CoinJar is an online financial platform that lets you buy, sell and manage cryptocurrency using traditional fiat currency.
As Australia’s first bitcoin company backed by venture capital (VC), CoinJar provides an easy way to buy and sell the world’s most popular cryptocurrency.
The platform launched in 2013 and has already emerged as one of the more popular bitcoin wallets.
Exchanges like CoinJar
What is CoinJar?
CoinJar is a simple online platform that allows you to buy, sell and spend bitcoin. It’s ideal for mobile devices because it allows you to use a prepaid debit card to swipe and pay for goods and services anywhere you go.
Although CoinJar isn’t marketed for active traders, it allows you to hedge bitcoin against traditional currencies, such as the US dollar and British pound. This will also help you safeguard your funds against wild fluctuations in the price of bitcoin.
Which cryptocurrencies can I buy/sell?
CoinJar is a multi-currency wallet that integrates bitcoin and traditional fiat currencies such as the US dollar, euro, British pound and Australian dollar. No other cryptocurrency is accepted at this time.
Because CoinJar is marketed as a personal finance company, the platform is available worldwide.
Which payment methods are accepted?
CoinJar only supports bank transfers from Australian banks. US residents can transfer bitcoin into their CoinJar wallet from other wallets. To obtain your bitcoin address from CoinJar, sign in to the web app, select your “Everyday Bitcoin” account and select “View Address”.
How much will it cost me to use CoinJar?
Receiving bitcoin is completely free with CoinJar.
Outgoing payment and transfer fees are outlined below:
|Everyday Bitcoin||Cash Account||Hedged Account|
|Paying/Transferring To||External Address†||Transaction fee†||Transaction fee† & 1%*||Transaction fee†|
|CoinJar Customer||No fee||1%*||No fee*|
|Everyday Bitcoin||N/A||1%*||No fee*|
|Hedged Account||No fee*||1%*||No fee*|
|Swipe||No fee*||1%||No fee*|
|Bank Account||1%*||No fee.||1%*|
† Bitcoin transaction/mining fees are set by the Bitcoin network.
* Transfers involving any currency exchange are subject to CoinJar’s transfer rates.
How fast will my funds be available?
Funds transferred into your account from other wallets will be available within a few minutes. However, bitcoin transaction speeds depend on the current capacity of the bitcoin network. In general, bitcoin payments can be sent anywhere in the world in as little as 6 minutes.
However, slower transaction speeds are possible. CoinJar acknowledges that bitcoin transactions have sometimes not been close to instant (~10 minutes) because of network overload.
Are there any transfer limits?
Once verified, you will be assigned a daily limit for making bank transfers (for Australians only) and converting currencies within your wallet.
CoinJar doesn’t publicize its daily transaction limits, but says you can access them from the “Settings” section under “Your Usage”. You can also increase your daily limits on request, provided that your account has been verified.
Is it safe to use CoinJar?
CoinJar has the industry-standard 2-factor authentication enabled on all its accounts, which has proven to be a good security protocol.
Within the CoinJar network, you are free to manage your public profile, including name and image.
CoinJar has beefed up its customer support to account for the large influx of users. Wait times for verification and support tickets have declined as a result.
CoinJar’s website also has a dedicated Support section that allows you to troubleshoot any issues. You can also contact a specialist directly from your CoinJar account to get help with your account.
CoinJar pros & cons
- Solid reviews
- 2-factor authentication
- Easy to use and ideal for beginners
- Ideal for mobile device use
- Though improving, customer support remains slow
- Lacks multi-signature capability
- Not open source
- Lack of transfer options for US customers
CoinJar has made the account registration process quick and easy. To open an account, simply head over to the website homepage and select “Sign up now”. After inputting a few of your details, you’ll be up and running.
This initial signup gives you access to the bitcoin wallet feature. If you want to enable bank transfers, you’ll need to complete the full ID verification phase. Since CoinJar only supports bank transfers to Australian financial institutions, this step doesn’t really apply to US residents.
Frequently asked questions
Image source: CoinJar