CoinTree provides a means to quickly buy and sell bitcoin. We aim to make the process as simple and secure as possible.
We also provide all our users with their own secure bitcoin wallet and services to use their bitcoin, such as buying altcoins and paying household bills using bitcoin. For a list of services, see the Dashboard of your account or the Dashboard of the Instant Demo.
CoinTree strives to be the cheapest and easiest place to buy bitcoin. We offer a best price guarantee (see Buying Bitcoin section) and be sure to factor in competitor base rates and any additional hidden fees when comparing prices.
Yes, security and safety is our top priority. All website traffic is encrypted using SSL. All important user details are encrypted using the latest encryption technology. And the bitcoin wallet that we generate for you is encrypted many times over with different encryption methods. Here's the details:
Bitcoin (BTC) is a relatively new currency that is not controlled by any bank, government or institution. It is collectively maintained by the people across the world, allowing everyone to verify its integrity, instead of dictation by one centralised agency. Since its creation in 2009, it has achieved global recognition by the public. Bitcoin can be used to purchase items such as cars, clothes, or beer, in place of standard currency. It can be transferred to anyone, without the need to convert between currencies.
Similar to an actual wallet you would use to store cash, a bitcoin wallet stores bitcoin digitally. And like the compartments of an actual wallet, a bitcoin address represents a compartment within a bitcoin wallet. When you use a bitcoin wallet you are given a bitcoin address to send/receive bitcoin. Anyone who sends bitcoin to your bitcoin address is essentially adding bitcoin to your wallet. Some people like to have many bitcoin addresses for their wallet, but you don't need to worry about this for now.
Proof of solvency is the act of proving bitcoin exists for all users. This is important because less robust bitcoin services in the past have gone bankrupt or have lied to their users about the bitcoin in their accounts, leaving their users with nothing. With services that can prove solvency, you can rest assured knowing that your balance is really there and accessible at any time.
Yes, at any time all our users are able to verify their bitcoin exists and view their bitcoin transactions using an external website. To do this on your account now, click here.
Similar to dollars and cents, bitcoin uses BTC and mBTC depending on the quantity. BTC represents one bitcoin and can have up to 8 decimal places (where as dollars has 2 decimal places). mBTC is a 1,000th of a bitcoin. So for example, BTC 1 is mBTC 1,000. And BTC 0.2547832 is mBTC 254.7832.
If you haven't received your account activation email, the two most likely reasons are that your email client has put the email in your spam folder, or that you gave us the wrong email during account sign up. Here's a little trouble-shooting guide to help find the problem:
If you can't log into your account this probably means that you're entering the wrong email address, password, or two factor authentication (one-time password). If you get a message saying you've been locked out of your account, please contact customer support.
Two factor authentication is a great way to ensure your account cannot be compromised. An application on your phone is used to generate a unique code every 30 seconds. After logging into your account, you are asked to enter the generated code. Even if someone finds out your password, they will not be able to get into your account without access to your phone.
BitID is an open technology that allows secure log in using your mobile device. It is faster and safer than typing your email address and password. It can be quickly enabled for your account from the Security page.
POLi Payments and cash deposits are generally recommended because they can be processed quickly within the same day. Online and mobile banking options are great alternatives if you prefer to pay from the comfort of your home or office, however banks process these overnight.
All deposits are processed as soon as the bank provides the details to us. Cash deposits at bank counters take around 30 minutes to appear in your CoinTree account. Using online banking can take 1-2 business days depending on your bank. POLi Payments is instant.
The reference number must be specified with your deposit. Beware that some ATMs and self service machines do not allow a reference number to be specified and will result in processing delays or having your deposit refunded.
CoinTree does not provide a fixed price quote like some services do. Our prices are estimates only. When we receive your deposit, we will search the market for the best price possible.This model ultimately benefits you as a purchaser. Since there is no risk on our side of people locking in a rates and only paying when the market moves the wrong way, it allows us to be one of the cheapest of all Australian services like ours.Other services charge a higher commission for the ability to lock in a rate. Not only are you paying more, but if the market price goes down, you lose out even more. With CoinTree, you will always get the current market price at the moment that we receive your deposit.We are very proud of this model and back up our price with our best price guarantee.
We strive to give you the best price around and offer a best price guarantee. While some other services may list cheaper base prices or lower fees, the end result typically ends up worse than with CoinTree. If you get better value with another service, we'll give you a discount on our commission for your next purchase.
To make a claim, please raise a support ticket with proof of the other service's price attached.
We understand newcomers want to try bitcoin before getting too serious. To help with this we allow purchases starting from $20, the lowest amount in Australia.
Small purchases may not give as much value for money compared to larger ones as outside factors influence them more. Factors include slippage (a trading term), bitcoin network fees and temporary spikes in market activity. Even with these, purchasing a small amount can still be a good way to try bitcoin. To get the best value of money we suggest purchasing a larger amount at once.
Due to fraud where the general public has been tricked into completing bitcoin purchases on behalf of scammers, we have an extra verification step for cash deposits over $2,000 and over. Requests to send bitcoin from your account are queued until you provide proof that you have the receipt. The Send Bitcoin page and Transaction Log will guide you through the process.
Note that this doesn't affect the purchases themselves - they are processed as quickly as always. This only affects sending and using of the purchased bitcoin. In most cases, there is no extra delay at all between buying bitcoin and using it if the receipt is given to us shortly after making the deposit.
POLi Payments is a service provided by Post. It provides instant confirmation of payments to us and is the best option available for purchasing bitcoin as quick as possible.
To use POLi Payments you must link your bank account using the Security page and perform at least one cash purchase. After that's done, and assuming your bank provides online banking and is supported, you're good to use the POLi Payments option on the Buy Bitcoin page.
Although purchases are instant, it takes the banks 1-2 business days to send the money to us. During this time, purchased bitcoin will be in your account but unavailable to use. As soon as we receive the payment, you will be notified that you can now use your bitcoin.
There are no fees for swapping bitcoin for altcoins. CoinTree uses a third party service, ShapeShift, to perform the swapping of bitcoin for altcoins. ShapeShift sets the conversion rates and CoinTree does not charge any fee for this service.
Unfortunately you cannot store your altcoins in your CoinTree account - there are just too many of them!
If you don't yet have a wallet for your altcoin of choice, we recommend doing your due diligence during your research. Some websites, mobile apps, and even browser add-ins have been known to steal coins.
CoinTree is happy to add any altcoin that our provider, ShapeShift, supports. If we don't list it on our Swap page, check if it is available on their website. If is isn't, ask their support team to add it. Once they list the altcoin, let our support team know.
CoinTree processes all bitcoin transfers instantly and the destination will notice the transfer incoming almost immediately. When sending your bitcoin to another service or wallet, they may wait for the transfer to become confirmed by the bitcoin network before accepting it as complete. This might take anywhere from a minute to a couple of hours (or sometimes longer) depending on the service and the send priority selected.
When a bitcoin transfer is made, the bitcoin network places it in a pool with all the other new transfers across the globe. Bitcoin miners process these in batches and they pick which transfers to include based on the fee they will receive. CoinTree allows you to select the fee paid to miners based on how quickly you need the transfer confirmed by the bitcoin network.
Fast priority uses a fee that usually results in a quick confirmation by the bitcoin network. Economy priority uses a cheaper fee and is useful for saving money when you don't need the transfer confirmed by the bitcoin network quickly.
The bitcoin network fees rise and fall regularly depending on how many people are using it. We do our best to estimate an accurate fee for you but hold no guarantees of a quick confirmation as it at the sole discretion of the bitcoin miners. This is not a CoinTree fee and we always immediately broadcast your transfer.
Auth codes are used to help keep your account secure. When performing some account actions, a unique 6 digit code must be entered to continue.
You will be prompted with instructions about your auth code when it is time to enter it. Please contact support if you do not receive it in a timely manner. For accounts with two-factor authentication enabled, the auth code is your current 6 digit code from your authenticator app.
Verification allows us to minimise fraud and keep the price down for you. It also allows us to provide a fast service without any hidden delays.
The amount of verification required depends on the services you would like to use. All information is encrypted and safe.