Coinjar Review 2023

If you’re searching for an easy way to dive into the crypto space and grow your portfolio fast, then CoinJar is a great choice, particularly because it’s one of the best and most trusted crypto exchanges in Australia right now. 

In terms of trading features, CoinJar is powered by some of the world’s fastest matching processors, which aids the exchange handle real-time crypto buying, selling, and trading.

One of the best features of this Melbourne-based crypto exchange is its ability to make day-to-day purchases using your stored digital assets, which is a feature that crypto exchanges rarely offer. Aside from all these, CoinJar has many other excellent features to offer, so, read on!

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CoinJar Exchange Info

• Website: https://www.coinjar.com/
• Country: UK/AU
• Mobile app: Available
• Deposit Methods: Osko, Blueshyft, PayID, debit card, credit card, Google Pay, Apple Pay, NPP, crypto
• Trading Fees: 0.08% to 0.20%
• Fiat Currencies: GBP, AUD
• Cryptocurrencies: Over 50

Features

• You can pay with crypto using Coinjar Card with no activation or monthly fees
• Fast verification time (less than ten minutes)
• AUSTRAC-regulated exchange
• Provides OTC trading
• Highly rated mobile app for Android and iOS
• Rated 4.2 /5 on Trustpilot
• Coinjar Bundles to diversify your portfolio
• Supports 7 actively traded crypto and ERC20 tokens
• Secure Coinjar wallet
• Earn reward points to pay exchange fees with Coinjar Rewards

Pros of CoinJar

• Instant and spot market under the same platform
• A well-established company supported by corporate investors
• User-friendly design and smooth navigation
• A debit card to spend crypto
• A vast choice of deposit methods

Cons of CoinJar

• High fees for instant purchases
• Limited choice of popular altcoins

Overview

Australia hosts a wide range of crypto trading platforms and exchanges. One such platform is CoinJar, a native cryptocurrency exchange that offers crypto brokerage services.

The platform allows users to purchase or sell a wide range of cryptocurrencies by utilising different deposit methods, including fiat deposits and withdrawals. The terms for fiat trading might be exclusive for Australian residents, but the platform offers additional crypto trading features worldwide.

To learn more about CoinJar, we invite you to read our review and delve deeper into what makes this platform a place worthy of checking out.

About the CoinJar Exchange

CoinJar (coinjar.com) is one of the most popular and trustworthy Australian crypto exchanges. The platform was launched in 2013 and registered as a UK cryptocurrency exchange for Wales and England a year later under the company CoinJar UK Limited. The platform’s headquarters are located in Melbourne, Victoria.

The CoinJar platform was founded by two developers – Asher Tan and Ryan Zhou. Tan has a background in financial analytics and acts as the current CEO of the platform, and Zhou is a cyber engineer acting as the current COO of CoinJar. The co-founders are firm believers in the potential of the fintech industry, which led them to start their own platform and guide Australia into the world of cryptocurrencies.

The platform hosts several unique and cost-effective features such as a crypto debit card called CoinJar Swipe, cryptocurrency bundles, and mobile apps for remote trading. These charming features attracted over 400,000 satisfied users to the platform.

The platform is backed by some major players in the crypto game, such as Boost VC, Digital Currency Group, and Blackbird Ventures. The platform supports more than 50 cryptocurrencies, including stablecoins and altcoins.

Getting Started on CoinJar

Getting started on the CoinJar platform is very easy. Visit the main CoinJar website and click on the Sign-Up prompt in the right corner to fill out some basic information.

You have to provide your full name and surname, email address, and choose a password. It’s recommended that the password contain every character type for better account security. After the form is filled, agree with CoinJar’s terms and conditions and click on Create Account. After this, you will receive a confirmation email along with a link. The link will take you to a log-in page where you’ll be asked to upload a selfie, provide your mobile phone number, and select your area of residence. Once all of this data is provided, the initial account creation is completed.

As Australian cryptocurrency platforms comply with KYC/AML policies, you have to verify your account before trading cryptocurrency. The verification process for CoinJar is automatic and is conducted via Digital ID (Australia Post). Users should log into their account and click on the Get Verified tab on the main dashboard. Pick your investor status on the page and click on the Verify with Digital ID tab to upload valid legal documents such as a government-issued ID card, passport, or driver’s license. Once everything is neatly filled out, click on Submit to finalise their verification.

Ease of Use

Australian users have the option to fund their accounts via their native bank accounts or using other Australian payment providers. Global users can fund their accounts by depositing cryptocurrencies that are supported on the platform. Once the account has been funded, users can start trading.

The CoinJar platform hosts a user-friendly interface. Users can access their account balance, transfer/send cryptocurrencies, buy/sell crypto, and view the account settings on the left menu panel. The greeting page of the dashboard is the accounts page, where users can check wallet balances in fiat currencies.

The main trading dashboard lacks some features that other platforms such as Coinbase and Binance have. The lack of visual charts for viewing prices, market movements, market depth profiles, and recent trades prevent the CoinJar platform from achieving a higher status in the crypto ecosystem. All in all, the trading engine is pretty straightforward, though it is a bit cluttered. This might turn away novices, but they should feel right at home with a few days worth of practice.

CoinJar Features

CoinJar doesn’t sport as many features as some of its competitors, but they still provide a good trading experience. We’ll mostly focus on the debit card and exchange feature and the cryptocurrency bundle features.

CoinJar Swipe Card

The CoinJar card is an interesting and innovative feature, the first of its kind in Australia. The swipe card functions as a regular debit card, but one that is connected to your crypto balance. It costs $29 AUD to be minted and doesn’t incur any transaction fees, monthly maintenance fees, or activation fees.

However, users need to be careful about cancelled transactions, as they can cost $10 AUD. There aren’t any loading fees for AUD transactions or EFTPOS deposits and withdrawals. The loading fees for crypto are on par with the ones from the CoinJar platform.

The card has some limitations. For example, cardholders are limited to 25 free daily transactions. Foreign transactions cost 2.99 AUD, or a 1% fee if you use ATMs. There is a $999 AUD daily top-up limit. The card can be used at any ATM, or to purchase goods and services from businesses that support EFTPOS payments.

CoinJar Exchange

The CoinJar exchange is CoinJar’s cryptocurrency trading platform. This platform differs from the main fiat-to-crypto platform that’s very popular in Australia and is best suited for experienced traders who are already familiar with the basics of crypto trading, such as reading live charts on crypto movements. Users don’t need to have a separate account in order to undertake crypto-to-crypto trades on the exchange.

The interface is modern and sleek, with a minimalistic UI. The features are relatively basic, as there aren’t any technical indicators, drawing tools, or a variety of order types. The charting features are designed to be as beginner-friendly as possible but still aren’t quite suited for novices.

CoinJar Crypto Bundles

The crypto bundles feature is a great way for users to diversify their trading portfolios. By purchasing bundles, users can trade with different assets at the same time. The feature allows users to purchase crypto bundles that contain two or three different tokens with just a single transaction. CoinJar automatically calculates the amount or the ratio of the tokens based on the asset’s market cap and performance. Some of the more popular crypto bundles are the ETH/BTC duo in a 50-50% ratio and the trio 4BTC/72ETH/44622XRP, among others. The transaction fee for purchasing the bundles amounts to 1% of the amount that’s paid for the bundle.

CoinJar Wallet

The CoinJar Buy Bitcoin Instantly is a digital wallet developed by the CoinJar platform. The wallet can store a wide range of coins, all of which are accepted on the main platform. The wallet also comes with a wide range of security features, including two-factor authentication and TLS security.

Bitcoin and Other Supported Cryptocurrencies

When users want to purchase crypto on CoinJar, they won’t be greeted with an order book for crypto offers. Instead, CoinJar acts as a cryptocurrency brokerage and continually updates the prices. The prices are calculated based upon the current market prices, and CoinJar provides users with the best exchange rates at the time of the transaction.

CoinJar regularly updates its cryptocurrency roster and supports more than 50 cryptocurrencies. Some of the more popular digital assets listed in the platform are Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), USD Coin (USDC), Basic Attention Token (BAT), Ripple (XRP), EOSiO (EOS), Chainlink (LINK), Stellar (XLM), among others.

Users who wish to buy cryptocurrency with fiat money need an Australian bank account as the platform only accepts domestic bank transfers. The only two fiat currencies supported are the Australian dollar (AUD) and the Global Pound Sterling (GBP). All deposits in different fiat currencies are automatically converted into the supported ones for a modest conversion fee.

There are a lot of choices when it comes to payment methods, but most are exclusive to Australians. The platform supports payments via platforms such as PayID, Osko, Blueshyft cash deposits, debit cards, and credit cards from Visa and MasterCard, as well as crypto deposits. Australian users can also use these services to withdraw cash when they sell cryptocurrencies on CoinJar.

Trading Fees and Limits

CoinJar implements the classical maker/taker model of fees for trading. For fiat-to-crypto, the taker fee changes between 0.1 and 0.5% depending on the user’s 30-day trading volume, while the maker fee amounts to 0%. For crypto-to-crypto trading, the taker fee is 0.1%, and the maker fee is 0%.

For instant spot trading, CoinJar charges a flat fee of 1%. The 1% spot trading fee might be a tad higher than the industry standard, so it is beneficial to use the CoinJar exchange for buying and selling cryptocurrencies.

Deposit fees differ depending on the payment method. For example, there are no deposit fees for BPay, Osko, or PayID. On the other hand, cash deposits cost 1.5%, while credit and debit card deposits incur a 2% fee.

The withdrawal fees vary depending on the currency. CoinJar doesn’t charge any fees for AUD withdrawals, while non-AUD withdrawals incur a fixed 20$ fee. For crypto withdrawal fees you only pay the network fees for the cryptocurrencies in question. These fees change depending on the blockchain traffic. The network fees are paid to the miners who validate transactions on the network. CoinJar doesn’t take a cut.

Is CoinJar Safe to Use?

All Australian exchanges are regulated by the Australian Transaction Reports and Analysis Center or AUSTRAC. CoinJar complies with AUSTRAC’s policies regarding crypto.

CoinJar stores sensitive user data with TLS or Transport Layer Security and keeps 90% of the assets in offline cold storage. Moreover, the platform frequently undergoes third-party audits regarding security measures.

Additional security features include SMS verification and enhanced account security provided by the two-factor authentication system (2FA). The 2FA system sends a verification code to the user’s mobile device when logging in or when making a withdrawal request.

Customer Support

CoinJar offers a robust customer support experience. The main website contains a support section where users can browse an extensive library of FAQs for easy solutions to the most common problems. For more pressing matters, the customer support team can be contacted at [email protected] and can be reached Monday to Friday between 8 am to 6 pm, Melbourne time. For users outside Australia, this might be tricky as they have to take Australia’s time zone into account to communicate their problems.

Aside from regular customer support features, the platform can be contacted on many social media platforms, including Twitter, Linkedin, and Facebook.

A Few Words Before You Go…

To put the lid on our jar for coins, we can say that CoinJar is more than just a regular cryptocurrency platform. The exchange has stood the test of time and has remained loyal to the basics of cryptocurrency trading. Users can use fiat currencies, a wide range of payment methods, or other cryptos to purchase assets from CoinJar. The platform offers a wide variety of coins and provides a safe and regulated environment with ample security measures. Additionally, features like crypto bundles, crypto-to-crypto trading and crypto debit cards make the platform worthy of attention. The dedicated support team is also a huge plus. All these make Coinjar valuable to both beginner and experienced traders.

It’s no wonder that the platform ranks number-one in Australia both in popularity and user count. We can wholeheartedly say that CoinJar is a worthy platform for conducting your crypto business.

Start Trading with CoinJar

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