CoinJar Review 2022: Should You Use This Exchange?
CoinJar is one of the most popular crypto exchanges in Australia and the UK that is at the forefront of innovation with several crypto products tailored for investors and traders. Individuals can buy, trade, and sell cryptocurrencies with ease using a safe and secure platform. In this review, we compare and assess CoinJar's features, supported coins, trading fees, security, and customer service. Our methodology includes creating an account, depositing AUD, buying crypto, and withdrawing funds back to a bank account.
https://coinjar.com
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CoinJar Overview
CoinJar is a popular cryptocurrency exchange founded in May 2013 with its office located in Melbourne, Australia. It is a reputable and trustworthy crypto exchange that is trusted by over 500,000 users with over $1.5 billion traded in cryptocurrency. The exchange is backed by some of the world’s most forward-thinking investors including Digital Currency Group, Boost VC, and BlackBird Ventures.
The exchange is known for its simple and easy-to-use products and innovations such as the CoinJar Card, CoinJar Payout, and the secure CoinJar wallet application for mobile devices. Moreover, a safe and secure environment for people to buy, trade, and sell digital currencies. The exchange supports 52 coins that can be bought with AUD via a variety of payment options. CoinJar's best features include:
- Simple and easy-to-use interface that is suited for beginners
- AUSTRAC and FCA regulated to operate as a crypto exchange
- Supports a variety of AUD and GBP deposit methods
- CoinJar debit card to spend cryptocurrencies
- An Instant Buy and Sell feature and an Exchange for traders
- Mobile trading apps for iOS and Android devices
- A secure wallet to store purchased crypto
- 4.2 star rating based on 11,700 reviews
| Exchange Name | CoinJar |
|---|---|
| Fiat Currency | AUD & GBP |
| Cryptocurrency | 53 |
| Payment Type | Bank transfers, PayID, Cash Deposit |
| Trading Fee | 0.1% or 1% |
| AUD Deposit Fee | Cash Deposit: 1.5%, credit/debit card: 2% |
| AUD Withdrawal Fee | None |
| Mobile App | Yes |
Our CoinJar Review - Quick Verdict
CoinJar is a trustworthy and reputable exchange for Australians that are looking for a good way to buy cryptocurrency. While the user interface has been upgraded to appeal to beginners and intermediate investors, the downside is the limited number of support assets and the 1% trading fee to instantly buy and sell crypto. This is quite expensive when compared to other options in Australia that offer better value for money. Aside from this, it is still one of the premier exchanges to use in Australia.
Visit the CoinJar websiteCoinJar Pros & Cons
Each cryptocurrency provider has advantages and disadvantages that should be weighed up and considered when looking to buy crypto in Australia. Important aspects that should be researched include compliance with local authorities, deposit methods, supported currencies, security, and customer support. The pros and cons of CoinJar are listed below.
- AUSTRAC licenced crypto provider in Australia
- Long-established and trusted exchange since 2013
- Good selection of the most popular digital currencies
- Offers a premium crypto debit card to spend crypto at merchants
- Easily monitor a portfolio using the mobile app
- Instant buy and sell trading fees are too high in the Aussie market
- CoinJar Exchange lacks trading volume and liquidity
- Does not offer interest-earning, staking or advanced market trading features
Review of the Best Features on CoinJar
CoinJar has added innovative products to separate the exchange from its competitors in the Australian digital currency market. These products are aimed to diversify their service offering and include new ways to put cryptocurrency in the hands of hundreds of thousands of people.
CoinJar Card
CoinJar Card is a crypto debit card that allows users to spend digital currency at any in-store or retailer in Australia that supports Mastercard. It can also be used to withdraw cash at any ATM or merchant with cash-out facilities. There are no activation fees, no transaction fees and no monthly fees. Some fees that do apply include a ATM withdrawal fee of 1% and a foreign transaction fee of 2.99%, both of which are very reasonable. The 1% fee for withdrawing Bitcoin from an ATM is very competitive, and the 2.99% foreign transaction fee is the same as what traditional financial institutions and banks charge.
CoinJar Card to spend crypto like a cash wallet.In addition to its low fees and purchasing power that it provides, The CoinJar Card is a great entry-level debit card for crypto enthusiasts due to the rewards it generates. 1% of the the transactions amount will be returned as CoinJar Points where they can be used to cover crypto trading fees or obtain merchandise and gift cards from the CoinJar Rewards Store. CoinJar Rewards can also be generated by referring friends and family to CoinJar and completing crypto-to-crypto trades on the mobile app.
Overall, the low fees and flexibility of the CoinJar Card makes it one of the best crypto debit cards available to Australians. The CoinJar Card is best suited to crypto users who enjoy a useful rewards program and those who prefer to use a local debit card rather than one from a global exchange.
CoinJar Exchange
CoinJar has a crypto trading exchange that is called CoinJar Exchange. It's a different product from the CoinJar fiat-to-crypto exchange that has been established for many years. You can use your registered CoinJar email and password to log in to the digital currency account.
CoinJar Exchange is suited for traders that understand how to read live crypto charts. The interface is sleek, minimal and clean which is easy on the eye. It is quite basic so don't expect any advanced indicators, drawings tools and order types. The charting interface appears to be aimed at beginners. It lacks trading features that are expected for crypto trading exchanges in today's environment. CoinJar Exchange has a different fee structure than the fiat exchange for buying and selling crypto.
Buy Crypto In Bundles
Customers have the ability to purchase multiple digital currencies in a single transaction by using the CoinJar Bundles feature. The advantage of buying crypto in bundles is that customers can quickly diversify their portfolio whilst incurring fewer transaction fees, rather than making individual purchases at a time.
The crypto bundles that CoinJar offers are fairly standard as they focus on high market cap coins. For example, users can purchase the Popular Trio bundle which includes Bitcoin (50%), Ether (46%), and Ripple (4%). One area of improvement for CoinJar could be the option for users to create their own bundles.
CoinJar SMSF
Like many other Australian crypto exchanges, CoinJar provides support for investors who want to invest in digital assets as part of their Super Fund for retirement purposes. Due to standards set out by the Australian government, users will need to create a Self-Managed Super Fund (SMSF) account that is separate from their personal account. Once the account has been approved, investors can take advantage of the 100% local customer support, the low fees on CoinJar Exchange, a personalized Over-The-Counter (TC) desk for high-volume trades, and simple End of Financial Year tax reporting.
It is important for all SMSF to understand the costs, risks, and regulatory nuances behind using super funds to invest in digital assets. For more information, read our Australian cryptocurrency SMSF guide.
Is CoinJar A Safe Wallet?
Based on our research, appears to be a safe and secure cryptocurrency exchange for Australians to use since it implements industry-leading security measures and has not reported any hacks resulting in the loss of digital assets. CoinJar has partnered with BitGo Trust, a world leader in the custody of digital assets, to provide a robust cold storage solution for its customers. Approximately 90% of user funds are stored in offline wallets located at secure locations, or multi-signature wallets for maximum safety,
In terms of protecting its digital infrastructure, CoinJar's internal systems are fully encrypted, firewalled, and isolated from the internet. To further reduce the risk of hacks, the exchange has separated the networks of its database servers and applications by implementing different staging and production environments.
Machine learning software is used to identify suspicious logins and other activities that might be indicative of fraud. Furthermore, the exchange protects its client's information using a layer of security measures that include data encryption, Transport Layer Security (TLS), periodic security audits, and best practice organizational security.
CoinJar Compared
Bank transfer is one the most popular methods to deposit AUD on CoinJar. This comparison table lists other exchanges in Australia like CoinJar that offer bank transfers.
| Exchange | Crypto Assets | Trading Fees | Rating | Promotion | Website | Review |
|---|---|---|---|---|---|---|
 Swyftx | 320+ | 0.6% | Rating | $20 Bitcoin for creating a verified account | Visit Swyftx | Swyftx Review |
 CoinSpot | 370+ | 1% for instant buy and sell | Rating | None available at this time | Visit CoinSpot | CoinSpot Review |
 FTX Australia | 325 | 0.02% / 0.07% | Rating | 5% off trading fees | Visit FTX Australia | FTX Australia Review |
 Coinjar | 49 | 1% | Rating | None available at this time | Visit Coinjar | Coinjar Review |
Supported Coins
CoinJar allows its users to convert Australian dollars in exchange for over 50 crypto coins such as Bitcoin, XRP, Ethereum, Litecoin, ZCash, 0x, USD Coin, Stella Lumens, Maker, Compound, Uniswap, Yearn Finance, LINK, Omise Go, Basic Attention Token, Shiba Inu and Dogecoin.
The offering of crypto assets on CoinJar is quite limited compared to Binance and Swyftx which have over 600 and 320 digital currencies, respectively. This is one area that could be improved to cater to savvy altcoin investors.
Getting Started
The process to register a CoinJar account is simple and can be completed within a few minutes. To start, follow these steps:
- Visit the CoinJar website
- Click on the 'Join CoinJar' link at the top right-hand corner
- Type in your first and last name
- Enter in your email and set a strong password
- Read and tick the terms of service and policy agreement
- Click on 'Sign Up'
- Verify the email sent to your email address
When users login for the first time, they will be required to set a CoinJar username, upload a profile picture, select their country of residence and enter a mobile number for verification.
Before depositing funds, 2FA and SMS authentication is highly recommended to be set up and activated for extra account security. This can be found under 'Settings' and going to the 'Enhanced Verification' section which you can read more about here.
ID Verification
To buy or sell Bitcoin to AUD with CoinJar, users will need to verify their account. The process is automated through Digital ID (Australia Post) which takes only a few minutes to complete.
Deposit Methods
Once the account has been verified, it can be funded by depositing cash using the following payment methods:
- Bank transfers: Cash transfers from an Australian bank or financial institution. Transfers may take between 1 and 3 business days to clear.
- PayID/NPP: Send near-instant payments from a supported Australian bank account. PayID deposits are supported by OSKO® and NPP which are available to use 24/7. A maximum limit of $100,000 applies and does not include any limits imposed by the financial institution.
- Cash Deposit: Deposit cash at over 1,300 supporting retail outlets in Australia using Blueshyft. Just note that cash deposits must be at least $50 and a maximum of $5,000 per 24 hours.
- Cryptocurrency: Transfers are limited to Bitcoin only and generally take around 15 minutes to complete depending on network congestion.
User Interface & Buying Process
When users login for the first time, they will see the CoinJar dashboard or user interface. Navigation to view accounts, transfer funds/crypto, the buy and sell feature, and view account settings are accessible on the top menu. The default dashboard is the accounts page where you can see your CoinJar wallet balances in the 'Cash Account' (AUD) and also any crypto wallets that you add.
We point out there are no visual chart representations of the cryptocurrency markets to view price action, market depth profile, and recent trades on the standard CoinJar interface. Users who rely on technical analysis may want to use other crypto charting sites in conjunction with CoinJar.
Screenshot of the CoinJar main dashboard.In short, we found the dashboard to be very basic and offers little value in terms of understanding the composition of a crypto portfolio. Nevertheless, the user interface as a whole is still quite functional and clean, and newcomers to the crypto world will be able to find their feet with minimal hassle.
In terms of using cash to buy cryptocurrencies such as Bitcoin, the process on CoinJar is refreshingly easy. Users who have verified and cash-funded accounts can click on the Buy/Sell tab to display the current market prices of CoinJar's supported digital assets. Once the desired asset has been chosen from the list, the amount to purchase can be entered and the transaction confirmed. During our testing of the feature, we noted that there was no ability to apply Dollar-Cost-Averaging (DCA) to automate ongoing purchases. Investors will need to use an app like Bamboo to DCA into crypto with AUD.
Screenshot of buying crypto using CoinJar.Overall, the CoinJar user experience is satisfactory and purposeful but not the best when compared to other platforms such as Swyftx where the experience feels more enjoyable and pleasing. For a detailed comparison between CoinJar and Swyftx, read this article next.
What Are The Fees?
Instant Buy & Sell Fees
CoinJar charges a flat 1% fee across all trading assets to buy and sell crypto instantly. The fee is similar to other exchanges such as CoinSpot and Elbaite which are high in the industry. Beginners who don't know how to place orders on CoinJar Exchange where the fees are lower, should consider cheaper alternatives such as Swyftx or Digital Surge where the fees for instantly buying crypto are between 0.5% and 0.6%.
Cryptocurrency buying methods including Visa, Mastercard, Apple Pay and Google Pay will incur a 2% fee which is actually quite competitive in the Australian market. There is the option to use CoinJar Exchange which uses a different fee structure (as described below). There are more advanced features including charts and orders that will suit crypto traders and experienced investors.
CoinJar Exchange Fees
CoinJar Exchange applies maker or taker fees between cryptocurrency and AUD/GBP pairs that start from 0.00% and 0.10% per trade, respectively, and is quite competitive. The trading fee is deducted from the account balance and will not affect the initial margin of the order. Due to the tiered fee structure, discounts apply depending on the 30-day trading volume where users that trade in excess of $10m will pay fees as low as 0.04%. In comparison to trading platforms like Binance Australia, the trading fees are quite reasonable.
| Trading Volume (30 days) | Fee (Taker / Maker) |
|---|---|
| $0 - $10,000 | 0% / 0.10% |
| $10,000 - $100,000 | 0% / 0.09% |
| $100,000 - $1m | 0% / 0.08% |
| $1m - $10m | 0% / 0.06% |
| $10m+ | 0% / 0.04% |
Deposit & Withdrawal Fees
The deposit fees for transferring fiat currency into CoinJar depend on the deposit method:
- PayID / NPP: Free (no fee)
- Cash deposit: 1.5% fee
- Crypto: Free (no fee)
- Credit & debit card: 2% fee
Withdrawals in AUD do not incur a processing fee. International or non AUD withdrawals incur a $20 fee. Users should be aware that crypto withdrawals will carry a network fee that is charged when users withdraw from the exchange. This fee is determined by the blockchain load.
CoinJar Security
Site Security
According to the website, CoinJar uses multiple strategies to protect its customer’s assets and information, including data encryption, Transport Layer Security, periodic security audits and best practice organization security. The website also uses advanced machine learning techniques to recognize suspicious logins, account takeovers and financial fraud.
Account Security
CoinJar features two types of Two Factor Authentication (2FA) to help prevent accounts from being accessed by unauthorized persons.
- Authentication mobile app
- SMS authentication
Authenticator apps such as Google Authenticator or Authy can be installed on a mobile device. They work by generating a new authentication code every 30 seconds. Once the app is linked to the CoinJar account, the code will need to be entered to login.
SMS authentication works by receiving an SMS on a mobile device when CoinJar requires authentication. All users need to do is enter the code sent to the phone. This enhanced security method is not as secure as using the app as described above. SMS messages are not encrypted by phone providers and can be vulnerable to security threats such as port forwarding or interception.
Wallet Security
CoinJar wallet uses a cold storage solution to store at least 90% of their customer's digital assets according to the website. The hardware wallets are stored offline in geographically-redundant, secure locations. The exchange also uses a multisig withdrawal process with multiple staff required to process withdrawals. Interestingly, the exchange states that they maintain full reserves at all times, with sufficient assets to cover customer balances and currencies.
Customer Support
CoinJar support provides a comprehensive knowledge base with how-to guides and answers to frequently asked questions about the platform. The guide covers topics ranging from verifying the users identity, depositing funds using a bank transfer, sending digital currency payments and more.
Unfortunately, the only way of reaching the customer support team is by sending a ticket with a brief description of the issue. Unlike most other Australian crypto exchanges, CoinJar does not provide a 24/7 live chat bot or phone support and the platform falls behind in this regard.
Despite the lack of multiple ways to contact customer service, tickets will be responded to throughout the week and even weekends. We found the quality of customer service on CoinJar to be excellent.
CoinJar Alternatives
CoinJar is a top-rated crypto exchange with a variety of features to suit Australian investors and traders. There are a number of alternative exchanges like CoinJar with similar features that can also be considered.
- Swyftx: a state-of-the-art platform that allows users to purchase cryptocurrencies in a quick and easy manner. The registration process is incredibly simple with rapid sign-up and verification that takes less than two minutes.
- CoinSpot: The exchange has built up a solid reputation and trustworthy image as an Australian cryptocurrency platform. The exchange is focused on helping newcomers to buy Bitcoin and cryptocurrency in Australia with AUD.
- Digital Surge: A local cryptocurrency exchange that provides a uniquely easy way to buy, sell and store crypto. With an emphasis on simplicity, the platform makes crypto as enjoyable and easy-to-understand as possible.
- Independent Reserve: A very popular exchange among cryptocurrency traders around the world that offers trading competitive fees and support for traditional fiat currencies such as the Australian Dollar, New Zealand Dollar and US Dollar.
- Binance Australia: Best-known for its innovative trading products and services, Binance is a world-class exchange that brings several features to the Australia market. The trading platform provides support for over 600 cryptocurrencies and is a liquidity provider to brokers in Australia such as Swyftx and Digital Surge.
Frequently Asked Questions
CoinJar has multiple security features to protect their customer’s assets such as Bitcoin, Ethereum, Litecoin and other assets stored in the wallet. Data encryption, Transport Layer Security, periodic security audits and best practice organisation security are a few examples of the safety measures in place to keep funds in the wallet safe.
CoinJar has a mobile phone app for iOS and Android devices that you can use to buy and sell crypto. The web version of the platform is also mobile friendly and can be used on smartphones.
To buy and sell crypto on CoinJar, you need to verify your identity first. New users are required to upload their personal identification documentation. These measures are there to protect the exchange and investors against anti-money laundering and counter-terrorism financing.
CoinJar has a referral program where users can share their referral code to invite friends or promote the exchange through content, videos, articles or ad placements. Anyone who signs up to CoinJar using your referral link and then completes ID verification will automatically be rewarded with 500 CoinJar Rewards points. You'll also receive 500 points for inviting them to join CoinJar. CoinJar Rewards points can be exchanged at the CoinJar Rewards Store.
The CoinJar platform is available to residents that reside in Australia and is also an up-and-coming crypto exchange in the United Kingdom to buy and sell digital currencies. The website mentions CoinJar is a globally accessible digital currency wallet that can be used to send, receive and store crypto. However, this does not mean that investors in all countries can deposit funds to CoinJar due to local regulations in that country.
Conclusion
To conclude this CoinJar review, the exchange appears to be a legitimate and safe crypto provider for Australians to buy cryptocurrency. There are some improvements that could be made such as increasing the number of supported coins and implementing advanced trading tools on the Exchange. The 1% trading fee for instant buy/sell orders is higher than other exchanges and should be avoided as there are cheaper alternatives in Australia.
Review Methodology
HedgewithCrypto strives to provide independent, factual and unbiased reviews of cryptocurrency exchanges and trading platforms to help readers make an informed decision about picking the right crypto exchange. The review process includes examining the website and external sources, creating and funding an account, demonstrating and experiencing the features of the platform and calculating an overall weight-average rating.
A rating between poor (1 star) and best (5 stars) with 0.1 increments is given. For further information on the criteria and categories that are evaluated, read about how we rate exchanges.
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