CoinJar: Comprehensive Review 2022 – Fees, Pros, and Cons

Avatar

Published

on

Do you want to trade cryptocurrencies? You’re not by yourself. Many investors want to invest in Bitcoin, Ethereum, and other promising digital assets. You’ll have to find a trustworthy broker before you get started. However, Coinjar could be just what you’re looking for to get your toes wet. CoinJar is among the most prominent Aussie digital asset marketplaces and has earned a stellar reputation among crypto fans and blockchain traders. Besides, the platform has come up as a decentralized crypto exchange that prioritizes safety, tempo, and integrity.  If you’ve been thinking of signing up for the CoinJar platform, you might want to read this review. Continue reading as we walk you through some of the most valuable data about the CoinJar exchange.  Once done, readers will learn about CoinJar’s service charges, supported currencies, and protection mechanisms, as well as how to sign up on CoinJar and begin trading cryptocurrency appropriately. So, let’s get started. 

Pros And Cons Of CoinJar Exchange

Pros

  • A variety of digital currencies and coins, along with two fiat money, are readily accessible for buying and selling.
  • Includes all the important payment and withdrawal options, including bank deposits and credit/debit cards, are available.
  • A novel multi-signature virtual investment protection system.
  • The cold storage mechanism is used to store 90% of the client’s finances.
  • The trading portal is accessible via website and smartphone apps.
  • There are no fees for takers and only minimal fees for makers.
  • Detailed crypto trading information support.

     

  •  

Cons

  • There are no investment options.
  • There are no practice accounts available.
  • Only customer support interaction via the website’s ticket system.

CoinJar At A Glance

Website Homepage https://www.coinjar.com/ 
Wallet Availability Yes
Hardware wallet availability Yes
Type of wallet Private key wallet
Top currencies available BTC, ETH, XRP, XLM
Number of coins 50+
Native token availability No
Exchange availability Yes
Supported nations Worldwide
Languages English
Fees Varied
Customer Service Ticket system
Mobile app Yes
Cloud storage Yes
Cold storage Yes
Social trading No
Copy-Trading No

CoinJar Exchange: Company Overview

CoinJar, based in Melbourne, Victoria, is among the most exemplary Australian crypto exchanges. The platform initiated its operations in May 2013 and has grown in popularity across Australia over the decade, while continuously implementing new functionalities to keep pace with the fast advancement of the Blockchain ecosphere. CoinJar is widely regarded as a trustworthy digital currency exchange, as evidenced by its 400K active clients and $1.5 billion in financial assets. CoinJar seems to be the go-to blockchain communication medium for most Australian bitcoin investors, and its prominence is anticipated to develop in the years. Users signing up for the platform get access to over 50+ crypto projects of different sizes, making it a reliable exchange for users who want to diversify their portfolios. In addition, CoinJar also makes it accessible for traders and investors of all types to stay connected with their trading experience via a user-friendly GUI and a stable, smartphone-compatible CoinJar app.

 

Cryptocurrencies Supported In CoinJar Exchange

CoinJar provides its users with an immersive crypto trading experience via the 50+ crypto projects listed on its platform. Users with keen investment strategies can invest in some prominent and potential projects.    Here’s an overview of the different tokens that you can invest in under the CoinJar exchange.   

Ripple (XRP) Bitcoin (BTC) EOS (EOS)
Chiliz (CHZ) Amp (AMP) Uma (UMA)
Lumens (XLM) Ethereum (ETH) USD Coin (USDC)
Algorand (ALGO) Litecoin (LTC) Dai (DAI)
0x Token (ZRX) Basic Attention Token (BAT) Chainlink (LINK)
Yearn finance (YFI) Uniswap Protocol token (UNI) Aave (AAVE)
Fetch.ai (FET) Shiba Inu (SHIB) Origin Protocol (OGN)
Synthetix Network Token (SNX) Paxos Standard (PAX) SushiSwap (SUSHI)
EnjinCoin (ENJ) Balancer (BAL) GraphToken (GRT)
Wrapped BTC (WBTC) Tether USD (USDT) Polygon (MATIC)
Crypto.com Coin (CRO) Audius (AUDIO) ImmutableX (IMX)
Fantom (FTM) Axie Infinity (AXS) TerraUSD (UST)
OMG Network (OMG) Maker (MKR) Compound (COMP)
Orchid (OXT) Cartesi (CTSI) Quant Network (QNT)
Loopring (LRC) The Sandbox (SAND) Injective Token (INJ)
Curve DAO (CRV) Bancor Network Token (BNT) Kyber Network (KNC)
Band Protocol (BAND) Badger DAO (BADGER) Mirror Protocol (MIR)
  Biconomy (BICO)  

  In addition, the platform also has its policies around listing upcoming crypto projects with huge potential. This way, the platform makes it a reliable and convenient option for almost every user.  

Key Features Of CoinJar Exchange

Clean & Interactive Exchange

If you’re a potentially new investor trying to make your way into crypto trading, CoinJar’s broking platform has everything you might want and require. In addition, that platform also comes with a separate trading exchange, called CoinJar Exchange that offers additional multiple trading aspects for the more skilled traders. Therefore, no matter if you’re a rookie, seasoned, or professional, the platform has something for all types of users!  In addition, it’s the simplicity of the platform that makes it unique. The clean and simple UI provides users with a similar trading experience across their mobile and web application. Users can customize their orders and execute large-volume trades without feeling any lag in the entire process.  

CoinJar Swipe EFTPOS Card

Next up, we have the CoinJar Swipe, a digital currency EFTPOS card that also happens to be one of the most unique and advanced offerings by any trading platform. It is one of a kind of virtual currency card that provides an effortless medium to utilize your digital tokens for everyday usage!  Users signing up for the card can use it to purchase products and services in exchange for their digital assets all over the nation. All you need to do is ensure that the shop where you want to make the purchase has an EFTPOS port installed. Besides using it as a means to buy products and services, users can also pull funds out of the closest ATM when trying to shop at a cash-only establishment. This card costs 29 AUD to activate, but after that, each acquisition is charged just a slight ATM service charge.  Sadly, CoinJar Swipe is not available beyond the boundaries of Australia, but the business is optimistic that this will shift any time soon.

CoinJar Bundles

Another rewarding feature of the platform is the CoinJar Bundles, one of the most excellent means to build your investments while trading in multiple asset groups simultaneously. This innovative CoinJar functionality allows you to purchase crypto coins in bundles, which means you can buy a bundle of 2 or 3 unique tokens in a single trade. CoinJar determines the percentage or amount’s proportion relying on existing market liquidity and the token’s outcomes.  One of the very highly regarded bundles is a Popular Duo which is 50% of Bitcoin and 50% of Ethereum, and the rest can be found on the actual web page. This kind of bundle transaction charges a 1% service charge on the total money you spend for such a bundle. 

CoinJar Rewards

Once you complete definite tasks on CoinJar, users will receive CoinJar Reward Points, which can be availed inside the CoinJar Rewards Store. Users can use their points to get discounted rates, gift vouchers, shirts, or socks. In addition, users can use your points to make currency conversions for any fee. Here is how to get your hands on some CoinJar Reward Points:

Activity Points Earned
Refer a Friend Bonus 500 points
CoinJar Card Transactions 5 points per $1 in fees.
Buy & Sell Cryptocurrency (AUD Only) 1 point for every 10 AUD
CoinJar Store Purchases 5 points

Additional Features Of The Platform

Those mentioned above were some of the most exceptional features of the CoinJar platform. However, that’s not all! Users signing up for the platform also need to have a look at some of the salient features of the platform that we’ve mentioned below: 

  • User Interface Suited For Beginners: After users initially log in, they can view the CoinJar dashboard and otherwise graphical interface. The left navigation bar displays the profile, exchange funds/crypto, purchase or resell, and option for the settings page. The account holders section is the de facto screen, where you would see the CoinJar wallet funds inside the cash section and any crypto wallets you add.

There is no graphical plot illustrating the crypto market to display price movements and the latest exchanges. Therefore, when users depend heavily on technical indicators, they might have to use many cryptocurrency charting webpages besides CoinJar. This is why CoinJar would be best suited for newbie crypto traders.

  • OTC Trades: OTC trading is another CoinJar feature that you might want to know of! The platform enables people and corporations to conduct over-the-counter, off-exchange transactions for funds that cross the amount above AUD $50,000. 

CoinJar claims to provide “super-duper pricing and cash flow” for cryptos such as Bitcoin, Litecoin, XRP, and Dogecoin. Therefore, if you’re a crypto user who’s pretty much into the ‘anonymity’ factor, CoinJar’s OTC service might be the right fit for you to purchase through secret information-sharing channels without compromising your safety.

  • CoinJar Educational Resources: If you have doubts about using CoinJar, you will be relieved to know that numerous instructive resources are accessible. The Knowledge Base on the platform provides detailed instructions about anything from just using the exchange to trying to make withdrawals and deposits.

The materials are more concerned with teaching clients about using the system than with providing important trading details. It’s also worth noting that the firm has a Channel on YouTube with educational materials.

  •  CoinJar Mastercard: CoinJar has launched a Mastercard-powered card that makes it possible to complete transactions in it or digitally anywhere, very much like cash. In addition, users can stack their CoinJar card with any cryptocurrency from their CoinJar profile. 

It is free to start, there is no monthly charge, and you can acquire CoinJar Rewards once you pay. You can also spend your cryptocurrency through Apple Pay and Google Pay on the phone and smartwatch, eliminating the use of an actual card.

 

CoinJar Trading Experience

Currently, the CoinJar trading platform is only limited to one live trading account. Users signing up for the platform can get started with their trading after depositing funds into their wallets.  Once done, you can instantaneously purchase crypto assets. However, it should be noted that the customers cannot bargain or set tailored prices, so users should make investments at the prices listed. As well as, if you would like to benefit from your coins purchased, you could only bet just on the asset’s price rising.  CoinJar Exchange has cheaper rates, but you must browse more complex order types. However, this CoinJar review discovered that applying this system for cryptocurrency trading is simple. Overall, the platform gives out a reliable trading experience to the users.  Besides, new users also have the option to go for demo accounts. This way, they can get an experience of the real market while still practicing their trade strategies. 

Fees Structure

CoinJar Trading Fees

CoinJar charges different fees for takers and makers. Taker fees for fiat to cryptocurrency trading range from 0.1 % to 0% for every transaction based on trading activity. However, the maker's fee is 0%, which cancels out the taker's fee if it is a significant worry for traders. For digital currency trading, the taker's fee is 0.1%, and the maker's fee is 0%.   CoinJar trading fees have always been debited from traders’ balances and therefore do not affect the order’s original amount. As a result, users who trade over $10 million would have to spend a trading fee of as little as 0.1%. Charges are detailed in the chart below.  

TRADING VOLUME TAKER MAKER
$0 – $10,000 0% 0.1%
$10,000 – $100,000 0% 0.09%
$10,000 – $1m 0% 0.08%
$1m – $10m 0% 0.06%
$10m+ 0% 0.04%

Spot Fees

CoinJar usually charges a service charge of 1% for every trade for any trading to buy and sell digital currencies quickly. 

Deposit and Withdrawal Fees

The traders’ financing choices determine the charges for storing fiat money in the CoinJar wallet. BPAY There are no fees for PAYID/NPP, BPAY, or cryptocurrency deposits. CoinJar charges a flat charge of 1% for cash transactions and a fee of 2% for card payments. There is no service charge for AUD withdrawals, but the market participants are charged a flat withdrawal processing fee of $20 for global or non-AUD withdrawals. In addition, this exchange charges a fee for cryptocurrency withdrawals, which is determined by the blockchain load.  The fee is represented in the chart below.

Method Fee
BPAY deposit No fee
NPP deposit No fee
Converting fiat to crypto 1%
Instant buy (Visa or Mastercard purchase) 2%
Direct deposit (CoinJar bundles only) No fee
Receiving deposits from non-CoinJar addresses No fee
Receiving deposited from other CoinJar addresses No fee

In addition, CoinJar is also among the few Australian cryptocurrency marketplaces that accept Visa and Mastercard deposits. So it is advantageous if you love to make deposits with Visa and Mastercard, although there would be a 2% charge.

How Secure Is CoinJar?

CoinJar is a trading platform developed in Australia that is licensed by AUSTRAC and the UK’s Conduct Authority (FCA). Furthermore, CoinJar is very much an Australian-established corporation, which means it must follow Australian legal principles. CoinJar, among the most secure crypto exchanges, employs numerous security steps to guarantee the protection of user funds and personal data protection. Among the techniques employed are high-level data security, Transport Layer Security, and systematic evaluations.  Enhanced machine learning algorithms that identify dubious logins, fraudulent transactions, and profile hacks. At least 90% of clients’ digital assets have been stored offline in safe sites.  CoinJar also employs an AWS firewall and physical keys for two-factor verification to provide the most significant degree of safety. Every one of these things contributes to the fact that CoinJar is legitimate. The platform also follows a robust data cryptography method in addition to its licensing and compliance. If CoinJar desires verification, users will start receiving an SMS notification through your smartphone app. This is an improvement over the prior. All employees are subjected to a criminal background check. To get internal operations, all CoinJar staff members must use the cryptographic algorithm Multi-Factor Authorization. Since its inception in 2013, CoinJar has had no significant known vulnerabilities.

 

Account Opening With CoinJar:

To get CoinJar up and running, follow these instructions:  Step 1: Navigate to the CoinJar homepage and press the ‘Sign-Up’ option. Step 2: Once there, proceed by creating a secure password and entering your email. Step 3: After you’ve read and reviewed the terms of service, click ‘Accept’ and then Sign-Up. Step 4: To finish the sign-up procedure, open the link to authenticate your identity. Upon finishing the simple sign-up procedure, you must choose a CoinJar handle, upload a photograph, and provide your contact information. To use all the capabilities, you must ID-verify the identification via an automated procedure that takes no longer than 10 mins.  Here’s what to do to get authenticated and connect directly to the CoinJar site’s advanced functionality: Step 1: Sign in to the cryptocurrency profile and press the ‘Get verified now’ icon. Step 2: Users can select either a person or a business body. Step 3: Choose ‘Verify With Digital ID’ and submit a government identification proof. Step 4: Fill out the details present upon this ID, then hit the “Submit” icon. CoinJar will ask you to snap a headshot to finish your identification authentication. Kudos! Once the profile has been verified, users will indeed be capable of making Visa or Mastercard deposits, buying and selling cryptos, and doing other things.

CoinJar Customer Satisfaction

It’s pretty normal for cryptocurrency platforms to battle offering adequate help to its consumers, particularly amid busy periods and price rises, whenever there’s a rush of user concerns and questions, as everyone is eager to capitalize upon that good stance as quickly as possible. CoinJar customer support does not offer 24/7 chat bots or a help desk you may reach right away with your most pressing queries. However, you’re told to send a support request and expect a response within the following 24 hours. In addition, becoming a VIP member gives you access to CoinJar’s unique telephone system throughout operating hours. The ordinary user can check Twitter for the latest changes or visit the original website’s large knowledge base or the FAQ area. You may discover not only the platform’s products and just how they function but regarding the cryptocurrency business as a whole.

CoinJar Vs. Competition

CoinJar is an exceptionally highly reputed cryptocurrency exchange with many options tailored to Australian market participants. Besides providing a reliable trading experience backed by several features, a platform is also a good option due to its competitive fee structure and reliable safety measures.  However, similar to the perks, the platform is also laid back due to its cons concerning its operations limited to Australia. Therefore, if CoinJar doesn’t seem legit option in terms of its performance, let’s evaluate its performance in comparison to the likes of Swyftx.  CoinJar vs. Swyftx Similar to CoinJar, Swyftx is also an innovative service that enables users to buy cryptos quickly and easily. The registration procedure is quite straightforward, with sign-up and authentication taking just under 2 mins.  Listed below are some of the primary differences between the two platforms: 

  1. Supported Cryptos: Swfytx takes the lead with over 320+ supported cryptos. CoinJar, on the other hand, is limited to 50+ tokens at the time of writing. 
  2. Rewards Program: CoinJar provides its users with different reward programs for completing different tasks. Whereas, Swyftx has no such provision. 
  3. Minimum Deposit: Swyftx users need to pay a sum of $30 AUD to get started, whereas, users signing up for the CoinJar platform can get started with a minimum of $5. 

Looking at the short but brief comparison, we can see that CoinJar takes the lead over two spots. This way, we can say that the platform stands out when compared to one of its major competitors. 

Final Verdict

Should You Consider Using CoinJar?

Of course! With all the reliable features that the platform comes with, it only makes sense for the users to sign up for the platform. However, if you’re still confused, you might want to read these reviews: 

  1. Easy UI: CoinJar is regarded as one of the most user-friendly platforms for bitcoin investing. Within moments, you may effortlessly register and trade in virtual currencies. CoinJar also provides an educational tool that pays users with digital coins to understand how they function.
  2. Wide Range Of Crypto Selection: CoinJar offers an excellent choice of digital currency pairs to trade over a hundred and increasing. This completely contradicts other financial apps or firms that advertise crypto trading. However, only offer a handful of all the most recognized currencies.
  3. High Liquidity: In an already turbulent market, high liquidity protects investors against price setbacks. As a result, CoinJar is now one of the most liquid platforms.
  4. Opportunities For Earning: CoinJar provides a full series of lessons and tests to educate customers about cryptocurrency investing and several virtual currencies available. You may also receive digital currency by taking lessons.
  5. Cryptocurrency Custody: Unlike trading firms, CoinJar allows traders to take control of their crypto holdings independently. CoinJar offers its own crypto wallets, but users are welcome to supply their own. Traders may then select the best solution for their needs.
  6. Staking Rewards: CoinJar also allows traders using digital currency to participate in staking incentives. Staking is analogous to earning interest in savings in a bank. In addition, staking earns money from traders’ holdings since they are used to validating trades in virtual money. CoinJar handles the technical aspects, and the additional coins are regularly transferred to the trader’s profile.

Shortcomings Of CoinJar

  1. Insufficient Variety Of Altcoins: CoinJar offers a wide range of cryptocurrency options for new traders to consider. Those serious about trading altcoins might not always pick a decent variety here.
  2. Higher Fees And Their Lack Of Transparency: CoinJar has greater fees than competing exchanges. Its pricing structure might be perplexing as well. If you use CoinJar’s basic portal, you will be unable to locate a timetable before proceeding to conduct a transaction.

Now that you’ve read this CoinJar review, we hope that you have all that you might need to come to a fair conclusion about whether to sign up for the platform or not. Overall, the platform stands out in terms of its operational expertise.  Besides, with the platform expanding, it will most probably add a few other currencies and make all its functionalities available in even more regions of the world. So, create an account now if you want to participate in this exchange that is suitable for both novices and veterans. Lastly, save our Coinjar review because it will be helpful when you work on the platform.

 

FAQs

 How do I know if CoinJar reports to TAO?

Relax, the CoinJar platform does align its operations with the Australian Transaction Reports and Australian Analysis Center (AUSTRAC), as stated on its website. In addition, the platform is also legally required to report all the massive transactions that take place over the platform at the end of a fiscal year.

 Why has CoinJar changed its Terms of Service and Privacy Policy?

The terms and conditions that were recently rectified under the services of Coinjar were a result of recent subsidiary formation. CoinJar has recently established an Australian subsidiary that goes by the name of ‘CoinJar Australia Pty Ltd.’ Therefore, to align with the Australian laws, the platform had revamped its policies.

 How do you contact customer support in CoinJar?

Currently, contacting customer support at CoinJar is only limited to drawing tickets. Therefore, if you have any grievances, you might want to draw a ticket and wait up to 24 hours until the platform can get back to you. Else, you also have the option to upgrade to the VIP program and access customer support via phone call.

Crypto Prices Today:

Trending