Pros and cons of CoinJar
- Simple and easy to use platform
- Built-in crypto wallet
- Instant card payments
- Crypto debit card
- Limited services for active trading
- Wait time for withdrawals
|Product Name||CoinJar Cryptocurrency Exchange|
|Fiat Currencies||GBP, AUD|
|Cryptocurrencies||BTC, ETH, LTC, XRP, XLM, ALGO, EOS, SOL, ADA, XTZ & 48 more|
Faster Payments (FPS)
|Trading Fee||from 0.04%|
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.
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.
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 the United Kingdom or Australia.
So for UK or Aussie beginners – this may be the exchange for you, provided you don’t want your hand held 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.
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.
|Transferring money or assets|
|Fees and costs|
|Ease of use|
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. Response times are generally sent within 2 hours.
CoinJar now has a local UK customer support office, with support available 17 hours a day. Monday to Friday you can talk to someone between 9am and 2am, and there is also weekend coverage between 9am and 5pm.
Reports on Trustpilot are largely positive, with users reporting quick response times and swift resolutions.
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.
|Support offered||Wait times|
|“Contact us” form||Yes||Within 2 hours|
At the time of writing, CoinJar has limited services in terms of trading and creating orders. But it does have some interesting additional features.
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.
The CoinJar Card allows users to spend cryptocurrency assets wherever Mastercard is accepted. The card automatically converts cryptocurrencies at the current conversion rate whenever a transaction is executed. For every £1 you spend you’ll earn 2 CoinJar Rewards points, which can be used to cover the cost of future trades. It supports 30 cryptocurrencies. All in-store or online purchases incur a 1% charge.
Go through a step-by-step guide on the sign-up process, and how to pass KYC.
We update our data regularly, but information can change between updates. Confirm details with the provider you're interested in before making a decision.
Cryptocurrencies are speculative and investing in them involves significant risks - they're highly volatile, vulnerable to hacking and sensitive to secondary activity. The value of investments can fall as well as rise and you may get back less than you invested. Past performance is no guarantee of future results. This content shouldn't be interpreted as a recommendation to invest. Before you invest, you should get advice and decide whether the potential return outweighs the risks. Finder, or the author, may have holdings in the cryptocurrencies discussed.
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