CoinJar Review 2022: Should You Use This Exchange?
Updated: Jun 21st, 2022
We take a close look at one of the most popular crypto exchanges with over 400,000 users and growing in Australia and the UK. CoinJar is at the forefront of innovation with several crypto products tailored for the local community. Individuals can buy, trade and sell cryptocurrencies with ease using a safe and secure platform.
In this review, we will 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.
HedgewithCrypto Score
4.3/5
1%
Australia & UK
AUD & GBP
None available at this time
Ease of use
Reputation
Deposit methods
Fees
Visit CoinjarRead our full Coinjar Review
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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 400,000 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 a crypto debit card, crypto EFTPOS card and 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 59 coins that can be bought with AUD via a variety of payment options. CoinJar's best features include:
- Simple and easy to use exchange 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
- Instant buy and sell feature and Exchange for traders
- Mobile trading app for iOS and Android devices
- A secure wallet to store purchased crypto
- 4.7 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 |
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.
CoinJar appears to be a safe cryptocurrency exchange and wallet that includes 'bank-like' security features to protect client funds and personal information. Approximately 90% of user funds are stored in offline wallets located at secure locations for maximum safety. Based on our research, CoinJar has never been hacked or compromised resulting in the loss of digital assets.
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.
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 | 290+ | 0.6% | Rating | $20 Bitcoin for creating a verified account | Visit Swyftx | Swyftx Review |
 CoinSpot | 350+ | 1% | 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 |
CoinJar allows its users to convert Australian dollars in exchange for 49 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 280 digital currencies. This is one area that could be improved to cater for savvy altcoin investors.
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 'Sign Up' 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 you login for the first time, you will be required to set a CoinJar username, upload a profile picture, select your country of residence and enter in your mobile number for verification.
Before depositing funds, you should setup and activate 2FA and SMS authentication (highly recommended) for extra security. This can be found under 'Settings' and going to the 'Enhanced Verification' section which you can read more about here.
To buy or sell Bitcoin to AUD with CoinJar, you will need to verify your account. The process is automated thorough Digital ID (Australia Post) which takes only a few minutes to complete. To verify your account, follow these steps:
- Log-in to your CoinJar account
- Click on 'Get verified now' on the dashboard
- Choose if you are a Individual, Company or SMSF Investor (we will use 'Individual' for this example)
- Click on 'Verify With Digital ID' (must be Australian Resident)
- Upload a personnel identification document (e.g. Passport, Drivers Licence)
- Fill in your details as shown on the ID document
- Review the information
- Click on 'Confirm' and Submit
Once you have verified your account, you are now ready to deposit funds into your CoinJar wallet. Users can deposit fiat currency to CoinJar using the following payment methods:
- Bank transfers
- PayID / NPP (instant deposit method)
- Cash deposit (typically instant)
CoinJar offers the ability to send payments using PayID from your supported Australian bank account. PayID deposits are supported by Osko® and NPP which are available to use 24/7. PayID is a faster payments method with money credited to a CoinJar account in only a few minutes.
CoinJar users can purchase cryptocurrency with cash deposits at 1,200+ retail outlets around Australia using Blueshyft. To find your closest supported retail outlet is, you can follow this link to view the interactive map. Just note that cash deposits must be at least $50 and maximum of $5,000 per 24 hours.
Like most crypto exchanges, users can deposit crypto directly to the CoinJar unique wallet address. This deposit process time will depend on the crypto coin you are sending, but should appear in your account after approximately 15-20 minutes. Bitcoin transfers can take up to 1 hour depending on the network traffic at the time.
When you login for the first time, you will see the CoinJar dashboard or user-interface. Navigation to view your accounts, transfer funds/crypto, buy and sell and view account settings is accessible on the left 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 our there is no visual chart representation of the cryptocurrency markets to view price action, market depth profile and recent trades. If you rely on technical analysis, then you might want to use other crypto charting sites in conjunction with CoinJar. In short, we found the dashboard a little confusing at first which will not suit beginners. Compared to other crypto exchanges such as Swyftx and Digital Surge, the CoinJar user-interface could be simplified to suit crypto newbies that may be purchasing crypto for the first time in our opinion.
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. 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 applies maker or taker fees between cryptocurrency and AUD/GBP pairs that start from 0% and 0.05% per trade respectively. The trading fee is deducted from the account balance and will not affect the initial margin of the order. Users that trade in excess of $10M will pay fees as low as 0.1%.
Trading between cryptocurrency pairs such as ETH/BTC and XRP/BTC will incur a 0% taker and 0.04% maker fee. Overall, compared to other crypto providers in Australia, CoinJar Exchange trading fees are quite competitive and there is also trading fee discounts for higher volume amounts.
| Trading Volume | Fee (Taker / Maker) |
| $0 - $10,000 | 0% / 0.1% |
| $10,000 - $100,000 | 0% / 0.09% |
| $100,000 - $1m | 0% / 0.08% |
| $1m - $10m | 0% / 0.06% |
| $10m+ | 0% / 0.04% |
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 you withdraw from the exchange. This fee is determined by the blockchain load.
CoinJar has added innovative products to separate the exchange from its competitors in the Australian digital currency market such as:
- CoinJar Card
- CoinJar Exchange
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 Swipe is a crypto debit card that allows you to spend digital currency at any retailer that EFTPOS in Australia. You can also withdraw cash at any ATM or merchant with cash-out facilities. There are no activation fees, no transaction fees and no monthly fees with CoinJar Swipe Card.
CoinJar has introduced 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.
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.
CoinJar features two types of Two Factor Authentication to help prevent your account from being accessed by anyone but yourself:
- Authentication mobile app
- SMS authentication
Authenticator apps are installed on your mobile devices such as Google Authenticator or Authy. They work by generating a new authentication code every 30 seconds. Once you have linked the app to your CoinJar account, use the code to complete the login process to your account.
The apps have the benefit of being used anywhere you have an internet connection, so it's great for traveling or if SMS is unreliable for any reason. It's also fully encrypted, and never visible to a third party at any point. In contrast, SMS messages are not encrypted by phone providers and can be susceptible to security threats such as port forwarding or interception.
SMS authentication works by receiving an SMS on your mobile device when CoinJar requires authentication. All you need to do is enter the code sent to your 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.
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.
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 your identity, depositing funds using a bank transfer, sending digital currency payments and more. There is also the option to contact the customer support team directly using a ticket system. Overall, the customer service on CoinJar is excellent and a good example of an exchange that provides multiple features to support its customers.
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 you 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 their 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 300 cryptocurrencies and is a liquidity provider to brokers in Australia such as Swyftx and Digital Surge.
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.
There does not appear to be any information on investing in crypto using a Self Managed Super Fund (SMSF) on the CoinJar website. This does not necessarily mean the exchange does not allow it, so you should contact the support team at CoinJar for further information. For investors that are serious about crypto SMSFs, read our guide that explains the steps involved and which crypto exchanges in Australia support SMSFs.
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.
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 making it easier to use, 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.
Visit CoinJarHedgewithCrypto strives to provide an 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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Kevin GrovesKevin started in the cryptocurrency space in 2016 and began investing in Bitcoin before exclusively trading digital currencies on various brokers, exchanges and trading platforms. In 2019, he started HedgewithCrypto to publish informative guides about Bitcoin and share his experiences with using a variety of crypto exchanges around the world.
