Buy and sell bitcoin with fiat currency or trade several leading cryptocurrencies on this all-in-one platform.
In this review, we’ll take a closer look at CoinJar’s features, supported currencies and fees to help you work out whether it’s the right choice for you.
|Product Name||CoinJar Trading Platform|
|Fiat Currencies||USD, EUR, GBP, AUD|
|Cryptocurrencies||BTC, ETH, LTC, XRP, ZEC|
- More than just an exchange, it also lets you spend and use bitcoin
- Highly regarded and well reviewed
- Automatic 2-factor authentication
- Easy to use and good for beginners
- Works well for mobile device use
- Averaged bitcoin market prices and flat 1% commissions mean you can always get a fair price
- You can hedge bitcoin against several major currencies
- Quick and easy currency changing on your phone
- Allows quick and cost-effective international money transfers
- Offers attached EFTPOS card with no monthly fee
- Lacks multi-signature capability
- Not open source
What's in this guide?
What is CoinJar?
CoinJar offers two main services to customers: a multi-currency wallet and a digital currency exchange.
CoinJar: A multi-currency wallet
CoinJar offers a personal finance account which you can use to store, buy and sell bitcoin (BTC), Ether (ETH), Litecoin (LTC) and XRP (XRP). Hedged accounts are available if you want to temporarily store your digital currencies in the form of an alternative fiat currency (GBP, AUD, EUR, USD) to avoid crypto price fluctuations.
- Beginner-friendly platform
- Buy, sell and store BTC, ETH, LTC and XRP
CoinJar Exchange: A digital currency trading exchange
Launched in June 2018, CoinJar Exchange is a digital currency exchange for experienced traders. Offering crypto/crypto trading pairs, the exchange allows you to trade BTC, ETH, LTC and XRP. Its features include market depth and price charts, a customizable layout, time-enforced order types and a dedicated trading API.
- Advanced trading platform
- Trading APIs and charts
Which cryptocurrencies can I buy/sell?
You can use your CoinJar to buy and sell the following cryptocurrencies:
CoinJar is an Australian company, but the platform is available worldwide. However, in order to verify your account and enjoy full access to CoinJar’s currency exchange and bank transfer features, you’ll need to be an Australian resident.
Which payment methods are accepted?
At the time of writing, only Australian residents can deposit funds directly from a bank account. US residents will need to transfer cryptocurrency to their CoinJar account to begin trading.
How much will it cost me to use CoinJar?
When you deposit funds into your CoinJar, whether a fee applies depends on your transfer method:
|BPAY (Australia only)||Free|
|Blueshyft cash deposit (Australia only)||1.5% fee|
|European Economic Area credit/debit card (UK only)||2.9% fee|
CoinJar’s buying and selling fee is a flat 1% of the market value, which is determined with a weighted average of all major exchanges.
When you’re making a payment or transferring funds from your CoinJar, the fees that apply are outlined in the table below.
- † Digital currency transaction/mining fees are set by each currency’s network.
- * Transfers involving any currency exchange are subject to CoinJar’s transfer rates.
From Digital currency account
From Cash account
From Hedged account
|External Address||Transaction fee†||Transaction fee† and 1%*||Transaction fee†|
|CoinJar Customer||No fee||1%*||No fee*|
|Digital Currency Account||1%*||1%*||No fee*|
|Cash Account (Australia only)||1%*||N/A||1%*|
|Hedged Account||No fee*||1%*||No fee*|
|CoinJar Swipe (Australia only)||No fee||1%||No fee*|
|BPAY Biller (Australia only)||0.5%*||1%||0.5%*|
|Back account (Australia only)||1%*||No fee||1%*|
Fees and charges on the CoinJar Exchange vary depending on the subscription plan you select.
|Annual fee||$0||$0 (if you have an annual trading volume of at least $100K)||$5,000||Trading volume commitment required (contact CoinJar for info)|
|Taker fee||0.50%||0.30%||0.15%||From 0.05%|
|Maker fee||0.50%||0.20%||0.10%||From 0.05%|
|Who it’s for||Casual, low-volume traders||Users who make more frequent trades||High-volume traders who make daily trades||Large teams who make high-volume trades|
CoinJar also offers its own rewards system that allows you to accrue points. You can earn points by performing the following transactions and tasks:
- Completing a currency exchange that requires fees
- Referring new members
You can use the reward points you earn to cover currency exchange fees.
How fast will my funds be available?
Cryptocurrency deposit and withdrawal processing times depend on the number of confirmations required by the digital currency being sent and the level of network congestion.
Are there any transfer limits?
Once verified, you will be assigned a daily limit for deposits and withdrawals and for converting currencies within your wallet.
CoinJar doesn’t publicize its daily transaction limits, but you can find your own limits in the “Settings” section under “Your Usage.”
Verified accounts can request an increased daily limit.
Is it safe to use CoinJar?
CoinJar is registered with the Australian Transaction Reports and Analysis Centre. CoinJar also implements the following security measures to help protect your account and funds:
- Multi-factor authentication support
- Storing at least 90% of customers’ digital currency holdings offline
- Using multisig technology to protect digital assets that must be stored online
- Data encryption
- Storing and processing the personal and financial information of customers in cloud services that meet infrastructure security requirements
If you need help with your CoinJar account or a particular trade, CoinJar offers an extensive online knowledge base with “how-to” guides and answers to a large range of frequently asked questions.
If you can’t find the answer you’re looking for, CoinJar customer support is available from Monday to Friday, 8am to 6pm, Melbourne time. You can submit a support ticket online and generally expect to receive a response within two hours.
In addition, CoinJar Exchange members who subscribe to the Trader plan or above can also access phone support.
Pros and cons
- Simple way to manage your digital currency
- Offers brokerage services and a digital currency exchange
- Supports two-factor authentication and stores the bulk of customer funds offline
- Can be used to send money around the world instantly
- CoinJar Exchange is better suited to advanced traders — casual traders may find other platforms easier to use
- Different features and uses of the wallet and exchange may be confusing for crypto newcomers
- Only offers access to a few digital currencies
- Many of the features are restricted to Australian residents only
Compare CoinJar’s features with those offered by other crypto brokers and trading platforms before deciding if it’s right for you. If you do want to use any of CoinJar’s services, you’ll need to register for an account.
You can sign up for a CoinJar account by providing your name and email address and then creating a password. Next, create a username and select your country of residence before linking your mobile number.
Disclosure: At time of writing, the author holds ADA, ICX, IOTA and XLM.