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, OMG, ZRX, MKR, BAT & 10+ more|
BPAY: No fee
NPP: No fee
Coinjar users: No fee
Which fiat and cryptocurrencies are supported?
- Supported fiat currencies: AUD, GBP
- Supported cryptocurrencies: Approximately 24 cryptocurrencies
Which payment methods are accepted?
What’s it like to use CoinJar?
Fees and limits
Please note that the below fees are for Australian users.
How do I create an account at CoinJar?
Before funding your account, we strongly recommend activating 2-factor and SMS authentication so you can have the peace of mind of extra security.
These 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, short-selling, options and so on – none of these are offered by CoinJar.
This keeps things simple, but obviously places a significant limit on how ambitious you can get with your trading.
CoinJar offers OTC and institutional solutions, but we don’t need to worry too much about them here.
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.
Customer support is CoinJar’s Achilles heel.
Based in Australia, the support team works regular office hours on Melbourne time. 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 9am and 6pm at the CoinJar office.
For most clients, comms are handled via a ticketing system, with responses generally within a maximum of 2 hours.
However, if you are on the CoinJar trader plan, you will have access to a special direct line for power users. That said, even they don’t have access via live chat or social media.
Another issue: The support site is well off the industry pace in both breadth and depth.
Is CoinJar safe to use?
CoinJar is not regulated by any recognised national body.
- Verification process
If you wish to make full use of the CoinJar platform, you must verify your identity.
You’ll need a passport, driver’s licence, ID card or resident permit, along with a recent document proving your address.
These are reviewed automatically, but occasionally CoinJar’s compliance team may need to step in and manually review your documents. 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
90% of the funds held by CoinJar are stored in offline wallets.
Encryption, privacy measures and TLS (transport layer security) are industry standard.
CoinJar claims to hold at all times sufficient reserves to cover customer balances with matched durations and in the appropriate currencies, although this is of course difficult to verify.
At the time of writing, Finder could find no evidence of any successful hacks of the CoinJar platform.
Overall, while it may market itself as an exchange, CoinJar just can’t compete with more sophisticated services like Binance or Coinbase, and anyone looking for real trading should look elsewhere.
This may sound like a criticism, but it is in fact an enormous strength, given how confusing and intimidating trading platforms and even wallets can be to beginners. If this is the first dip of your toe into crypto, it is ideal.
That said, it’s best if you’re dipping your toe from Australia, given the far more limited service users in the UK face, with fewer payment platforms supported, and the all but non-existent service that users in other countries face.
So, beginners in Australia and the UK – this is the one for you, provided you don’t want your hand held too much. Not into trading but want to HODL? CoinJar is perfect.
Anybody else – there are plenty of competitors on the market.