To protect their digital assets, cryptocurrency platforms and exchanges provide registered users with personal accounts or crypto wallets. CoinJar is a leading platform for crypto trading and has attracted a lot of users. It’s a trusted platform that allows both advanced and beginner crypto trading. It offers seamless conversion from fiat currency to digital currency, which attracts crypto traders all around the globe.
This CoinJar Review will review its features, products and supported cryptocurrencies. It will also examine registration and verification methods and pros and cons. Finally, it will give a verdict.
What is CoinJar?
CoinJar Australia Pty Ltd (ABN 75 648 570 807) is the owner and operator of CoinJar. It is a well-established cryptocurrency exchange, with its headquarters in Melbourne. Co-founders Ryan Zhou and Asher Tan founded it in 2013. Its initial focus was on the Australian domestic market. It has been expanding internationally to the UK, Europe and other countries.
Users can instantly buy cryptocurrencies using a credit card or debit card. There are no deposit fees for BPAY or PayID and there are low trading fees. You also don’t have to pay any fees when withdrawing AUD to your bank accounts.
Who is CoinJar for ?
It is an attractive proposition for Australian traders because there are no fees to withdraw AUD from a bank account. CoinJar is a platform that allows investors to start trading crypto.
Additional benefits include the fact that crypto assets can be used to purchase CoinJard Cards. This makes crypto an even more important part of your financial life.
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78% of retail investor accounts lose money trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Trading forex or CFDs on margin involves a high degree of risk and may not be suitable for all investors. There is a possibility that you may suffer a loss equal to or greater than your entire investment.
CFDs are complex instruments and involve a high risk of losing money quickly because of the leverage effect. 68% of retail investor accounts lose money trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
What does CoinJar do?
CoinJar functions just like the best cryptocurrency exchanges in Australia. Australian citizens have the option of funding their account wallets through their local banks. Others can deposit funds with any supported cryptocurrency on the platform. Once funds are available, traders can easily buy or sell any digital currency.
CoinJar earns money by charging transaction fees for every trade that is executed on its platform. After purchasing crypto coins, traders can store them in their CoinJar wallet. The coins can be withdrawn to their best cryptocurrency wallet or Bitcoin wallet. CoinJar offers traditional brokerage services as well as the ability to trade crypto-to-crypto pairs. It also provides real-time technical charts which aid in decision-making.
How do you get started?
Registering a CoinJar Account is easy and takes only a few moments. These are the steps to get started:
- Visit the CoinJar website
- Click the link to join CoinJar in the upper right-hand corner
- Enter your first and last names
- Set a strong password by entering your email address
- Check and sign the policy agreement and terms of service.
- Click on “Sign up”
- Verify the email you have received at your email address
Users will need to create a CoinJar username and upload a profile photo.
For extra security, it is strongly recommended that 2FA and SMS authentication be activated before depositing funds. You can find this under “Settings” and go to the “Enhanced Verification” section.
Verification
CoinJar users cannot trade (buy or sell Bitcoin) until they have verified their CoinJar account. It takes just a few minutes to verify your CoinJar account via Digital ID (Australia Post).
Below are the steps to verify your account.
- To log in to your CoinJar trading account, use the credentials you have created.
- Click the “Get Verified Now” tab on your dashboard.
- You can choose whether you are an individual, company, or SMSF investor.
- Click the “Verify with Digital ID” tab.
- Upload a government-issued photo ID (e.g. Passport, Driver’s Licence).
- Please fill in the information as on the ID document.
- Take a look at the information.
- After clicking on the “Confirm” tab, click on the “Submit” tab.
Features
CoinJar Exchange Platform
CoinJar offers a crypto trading platform called CoinJar Exchange. This is a completely different product to the CoinJar fiat/crypto exchange, which has been in existence for many years. To log in to your digital currency account, you can use your CoinJar email address and password.
CoinJar Exchange is best suited to traders who can read live crypto charts. It is simple to use and easy on the eyes. The interface is very basic, so don’t expect advanced order types, drawing tools or indicators. Charting interface seems to be targeted at beginners. It does not have the trading features you would expect from a crypto trading platform in today’s market. CoinJar Exchange charges a different fee than the fiat exchange to buy and sell crypto.
CoinJar Wallet
The app is free and available for both Android and iOS. All features available in the web version of CoinJar and crypto wallet are available to CoinJar’s mobile app users. This app allows traders to manage their cryptocurrencies and access all account functions while on the move. Keep trading even when you’re traveling.
Fiat-to-Crypto Exchange
This platform, which allows users to trade and buy crypto using Fiat currencies, is one of CoinJar’s oldest products. This platform is distinct from CoinJar Exchange which is a crypto trading exchange. This fiat exchange platform charges different transaction fees from CoinJar Exchange.
Swipe Card
With its crypto debit card product, CoinJar makes trading easier. Users can use the CoinJar Swipe card to make payments with their cryptocurrency in their CoinJar wallet at businesses that accept EFTPOS in Australia. Users can also withdraw cash at ATMs and Merchants. The CoinJar Swipe Card does not have a transaction fee.
CoinJar SMSF
CoinJar, like many Australian crypto exchanges, offers support to investors who wish to invest in digital assets as part of their retirement fund. Users will need to set up a Self Managed Super Fund (SMSF), which is separate from their personal accounts. This follows Australian government standards. Investors can benefit from the 100% local support and low fees on CoinJar Exchange once the account is approved. They also have access to a personal Over-The-Counter desk (TC) for high-volume trades. Simple End-of-Financial Year tax reporting.
All SMSFs need to be aware of the risks and costs involved in using super funds to invest digital assets.
Supported Cryptocurrencies
CoinJar’s primary goal is to provide a unique environment for traders to trade and invest in cryptocurrencies. It provides support for professionals and institutions who wish to trade with cryptos. The Buy/Sell page of your CoinJar account contains the list. These cryptocurrencies are:
- Bitcoin (BTC).
- Ethereum (ETH).
- Litecoin (LTC).
- USD Coin (USDC).
- Ripple (XRP).
- Maker Dai (DAI).
- 0x Token (ZRX)
- Basic Attention Token (BAT).
- Stellar Lumens (XLM)
- ChainLink (LINK).
- Compound (COMP).
- Maker (MKR).
- Yearn.finance (YFI)
- OMG Network (OMG).
- Uniswap
The CoinJar Exchange continues its integration of new coins in order to provide trading services to all traders, despite the emergence and growth of stablecoins and cryptocurrencies.
Supported Countries
CoinJar is only available to residents of Australia and the UK.
You can still sign up for an account at CoinJar even if you are not located in the UK or Australia. You can only use the account as an online cryptocurrency wallet. You can send, receive and store cryptocurrency.
CoinJar recently stated in a press release that they are expanding to a variety of European countries in the very near future.
CoinJar Security
90% of user funds are stored offline in wallets that are located at redundant geographical locations. CoinJar’s servers are secure, as far as we know.
CoinJar follows industry-standard security policies, including data encryption, Transport Layer Security and (TLS) two-factor authentication. A third party may also conduct periodic security audits.
They also use machine learning to identify suspicious behaviour such as fraud or account takeovers.
Account Security
CoinJar offers two types of Two Factor authentication (2FA) in order to prevent unauthorized access to accounts.
- Mobile app for authentication
- SMS authentication
Authenticator apps, such as Google Authenticator and Authy, can be installed on a smartphone. The app generates a new authentication code each 30 seconds. The code is needed to log in once the app has been linked to CoinJar.
When CoinJar requests authentication, SMS authentication is performed by sending a SMS to a mobile phone. The code is sent to the phone and all users have to do is enter it. This method of security is not as secure and reliable as the app described above. SMS messages can be intercepted or port forward by mobile phone providers.
Site Security
The website states that CoinJar employs multiple strategies to protect customers’ assets and information. These include data encryption, Transport Layer Security and periodic security audits. Advanced machine learning techniques are used by the website to detect suspicious logins, account takeovers, and financial fraud.
Wallet Security
According to CoinJar’s website, CoinJar wallet uses cold storage to store at least 90% digital assets of its customers. The hardware wallets are stored offline in geographically-redundant, secure locations. Multisig withdrawals are processed by multiple staff members at the exchange. The exchange claims that they have sufficient reserves to cover all customer balances and currencies.
CoinJar Bundles
CoinJar recently added CoinJar Bundles. This allows you to purchase multiple bundles of cryptocurrency in one transaction. This allows you to track the performance of your bundle over time.
The ‘Popular Trio Bundle’ is one of the bundles that are available. It provides a weighted allocation based on market capitalisation to Bitcoin (BTC), Ethereum(ETH) and Litecoin [LTC].
All bundles are available through the CoinJar app and web interface.
Earn CoinJar Rewards
You’ll receive CoinJar Reward points when you complete certain actions on CoinJar. These can be used in the CoinJar Rewards Shop.
Points can be used to redeem for exclusive discounts, gift certificates, t-shirts and socks. To exchange currency for free, you can redeem points.
CoinJar Customer Support
CoinJar support offers a complete knowledge base that includes how-to guides as well as answers to common questions. This guide includes information on how to verify your identity, deposit funds via bank transfer, send digital currency payments, and many other topics.
The only way to reach customer support is to send a ticket detailing the problem. CoinJar is not like other Australian crypto exchanges and does not offer a live chat bot or phone support. This makes the platform laggard in this area.
Although there are not many ways to contact customer support, tickets can be reached throughout the week. CoinJar’s customer service was excellent.
Is CoinJar Legit?
CoinJar is a legitimate crypto exchange platform, licensed and regulated in Australia and the United Kingdom. The platform is open for government audits that confirm the nature of their business. CoinJar also offers a thorough registration and verification process that helps traders avoid money laundering.
User Interface
Users will be able to see the CoinJar dashboard when they log in for the first time. The top menu offers navigation to view accounts and transfer funds/crypto. You can also access the buy and sale feature and account settings. The default dashboard shows you the accounts page. This is where you can view your CoinJar wallet balances (AUD) as well as any additional crypto wallets.
It is important to note that the standard CoinJar interface does not display visual charts of cryptocurrency markets. This makes it difficult for users to see recent trades, price action, and market depth profiles. CoinJar users who are reliant on technical analysis might want to make use of other crypto charting websites in conjunction with CoinJar.
The dashboard is very basic and provides little insight into the crypto portfolio composition. The user interface is functional and easy to use, so newcomers to crypto will find it easy to navigate.
CoinJar makes it easy to use cash to purchase cryptocurrencies like Bitcoin. To see the current market prices for CoinJar’s digital assets, users who have verified and are cash-funded can click the Buy/Sell tab. After selecting the asset you want, click on the Buy/Sell tab to enter the amount and confirm the transaction. During our testing of the feature, we noted that there was no ability to apply Dollar-Cost-Averaging (DCA) to automate ongoing purchases.
CoinJar Fees
For takers and makers, the fees for trading between Australian Dollars (AUD) or crypto is 0.2. The fee for makers is slightly lower at 0.15%. The fees for trading crypto to crypto are very low, as both takers and makers receive it free of charge. CoinJar has very low trading fees compared to other cryptocurrency exchange platforms. Coinjar also charges a fixed fee of 1.00% to both the takers and makers for crypto trading.
These trading fees are only applicable to Australian and British residents. CoinJar Exchange offers free withdrawals to Australian bank accounts. Bitcoin withdrawals are subject to mining fees. These fees vary depending on how much BTC is in that block. The network fee is recalculated every 15 minutes.
Buy and Sell Fees
CoinJar charges a flat fee of 1% for all trading assets. This allows you to instantly buy and sell cryptocurrency. This fee is comparable to those charged by Elbaite and CoinSpot, which are both high-end exchanges in the sector. If you are a beginner and don’t know how CoinJar Exchange works, there are cheaper options such as Swyftx and Digital Surge. These exchanges allow you to instantly buy crypto for 0.5% to 0.6%.
A 2% fee will be charged for cryptocurrency purchases, including Visa, Mastercards, Apple Pay, Google Pay, and Apple Pay. This is quite reasonable in Australia. You can also use CoinJar Exchange, which has a different fee structure (as explained below). You will find advanced features such as charts and orders, which are ideal for crypto traders and experienced investors.
Payment Methods
PayID/NPP: This payment method allows users to instantly send money using the PayID payment system. It can be used from any Australian bank account that is compatible with it. NPP and Osko(r), both support PayID systems at all times of the day, 24 hours a day.
Blueshyft: This is another payment option that offers users the opportunity to purchase any supported coin on the CoinJar platform using cash deposits. Blueshyft is supported by over 1,200 Australian retail outlets. Blueshyft users must make a minimum $50 cash deposit and a maximum $5,000 within 24 hours to use the service.
Crypto Deposits: Registered users of the CoinJar cryptocurrency exchange can deposit crypto coins directly into their wallet address. The time it takes to process a crypto coin will vary depending on which one they are funding. The amount will generally reflect in the wallet within 15-20 minutes.
Credit/Debit Card: CoinJar lets users deposit funds with a debit or credit card (both Mastercards & VISA), to purchase cryptocurrencies on the platform.
Pros and Cons
| Pros | Cons |
| To buy crypto, use a debit or credit card | Support from customer service is not reliable |
| Two-factor authentication and security features | CoinJar Exchange lacks trading volume and liquidity |
| Interface that is user-friendly | There is no live chat or phone support. |
| Mobile compatibility | |
Alternatives
CoinJar is a highly rated cryptocurrency exchange that offers a wide range of features for Australian traders and investors. You can also consider other exchanges similar to CoinJar that offer similar features.
- Swyftx: This is a state of the art platform that allows users purchase cryptocurrency quickly and easily. It takes just two minutes to register and verify your identity.
- CoinSpot: This exchange is a trusted platform for Australian cryptocurrency. It has a solid reputation. The exchange aims to help newcomers buy Bitcoin and other cryptocurrency in Australia using AUD.
- Digital Surge: A local cryptocurrency exchange that makes it easy to store, buy and sell crypto. The platform is simple and enjoyable, making crypto as easy to understand as possible.
- Independent Reserve: This is a very popular cryptocurrency exchange that allows traders to trade at competitive rates and supports traditional fiat currencies like the Australian Dollar, New Zealand Dollar, and US Dollar.
- Binance Australia: Binance Australia is well-known for its innovative trading services and products. Binance brings many features to Australia’s market. The platform supports over 600 cryptocurrencies, and it is a liquidity provider for brokers in Australia like Swyftx or Digital Surge.
Conclusion
CoinJar is a great option for Australian and UK residents.
CoinJar’s platform is simple to use, and it is perfect for beginners who wish to buy or sell Bitcoin (BTC), and other popular cryptocurrencies.
CoinJar’s fees are very competitive if you want to buy Bitcoin (BTC). Keep in mind that fees can change daily.
CoinJar Exchange is available for advanced users. Although it doesn’t offer as much trading volume in GBP as other options (although it’s growing), it offers everything you would expect from a cryptocurrency exchange. This option will allow you to pay a maximum of 0.10% less in fees.
FAQs
Is CoinJar good?
It’s an easy-to use cryptocurrency exchange platform designed for beginners. You can trade bitcoin and other popular currencies at low trading fees.
Which countries are supported by this platform?
CoinJar is available to Australian residents. It is also a new crypto exchange in the United Kingdom that allows users to trade and buy digital currencies. CoinJar, a global digital currency wallet, can be used to store, send and receive crypto. CoinJar is not available to all investors due to local regulations.
How can you withdraw from CoinJar?
Sign in to CoinJar, locate the three dots at the top right of the screen and choose the Withdrawal menu. After selecting the account that you wish to withdraw from, select the linked bank account. Next, enter the amount you wish to transfer.
