CoinJar Review: Should You Use It?

In this CoinJar review, we take a close look at one of the most popular Australian crypto exchanges. We should also point out that CoinJar are at the forefront of innovation and have several crypto products that you might be interested in using. 

While we aim to provide you with the most accurate information in this review, we suggest that you visit their website to keep updated with any changes that may occur afterward. 

P.S Read our article 10 Best Cryptocurrency Exchanges In Australia to see if CoinJar made the list.

coinjar

What Is CoinJar?

CoinJar is Australia's longest-running digital currency exchange that was founded in May, 2013. The exchange is known for their 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. 

It is a popular crypto exchange in Australia that is trusted by over 400,000 CoinJar users with over $1.5+ Billion traded in cryptocurrency and is backed by some of the world’s most forward-thinking investors including Digital Currency Group, Boost VC and BlackBird Ventures.

CoinJar Compared

Bank transfer is one the most popular methods to deposit AUD on CoinJar. This comparison table lists other popular Australian cryptocurrency exchanges that offer bank transfers. 

Exchange

Fees

Rating

Website

swyftx

0.6% (low spreads)

5 / 5

independent reserve

0.5% - 0.05%

4.5 / 5

coinjar exchange

0.1% - 1%

4.3 / 5

coinspot

0.1% - 1%

4.3 / 5

You Might Also Be Interested In:

CoinJar Registration & Login

The process to register a CoinJar account is simple and can be completed within a few minutes. To start, follow these steps:

  1. Visit the CoinJar website 
  2. Click on the 'Sign Up' link at the top right-hand corner
  3. Type in your first and last name
  4. Enter in your email and set a strong password
  5. Read and tick the terms of service and policy agreement
  6. Click on 'Sign Up'
  7. Verify the email sent to your email address
coinjar register

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.

How To Verify Your CoinJar Account

To buy and sell Bitcoin 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:

  1. Log-in to your CoinJar account
  2. Click on 'Get verified now' on the dashboard
  3. Choose if you are a Individual, Company or SMSF Investor (we will use 'Individual' for this example)
  4. Click on 'Verify With Digital ID' (must be Australian Resident)
  5. Upload a personnel identification document (e.g. Passport, Drivers Licence)
  6. Fill in your details as shown on the ID document
  7. Review the information
  8. Click on 'Confirm' and Submit
coinjar verification

Funding Your CoinJar Account

Once you have verified your account, you are now ready to deposit funds into your CoinJar wallet. Users deposit fiat currency to CoinJar using the following deposit methods:

  1. PayID / NPP (instant deposit method)
  2. BPAY (usually takes between 1-3 business days)
  3. Cash deposit (typically instant)

PayID / NPP

CoinJar users can send payments using PayID from your supported Australian bank account. PayID deposits are support by Osko® and NPP which are available to use 24/7. Deposit are usually credited into the CoinJar account in only a few minutes.

BPAY

CoinJar users can send payments using BPAY which is a widely used and accessible payment method. Deposit are usually credited into the CoinJar account within 1 business day.

Cash Deposits

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.  

blueshyft

Crypto Deposits

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. 

CoinJar User Interface

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. 

coinjar dashboard

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.  

Related: 4 Best Crypto Charting Sites For Altcoin Traders

We found the dashboard a little confusing at first which will not suit beginners. Compared to other crypto exchanges, we think the CoinJar user-interface could be simplified to suit crypto newbies that may be purchasing crypto for the first time.

CoinJar Coins

CoinJar allows its users to convert Australian dollars in exchange for 8 crypto coins such as:

  • Bitcoin
  • Ripple
  • Ethereum
  • Litecoin
  • ZCash
  • 0x
  • USD Coin
  • Stella Lumens
  • Maker
  • Compound
  • LINK
  • Omise Go
  • Basic Attention Token

The offering of crypto assets on CoinJar is quite limited compared to other exchanges such as Swyftx which has over 140 digital currencies. This is one area that could be improved to cater for savvy altcoin investors.

CoinJar Fees

Spot Fees

CoinJar charges a flat 1% fee across all trading assets to buy and sell crypto instantly. Compared to other fiat-to-crypto exchanges in Australia, the trading fee is quite high. 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. 

Trading Fees

CoinJar Exchange uses a maker and taker model for determining trading fees. The trading fee for takers is 0.30% and maker is 0.20%. 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%.

Compared to other crypto providers in Australia, CoinJar Exchange trading fees are quite competitive as shown below. There are also trading fee discounts for higher volume amounts.

coinjar comparison

Deposit Fees

The deposit fees for transferring fiat currency into CoinJar depend on the deposit method:

  • BPAY: Free (no fee)
  • PayID / NPP: Free (no fee)
  • Cash deposit: 1.5% fee
  • Crypto: Free (no fee)

Withdrawal Fees

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 Security

Site Security

According to the website, CoinJar employ multiple strategies to protect their customer’s assets and information, including data encryption, Transport Layer Security, periodic security audits and best practice organisation security.

The website also uses advanced machine learning techniques to recognize suspicious logins, account takeovers and financial fraud.

Wallet Security

CoinJar wallet uses a cold storage solution to store at least 90% of their customers digital assets according to the website. The hardware wallets are stored offline in geographically-redundant, secure locations.

Interestingly, the exchange states that they maintain full reserves at all times, with sufficient assets to cover customer balances and currencies.

Two Factor Authentication

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 App  

Authenticator apps are installed on your mobile device 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 travelling 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

SMS authentication works by receiving a SMS on your mobile device when CoinJar requires authentication. All you need to do is enter in the code sent to your phone. This enhanced security method is not as secure as using an 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.

Other CoinJar Products

The team behind CoinJar have added innovative products to separate the exchange from its competitors in the Australian digital currency market such as:

  • CoinJar Swipe
  • CoinJar Exchange
  • CoinJar Touch 

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

CoinJar Swipe is a crypto debit card that allows you to spend digital currency at any retailer that EFTPOS in Australia. You can also withdrawal 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. 

coinjar swipe

CoinJar Exchange 

CoinJar has introduced a crypto trading exchange that is called CoinJar Exchange. It's a different product to the CoinJar fiat-to-crypto exchange that has been established for many years. You can use your registered CoinJar email and password to login to the trading exchange.

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 for beginners. It lacks trading features that are expected for crypto trading exchange in today's environment. CoinJar Exchange has a different fee structure to the fiat exchange for buying and selling crypto. 

coinjar exchange trading

CoinJar Touch

CoinJar Touch is a mobile application for iOS that lets you manage your CoinJar account on-the-go with an Internet connection. Using the CoinJar app, you can make instant payments to others and transfers between your accounts. 

It is a sleek and modern interface that mirrors the desktop version so CoinJar users will be familiar with using the app.

coinjar touch

Frequently Asked Questions

Is There A KYC Process To Start Trading?

To buy and sell crypto on CoinJar you need to complete the KYC process 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.

Does CoinJar Allow SMSF Investing?

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.

Does CoinJar Have A Mobile App?

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.

coinjar exchange

Does CoinJar Have A Referral Program?

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.

Which Countries Are Supported?

CoinJar is available to residents that reside in Australia. 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.  

CoinJar Alternatives

The following Australian cryptocurrency exchanges are reputable and trustworthy CoinJar alternatives.

swyftx

Swyftx

Swyftx is a state-of-the-art platform that allows you to purchase cryptocurrencies in an quick and easy manner. The registration process is incredibly simple with rapid sign-up and verification that takes less than two minutes.

independent reserve

Independent Reserve

Independent Reserve is a 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. 

coinspot

Coinspot

CoinSpot was founded in 2013 and has built up a solid reputation and trustworthy image for an Australian cryptocurrency platform. The exchange is focused on helping newcomers to buy Bitcoin and cryptocurrency in Australia with AUD.

Conclusion

To conclude our CoinJar review, from our own personal use we can say that it is a legit and safe crypto exchange provider to buy and sell Bitcoin and cryptocurrencies in Australia. 

With that said, there are some improvements that we would like to see: 

  • Simplify the user-interface to be less complicated and easier to buy/sell crypto
  • Combine the various CoinJar products in the one user-interface
  • Increase the number of altcoins that can be traded
  • Add advanced trading tools to CoinJar Exchange with TradingView charts

Aside from the above, CoinJar is still one of the most popular crypto exchanges in Australia with several deposit options. Not to mention, the competitive trading fees and mobile app feature are excellent.

Exchange fees are a very important consideration for any prospective cryptocurrency investor. The following exchanges - in addition to the above exchange - provide very competitive trading, deposit and withdrawal fees (with no hidden charges) with a wide variety of deposit methods that will suit all types of investors in Australia. 

  1. Swyftx
  2. Mine Digital
  3. BTC Markets
  4. Zebpay
  5. Digital Surge
  6. Bitcoin Australia
  7. ZipMEX
  8. Cointree
  9. Easy Crypto
  10. Binance Lite

CoinJar

4.3

Ease of use

4.3/5

Reputation

4.5/5

Fees

3.5/5

Deposit methods

4.8/5

Security

4.5/5

Pros

  • Reputable and well-established
  • Over 400,000+ users
  • Variety of deposit methods
  • Innovative crypto products
  • Mobile trading app

Cons

  • Interface is a bit complicated
  • Limited charting features
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Kevin
Kevin is the founder of hedgewithcrypto and is passionate about blockchain technology. He has been involved with Bitcoin since 2016 after discovering it's potential as an alternative to fiat currency. He is also a trader with over 8 years of experience and is now trading crypto using various platforms. Now, he is focussed on helping others learn about cryptocurrencies via hedgewithcrypto.

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