Last update: May 11, 2022
Coinjar

CoinJar Review

While everyone engages with cryptocurrency in different ways, the overall base of crypto users has increased steadily since its inception. Crypto trading can be risky, but it can also be highly lucrative for skillful users.

If you want to get involved in crypto trading, you will need a wallet to store your coins and a cryptocurrency exchange platform for buying and selling digital currencies. CoinJar can help with these needs, as the platform offers an intuitive exchange with integrated wallet functionality. This CoinJar review will give some helpful information about the platform and help you decide if the exchange is suitable for you.

  • CoinJar


    1. Operating Since 2013
    2. Cryptocurrencies Supported 50+
    3. Fees Vary
    4. Deposit Methods PayID, BPAY, Blueshif, and more!
    5. Fiat Currencies AUD and GBP
    6. Verification Methods Email, 2FA
    7. Margin Trading No
    8. Futures Trading No

CoinJar’s Story

Since 2013, CoinJar has a lengthy track record of excellent service in the crypto world. The cryptocurrency exchange began operation in Melbourne, Australia very early in the development of the market and was among the first crypto exchanges in the nation. The following year, the company filed for registration in the United Kingdom under the name CoinJar UK Limited.

The founders of CoinJar are Ryan Zhou and Asher Tan, who currently serve as the platform’s CEO and COO. The founders have both technological and financial expertise, positioning them perfectly to guide a company like CoinJar.

The effects of its founders’ leadership can still be seen in CoinJar’s operations, as the company has consistently pushed the industry forward with intuitive design and new features. The market has responded to the quality being offered by CoinJar, with over 400,000 users currently registered with the platform.

The company also has the backing of the finance world, with notable industry names like the Digital Currency Group, Boost VC, and Blackbird Ventures all providing funding to the exchange. This support allows CoinJar to keep costs to users low while providing premium features and excellent security options.

What Currencies Are Supported?

CoinJar is a centralized exchange. This means that instead of browsing a variety of offers from other users, CoinJar provides a set price that updates regularly. This type of exchange has advantages and disadvantages, as they can provide excellent security features and reliability but have a reputation as a more expensive option.

CoinJar currently offers support for purchasing 48 different cryptocurrencies, including Bitcoin (BTC),  Litecoin (LTC), Ethereum (ETH), USD Coin (USDC), Chainlink (LINK), Basic Attention Token (BAT), Dai (DAI), Uniswap (UNI), Stellar (XLM), EOS (EOS), Yearn.Finance (YFI), OMG Network (OMG), Tether (USDT), and Ripple (XRP), as well as many others. While fiat options are limited to AUD and GBP, users can pay a minor fee to have other currencies converted.

Payment Methods and Deposit Methods

Bank transfers are only supported using Australian bank accounts, which may be an issue for users from other parts of the world. The exchange allows users to deposit fiat currencies from PayID, BPAY, or Blueshift, which are also convenient options for users in Australia. PayID deposits are support by NPP and Osko® which are available to use 24/7. PayID and BPAY are faster payments method with money credited to your CoinJar account in just a matter of minutes or almost real-time.

PayID offers similar functionality to a service like PayPal with typically instantaneous transfers, although your first transfer may take longer. The delay in your first payment is simply so the bank can verify the transaction, and transactions should clear quickly going forward.

BPAY enables users to add funds to their CoinJar account with zero deposit fees. The process is simple, so if you can make a bank transfer in your banking app, this should be no problem. However, transfers using BPAY take one to three business days to complete, so keep this in mind if the timing is tight.

Blueshift gives consumers in Australia an in-person option for adding funds to their crypto accounts. CoinJar users can make deposits at any vendor that supports Blueshift, although a 1.5% fee will apply. Support for debit cards is also available through the CoinJar Bundles feature, which we’ll discuss further later on in this CoinJar review.

Trading Fees

While centralized platforms are sometimes a pricier option than their decentralized competitors, CoinJar is a surprisingly budget-friendly choice. With a flat 1% fee on buy and sell orders regardless of your payment method, CoinJar is very competitive in terms of affordability. There’s a 1% conversion fee between cash accounts and digital currency accounts.

The trading fees applied by the platform are a bit more complex. These fees will vary depending on your role in the trade and the volume of trading you conduct. For example, taker fees start at .2% at lower volumes but can fall as low as .08% based on trading volume. Maker fees fluctuate similarly, ranging from 0.15-0.05%.

Trading between cryptocurrency pairs such as XRP / BTC and ETH / BTC will incur a 0.04% maker fee and 0% taker fee. All in all, unlike other crypto providers in Australia, CoinJar’s trading fees are pretty competitive and there’s also trading fee discounts for bigger volume accounts.

Deposit Fees and Withdrawal Fees

The fees for depositing fiat currencies into CoinJar wallet will depend on the payment methods chosen picked by the users. In case of PayID/NPP, BPAY, and crypto deposits, there are not fees charged. But for cash deposits, a flat fee of 1.5% is charged and for credit card or debit card payments, a fee of 2% is charged by CoinJar.

Meanwhile, Australian Dollars withdrawals don’t incur any processing fee but for non-AUD or international withdrawals, a flat withdrawal fee of $20 USD is charged from the traders For crypto withdrawals, there’s a network fee charged by the platform which yet again will depend on the blockchain load.

Deposit fees are non-existent except for Instant Buy with Visa or Mastercard (2% fee) and Blueshyft cash deposits (1.5% fee).

CoinJar Features

It can sometimes be challenging to understand the different features and options offered by crypto platforms. Things are particularly tough for beginners, so the next section of this CoinJar review will cover some of the platform’s most impressive features and what they mean to your trading.

The CoinJar Exchange

The basic CoinJar brokerage system has plenty of features and functionality for most crypto traders. However, some experienced traders may find the platform lacking in certain areas. Fortunately, the platform offers the CoinJar Exchange, allowing more extensive customization options than the base platform.

Using the exchange is simple, especially for existing CoinJar users. Users can log in with the same email address and password they use for the base platform and immediately start taking advantage of the offered tools to schedule large trades without disturbing the market.

CoinJar Swipe Card

CoinJar offers an EFTPOS card that allows users more flexibility in using their crypto. Called CoinJar Swipe, the card is the first with this functionality in Australia and will enable users to pay for items and services with the crypto in their crypto wallet at any store with an EFTPOS terminal.

The card also supports ATM withdrawals, so customers can use it as a primary card without worrying when they need cash. Although signing up for the card costs 39 AUD, fees for using the card are very low.

The CoinJar Swipe card is currently only available in Australia, but the platform has already discussed plans to expand the program. If this type of card interests you, you can check CoinJar website (coinjar.com) for updates or explore other platforms that offer similar services in your location.

CoinJar Bundles

The CoinJar Bundles feature is an effective tool for users interested in diversifying their portfolios. This functionality makes it easy to buy Bitcoin and other cryptocurrencies into multiple currencies simultaneously by grouping them into a single investment.

CoinJar manages the breakdown of the different currencies in the asset, basing the changes on the fluctuations and trends in the market. Most users choose the Popular Trio and the Popular Duo (50% BTC/50% ETH), but many options are available. When users purchase bundled assets in this way, CoinJar applies a flat 1% fee to the value of the entire transaction.

Customer Support Service

CoinJar offers a ticket system for users having issues with the platform but does not offer live chat support. The support team typically responds to requests within 24 hours, but it would be preferable for the platform to make faster support options available.

Fortunately, users can find answers to most simple questions on the FAQ page of the website, which is full of helpful information. The website contains solutions for most problems users will encounter, and users can find more helpful information on forum pages online. Additionally, the company can be reached via social media and provides a phone service line for VIP customers.

Security and Privacy

Entering the crypto market involves placing your trust in the platforms you use. Although cryptocurrencies provide anonymity, signing up for an exchange still involves giving that company some sensitive data. Therefore, it’s crucial to select a platform that you can count on to keep your data safe.

Fortunately, CoinJar is dedicated to security and has an effective plan to ensure its users’ data is protected. Their strategy starts with end-to-end encryption, ensuring that any data a hacker manages to intercept is useless to them. The platform also utilizes cold storage to keep wallet information safe even if hackers gain access to the servers.

CoinJar also submits to regulation by AUSTRAC and complies with all of its rules to combat terrorism financing and money laundering. They also regularly conduct external audits to ensure the integrity of their security is intact. While regulation and oversight do not always tell the whole story, it’s always positive for a company to be so transparent.

CoinJar Platform PROS and CONS

Pros

  • Native mobile app so you can buy crypto and trade while on the go
  • Two-factor authentication and other security measures such as data encryption and transport layer security.
  • You can use a debit card or credit card to buy cryptocurrency but American Express is not accepted
  • The CoinJar Card makes it super easy to use your account, especially if you’re an active trader
  • CoinJar has a comprehensive verification process and registration which helps protect traders from money laundering activities
  • CoinJar supports OTC trades
  • Very user-friendly interface

Cons

  • Limited cryptocurrencies to trade compared to other crypto platforms such as Coinbase, Balancer, CoinSpot, eToro (FCA-regulated), Binance, or Swyftx.
  • Transaction fees are not really competitive, particularly for Mastercard and Visa deposits.
  • CoinJar Exchange lacks liquidity and trading volume.
  • The charting interface appears to be aimed for beginners, which is not favorable for advanced traders.
  • Does not offer recurring orders or staking features

FAQ

While we hope this CoinJar review has answered most of your questions, there are a few more things you might want to know. Read the following section to hear answers to some common questions people have about CoinJar.

Is CryptoCurrency Legal and Taxable?

The answer depends on your location, but if you’re using CoinJar in Australia, yes. Since 2013, profits from cryptocurrency trading have been considered capital gains and taxed accordingly. So, if you’re planning to use the platform from a different location, check your local regulations before starting to trade.

Where Can I Use CoinJar?

CoinJar currently operates from headquarters in the UK and Australia. Users in both countries have full access to the exchange’s features and can exchange crypto assets with no restrictions. If you’re in a different country, you can still access the service, but CoinJar may limit features based on the rules of your country.

The platform offers currency exchange, so as long as the platform is not limited to your location, you should have no issues using the platform. However, the platform does plan to expand, so check back consistently if your area is not supported yet.

Is a CoinJar Mobile App Available?

Yes, CoinJar offers a mobile app on Android and iOS platforms. This feature is crucial for users with busy schedules or who need to monitor their portfolios closely. The application supports the full functionality of the CoinJar exchange and supports fingerprint and face authorization to maximize security.

Is There an Included Wallet?

The CoinJar trading platform does include an integrated wallet feature called CoinJar Wallet. This functionality improves convenience drastically, as users never have to worry about transferring assets on and off the platform to make trades. However, despite the cold storage and encryption offered by CoinJar, an offline wallet is always the safest option for the long-term storage of digital assets.

CoinJar Exchange Review for Australia

CoinJar is operated and owned by CoinJar Australia Pty LTD (ABN 75 648 570 807). CoinJar is an established cryptocurrency trading platform with headquarters in Melbourne, Australia. It was founded in 2013 by co-founders Ryan Zhou and Asher Tan with the company’s main focus originally being on the local Australian market. Since then, CoinJar has expanded internationally into UK and other several other countries.

The crypto company enables users to instantly buy cryptocurrencies with a debit card or credit card, has no deposit fees for PayID and BPAY, and there are no fees when you withdraw Australian dollars to your bank account.

Overall, CoinJar covers the basics. However, its range of tradable altcoins is quite small compared to other Australian crypto exchange competitors out there. For Australian traders who are just starting out with crypto, CoinJar is a solid choice. But if you’re more on low fees, then Swyftx (0.6% fees) and Digital Surge (0.5% fees) might be a better choice for you.

CoinJar Exchange Review for Canada

CoinJar is a crypto exchange platform that is based in Australia. It was established in 2013 by Ryan Zhou and Asher Tan, with the main goal the that time being to service customers within Australia. Since then, CoinJar has expanded internationally to include Europe, United Kingdom, and various other countries.

CoinJar is a prominent cryptocurrency platform based in Melbourne, Australia that is run and owned by CoinJar Australia Pty Ltd (ABN 75 648 570 807). Crypto traders or investors with a debit or credit card can purchase crypto assets instantly through the platform. CoinJar enables users to instantly purchase crypto assets free of deposit fees for BPAY and PayID. Aside from that, there are no withdrawal fees if you withdraw AUD to your bank account.

To sum it up, CoinJar covers the basics. But just take note that its range of tradable altcoins is slightly limited compared to other well-known cryptocurrency exchange platforms out there. For Canadian traders who are just starting out with their crypto journey, CoinJar is a great exchange.

Want to learn more about exchanges in Canada? Here’s a list of Best Cryptocurrency Trading Platforms in Canada.

CoinJar Exchange Review for UK

Owned and operated by CoinJar Australia Pty Ltd, Coinjar is an well-known crypto exchange platform with its main headquarters in Melbourne, Australia. In 2013, it was founded by Asher Tan (previously led the Industry Risk team at business intelligence firm IBISWorld) and Ryan Zhou (a full-stack software engineer and finance geek).

CoinJar’s main focus is originally the domestic Australian market. But since then, CoinJar has able to grow internationally into Europe, UK, and other several other countries. The exchange allows users to instantly buy digital assets with credit card or debit card, has no deposit fees for BPAY and PayID, and there are no fees when you withdraw AUD to your bank account.

All in all, CoinJar is a great crypto exchange, especially for new British crypto traders out there. Just keep in mind that CoinJar’s range of tradable altcoins is pretty small compared to other crypto exchanges out there.

For a list of UK-based crypto exchanges, have a look at our comparison of the Best Crypto Exchanges in the UK 2022.

Conclusion

Overall, CoinJar is an impressive platform with features that will appeal to veterans and newcomers alike. Although CoinJar does not offer the widest variety on the market, it enables traders to access a solid range of options while maintaining maximum security. Additionally, with the functionality of CoinJar Exchange, the platform gives users room to grow as they become more familiar with the market.

The service is particularly compelling for users in Australia, as the CoinJar Swipe card is a unique offering in that area. However, as you read earlier in this CoinJar review, the company may limit features in some areas, so keep an eye out for updates on the expansion of their service.

author Marco Vela

A crypto obssessed digital marketer passionate about making a difference in the world. When he's not behind the computer he can be found hiking, camping and relaxing with his dog.