CoinJar Crypto Exchange Review

Supported Coins

CoinJar enables users to exchange Australian dollars for more than 50 cryptocurrencies, such as Bitcoin, Ethereum, XRP, Litecoin, Uniswap, Shiba Inu, Dogecoin, etc.

Compared to CoinSpot, which offers more than 370 cryptocurrencies, CoinJar’s selection of crypto assets is quite limited, particularly in terms of altcoins. This is one area to improve to cater to savvy investors.

Deposit Methods

Once your CoinJar account has been verified, you can use the following methods to fund it:

• Blueshyft: With over 1,200 retail outlets in Australia, Blueshyft allows registered users to purchase any supported currency on the CoinJar platform with cash contributions. To use Blueshyft service, you must deposit at least $50 and, at most $5,000 in cash within 2 days.
• PayId/NPP: This instant payment method allows users to send funds free using the PayID payment system via any supported Australian bank account. PayID systems are supported 24/7 by NPP and Osko®.
• Debit card/ Credit Card: CoinJar enables you to acquire cryptocurrency using a debit card or credit card (including Mastercards and VISA). 
• Crypto Deposits: CoinJar, like most other cryptocurrency exchanges, allows registered customers to deposit cryptocurrencies straight to their unique wallet address. The processing time depends on the specific cryptocurrency, but it often takes 15 to 20 minutes.

Fee Structures

Deposits & Withdrawals

The deposit fees associated with sending fiat cash into CoinJar depend on the deposit methods. Withdrawals in AUD are not subject to processing fees. The fee for international or non-AUD withdrawals is $20. When a user withdraws cryptocurrency from the exchange, a network fee will incur, depending on the load on the blockchain network

Spot Fees

CoinJar charges a fixed rate of 1% per trade for the instant buy and sell of all trading assets. If traders find this fee to be a bit higher than average, they can try out other trading options.

Crypto purchases using Visa and Mastercard will be subject to a 2% charge. It is possible to use the CoinJar Exchange, which has a different fee model.

CoinJar Exchange

CoinJar Exchange’s maker and taker fees for crypto and AUD/GBP pairings vary up to 0.1 % per trade. The trading fee is taken from the account balance and doesn’t impact the order’s original margin. Due to the tiered fee structure, discounts apply based on trading volume within 30 days.

Features of CoinJar

CoinJar has launched cutting-edge items to distinguish itself from Australian digital currency market rivals. These products strive to diversify their service offering by introducing new ways to put cryptocurrencies in the hands of hundreds of thousands of users.

CoinJar Exchange

The CoinJar Exchange lets traders view real-time crypto charts and make informed decisions on which coins to purchase or sell. Despite its intuitive and stylish design, CoinJar Exchange lacks complicated features such as drawing tools, order kinds, and advanced indicators, which are prevalent in other crypto trading platforms.

Meanwhile, the CoinJar Fiat-to-Crypto Exchange allows customers to purchase and sell cryptocurrencies with Fiat currency. It differs from the previously described CoinJar Exchange, which is a crypto-only trading platform. This platform’s transaction fees differ from those of CoinJar Exchange.

CoinJar Card

CoinJar Card supports over 30 distinct cryptocurrencies. Regarding fiat currencies, CoinJar Card supports the Australian Dollar. According to CoinJar, this card seamlessly links to the CoinJar companion app, which is available for iOS, Android, and the web.

The card can be used anywhere EFTPOS machines are available in Australia. Beginning on October 1, 2021, plastic CoinJar cards will also be available for order. Physical cards will not incur additional fees, but the issuing fee has been set at USD 29, which is slightly more than the industry standard.

CoinJar Mobile App

Coinjar offers a fully-functional app for iOS and Android devices. The Coinjar app includes the same functionality as its desktop trading platform. Besides being able to purchase, sell, and trade cryptocurrencies, users can examine integrated charts and track the price changes of coins. In addition, the app’s biometric authentication provides an extra security layer.

Crypto Bundles

Crypto bundles are the simplest and most effective way to diversify your portfolio. CoinJar provides a variety of cryptocurrency packages to match your needs. After selecting your Bundle, you can buy and sell a variety of cryptocurrencies in a single transaction rather than spending your valuable time purchasing each one separately. Below are the most popular packages on their exchange:

• Popular Duo – 50% BTC, 50% ETH
• Popular Trio – BTC, ETH, XRP
• Stellar and XRP Bundle – 50% XLM, 50% XRP
• Stable Bundle – USDC, DAI
• ERC20 Bundle – All ERC20 tokens available on Coinjar

CoinJar Rewards

Since the emergence of cryptocurrencies and decentralised exchanges (DEXs), new users can be rewarded with rewards. In addition, existing users have access to various loyalty reward schemes. The CoinJar Rewards include:

• CoinJar Referral Program: When users invite their friends to join CoinJar, they earn rewards. When someone registers and validates their account, they receive 500 CoinJar Reward Points. These points can be redeemed at the CoinJar Rewards Store or used to cover transaction costs.
• Payment Points: Users earn one point for every dollar paid from CoinJar to an external BPay service.
• CoinJar Swipe Purchases: CoinJar Swipe Card users gain 5 points for every transaction made using the card.
• Bitcoin Rewards: CoinJar Exchange users are awarded 500 points for every BTC they trade.

CoinJar Security Features

Coinjar is devoted to providing a secure environment for its users to purchase and trade cryptocurrencies. They deploy multiple advanced security methods to safeguard user accounts against online fraudsters, hackers, and other criminal actors.

This AUSTRAC-registered exchange implements security features like data encryption, transport layer security (TLS), third-party security audits, compromised login detection, and Two-Factor Authentication (2FA). We believe Coinjar to be a very secure solution for trading and keeping digital money due to these security measures.

Customer Support

The CoinJar knowledge base contains how-to guides and answers to the most commonly asked questions about the platform. The guide covers issues such as authenticating the user’s identity, depositing cash through bank transfers, and transferring payments in digital currency.

Unfortunately, the only way to contact customer service is by submitting a ticket with a brief description of your issue. In contrast to most Australian crypto exchanges, CoinJar does not offer a live chatbot or phone service 24/7.

CoinJar Alternatives

CoinJar is a highly-rated crypto exchange that offers a range of options to Australian investors and traders. However, given its drawbacks, you can opt for other exchanges, such as:

• CoinSpot: As an Australian cryptocurrency platform, CoinSpot Australia has developed a solid reputation and trustworthy image. With highly competitive fee structures and high security, it focuses on assisting novices in purchasing Bitcoin and other cryptocurrencies with Australian dollars.
• Swyftx: This popular platform enables customers to quickly and easily acquire cryptocurrency, yet its fees are a bit high, and it has been hacked a few times. The registration procedure is straightforward; sign-up and verification take a few minutes.
• Crypto.com: Founded in 2016 in Hong Kong, Crypto.com presently provides over 250 cryptocurrencies to over 10 million users in 90 countries. The extensive list of coins, affordable price, and extra features make it appropriate for both novice and expert users.
• Binance Australia: Binance is the world’s largest exchange by trading volume with innovative trading products and services. It supports many cryptocurrencies and offers liquidity to Australian brokers such as Swyftx and Digital Surge.
• Digital Surge: This Australia-based cryptocurrency exchange makes buying, selling, and storing crypto very simple. With a focus on ease of use, the platform makes crypto as pleasant and straightforward as possible.
• Independent Reserve: It is a global cryptocurrency exchange with cheap trading costs and support for traditional fiat currencies.

Frequently Asked Questions

Is CoinJar crypto exchange secure?

Yes. CoinJar is a legitimate Australian crypto exchange registered with AUSTRAC to combat money laundering and terrorism. To access internal services, all CoinJar staff are required to use cryptographically-secure Multi-Factor Authentication, such as physical U2F keys. They also had to pass criminal background checks before being hired.

Do I need CoinJar KYC to start trading?

To purchase and sell cryptocurrencies on CoinJar, you must first authenticate your identity. All new users must upload their identity documents. These safeguards are in place to protect the exchange and its investors from money laundering and terrorism funding.

Does CoinJar have a mobile app?

You can use CoinJar’s mobile app for iOS and Android smartphones to buy and sell cryptocurrency. The platform’s online version is mobile-friendly and can be used on smartphones.

Which countries is CoinJar available in?

Only UK and Australian residents can purchase and sell cryptocurrencies on CoinJar. You can still sign up for a CoinJar account if you live outside of these two countries. Nonetheless, you can only use it as an online bitcoin wallet to send, receive, and store cryptocurrency.

Does CoinJar have a referral program?

CoinJar features a unique referral scheme in which you invite your friends to register an account via your affiliate link, and both of you get 500 points in rewards. These rewards can be used to pay for commissions or at the platform’s digital shop.

Conclusion

In conclusion, our CoinJar review reveals that the exchange looks like a legitimate and secure platform for Australians to purchase bitcoin. Many enhancements might be made to the Exchange, such as extending the number of supported coins and introducing advanced trading features. If you want to minimise your trading fees, there are better exchanges to select. You can read our detailed review of the top cryptocurrency exchanges in Australia to make your choice.