CoinJar cryptocurrency exchange
Take your first steps into crypto with this user-friendly, if limited, exchange.
- Good for finding your feet in crypto and HODLing
- Not so great for ambitious trading strategies
|Product Name||CoinJar Cryptocurrency Exchange|
|Fiat Currencies||AUD, GBP|
|Cryptocurrencies||BTC, ETH, XRP, EOS, LTC, XLM, USDT, OMG, ZRX, MKR, & 30+ more|
BPAY: No fee
NPP: No fee
Coinjar users: No fee
CoinJar is an Australian-based cryptocurrency exchange that was established in 2013. It is one of the oldest crypto exchanges currently on the market. The exchange allows users to enter the world of cryptocurrency investing through a simple and beginner-friendly platform. While offering a vast range of digital assets, the platform is uncomplicated and could be the perfect starting point for inexperienced investors.
Although initially targeting those new to crypto, the exchange now also offers a range of advanced trading features, such as charting software and different order types. The exchange can be used via both desktop and mobile applications, and users can top up accounts using both card or bank transfers.
Let’s take a closer look at what this exchange has to offer.
Which fiat and cryptocurrencies are supported?
- Supported fiat currencies: AUD, GBP
- Supported cryptocurrencies: Approximately 49 cryptocurrencies
Which payment methods are accepted?
What’s it like to use CoinJar?
Although more commonly used as a route for those looking to hodl (hold) cryptocurrencies over the long term, the exchange has now expanded to include an advanced trading platform for those looking to capitalise on short-term moves.
The regular platform offers users the opportunity to buy and sell cryptocurrencies using fiat currency reserves. Once purchased, cryptocurrencies can be stored securely on the exchange’s built-in crypto wallet and tracked using the exchange’s live market data. CoinJar now also offers users the ability to spend cryptocurrency holdings thanks to the new CoinJar Card. Alongside investing, users can access the advanced digital currency trading platform and Over-The-Counter (OTC) services.
Customer support on the exchange is provided in the form of a detailed FAQ section. If an answer cannot be found there a customer support representative can be contacted via a ticketing system.
Fees and limits
Please note that the below fees are for Australian users.
Fees for buying $1,000 of Bitcoin
CoinJar charges a flat 1% fee on most cryptocurrency buy transactions. As a result, for $1,000 worth of BTC you’ll pay $10.
However, this goes up to 2% if you’re directly buying with fiat via a credit or debit card. This would lead to a $20 fee.
This is at the higher end of the market – it’s common to encounter transaction fees of as little as 0.25%.
Also, you should watch out for semi-hidden costs: CoinJar often quotes crypto prices up to 2% higher than their wholesale values.
How do I create an account at CoinJar?
Note. Before funding your account, we strongly recommend that you activate 2-factor and SMS authentication. This will provide you with extra security for account access and peace of mind.
These security settings can be turned on by going to your account page, clicking on “Settings” and heading to the “Enhanced Verification” tab.
Staking and rewards
At the time of writing, staking is not supported on CoinJar.
Lending and borrowing
CoinJar does not provide liquidity in this way or support its users doing so for each other.
At the time of writing, CoinJar does not offer margin trading.
Futures and options contracts are not currently available through CoinJar.
This keeps things simple for new users but places a limit on how ambitious more experienced users can get with their trading.
For a more consumer audience, CoinJar offers crypto bundle products. Bundles are collections of the major cryptocurrencies you can buy to automatically diversify your holdings. Think of them as being a little like tracker funds in more conventional investing, where holdings can be determined by either percentages or relative values of the stakes. These add to CoinJar’s appeal for beginners, given the minimal level of thought required.
CoinJar allows users to spend cryptocurrency assets wherever Mastercard is accepted using the CoinJar Card. The card automatically converts cryptocurrencies at the current conversion rate whenever a transaction is executed. At the time of writing, Coinjar Card supports 30 cryptocurrencies. All in-store or online purchases incur a 1% charge.
Customer support is sometimes thought of as CoinJar’s Achilles heel.
Based in Australia, the support team works regular office hours in Melbourne. Since Australia isn’t exactly convenient for the rest of the world, this can create issues for European or American users who may not be enthusiastic about having to find a time that suits them between 9 am and 6 pm at the CoinJar office.
For most clients, comms are handled via a ticketing system, with responses generally being sent within 2 hours.
If you are on the CoinJar trader plan, you will have access to a special direct line for power users. However, even they don’t have access via live chat or social media.
The support site is slightly off the industry pace in both breadth and depth.
Is CoinJar safe to use?
CoinJar is a registered cryptocurrency exchange in both Australia and the United Kingdom backed by a strong set of investors including boost VC, BlackBird Ventures and Digital Currency Group. In Australia, the CoinJar Group of Companies is registered with the Australian Transaction Reports and Analysis Centre. In the UK, CoinJar has secured registration with the UK Financial Conduct Authority (FCA) – 1 of only 10 exchanges to currently do so. As a result, CoinJar upholds a detailed registration and verification process to protect users from fraudulent and anti-money laundering transactions.
- Verification process
If users wish to make full use of the CoinJar platform, they must verify their identity. To verify, users will need a passport, driver’s licence, ID card or resident permit, along with a recent document proving their address.
These documents are reviewed automatically, but occasionally CoinJar’s compliance team may need to step in and manually review documentation. This can take up to 3 days.
This is a blanket policy for all users, without exceptions, justifying a high degree of confidence in the service.
- Security features
Security is a key priority for CoinJar, with a dedicated page outlining the features that it implements. Encryption, privacy measures and TLS (transport layer security) are applied throughout and the exchange harnesses machine learning algorithms to spot suspicious behaviour.
Additionally, 90% of the funds held by CoinJar are stored in offline wallets to avoid external breaches. CoinJar also claims to hold at all times sufficient reserves to cover customer balances with matched durations and in the appropriate currencies.
CoinJar’s strength lies in its simplicity and efficiency. It is a platform that inexperienced investors can use to dip their toes into the cryptocurrency industry very effectively. The built-in wallet will keep digital assets secure and the advanced charting software is available if people want to venture outside of long term investing. CoinJar’s new crypto card also provides an additional level of flexibility for those looking to spend digital assets.
For all its strengths there is evidence to suggest that the platform’s customer service lets it down and while the exchange performs the simple things well, there are certain features missing that means it cannot compete with the likes of Binance or KuCoin – but it is also not aiming to. The exchange is accessible to view worldwide, but it is only available for use for those living within Australia or the United Kingdom.
So for Aussie or UK beginners – this may be the exchange for you, provided you don’t want your handheld too much. If you’re not into trading and are looking for a long term investing (hodling) platform CoinJar is perfect. For those looking to actively trade, there may be better competitors on the market.
Compare CoinJar against other exchanges
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