Coinjar Review

Founded in 2013, CoinJar is one of the longest-running cryptocurrency exchanges. It was launched in Melbourne, Australia, but they shifted their headquarters to the UK in 2014. CoinJar offers many crypto products such as an exchange platform, crypto debit card, and cryptocurrency wallet.

CoinJar is a professional crypto exchange platform where you can buy and sell cryptocurrencies in a breeze.

How to use CoinJar?

Sign up

  1. Visit the signup section on CoinJar’s exchange website.
  2. There enter your name, email, and choose a strong password. Upon entering these details, hit sign up.
  3. After this, you will receive a confirmation email from CoinJar to verify your email address.
  4. After you sign up with CoinJar, you will need to verify your identity. For this, you have to upload the required identification documents to CoinJar.

That’s it! After this step your sign up will be successful.

Now add funds to your account with either cryptocurrency or AUD. With funds in your account, you can use CoinJar’s quick buys and sells (broker), exchange platform (trading platform), or apply for a CoinJar Swipe card (crypto debit card).

Buy & sell crypto on CoinJar.

  1. Choose the trading pair you wish to buy or sell in the ‘trade’ section. For instance, if you have to buy bitcoin using AUD or sell bitcoins for AUD, select the ‘BTC/AUD’ pair.
  2. Set the order type – By default, your market order is set to limit order. This allows you to decide the amount at which you wish to buy or sell the cryptocurrency. If you wish to buy/sell cryptocurrencies immediately at the best available price, you can choose the ‘market order.’
  3. Place your order. Once you select the trading parameters (quantity, price, trading pair), hit buy/sell.

No one would trust their assets with any exchange after a short brief, right?

Let’s dive deeper into the platform to know whether or not this exchange is worth your attention.

Is CoinJar Safe?

To answer your question, CoinJar is a safe platform for buying and selling cryptocurrencies.

The CoinJar platform is registered as a cryptocurrency exchange with the Australian government’s financial intelligence agency – AUSTRAC. Plus, the exchange is a registered business in the UK.

Moreover, CoinJar’s user-verification process complies with Anti-Money Laundering (AML) norms. Talking about security, CoinJar has employed two-factor authentication and uses machine learning (ML) algorithms to keep a tab on suspicious trading movements. Also, 90% of the assets on the platform are stored in cold storage facilities situated across different locations.

Here are some notable features of CoinJar’s exchange:

  • Data insights – CoinJar offers a live order book, market depth, and price charts, which allows you to get a proper view of the market and trade accordingly.
  • Customisable Layouts – If you love being unique, CoinJar is for you. CoinJar allows you to customise the dashboard according to your needs. You can group tabs, use split windows, arrange columns, and do much more using this feature.
  • Wider market – Coinjar supports 15 cryptocurrencies and AUD. Also, CoinJar offers over 49 market pairs to trade from.
  • Auction Windows – If you are an experienced trader, this unique feature will amaze you. CoinJar hosts three auction windows daily of 10 minutes each, where you can hide the price and size of your trade from the market to get a fair deal.
  • Advanced order types – CoinJar enables you to get more control over your trades with market and link orders. Further, it also features advanced options such as Good Till Cancelled (GTC), Immediate Or Cancel (IOC), and Market Or Cancel (MOC).
  • API Access – With CoinJar’s real-time API access, you can automate your trades using trading bots. Review and Fees Breakdown

Fiat currencies accepted:

CoinJar supports AUD.

Cryptocurrencies accepted:

CoinJar allows you to choose from 15 crypto assets:

  1. BTC
  2. ETH
  3. XRP
  4. LTC
  5. XLM
  6. OMG
  7. ZRX
  8. MKR
  9. BAT
  10. LINK
  11. DAI
  12. UNI
  13. USDC
  14. COMP
  15. YFI

CoinJar’s fees

Deposit fees

There is no deposit fee for any of the available deposit methods on CoinJar except Blueshyft cash deposit. You have to pay a 1.5% deposit fee if you use the Blueshyft cash deposit option.

Withdrawal fee

Similar to deposit fees, withdrawal charges are also calculated based on the withdrawal method.

Here’s a breakdown of withdrawal fees:

Cash Account to Bank account: No fee

Digital currency account to BPAY Biller: 0.5% (subject to CoinJar’s currency conversion rates)

Sending digital currencies to CoinJar members: No fee

Sending Bitcoin (BTC): Dynamic fee

Sending Ethereum (ETH): Dynamic fee

Sending XRP (XRP): No fee

Sending Litecoin (LTC): No fee

Sending USD Coin (USDC): Dynamic fee

Sending Maker Dai (DAI): Dynamic fee

Sending 0x Token (ZRX): Dynamic fee

Sending Basic Attention Token (BAT): Dynamic fee

Sending Uniswap protocol token (UNI): Dynamic fee

Sending governance token (YFI): Dynamic fee

Trading fees

Before we dive into trading fees, let’s understand maker and taker fees. Put simply, you have to pay maker fees when you place a limit order, and the taker fee is charged on market orders.

  • Crypto-to-crypto – There is no fee for crypto-to-crypto trades using limit orders, i.e., there are 0% taker fees. However, there are set 0.05% maker fees for all crypto-to-crypto trades.
  • AUD-to-crypto – CoinJar has a tiered fee structure based on your 30-day trading volume on the platform for this type of trade.

Here’s the fee breakdown for AUD-to-crypto trades:

$0 to $10,000

Taker Fee – 0.20%

Maker Fee – 0.15%

$10,000 to $100,000

Taker Fee – 0.15%

Maker Fee – 0.12%

$100,000 to $1 million

Taker Fee – 0.12%

Maker Fee – 0.10%

$1 million to $10 million

Taker Fee – 0.10%

Maker Fee – 0.08%

> $10 million

Taker Fee – 0.08%

Maker Fee – 0.05%

Deposit and Withdrawal methods

CoinJar supports the following payment methods:

  • Blueshyft
  • BPAY
  • Cryptocurrency
  • PayID
  • NPP

Security features

  • CoinJar employs data encryption techniques and transport layer security. Also, CoinJar undergoes periodic security audits.
  • 90% of crypto funds are stored in cold storage facilities situated in geographically-redundant locations.
  • CoinJar also employs machine learning algorithms to identify suspicious transactions on the platform.
  • Coinjar is compliant with the AML and KYC (Know Your Customer) norms.

Regulation Compliance

CoinJar is registered with the Australian Transaction Reports and Analysis Centre (AUSTRAC), the Australian government’s financial intelligence arm. Moreover, CoinJar is also registered in the UK.

Customer Service

CoinJar website has a dedicated support page with its knowledge base containing a comprehensive list of articles that will assist you with your queries. For accessing this FAQ page, go to About > Support > Knowledge Base.

Apart from this FAQ page, you can also submit a ‘ticket’ to contact their customer service team.

Mobile Functionality/Mobile App

CoinJar platform stands apart when it comes to mobile applications. It is amongst a few Australian exchanges to provide apps for both Android and iOS. The CoinJar iOS application has 25,000 downloads and 900 reviews in the Apple App Store (as of January 2020).

CoinJar app has an easy-to-use interface. You can buy/sell, send, receive, and withdraw cryptocurrencies on the go with the CoinJar app. The app also has features like portfolio performance and price alerts that allow you to comprehend your trades better.

History of CoinJar

CoinJar was launched in 2013 by Asher Tan (CEO) and Ryan Zhou (COO) in 2013. Initially, the platform was based in Melbourne, Australia. However, in 2014, the company shifted its headquarters to the UK. The exchange is registered in the UK and regulated by the AUSTRAC.

CoinJar’s mission is to make crypto easily accessible to all. With their simple-to-use products like cryptocurrency exchange, crypto wallet, crypto debit card, and CoinJar mobile application, it is evident that CoinJar is one step closer to its mission.

As of now, CoinJar has over 400,000 users, and to date, over $1 billion worth of assets have been traded on the platform. Also, the company has over $75 million in assets under custody.

The Verdict on CoinJar

CoinJar supports 15 cryptocurrencies such as BTC, ETH, LTC, XRP, USDC, DAI, BAT, and ZRX, among others. Also, it has an intuitive platform, robust security, and an in-house Australian support team. Most importantly, CoinJar has competitive fees, features instant deposits and withdrawals, and has mobile applications for both Android and iOS users. Plus, the customisable layouts, efficient charting tools, and advanced market orders add more positives to the platform.

All of these factors make CoinJar a great service to use to obtain cryptocurrencies.