimilarWeb global rank of 255,550 as of January 2017. Over 90% of the sites traffic originates from visitors residing within Australia which has accounted towards CoinTree developing an Australian rank of 5,742.
Can CoinTree be Trusted?
CoinTree does not appear to be an operation that can trusted anymore. In the past they appeared to be quite a reliable service provider for Australian residents but taking into due consideration the countless recent complaints regarding CoinTree, we cannot classify this cryptocurrency exchange as trustworthy.
CoinTree Review Conclusion
Regrettably yet not uncommon, CoinTree fits the bill of an online site that, historically speaking, once offered a great service and was quite reputable, but like most good things has started their own path to extinction. A serious lapse in customer support combined with a vile erosion of operational procedures has eradicated all legitimate components of CoinTree and has resulted in many Australian investors to suffer losses.
Review Verdict: CoinTree cannot be trusted!
Blacklisted Site: CoinTree.com.au
Have you been scammed by CoinTree? Please share any experiences, feedback or thoughts you may possess by leaving a comment below!
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