CoinJar Review 2021
CoinJar is an online digital currency exchange that allows users to buy, sell, store, and spend digital assets.
CoinJar’s products have made digital currencies readily accessible to many across the globe, with CoinJar boasting of more than 400,000 users.
In addition to the apps and digital credit card enabling users to spend digital currencies, CoinJar is also a crypto exchange. As a crypto exchange, CoinJar Exchange and CoinJar OTC Trading desk cater to professional traders as well as individuals and institutions. CoinJar targets individuals and institutions looking to make larger transactions by offering fees as low as 0.1% for high trading volumes.
Investors and traders are able to buy and sell CoinJar supported cryptos, which include Bitcoin (“BTC”), Ethereum (“ETH”), Litecoin (“LTC”), Ox (“ZRX”), Ripple’s XRP (“XRP”), Stellar’s Lumen (“XLM”), Basic Attention Token (“BAT”), Dai (“DAI”), and USD Coin (“USDC”).
Not only does CoinJar support crypto wallet to wallet transfers but also enables users to buy and sell cryptos in fiat currency.
Fiat currencies supported by CoinJar are the Aussie Dollar and the British Pound.
Launched back in 2013, CoinJar is a crypto exchange registered with AUSTRAC and is also a UK registered business under CoinJar UK Limited, headquartered in the UK.
As a fully regulated exchange, CoinJar is compliant with all AML and KYC laws.
- CoinJar Platform Attributes
- The CoinJar Referrals Program
- The Pros and Cons
- Brokerage Services, Supported Cryptocurrencies & Payment Methods
- Supported Cryptocurrencies and Pairings
- The Details
- Fees and Charges
- CoinJar Wallets
- Deposit & Withdrawal Options
- Trading Platform
- Privacy and Security
- Customer Support
CoinJar Platform Attributes
Key attributes of the CoinJar platform include:
- Simple to use platform allowing novice investors and traders to enter into the crypto sphere.
- Supports the deposit and withdrawal of cryptos and fiat money.
- Registered as a crypto exchange with AUSTRAC and AML and KYC compliant.
- Competitively low trading fees of 0.1% for high volume traders.
- Accommodates both individual and institutional investors and traders.
- Focuses solely on Australia and the UK.
- Multi-product exchange delivering not only CoinJar Exchange but also a digital credit card and mobile app to trade on the go.
- A mobile-friendly app that is compatible with android and iOS.
- High emphasis on security.
- A fast and easy registration process, with the KYC and AML requirements for those looking for a regulated platform.
- CoinJar’s Knowledge Base: A comprehensive library of articles to assist users. From here users may also contact CoinJar support.
The CoinJar Referrals Program
CoinJar Referrals allows users to invite friends or family to join CoinJar. Key features of the Referrals program included:
- Immediate credit of 500 CoinJar Reward points when someone signs up using a user’s referral link and completes the ID verification.
- The new user also receives 500 CoinJar Reward points upon signing up.
- CoinJar Reward points can be exchanged at the CoinJar Rewards Store, and can also cover the cost of currency exchange within CoinJar transfers.
It is important to note that you will need to be fully verified before being eligible for CoinJar Rewards.
Other CoinJar Rewards include:
- CoinJar Swipe purchases: 5 points for each Swipe card transaction.
- Payment from CoinJar to an external BPAY Biller: 1 CoinJar Point for each $ sent to the external Biller.
- Completing any currency exchange that requires fees (excluding exchange orders): 500 points per Bitcoin traded.
The Pros and Cons
- Customer support: While customer support is only available during business hours, the knowledge base platform is comprehensive. There is more than enough detail to assists users to navigate the platform.
- Deposits and Withdrawals: The platform facilitates the deposit and withdrawal of fiat money and cryptos.
- Fiat Deposits: After the first transfer, deposits can take as little as 5 minutes to reach the CoinJar account.
- Simple to use: The platform is easy to use and navigate, supporting both the novice and the more experienced investor and trader.
- Multi-Product Platform: CoinJar not only offers CoinJar to buy and sell cryptos with fiat money. The platform also delivers crypto wallets, CoinJar Exchange, and CoinJar Swipe.
- Security: Strong emphasis on security to protect personal information and funds.
Other positives include
- CoinJar Rewards points: Users are able to earn CoinJar Reward points. These can be used to offset currency exchange fees or exchanged at the CoinJar Rewards Store.
- Mobile Compatible: investors and traders can go mobile by downloading the CoinJar app from Google Play and AppStore.
- CoinJar is regulated and is KYC and AML compliant, removing any option for anonymity.
- There is only a limited number of cryptos for those looking for access to the broader market.
- The platform does not offer a demo account for users to familiarise themselves with Swipe and CoinJar Exchange, in particular.
Brokerage Services, Supported Cryptocurrencies & Payment Methods
CoinJar provides a trading platform to support the buying and selling of cryptos. CoinJar Exchange supports the trading of crypto pairings and fiat money/crypto pairings.
Investors and traders are able to purchase or trade the more popular cryptos in the market place.
Users who pre-own CoinJar supported cryptos may transfer these to the compatible wallets provided on the CoinJar platform.
CoinJar supported cryptos include Bitcoin (“BTC”), Ethereum (“ETH”), Litecoin (“LTC”), Ox (“ZRX”), Ripple’s XRP (“XRP”), Stellar’s Lumen (“XLM”), Basic Attention Token (“BAT”), Dai (“DAI”), and USD Coin (“USDC”).
Additionally, CoinJar also accepts fiat money deposits by way of fund transfers. Fiat currencies currently supported include the Aussie Dollar and the British Pound.
To open an account, go to the CoinJar home page and click on “Sign Up” on the top right-hand side of the site.
Complete the requested information, which includes email address and password, and click “Sign up”.
CoinJar will then send you an email to verify your email address. Go to your email inbox and click “Confirm my account”.
Once you have confirmed your email address you may sign in to the CoinJar. You will then be prompted to enter a user name. You can also include a photo.
Agree to CoinJar’s terms of service and click “Next”.
Select your country of residence and then click “Save”.
You will now need to verify your mobile number. Enter your mobile number, ensuring the correct country code, and click “Get Verification Code”.
Enter the verification code sent to you via SMS and click “Verify”.
Upon verification, you are directed to CoinJar’s main page. Here are you prompted to “Turn on Enhanced Security”. We recommend that you enhance your security at this point.
Click the “Turn on Enhanced Security” link shown above and then scroll down to the enhanced security section and “add new device”.
You then have the option to choose a Simple (SMS-based) or Advanced (App-based) enhanced security. For demonstrative purposes, we have chosen Simple.
Enter your mobile number and device name and then click “Confirm device”.
Enter the verification code sent to your mobile, via SMS, and then click “Add device”.
You will then receive a verification code via SMS to complete the setup. Enter the verification code and click “Complete setup”.
Once you have completed the security enhancements, you are able to navigate and familiarise yourself with the platform.
There are few other immediate steps that you will need to take to be able to take make full use of the CoinJar offerings. These include:
- Completion of the verification process.
- Activation of the CoinJar Rewards account.
It is important to note that, in order to buy and sell cryptos other than Bitcoin, you will need to complete the verification process. You will also need to complete the verification process to deposit and withdraw fiat money and access CoinJar Exchange and CoinJar Swipe.
In order to get verified, go to the Accounts page by clicking the “Accounts” icon on the left-hand-side of your CoinJar page. Then click “Get Verified now” as shown below.
Choose your account type from the options provided. You won’t be able to change your account type upon completion of the ID verification.
For demonstrative purposes, we have selected “Individual”, where you are then redirected to CoinJar’s Identity Services page.
You will see from the below that CoinJar will prompt you to download the CoinJar app to complete this verification part of the process. A download link is sent by SMS to your mobile phone once you are at this page.
Install the CoinJar app on your mobile phone and complete the “Get Verified” process.
Once you have installed the CoinJar app, click “Get started with your CoinJar account” and then “Verify now”.
Select your country of residence and then prepare the information requested and then click “Get Started”.
You will need to:
- Confirm full legal name, date of birth, and current address.
- Take a picture of your ID – driver’s license, passport, or ID card.
- Provide proof of address – take a picture of a utility bill or bank statement that shows your address.
- Take a selfie: CoinJar will compare your face with the photo in your ID.
Upon submission, CoinJar will complete the verification process and then notify you once you have been approved.
Once verified, you may deposit funds into CoinJar instantly and then dive into the crypto markets.
Before you begin investing and trading into cryptos, we also recommend that you:
- Activate your CoinJar Rewards Account. Under the accounts section, click “CoinJar Rewards” and then click “Activate”.
- Link a bank account to your CoinJar account to facilitate the withdrawal of funds from your CoinJar account.
- Under the “Getting Started” section on your “Accounts” page, click “Link a bank account” and provide the necessary details to complete the link.
Supported Cryptocurrencies and Pairings
CoinJar supports the investing and trading of cryptos, catering for professional traders, and individuals and institutions looking to make larger transactions.
Cryptos supported by CoinJar include Bitcoin (“BTC”), Ethereum (“ETH”), Litecoin (“LTC”), Ox (“ZRX”), Ripple’s XRP (“XRP”), Stellar’s Lumen (“XLM”), Basic Attention Token (“BAT”), Dai (“DAI”), and USD Coin (“USDC”).
In order to see the cryptos, crypto/fiat money, and crypto/crypto pairings supported by CoinJar, go to the Buy/Sell page.
You will see that the cryptos available to purchase are shown at the top right-hand side of the Buy/Sell page.
In order to see the crypto pairings on offer on the CoinJar Exchange, scroll down to the “Live Markets” section, located beneath “Price Charts”.
CoinJar supports the investing and trading of cryptos.
Cryptos supported by CoinJar include Bitcoin (“BTC”), Ethereum (“ETH”), Litecoin (“LTC”), Ox (“ZRX”), Ripple’s XRP (“XRP”), Stellar’s Lumen (“XLM”), Basic Attention Token (“BAT”), Dai (“DAI”), and USD Coin (“USDC”).
The platform also offers traders and investors with the option to either purchase or trade cryptos. CoinJar not only allows the deposit of cryptos to fund your CoinJar account but also fiat currencies, namely the Aussie Dollar and British Pound.
In addition to supporting the investing in and trading of cryptos, CoinJar also offers a digital crypto debit card.
CoinJar Exchange is an advanced online digital currency trading platform, enabling the trading of multiple digital currencies against Pounds and Bitcoin.
Unlike CoinJar – a market maker – CoinJar Exchange allows you to trade directly with other users.
All verified CoinJar users are able to freely join the CoinJar exchange. Fees are tiered based on your 30-day trading volume.
CoinJar Exchange provides professional and high volume traders with more control over their buy and sell orders.
Traders can specify the exact pricing and size of each trade, as well as the terms of cancellation.
Additionally, the platform provides a detailed overview of the current crypto market, insights into liquidity, and current market value.
Features of the Exchange platform include:
- Option to buy or sell at market or limit on the left-hand side.
- Dropdown menu on the top left to select trade pairing.
- Interactive charts with adjustable time intervals and candlesticks providing opening, closing, highs, lows, and volumes.
- Order history below the charts.
- Auction windows: Auction windows open 3x daily and give traders access to fairer pricing.
- OTC Trading Desk: Offers competitive rates and flexible settlement. This is available to traders looking to make orders greater than $50,000
It is important to note, however, that you are unable to gain access to CoinJar Exchange without completing the verification process.
CoinJar Swipe is a digital currency crypto debit card.
- Users can spend their digital currency anywhere that accepts EFTPOS in Australia.
- Cardholders may also make cash withdrawals at any ATM or merchant with cash-out facilities.
- Additionally, you can earn 5 CoinJar Reward points for every transaction you make with CoinJar Swipe.
- You can order your CoinJar Swipe via the CoinJar iOS or Android app.
- To complete a CoinJar Swipe order, you will need to transfer at least A$29 to your Swipe Account to pay for your card. Payments can be from your Cash Account or digital currency account.
Please note that you must complete the verification process to qualify for a CoinJar Swipe card. At present, however, CoinJar Swipe is only available to users in Australia.
CoinJar Swipe Limits
The CoinJar platform provides investors and traders with price charts that include price histories for each of the cryptos supported by CoinJar.
Charts are located on the “Buy/Sell” page. Simply select the crypto price history that you wish the review and scroll down to the “Price Charts” section.
As shown below, you may also adjust the time periods.
Balances and Trading History
Users are able to access balances and transaction histories across each of the 3 CoinJar products.
CoinJar and CoinJar Swipe Balances and Transaction History
In order to obtain your CoinJar crypto purchase and sales and deposit and withdrawal histories, go to the “Settings” page.
Scroll down to the “Tax Settings” section and click “download”.
In order to view your CoinJar balances, simply go to the “Accounts” page. Here you can view your account balances and your CoinJar Rewards balance.
CoinJar Exchange provides traders with details of their order history on the exchange main page as shown below:
Additionally, traders may download the following from their “Accounts” page:
- Account report – contains a dated history of all trades that you have made using CoinJar Exchange. Details include a timestamp of the trade and a per-transaction running balance.
- Traders can also download fill reports and fee reports from the same Accounts section.
Fees and Charges
CoinJar is transparent about fees and provides a detailed breakdown of all fees associated with the platform.
Platform fees are summarized as follows:
Trading Rates (Maker and Taker Fees)
*Transfers involving currency exchange are subject to CoinJar’s exchange rate, which are quoted at the time of the transaction.
CoinJar Withdrawal Fees:
Dynamic fees are calculated every 15 minutes. The calculation is dependent upon blockchain congestion levels and the amount you are sending.
CoinJar Exchange Fees
Taker and Maker fees for GBP Trading Pairs (i.e. BTC/GBP, ETH/GBP, etc.) based on 30-day trading volumes:
Taker and Maker Trading Fees for Aussie Dollar Trading Pairs based on 30-day trading volumes:
Taker and Maker Trading Fees for Crypto Trading Pairs – All volumes:
CoinJar Swipe Fees and Limits
Additionally, it is worth noting the following:
CoinJar provides compatible digital wallets for the cryptos supported on the platform and for Aussie Dollars and British Pound.
You can locate the respective wallets within your “Accounts” page, under the “Accounts” section as shown below. Before completing the verification process, however, you will only have access to Bitcoin.
Upon completion of the verification process, you may add additional wallets by clicking “Add an account”. You can locate the link at the top right-hand side of the “Accounts” section, as shown above.
Simply select the crypto account that you wish to add and then proceed to make a deposit or purchase.
CoinJar provides users with account balances for each of the crypto wallets. Balances are provided in the currency of your jurisdiction, in this case, GBP.
In order to view your wallet transaction history, simply click the wallet and you are provided with your transaction history. You may also make payments from the wallet, view your wallet address to make a deposit, or edit your account details.
To make a deposit, click “View address” and scan the QR code.
Please note that any use of incorrect wallet addresses will lead to permanent loss.
Deposit & Withdrawal Options
CoinJar facilitates the deposit and withdrawal of funds in either CoinJar supported cryptos or fiat money.
Fiat Money: Users can make fiat money deposits and withdrawals in either the Aussie Dollar or the British Pound, depending upon the country of residence.
UK CoinJar users may deposit GBP using Faster Payments Service (FPS). Key points to note include:
- Your 1st bank transfer (FPS) deposit you make to your CoinJar account is subject to review. This can take up to 24-hours.
- All subsequent deposits from the same bank will reach your CoinJar account within 1-2 hours.
- Users can make deposits outside of business hours, including weekends without any additional delay.
Please note that you must complete your ID verification before you can deposit GBP into your CoinJar account.
Additionally, the bank account you transfer funds from must be in your own name.
Cryptocurrencies: CoinJar also supports the deposit and withdrawal of cryptos. Investors and traders are able to withdraw and deposit cryptos supported by the CoinJar platform. These include Bitcoin (“BTC”), Ethereum (“ETH”), Litecoin (“LTC”), Ox (“ZRX”), Ripple’s XRP (“XRP”), Stellar’s Lumen (“XLM”), Basic Attention Token (“BAT”), Dai (“DAI”), and USD Coin (“USDC”).
Do note that, while you are can make crypto deposits, you may only deposit Bitcoin until you have completed the verification process.
In order to make a Bitcoin deposit, go to your CoinJar “Accounts” page and click on “Everyday Bitcoin” and then click “View Address”. You can locate this under the “Accounts” section as shown below.
You may then scan the QR code or copy the address to allow you to transfer Bitcoin from your existing crypto wallet.
Upon completion of the verification process, you may add additional Everyday “crypto” accounts and deposit CoinJar supported cryptos.
We recommend that you scan the QR code, when possible, to make a transfer from your private wallet to your CoinJar wallet.
For withdrawals, traders and investors may withdraw cryptos and deposit to privately held compatible crypto wallets. You may also withdraw fiat money via bank transfer.
Withdrawal of fiat money:
You may withdraw fiat money from your CoinJar account to your bank account by bank transfer.
In order to make a bank transfer, you will need to link your bank account to your CoinJar account. If you did not link your bank account after completion of the verification process:
Go to your “Accounts” page and scroll down to the “Getting Started” section and click “Link a bank account”.
Complete the prompted information. Once completed, you can go to your “Payments” page.
As shown below, you will see 3 options: Send, Request, and Transfer.
Select “Transfer”, then select the account that you wish to transfer from and your target account from the dropdown options
Enter the amount that you wish to transfer and then select “Review and Confirm”. If you are happy with the details, select “Pay now” to complete the transfer to your bank account.
To make a crypto withdrawal, select the wallet from which you wish to withdraw your crypto and the select the crypto wallet address you wish to transfer to. Similarly to bank transfers, you will need to select the linked crypto compatible wallet.
Enter the amount of crypto you wish to transfer, review the details, and then select “Pay now”.
CoinJar Exchange delivers an advanced but simple to use trading platform that supports the trading of cryptos against fiat money and Bitcoin.
The platform supports high-frequency execution for traders of all levels. CoinJar’s OTC trading desk is also available for larger trades needing privacy and flexible settlement.
Unlike CoinJar – a market maker – CoinJar Exchange allows you to trade directly with other CoinJar Exchange users. The value of the currency you wish to trade at the time is directly influenced by the price other users are willing to pay for it.
Key features of the CoinJar exchange included:
- CoinJar Exchange provides professional and high volume traders with more control over their buy and sell orders.
- Traders are able to specify the exact pricing and size of the trade, as well as the terms of cancellation.
- CoinJar Exchange also provides a detailed overview of the current market, delivering insights into liquidity and current market value.
- Additionally, CoinJar Exchange has a dedicated trading API. This allows developers to automate orders creation and cancellation, and transfer funds to and from the Exchange.
By accessing CoinJar Exchange, users have access to CoinJar supported cryptos and trade against fiat money or Bitcoin.
Key features of the trade page include:
- Dropdown menu on the top left to choose the pairing that you wish to trade. Over 25 digital currency pairs are available, including fiat pairs for AUD and GBP.
- Order entry: Complete the details of your trade, including whether you are placing a limit or market order.
- Data Insights: These include a live order book, market depth, and price charts.
In order to buy Ethereum with GBP:
- Select GBP from the dropdown menu on the top left of the Exchange page and then select ETH/GBP.
- Select the type of order, market or limit’ and complete the details. You may utilize time enforced order types with “Good til Cancel”, “Immediate or Cancel”, or “Maker or Cancel” trades.
- Complete the information requested, including the buy order size, and execute.
- Upon completing the trade, the trade details will appear beneath the charts section, under “Order History”.
In order to sell Ethereum for GBP:
- Click the “Buy” icon to change it to “Sell”.
- Select the type of order, market or limit’ and complete the details. You may utilize time enforced order types with “Good ‘til Cancel”, “Immediate or Cancel”, or “Maker or Cancel” trades.
- Upon completion of the information, including the size of the sell order, execute the trade.
Key features of the CoinJar platform include:
Customizable Layouts: CoinJar Exchange allows traders to customize the layout of the page to their liking on CoinJar Exchange.
Crypto and Fiat Money Deposits: Users may deposit pre-owned cryptos or fiat money. The platform also supports the trading of crypto/fiat money pairings.
Custody and Security: For institutional investors, CoinJar Exchange offers both custody and security. CoinJar manages and securely holds digital assets before and after trade execution.
Mobile Trading: CoinJar’s iOS and Android app let you trade cryptos on the move. These are available to download directly from CoinJar’s homepage.
Multi-Product Platform: Unlike most exchanges, CoinJar also offers CoinJar Swipe, a digital debit card.
Professional and Institutional Traders: CoinJar Exchange not only caters to professional investors but also institutional traders with its OTC Desk.
Security: At least 90% of CoinJar customers’ digital currencies are stored offline in secure locations. Additionally, CoinJar uses multi-sig tech to protect digital assets that must be stored online.
Support: There is a strong emphasis on support. In addition to a responsive customer support team, CoinJar’s Knowledge Base platform delivers comprehensive material to address any queries.
Privacy and Security
CoinJar delivers a high-level security environment to protect investor assets and the platform.
2-Factor Authentication (2FA): CoinJar encourages users to have 2FA enabled to increase the level of security. You can find this on the “Settings” page under “Enhanced Security“, as shown below:
Account Limits: CoinJar applies account limits to ensure the security of your account. These include:
- Daily and monthly limits for bank deposits/withdrawals, digital currency payments, and all other internal transfers.
- Upon completion of the ID verification, CoinJar also provides daily limits for making bank transfers and converting currencies on CoinJar. Until you have completed your ID verification, these limits are set to zero.
You may view your limits on the “Settings” page under “Your Usage” as shown below:
Cold Storage: CoinJar keeps at least 90% of customer digital currencies offline in geographically redundant secure locations
Machine Learning: The exchange also utilizes multi-sig technology to protect digital assets that must be stored online.
Privacy: CoinJar stores and processes your personal and financial information in cloud services that meet the strictest infrastructure security requirements.
CoinJar aims to respond to all queries within 2 business hours. The support team can be reached from 0900 to 1730 Melbourne time, Monday to Friday.
There is also a dedicated support page called Knowledge Base that houses a comprehensive library of articles to assist with queries.
Simply select “Support” from the “About” dropdown menu to go to CoinJar’s “Knowledge Base” page.
Additionally, users may submit a support request from the same page or submit a query by email to firstname.lastname@example.org, as shown below.
Social Media: CoinJar has a strong social media presence.
Facebook: Facebook: https://www.facebook.com/CoinJar/
Some of the more frequently asked questions available on CoinJar include:
Do I need to complete the verification process to deposit fiat money?
Yes, you must complete the verification process to be allowed to deposit fiat money. Additionally, you will only be able to deposit Bitcoin until completion of the verification process.
How long does it take to deposit GBP?
CoinJar does not have control over the time it takes for your bank to send your bank deposit. Most BPay deposits are received during the morning of the next business day, provided the transfer was completed before your bank’s cut-off time.
Some banks can take up to 3 full business days to send deposits, however.
How long does it take to process withdrawals?
CoinJar processes withdrawals as NPP payments. This means that withdrawals are almost instantaneous and should arrive within minutes.
Can I trade cryptos on CoinJar Exchange?
Yes, it is free to use but you must complete the verification process before being able to access the platform.
CoinJar is a simple to use exchange that caters, not only for more seasoned traders but also the more novice trader.
While the number of supported cryptos are on the lighter side, there are more than 25 pairings to gain more than enough exposure to the crypto market.
Additionally, CoinJar supports the trading of crypto/fiat money pairings, which is less common within the crypto space.
With a high emphasis on security and customer support, together with competitive trading fees, CoinJar is a competitive exchange in the market place.
Throw in CoinJar Swipe and the added features surpass many exchanges, giving users the ability to, not just trade but also spend digital assets.
- Multi Collateral Dai
- USD Coin
- Basic Attention Token
- United Kingdom